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
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
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
Consistent demand for containerized ferrous scrap in the Taiwan import market pushed spot prices higher during the week to Friday July 9, sources told Fastmarkets.Fastmarkets' daily price assessment for containerized steel scrap, heavy melting scrap 1&2 (80:20), United States material import, cfr main port Taiwan was $467-468 per tonne on Friday, unchanged from the previous day and up by $8-12 wee...Read More
A correction has been issued for this article. The update can be found here.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
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Janie Davies...Read More
There was little activity in Egypt's steel rebar and billet markets in the week to Thursday, July 8, with market participants awaiting confirmation of changes to the country's import duties, sources told Fastmarkets.Egypt's Ministry of Trade & Industry is currently considering whether to remove or reduce import duties on steel because of the current high prices for long steel products and a shorta...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
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
Prices for steel hollow sections in Europe were flat on Wednesday July 7 due to a replenishing in stocks following the renewed import quota, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?1,370-1,420 ($1,631-1,690) per tonne on July 7, unchanged week on week.Hot-rolled coil, the feedstock for hollow sections, rema...Read More
The upward momentum in China's steel scrap prices will be capped by the growing expectation that steel mills will be forced to cut production in the second half of 2021, sources told Fastmarkets on Thursday July 8.There has been increasing speculation among market participants over the past week that China is planning to control its annual steel output to keep it at the same level as 2020.Fueled b...Read More
Alcoa will supply low-carbon primary aluminium to WKW Extrusion's Erbsl??h Aluminium for its new brand of semi-finished extrusion alloys, the US producer said.Germany-based Erbsl??h Aluminium will use Alcoa's low-carbon EcoLum for its own Newtral brand of alloys. According to Alcoa, the new brand is designed with a specific focus on reducing carbon dioxide (CO2) emissions for customers in the auto...Read More
Coking coal prices were largely stable on Thursday July 8, with sellers and buyers in China's cfr market assessing the potential impact of the government's desire to limit steel production.Fastmarkets indicesPremium hard coking coal, fob DBCT: $202.33 per tonne, up $0.08 per tonnePremium hard coking coal, cfr Jingtang: $308 per tonne, down $0.35 per tonneHard coking coal, fob DBCT: $173.58 per ton...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
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
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
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
There was little activity in Egypt's steel rebar and billet markets in the week to Thursday, July 8, with market participants awaiting confirmation of changes to the country's import duties, sources told Fastmarkets.Egypt's Ministry of Trade & Industry is currently considering whether to remove or reduce import duties on steel because of the current high prices for long steel products and a shorta...Read More