Here are five Fastmarkets stories you might have missed on Wednesday July 21 that are worth another look.Flat steel sales from Brazilian distributors increased by 3.3% year on year in June; volumes began to stabilize after strong growth in the first half of 2021, flat steel distributors...Read More
Base metals prices on the London Metal Exchange were broadly stable on Wednesday July 21, with minimal reaction to China's announcement to sell more state reserve metal during the day. The three-month zinc price closed 1.1% lower than the previous day at $2,929 per tonne, while the three-month aluminium price was down 0.5% to close at $2,453.5 per tonne from a day ago,...Read More
Iron ore prices fell on Wednesday July 21 due to steel production cuts in some Chinese provinces for the second half of 2021, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $214.79 per tonne,down $6.25 per tonne62% Fe low-alumina fines, cfr Qingdao: $216.17 per tonne,down $6.85 per tonne58% Fe fines high-grade premium, cfr Qingdao: $176.44 per tonne,down $5.83 per tonne65% Fe...Read More
Seaborne coking coal prices stayed large stable in both the cfr and fob market on Wednesday July 21 because buying interest is weak facing the elevated offers, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $211.08 per tonne, down $0.19 per tonnePremium hard coking coal, cfr Jingtang: $309.31 per tonne, up $0.20 per tonne Hard coking coal, fob DBCT: $178.42 pe...Read More
The Turkish deep-sea scrap market reported no new trading activity on Wednesday July 21, because of the week-long Eid al-Adha public holiday.Turkish steel mils have not booked any new scrap material since July 13.The country is currently off work for the week-long religious holiday of...Read More
Steel rebar prices in northern Europe edged up in the week to Wednesday July 21 despite a seasonal slowdown in buying activity, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was ?,?890-930 ($1,049-1,096) per tonne on July 21, up from ?,?880-930 per tonne. This marks its highest level since Fastmarkets start...Read More
China's electricity system is particularly stretched this summer, so aluminium, zinc and lead smelters have received repeated notices for several weeks that they should restrict power use, and many are not still seeing an end to the situation, Fastmarkets has learnt."Power consumption limits will be a recurring issue for Chinese smelters, [and] not only for summer. [They are] likely to be extended...Read More
Dwindling spot supply of rounded forms of nickel in the United States sent the US briquette premium to an all-time high in Fastmarkets' assessments. Fastmarkets began assessments by shape, rather than grade, in March 2018.Strong global briquette demand, reduced spot supply to the US, and "spiraling" ocean freight costs are all boosting premiums for the form, now said to barely be found in th...Read More
European lead smelter Berzelius Metall has declared force majeure on supply contracts after floods that have caused chaos in northern Germany and Belgium forced the closure of its Stolberg smelter.Fastmarkets' calls to Berzelius were not answered, while an email to parent company EcoBat Technologies was not responded to by the time of publication.But sources in the lead market confirmed to Fa...Read More
Premiums for copper cathodes in Shanghai's bonded zone traded in the week to Tuesday July 20 at their highest levels since May, while market sources in the United States speculated about possible rises.Premiums in Shanghai rise on strong domestic marketFresh pandemic concerns damp Southeast Asia demandUS premiums steady at high levels.China premium rebounds stronglyChina's import appetite for copp...Read More
London-listed Chilean copper miner Antofagasta maintained its annual guidance of 730,000-760,000 tonnes of copper production for 2021, despite output dipping in the second quarter.The company warned that drought conditions at its Los Pelambres mine are the worst than they have been for 12-years, and that guidance could be impacted unless rain returns.In brief: Antofagasta's copper production was 1...Read More
Premiums for nickel products in China and the United States rose in the week to Tuesday July 20 amid improved arbitrage terms and tight supply. The European premium was unchanged amid stable demand, but the outlook for the market is positive.Improved arbitrage in China stimulates sentimentSpot supply shortage pushes up US premiumEuropean market flat, but outlook is bullishArbitrage opportunities p...Read More
Hot-rolled coil prices in the United States climbed closer to $92 per hundredweight ($1,840 per short ton) on Wednesday July 21, setting a new record for the second time this week.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $91.78 per hundredweight ($1,835.60 per short ton) on July 21, an increase of 0.48% from $91.34 per cwt on Tuesday July 20 and 0.49% higher th...Read More
Galvalume prices in the United States hit a record high for the seventh consecutive month thanks to ongoing tight supply and strong demand. Fastmarkets' monthly price assessment for steel coil Galvalume, fob mill US was at $98 per hundredweight ($1,960 per short ton) on Tuesday July 20, up by 8.29% from $90.50 per cwt in June and nearly triple the $33.25 per cwt recorded in the same month las...Read More
Prices in the United States for domestic and imported carbon steel wire rod rose by $40 per ton in July, nearing an all-time high for domestic product and a record for imports.Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $55-57 per hundredweight ($1,100-1,140 per short ton) on Tuesday July 20, up by 3.70% from 53-55 per cwt on June 1...Read More
Belgian flat steel re-roller NLMK La Louviere has declared force majeure after a fire at its rolling mill, sources told Fastmarkets on Wednesday July 21.The fire at La Louviere's hot-rolling mill occurred on July 17. It was extinguished within about 30 minutes and there were no injures, according to a company spokesperson."The equipment installed during the [recent] modernization of the mill was n...Read More
A weaker United States ferrous scrap export market is stoking fears that prices could retreat in the August domestic trade after recyclers on the East Coast lowered their selling prices by $10-25 per gross ton in a tell-tale sign.International steel mills have lowered their import prices for US ferrous scrap grades - including heavy melt - this week, citing inflation, higher oil prices and th...Read More
Stainless steel scrap prices in the United States have continued to post slight gains, but the uptrend has begun to show signs of slowing down."Pittsburgh processors are sort of holding back on going higher [with prices], but I know higher is out there," one dealer said, adding that "immediate future demand is hot" and he thinks supply is not going to keep up.As of Tuesday July 20, the London...Read More
Iron ore prices fell on Wednesday July 21 due to steel production cuts in some Chinese provinces for the second half of 2021, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $214.79 per tonne,down $6.25 per tonne62% Fe low-alumina fines, cfr Qingdao: $216.17 per tonne,down $6.85 per tonne58% Fe fines high-grade premium, cfr Qingdao: $176.44 per tonne,down $5.83 per tonne65% Fe...Read More
Import prices for high-grade ferrous scrap HRS101 into China were stable on Wednesday July 21 amid limited spot trading activity, sources told Fastmarkets.Major steel mills continued to view offers for imported cargoes as excessively high and unreflective of market fundamentals in China, especially with steel production cuts dampening spot demand."Now is not a good time to do scrap imports because...Read More