Increasing scrap usage was deemed to be a key step the road map of decarbonization of Chinese steel industry, Li Xinchuang, the Vice Chairman of China Iron & Steel Association (Cisa) said on Tuesday July 13."It is important that we increase supply of scrap in the local market. We expect the share of electric-arc furnaces (EAFs) in Chinese steelmaking to increase from 10% to more than 15% in 2025,"...Read More
Junior miner Lithium Americas has joined Chinese major Ganfeng Lithium in investing in Arena Minerals, an exploration-stage lithium brine company, it said on Monday July 12.Lithium Americas has entered into an agreement to acquire about 12.9% of the issued and outstanding shares of Arena Minerals, worth $4.8 million, it said."We look forward to working with Arena Minerals and Ganfeng to support th...Read More
European steel association Eurofer has called for the Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (ETS) to be balancing mechanisms without any further reductions in free emissions allocations, it said on Tuesday July 13."In line with the March 2021 European Parliament vote, Eurofer calls for the CBAM and EU ETS to be complementary systems, without any further redu...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 13 that are worth another look.European steel association Eurofer has called for the Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (ETS) to be balancing mechanisms without any further reductions in free...Read More
Domestic prices for hot-rolled coil in both Northern Europe and Italy were fairly stable day on day on Tuesday July 13 due to the start of the seasonal summer slowdown, sources told Fastmarkets.Buyers have been reported to be largely inactive in the market. They have also been holding back from acquiring substantial volumes over the past few weeks, mainly due to still-high prices, long lead times,...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 13 that are worth another look.European steel association Eurofer has called for the Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (ETS) to be balancing mechanisms without any further reductions in free...Read More
Flat steel import prices into the United Arab Emirates and Saudi Arabia moved both up and down during the week ended Tuesday July 13 because of global price fluctuations, with market activity soft during the week before the Eid al-Adha religious holiday, sources told Fastmarkets.The Islamic Eid al-Adha holiday was expected to start next week.HRC prices from China have been decreasing recently as w...Read More
ArcelorMittal has signed a Memorandum of Understanding (MoU) with the Spanish government that will see a ?,?1 billion ($1.19 billion) investment in decarbonization technologies at the company's Asturias plant in Gij??n, it has announced.The investments in new direct-reduction iron (DRI) and electric-arc furnace (EAF) installations in Gij??n will reduce carbon emissions from the company's Spanish o...Read More
Prices in the British market for steel scrap deliveries to domestic steelmakers have increased for the third straight month, sources said on Tuesday July 13.They cited tight supplies, notably from arisings in car production, and steady exports into deep-sea markets, with unusually strong demand from the United States.Suppliers have agreed on a general increase of ?5 ($7) per tonne for scrap, alth...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 13 that are worth another look.European steel association Eurofer has called for the Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (ETS) to be balancing mechanisms without any further reductions in free...Read More
The manganese flake price has been on the rise since May 2021 due to tight availability in the spot market and strong demand from both the steel industry and the renewable energy automobile industry, sources told Fastmarkets.Fastmarkets' price assessment for 99.7% electrolytic manganese flake basis, fob, China rose to $2,800-2,850 per tonne on July 9, up by 3.70% from $2,700-2,750 per tonne o...Read More
US silver miner Hecla reported an increase in lead production during the second quarter as its Lucky Friday mine continues its first full year of commercial production in many years.The company's lead production of 11,541 tonnes in the second quarter was a 29% gain on the same period in 2020. The Lucky Friday mine resumed full production late...Read More
Iron ore prices largely went up on Tuesday July 13 after China's June imports data was released and with relatively low shipments from Australia.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $218.48 per tonne, up by $0.63 per tonne62% Fe low-alumina fines, cfr Qingdao: $221.46 per tonne, up by $0.86 per tonne58% Fe fines high-grade premium, cfr Qingdao: $178.66 per tonne, down by $2.73 pe...Read More
High-grade iron ore is likely to be increasingly in demand with China's plan to reduce carbon emissions in its mammoth steel industry, speakers said on Tuesday July 13 in the Singapore Iron Ore Forum 2021.Xinchuang Li, Chief Engineer of China Metallurgical Industry Planning and Research Institute (MPI), shared his outlook of iron ore in the low-carbon emissions evolution of the Chinese steel indus...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 13 that are worth another look.European steel association Eurofer has called for the Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (ETS) to be balancing mechanisms without any further reductions in free...Read More
Demand for steel rebar and billet was weak in the United Arab Emirates during the week ending Tuesday July 13 due to the coming Eid al-Adha holiday, but import prices for the products rose, sources told Fastmarkets.The main reason behind rising import prices was global price increases.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS was $645 per tonne on July 13, rising from$623 p...Read More
China's domestic rebar prices decreased on Tuesday July 13 amid weak demand caused by unfavorable weather.DomesticEastern China (Shanghai): 5,080-5,100 yuan ($784-787) per tonne, down by 70-100 yuan per tonneHigh temperatures in eastern and southern China and heavy rain in northern China disrupted construction activity and sapped demand for rebar.Such adverse weather...Read More
Chinese automobile production and sales continued to decline in June - both month on month and year on year - amid a sustained global shortage of semiconductors, the China Association of Automobile Manufacturers (CAAM) said last week.But the new energy vehicle (NEV) segment continued to strengthen last month, with sales notching a new record high.China's NEV output increased by 14.3% from May to 2...Read More
Magnitogorsk Iron & Steel Works' (MMK) Metalurji subsidiary in Turkey has started trial production of hot-rolled coil, the Russian company announced on Monday July 12.Located in the Iskenderun region, the mill halted operations at its meltshop and compact strip mill in late 2012. "The current situation allows us to resume operations at the electric-arc furnace facility, which is a very important...Read More
China's central bank is freeing up 1 trillion yuan ($154 billion) via a reduction of banks' reserve requirement ratio (RRR) - the amount of cash that these institutions must have in their reserves - to support the Chinese economy.But not all sectors will reap the benefits of the measure, market sources told Fastmarkets.The People's Bank of China said last Friday July 9 that the RRR for commercial...Read More