Demand for steel scrap imports into Bangladesh was being limited by the country's extended Covid-19-related lockdown, market participants told Fastmarkets on Thursday July 8.The strict lockdown, which has been extended until at least July 14, has led to a complete shutdown of the country's steel retail market and has led to an exodus of laborers from the capital city, Dhaka."They are not admitting...Read More
The price gap between higher and lower grades of steel scrap continued to widen in the Japan export market over the past week, sources told Fastmarkets on Thursday July 8.Rising demand for heavy scrap (HS) and Shindachi busheling, both from blast-furnace (BF) mills in Japan and buyers in South Korea, has continued to propel prices for these materials upward.On the other hand, limited demand for lo...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 8 that are worth another look.Iran's steel output will be negatively affected by severe power shortages that started in June and still remain an issue, market participants said.Kamoa Copper's 3.8-million-tonne-per-year concentrator in the...Read More
Turkey's import and domestic billet prices have increased over the past week due to stronger demand, market participants told Fastmarkets on Thursday July 8.Suppliers in the Commonwealth of Independent States region have increased their offers to Turkey ahead of the introduction of Russia's export duty on August 1.The Russian government has approved temporary export duties on 340 steel and no...Read More
Turkey's domestic long steel prices were fairly stable this past week while demand remained limited, market sources told Fastmarkets on Thursday July 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 7,200-7,350 lira ($830-847) per tonne on July 8, widening upward by 50 lira per tonne...Read More
Turkish steel mills continued to book deep-sea scrap for August shipment at slightly higher prices, market sources said on Thursday July 8.A steel mill in the Iskenderun region booked a US cargo, comprising HMS 1&2 (90:10) at $498 per tonne, shredded and plate & structural (P&S) at $516. The composition of the cargo was not shared by the parties involved. This compares with deep-sea bookings heard...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 8 that are worth another look.Iran's steel output will be negatively affected by severe power shortages that started in June and still remain an issue, market participants said.Kamoa Copper's 3.8-million-tonne-per-year concentrator in the...Read More
Base metals prices on the London Metal Exchange showed mixed directions at the 5pm close of trading on Thursday July 8, with copper and aluminium down on a slowing Chinese economy and talks of tapering from the United States."The takeaway from last night's FOMC [meeting] appears to be that this month... should see the ramping-up of more formal talks on tapering, with the line that the conditions f...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 7.Please click...Read More
Ferro-chrome prices in Asia and Europe have been trending upward since mid-May amid strong demand, with tightened supply from India fueling the bullish sentiment further in those markets, according to industry sources.India - ranked as the world's fourth-largest producer of ferro-chrome - produced around 1.28 million tonnes of the ferro-alloy in 2019, but last year it produced just 970,000 tonnes...Read More
South African miner Chrometco is filing for a restructuring of its business, and is putting its mining and chrome wash operations on care and maintenance due to the current financial pressures, it has announced.Chrometco, owned by South African commodity trading house Sail, will apply for restructuring and refinancing to meet commitments to its creditors and employees, according to an announcement...Read More
Export prices for ammonium paratungstate (APT) from China have continued to rise, with China's domestic supply tightening and overseas markets in urgent need of the material due to low inventories, sources told Fastmarkets this week.Fastmarkets' weekly price assessment for tungsten APT 88.5%WO3 min, fob main ports China was $282-292 per metric tonne unit (mtu) onWednesday July 7, up by $7-10 per m...Read More
Turkish steel mills continued to book deep-sea scrap for August shipment at slightly higher prices, market sources said on Thursday July 8.A steel mill in the Iskenderun region booked a US cargo, comprising HMS 1&2 (90:10) at $498 per tonne, shredded and plate & structural (P&S) at $516. The composition of the cargo was not shared by the parties involved. This compares with deep-sea bookings heard...Read More
Demand for steel scrap imports into Bangladesh was being limited by the country's extended Covid-19-related lockdown, market participants told Fastmarkets on Thursday July 8.The strict lockdown, which has been extended until at least July 14, has led to a complete shutdown of the country's steel retail market and has led to an exodus of laborers from the capital city, Dhaka."They are not admitting...Read More
The price gap between higher and lower grades of steel scrap continued to widen in the Japan export market over the past week, sources told Fastmarkets on Thursday July 8.Rising demand for heavy scrap (HS) and Shindachi busheling, both from blast-furnace (BF) mills in Japan and buyers in South Korea, has continued to propel prices for these materials upward.On the other hand, limited demand for lo...Read More
Base metals prices on both the LME and SHFE were mixed this morning, Thursday July 8, after the United States Federal Reserve's latest minutes showed a slight pick-up in hawkishness.China is looking to cut the bank reserve requirement ratio (RRR), suggesting the authorities think the economy needs supportBase metalsLondon Metal Exchange three-month base metals prices were mixed on Thursday July 8,...Read More
European hot-rolled coil prices edged up on Thursday July 8, despite slow trading activity, supported by still-limited supplies, sources told Fastmarkets.Sufficient stocks at distributors, as well as full credit lines, were the main reasons behind the lack of trading activity, sources said. Buying interest remained subdued, with customer largely holding back and making only hand-to-mouth bookings...Read More
Domestic prices for heavy steel plate have been stable in Europe in the week to Wednesday July 7, with buyers holding back from making deals for substantial volumes, sources told Fastmarkets.Fastmarkets' price assessment for steel domestic plate, 8-40mm, exw Southern Europe was unchanged over the week at ?,?980-1,020 ($1,158-1,205) per tonne on July 7.The assessment was based on achievable prices...Read More
Domestic hot-rolled coil prices in China rose for the fourth day in a row on Thursday July 8, with futures prices steady after the recent rally, which was sparked by growing expectations that steelmakers will be forced to limit production in the second half of the year.DomesticEastern China (Shanghai): 5,700-5,770 yuan ($880-890) per tonne, up by 50 yuan from 5,650-5,720 yuan per tonne. The most-t...Read More
Steel reinforcing bar prices in the United States' domestic market were steady again this week, with market sentiment mixed regarding what might come next.Fastmarkets' weekly assessment for steel rebar, fob mill US was at $48 per hundredweight ($960 per short ton) on Wednesday July 7, unchanged since June 16 but up by 9.09%% from $44 per cwt on June 2.US marketSupply remains tight, marke...Read More