London Metal Exchange base metal futures barring tin traded higher on Friday July 9 after the market responded to news that China's central bank will boost liquidity to small and medium sized businesses.The People's Bank of China said it would reduce the Reserve Requirement Ratio (RRR), the amount of cash banks have to hold in reserve, by 0.5%, equivalent to the release of a trillion yuan ($154 bi...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Janie Davies...Read More
Global scrap prices broadly fell over the week to Friday July 9. Spot demand in Asia remained weak, with buyers looking at lower Turkish steel scrap prices for indications of better buying opportunities in the future.Turkey resumes deep-sea importsPrime grades perform best in USVietnam demand soft but billet demand could offer hopeChinese price uptrend capped by production cutsTaiwan continues to...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...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...Read More
Iron ore prices across the board declined further on Friday July 9, with market chatter about crude steel production cuts in China depressing sentiment amid thin trading.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $214.77 per tonne, down by $3.27 per tonne62% Fe low-alumina fines, cfr Qingdao: $218.00 per tonne, down by $4.00 per tonne58% Fe fines high-grade premium, cfr Qingdao: $180.0...Read More
Base metals prices on the London Metal Exchange increased across the board during morning trading on Friday July 9.The three-month aluminium price was most recently trading at $2,465 per tonne, up $23 from Thursday's close. It has retreated from a high of $2,581.50 per tonne on Monday.Stock availability continues to fall, with a further 10,525 tonnes of aluminium delivered out across multiple diff...Read More
Hot-rolled coil prices in the United States fell for a second day after breaching $90 per hundredweight ($1,800 per short ton) for the first time, with scarce spot availability projected to extend the rally, market participants said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $89.06 per hundredweight ($1,781.20 per short ton) on Friday July 9, down 0.46% from $89....Read More
The inter-merchant light iron scrap market in the United Kingdom was unchanged this week although increased demand could result in small price rises in the coming weeks, participants told Fastmarkets on Friday July 9.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, UK, was ?175-190 ($241-262) per tonne on Friday, unchanged since June 18...Read More
Prices in the CIS export billet market improved some more by the end of the week. Offers were mainly coming from Ukrainian mills, while Russian producers preferred to stay away from the market assessing the situation with export duty introduction in August.The duties will apply from August 1 through to December 31 and have a base rate of 15%, with a specific minimum rate of $115 per tonne for stee...Read More
The price of cold-rolled stainless steel in Europe increased further this past week due to the severe material shortage that has been ongoing, sources told Fastmarkets on Friday July 9.Fastmarkets' weekly price assessment for stainless steel cold-rolled sheet 2mm grade 304 transaction domestic, delivered north Europe was ?,?3,600-3,650 ($4,257-4,316) per tonne on Friday, up by ?,?150 from ?,?...Read More
Domestic steel rebar prices in Poland were broadly flat in the week to Friday July 9, with market activity slowing down on seasonal factors, sources told Fastmarkets.Fastmarkets' price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 4,050-4,100 zloty ($1,054-1,067) per tonne on Friday, the same as last week.The assessment was based on deals, offers and achievable prices rep...Read More
Domestic prices for hot-rolled coil in Europe were relatively stable on Friday July 9 due to slow buying activity, sources told Fastmarkets.Market sources believed that the price fluctuations during the week have not been indicative of a trend change, but mainly reflected the uncertainty among buyers in the market with a limited number of offers.Buyers have been holding back from making new deals...Read More
Indian mills reduced the export prices of hot rolled coils by $50-70 per tonne to sell higher tonnages in the international market as domestic demand for HRC remains sluggish, sources told Fastmarkets.According to a market participant, Indian mills aim to keep supply tight in the domestic market, so they have to move higher tonnages of HRC out of the country at low prices. Fastmarkets' assessment...Read More
Hot-dipped galvanized and pre-painted galvanized coil prices remained stable in Turkey during the week to Friday July 9 due to upcoming holidays, sources told Fastmarkets.July 15 is Democracy Day in Turkey and July 19-23 will be the Eid al-Adha holidays so buyers preferred to postpone bookings.Domestic pricesFastmarkets' weekly price assessment for steel HDG coil domestic, exw Turkey was unchanged...Read More
Seaborne coking coal prices were steady in the cfr market on Friday July 9 while market participants awaited further information about second-half production cut plans at Chinese steel mills. The fob coking coal market surged amid necessary procurement demand from Asia, market sources said.Prices for seaborne pulverized coal injection (PCI) decreased in the cfr market in the week to July 9 because...Read More
Prices for shredded steel scrap imports into Pakistan increased in the week to Friday July 9, supported by higher trading activity compared with India, sources have told Fastmarkets.Fastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan, at $547.34 per tonne on July 9, up by $7.83 per tonne from $539.51 per tonne on July 2.Deals for the material have been...Read More
The introduction of a Russian export duty on steel products carries serious risks for the country's steel industry, Russia's steel association Russkaya Stal warned last week.The duties, which cover 340 metal products, will apply from August 1 through to December 31 and have a base rate of 15%, with a specific minimum rate for each product.The measures will inevitably cut the profitability of steel...Read More
Bullish sentiment in the aluminium supply chain fueled increases in premium foundry alloy (PFA) premiums in Europe in the week ended Friday July 9. The PFA premium in the US was flat once again.EuropeSoaring premiums for P1020 aluminium, expensive logistics and solid demand pushed the premiums for primary foundry alloy (PFA) in Europe to new all-time highs this week.Fastmarkets' assessment of the...Read More
China's domestic rebar market ended the week with increased prices in both eastern and northern regions, though prices were stable on Friday July 9.DomesticEastern China (Shanghai): 5,020-5,050 yuan ($775-780) per tonne, unchangedNorthern China (Beijing) weekly assessment: 4,950-4,990 yuan per tonne, up by 170 yuan per tonneEastern rebar prices halted their rise on Friday due to weak demand but pr...Read More