Here are five Fastmarkets stories you might have missed on Wednesday July 28 that are worth another look.German steelmaker Salzgitter has delivered green strip steel to automotive producer Mercedes-Benz, the company recently announced.The main workers union at Escondida, the world's largest copper mine, has called on its members...Read More
The nickel briquette premium in the United States has essentially doubled since a strike began at Vale Canada at the start of June, reaching a new high.Fastmarkets assessed the nickel briquette premium, delivered Midwest US at 34-37 cents per lb on Tuesday July 27, up by 97.22% from 16-20 cents per lb on June 1.The current briquette premium range overtook the previous week's re...Read More
The main workers union at Escondida, the world's largest copper mine, has called on its members to reject BHP's last wage offer and vote for industrial action, the union said in a statement on July 28. "After analyzing the conditions of the last offer of Minera Escondida, controlled by Anglo-Australian BHP, it has been found that [the company] seeks to increase working times, decrease breaks, chan...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 28 that are worth another look.German steelmaker Salzgitter has delivered green strip steel to automotive producer Mercedes-Benz, the company recently announced.The main workers union at Escondida, the world's largest copper mine, has called on its members...Read More
Domestic prices for hot-rolled coil in Europe remained fairly stable on Wednesday July 28 despite slow trading and pressure from cheap import offers to Southern Europe, sources told Fastmarkets.Demand has been weak due to the seasonal summer-holiday slowdown across the EU.In addition, the number of offers from European mills has been limited. Suppliers in Germany were reported to be holding back f...Read More
A growing number of steelmakers cutting production in China has prompted steel mills to reduce their consumption of direct-charge iron ore - iron ore pellets and lumps, market sources told Fastmarkets.Earlier in July, several steelmakers in various regions across China told Fastmarkets that they intend to keep this year's steel output levels from exceeding last year's.Growing uncertaintyThis has c...Read More
An arbitrage between two of the world's main copper contracts has had the market chasing shadows over the week ended Wednesday July 28.On July 26, the Comex active (September) contract traded at more than $300 per tonne above London Metal Exchange price levels for the month to date, in what was a record spread between the two contracts.The massive premium came at the end of a month in which the Ch...Read More
Turkish deep-sea scrap import prices fell sharply with the United States cargo deal announced on Wednesday July 28, sources told Fastmarkets.A steel mill in the Marmara region booked a US cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $475 per tonne, 25,000 tonnes of shredded and 15,000 tonnes of bonus at $495 per tonne cfr on July 23.This compares with the previous deep-sea trade recorded...Read More
Copper premiums in China continue their uptrend with an rise in buying and an improved arbitrage, while premiums elsewhere in the world were stable in the week to July 27.European premiums were stable due to approaching holiday season Premiums in the United States were stable despite Comex copper prices hikeLondon Metal Exchange stocks were at 230,225 tonnes on Wednesday, their highest since...Read More
Steel H-beam prices in Europe were stable on Wednesday July 28 following a seasonal slowdown in demand, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?1,050-1,080 ($1,239-1,275) per tonne on Wednesday, unchanged week on week.A distributor said that mills were keen to push prices to ?,?1,100 per tonne, but this was not curre...Read More
The Southern European domestic steel rebar market was quiet with largely stable prices, although a slight uptick in Italian demand pushed prices up, Fastmarkets heard on Wednesday July 28.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe was ?,?760-815 ($897-962) per tonne on Wednesday, compared with ?,?760-810 per tonne one week previously...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional's (CSN) adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) soared by 324.62% year on year due to higher steel and iron ore prices and sales volumes in the second quarter.In brief Sales of iron ore from CSN's mining division, CSN Minera????o, rose by 17.65% year on year during the quarter, to 9.11 mi...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were up 3 points in pre-opening trade.U.S. equity index futures were quiet prior to release of U.S. economic reports at 8:30 AM EDT. Consensus for second quarter annualized real GDP is an increase of 8.6% versus a gain of 6.4% in the first quarter. Consensus for June Personal Income is a drop of 0.3% versus a decline of 2.0% in...Read More
Summer maintenance work at steel mills was continuing across Japan but reduced generation volumes and strong prices paid by South Korea were continuing to support export scrap prices, sources told Fastmarkets on Wednesday July 28.On the lower-grade H2 material, reduced supply has been balanced by continued poor demand from Taiwan and Vietnam, sources said."I feel that the market is not so strong,...Read More
An overview of the consumer electronics markets and their latest price moves.Janie Davies, Cristina Belda and...Read More
Premiums for zinc continued to trade at high levels in Europe in the week ended Tuesday July 27, with demand still evident before the continent's August holiday period, while markets elsewhere continued unchanged.Zinc premiums in Europe remain highUnusual August demand seen in ItalyChina premiums stable.Northern Europe premiums steady at three-year highsZinc ingot premiums in Northern Europe were...Read More
(Updates prices) July 28 (Reuters) - Copper prices sat near six-week highs onWednesday as investors waited for details from a Federal Reservemeeting that could shift expectations for U.S. monetary policy.Wider markets, meanwhile, calmed after days of turmoilemanating from China, with global stock markets, the dollar andthe yuan steadying. Benchmark copper on the London Metal Exchange (LME)was down...Read More
US-based carmaker Ford is to open a new center to develop, test and build vehicle battery cells and cell arrays at Romulus, in the US state of Michigan, accelerating the company's research and development into future battery manufacturing, the company has said.The new center will be called Ford Ion Park and will be part of the company's renewed commitment to making Michigan a center for its focus...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday July 27 and their latest price moves.China Stainless steel mills in Tsingshan set their August-delivery tender price for ferro-chrome at 10,795 yuan ($1,664) per tonne, an increase of 2,400 yuan per tonne (29%) from the previous month. The tender price rise led to a sharp rise in spot prices, with dome...Read More
China's domestic rebar prices fell back on Tuesday July 27 amid weaker demand from both end users and trading houses following the soft futures.DomesticEastern China (Shanghai): 5,280-5,310 yuan ($815-819) per tonne, down by 60 yuan per tonneThe typhoon In-fa left Zhejiang province and Shanghai city late on Monday and went to Jiangsu, a major long steel production hub in...Read More