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
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
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
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
Global demand for steel is growing, and major iron ore producers have made plans to increase their output capacity to keep up. Major miners were represented at a panel discussion during the Singapore International Ferrous Week 2021 on Tuesday July 13 to discuss the outlook for supply and demand.Supply outlookBHP has achieved record production of iron ore in the first nine months of its current fin...Read More
Widespread violence and looting have triggered declarations of force majeure at ports in South Africa's KwaZulu-Natal, threatening to stall exports of chrome and manganese.Transnet, the South African national logistics service, declared force majeure on Monday July 12 for operations at the ports of Durban and Richards Bay.The violence "has now reached proportions beyond the control of the local la...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
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
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
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
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 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
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.Fastmarkets assessed Cobalt alloy...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 anchor event for Singapore International Ferrous Week (SIFW) was the Singapore Iron Ore Forum, and this offered an in-depth agenda which addressed the industry's most pressing issues, unparalleled insights into global trends shaping the iron ore sector after Covid-19, and compelling speakers who delivered fresh perspectives.In the panel discussion on Tuesday July 13 titled "Diversifying China'...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
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
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
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
Futures prices for nickel, aluminium and tin were higher at the 5pm close on July 13 on the London Metal Exchange, despite a spike in the United States Dollar Index after the release of US consumer price index readings. Aluminium's three-month price was the best performer on the LME on Tuesday, with a 1.8% gain on Monday's price to $2,535.50 per tonne. Over 15,000 lots of aluminium were traded by...Read More