Steel scrap import prices into China remained steady despite supplies of domestic scrap being tightened by the rainy season in the north and by high temperatures in the south, sources told Fastmarkets on Thursday July 15.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $530-540 per tonne o...Read More
Iron ore prices increased on Thursday July 15, supported by falling steel inventories in China, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $222.09 per tonne, up $3.43 per tonne62% Fe low-alumina fines, cfr Qingdao: $223.75 per tonne, up $3.75 per tonne58% Fe fines high-grade premium, cfr Qingdao: $182.06 per tonne, up $3.65 per tonne65% Fe Brazil-origin fines,...Read More
The London Metal Exchange has announced that John Glen MP, economic secretary to the UK Treasury, will be the guess speaker at the annual dinner during LME Week this year.Glen was first elected to parliament as MP for Salisbury in 2010 and has held his current position as economic secretary to the Treasury since January 2018.LME Week is due to take place face to face this year in London starting f...Read More
Hot-rolled coil prices across China's domestic market edged higher on Thursday July 15 while futures prices traded rangebound after Wednesday's sharp gains due to the increased likelihood of a drop in steel production in the second half of 2021, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,860-5,920 yuan ($907-916) per tonne, narrowing upward by 20 yuan per tonneThe most-traded HRC...Read More
China's domestic rebar prices continued to rise on Thursday July 15, following a strong showing in the futures market in early trading.DomesticEastern China (Shanghai): 5,200-5,240 yuan ($805-811) per tonne, up by 20 yuan per tonneDeals were concluded at 5,200-5,240 yuan per tonne in early trading, with buyers expecting rebar prices to continue rise on seeing the futures...Read More
The European Union's Carbon Border Adjustment Mechanism (CBAM) will be generally supportive of aluminium premiums in Europe and will add further bullish sentiment to an already heated market, sources told Fastmarkets this week."A Carbon Border Adjustment Mechanism will put a carbon price on imports of a targeted selection of products to ensure that ambitious climate action in Europe does not lead...Read More
Prices on the London Metal Exchange picked up on the morning of Thursday July 15, building on momentum from the early Asian trading session after the release of positive economic data out of China. Global investors remain confident that economic growth in China is relatively robust, even though its second-quarter gross domestic product (GDP) showed signs of slowing with a 7.9% year-on-year uptick,...Read More
China's domestic stainless steel prices rose sharply over the week to Wednesday July 14 on concerns of tighter supply amid growing expectations for mills to cut production.Gains in the nickel market provided further support to stainless steel prices.The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $18,698 per tonne, up by $381 per tonn...Read More
Entreprise G?(C)n?(C)rale Du Cobalt, a state-owned company in the Democratic Republic of Congo, will start to buy cobalt produced by the country's artisanal miners within eight weeks, it told Fastmarkets on Wednesday July 14.Cobalt is a key ingredient, alongside lithium and nickel, in batteries that power electric vehicles (EVs), demand for which was expected to boom in the medium term.Artisanal a...Read More
Glencore has described rioting in South Africa as a "force majeure event" in a letter to customers about a number of ores, alloys and metals exported from the country, although this is not a declaration of force majeure. In a notice to customers on July 14, seen by Fastmarkets, the trader-miner warned that ongoing violence in South Africa could potentially prevent them from fulfilling contracts wi...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb at 24.40-25.00 on...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies....Read More
Vietnam is proposing to impose a 5% export tax on steel billet, which could make offer prices from the country's mills uncompetitive in key Asian markets, sources told Fastmarkets on Thursday July 15.The proposal has been drafted by the Vietnam Ministry of Finance, but is not yet official policy as it is awaiting final government approval, according to key billet trading sources.News of the propos...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures were virtually unchanged following release of June U.S. Retail Sales at 8:30 AM EDT. Consensus was a drop of 0.4% versus a decline of 1.3% in May. Actual was an increase of 0.6%. Excluding auto sales, consensus was an increase of 0.5% versus a decline of 0.2% in May. Actual...Read More
(Adds detail, writes through) MELBOURNE, July 16 (Reuters) - Rio Tinto reported a 12% fall in quarterly iron ore shipments on Fridayafter storms affected its West Australian operations, but isexpected to report bumper results this month on soaring pricesfor the steel raw material. Rio said it now expects to ship near the lower end of itsrange of 325 million tonnes (mt) and 340 mt in calendar 2021,...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 14 that are worth another look.The International Rebar Producers & Exporters Association (Irepas) expects the prospects for global long steel products to remain satisfactory for the rest of 2021 and for 2022.The European Commission adopted on July 14...Read More
The European Commission (EC) adopted on Wednesday July 14 a package of proposals under the EU Green deal that affect the metals industry, including a Carbon Border Adjustment Mechanism (CBAM).The CBAM will apply to imports into the EU of iron and steel, aluminium, cement, fertilizers and electricity.During a transition period from 2023 to 2025, importers will have to report the emissions embodied...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 14.Please click...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 14 that are worth another look.The International Rebar Producers & Exporters Association (Irepas) expects the prospects for global long steel products to remain satisfactory for the rest of 2021 and for 2022.The European Commission adopted on July 14...Read More
Investment and management company Dada Holdings has sold a portion of its stake in New Day Aluminum Holdings to Concord Resources Ltd, the companies said.The deal, for an undisclosed sum, gives the commodities merchant trader a substantially larger equity interest in New Day, which is the parent of Noranda Bauxite, Noranda Alumina and Niche Industrial Chemicals.In addition to retaining a minority...Read More