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
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
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
Seaborne coking coal prices stayed large stable in both the cfr and fob markets on Tuesday July 13 because buying interest was weak in the face of elevated offer prices, market sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $210.27 per tonne, down by $0.26 per tonnePremium hard coking coal, cfr Jingtang: $307.98 per tonne, down by $0.82 per tonneHard coking coal, f...Read More
ArcelorMittal has announced that its Sestao plant in Spain will become a full-scale zero carbon-emissions steel plant through the use of green hydrogen and renewable electricity as part of a ?,?50 million ($59 million) investment.The elimination of scope 1 and 2 emissions under the Greenhouse Gas Protocol will be done by changing the metallic input via increasing the proportion of recycled scrap,...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
Due to a reporter error, the United States tin premiums for Tuesday July 13 were published in Fastmarkets' price book five minutes later than the scheduled time of 3pm GMT.Fastmarkets' fortnightly assessment of the tin, 99.85% ingot premium, in-whs Baltimore, and the tin grade A min 99.85% ingot premium, ddp Midwest US, were published at 3.05pm on Tuesday.For more information, or to provide feedba...Read More
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
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
Hot-rolled coil prices in the United States hovered within $1 of $90 per hundredweight ($1,800 per short ton) for a sixth consecutive business day after market participants reported relative stabilization around that level while spot tons continued to be in short supply. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $89.94 per cwt ($1,798.80 per ton) on Tuesday July...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
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
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
Turkish steel producers managed to secure lower prices from United States suppliers after continuing their deep-sea bookings at a slow pace, market sources said on Tuesday July 13. A steel mill in the Marmara region booked a US cargo, comprising 22,000 tonnes of HMS 1&2 (80:20) at $485 per tonne, 20,000 tonnes of shredded and 3,000 tonnes of bonus at $500 per tonne cfr late on Monday July 12....Read More
Several aluminium smelters in the western part of China's Inner Mongolia autonomous region have been subject to electricity load shifting since the end of last week due to tight power supply in the region, several sources told Fastmarkets on Tuesday July 13.Power companies have been limiting electricity supply to these smelters every day between 7pm and 10pm, they said. The power companies have no...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...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
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally weaker this morning, Wednesday July 14, after stronger-than-expected inflation data from the United States on Tuesday raised concerns.* US consumer price index (CPI) climbed by 0.9% month on month in June, after a 0.6% rise in May* US 10-year treasury yields rebound to 1.4%, after a low of 1.25% last...Read More
Tin set a new year-to-date high on the London Metal Exchange on the morning of Tuesday June 13, while the rest of the complex edged upwards too, with macroeconomic factors and a new wave of Covid-19 hitting metal-producing countries supporting higher prices.Tin reached $32,285 per tonne during early trading, before trimming back to $32,135 per tonne at 9am, but still higher than Monday's closing p...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