Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More
Iron ore prices mostly went up on Monday August 2 with the Chinese government being urged to pull back its aggressive carbon-reduction measures. This resulted in improved expectations for iron ore demand, because the proposed cuts in steel production for the rest of 2021 may be eased, market sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $184.42 per tonne, up by $2.85 per tonn...Read More
China's domestic rebar prices fell sharply on Monday August 2 due to market expectations of lighter production restrictions in some regions, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($804-809) per tonne, down by 140 yuan per tonneThe Politburo of the Communist Party of China's Central Committee said the country will make overall arrangements and issue a national...Read More
The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.China's National Health Commission said on Monday August 2 that there were 98 new cases reported a day earlier, including 40 cases in Jiangsu province alone. Jiangsu's capital city, Nanjing, has been reporting a hi...Read More
Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
Seaborne iron ore concentrate and pellet prices fell again in the week ended Friday July 30 amid a pessimistic outlook for demand on anticipated steel production cuts in China.Fastmarkets iron ore indicesPellet premium over 65% Fe fines, cfr China: $51.70 per tonne, down $9.10 per tonne66% Fe concentrate, cfr Qingdao: $227.99 per tonne, down $14.10 per tonne65% Fe blast furnace pellet, cfr Qingdao...Read More
The price of lead reached a new year-to-date peak of $2,412.50 per tonne on Monday August 2, while nickel and copper faltered in trading on the London Metal Exchange.Lead's three-month price was at its highest on Monday for 37 months, since July 2, 2018. The metal's price was up by 0.8% from its price last Friday, hitting $2,402 per tonne at the close of trading. It had risen by 5.5% last month.Eu...Read More
Base metals prices on the London Metal Exchange were generally trending higher this morning, Monday August 2, with copper the metal that seems to be struggling the most. Base metals trading on the Shanghai Futures Exchange gave a mixed performance, however.Chinese equities rebound this morning after last week's weaknessUS Senate makes progress on $1 trillion infrastructure billChina's official man...Read More
Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
Iron ore prices mostly went up on Monday August 2 with the Chinese government being urged to pull back its aggressive carbon-reduction measures. This resulted in improved expectations for iron ore demand, because the proposed cuts in steel production for the rest of 2021 may be eased, market sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $184.42 per tonne, up by $2.85 per tonn...Read More
The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.China's National Health Commission said on Monday August 2 that there were 98 new cases reported a day earlier, including 40 cases in Jiangsu province alone. Jiangsu's capital city, Nanjing, has been reporting a hi...Read More
The price of lead reached a new year-to-date peak of $2,412.50 per tonne on Monday August 2, while nickel and copper faltered in trading on the London Metal Exchange.Lead's three-month price was at its highest on Monday for 37 months, since July 2, 2018. The metal's price was up by 0.8% from its price last Friday, hitting $2,402 per tonne at the close of trading. It had risen by 5.5% last month.Eu...Read More
China's cobalt sulfate market softened on Friday July 30 with competitive offers from scrap-fed materials; some traders began to give aggressive offers to generate sales, sources told Fastmarkets.Lower offers for cobalt sulfate produced from scrap emerged and brought downward pressure on the market, which halted buying for sulfate produced from cobalt hydroxide (regular-fed material) while buyers...Read More
Hydrometallurgy company Hellenic Minerals has completed the construction of a nickel sulfate hexahydrate facility in Cyprus, paving the way for initial production there.The plant in Skouriotissa, about 30km west of the island nation's capital, Nicosia, is thought to be on the site of the world's oldest copper mine. It was expected to reach output of 44,000 tonnes per year of laterite ore, containi...Read More
US Steel is mulling over the possibility of adding pig iron equipment to one of its blast furnaces, a top executive said during an earnings call on Friday July 30.Analysts asked executives at US Steel about its subsidiary Big River Steel's raw materials strategy during a second-quarter earnings call."The thing that keeps mini-mills up at night is their metallic strategy and where are they going to...Read More
China's cobalt sulfate market softened on Friday July 30 with competitive offers from scrap-fed materials; some traders began to give aggressive offers to generate sales, sources told Fastmarkets.Lower offers for cobalt sulfate produced from scrap emerged and brought downward pressure on the market, which halted buying for sulfate produced from cobalt hydroxide (regular-fed material) while buyers...Read More
Prices of hot-rolled coil across China's domestic market fell sharply on Monday August 2, while futures prices tumbled after Beijing's latest comments on carbon emissions reductions sent confusion across the markets, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,760-5,860 yuan ($892-907) per tonne, down by 150-240 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Ex...Read More
Key data from Fastmarkets' pricing session in China on Friday July 30.Key drivers Germanium prices in China moved up on Friday July 30 with downstream buyers accepting higher offers from producers. Producers were reluctant to sell the material and issued higher offers due to the high...Read More
While competition in the global steel markets remains fierce, Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in July 2021.The case list below includes only updates. For other continuing cases this year, see...Read More
Spot prices for rebar imports in Singapore fell further in the week to Monday August 2 on ample supply.At least two Indian rebar cargoes were offered by traders to Singapore, including one at $735-740 per tonne cfr Singapore and another one at $740-745 per tonne cfr Singapore, both on a theoretical weight basis.The first cargo had originally been bound for Hong Kong, but was later offered to Singa...Read More