Indian suppliers exhausted their third-quarter quota for shipments of hot-rolled coil into Europe on the first day of the new three-month period, according to data released by the European Commission (EC).The EU's HRC import quota of 169,717 tonnes assigned to suppliers from India was fully exhausted on July 1.About 13,798 tonnes of HRC from India were awaiting allocation on July 5.European buyers...Read More
Copper prices fell by 2.1% on the London Metal Exchange during trading on Tuesday July 6, on a strengthening of the US dollar and market caution at the start of the new trading month.The three-month copper price fell by almost $200 per tonne on Tuesday to $9,312 per tonne, despite reaching an intra-day high of $9,632.50 per tonne. This was a 2.1% decrease from Monday's 5pm close of $9,511 per tonn...Read More
The United States' Department of Commerce announced on July 2 that they will sanction China's Wanbao Mining and its entities for supporting Myanmar's military regime.The entities are involved in copper mining and satellite services. They are Wanbao Mining Ltd., its two subsidiaries - Myanmar Wanbao Mining Copper, Ltd. and Myanmar Yang Tse Copper, Ltd. - and King Royal Technologies Co., Ltd.Read More
Seaborne coking coal prices were largely stable in both the cfr and fob markets on Tuesday July 6, with most market participants still on the sidelines after the centenary of the Chinese Communist Party on July 2, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $202.52 per tonne, down $0.68 per tonnePremium hard coking coal, cfr Jingtang: $308.55 per tonne, up $0.70...Read More
The recent imposition of a stricter Covid-19-related lockdown across Bangladesh has left the densely populated country's steel sector facing several difficult short-term challenges, Fastmarkets heard on Tuesday July 6.Surging numbers of Covid-19 cases and deaths in Bangladesh from the middle of June onward led authorities to put in place a strict one-week lockdown starting on July 1. The governmen...Read More
The zinc price in Shanghai rose on Tuesday July 6 despite the state's latest attempt to cool down the price of the galvanizing metal by auctioning off inventory.The daily zinc Shanghai Futures Exchange price closed at 22,310 yuan on Tuesday, up 0.6% day on day.There was minimal price reaction after the Chinese government sold its 30,000 tonnes of zinc ingots reserve at the first-ever public tender...Read More
Iron ore prices largely edged up on Tuesday July 6 following the steel price increase, while market chatter on the crude steel production cut and authorities' focus on curbing the commodity price surge weighed on the market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $222.36 per tonne, up $0.54 per tonne62% Fe low-alumina fines, cfr Qingdao: $226.02 per tonne,...Read More
Hot-rolled coil prices increased in China's domestic market on Tuesday July 6, following gains in futures prices, while market participants continued to digest talks of production cuts.DomesticEastern China (Shanghai): 5,580-5,620 yuan ($864-870) per tonne, up by 80 yuan from 5,500-5,540 yuan per tonne. The expectation of production cuts at Chinese steel mills in the second half of the year has be...Read More
Activity in the European hot-rolled coil market has been limited because buyers are refraining from making new deals to assess price trends and mills are holding back from trading on good order books, sources told Fastmarkets on Tuesday July 6.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?1,146.25 ($1,359.80) per tonne on Tuesday July 6, down by...Read More
Iron ore prices largely edged up on Tuesday July 6 following the steel price increase, while market chatter on the crude steel production cut and authorities' focus on curbing the commodity price surge weighed on the market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $222.36 per tonne, up $0.54 per tonne62% Fe low-alumina fines, cfr Qingdao: $226.02 per tonne,...Read More
Buyers' activity in the steel scrap import market remained low on Tuesday July 6 despite rising contracts for rebar and hot-rolled coil on the Shanghai Futures Exchange."Market chatter on mills cutting production has turned the finished steel markets bullish, so raw materials [markets] followed. This is why rebar and HRC rose higher than iron ore in the futures market today," a Zhejiang-based trad...Read More
Ferrous scrap prices in Mexico increased in the week ended Friday July 2, after being mostly stable in the previous week, amid consumers fighting to secure supply.After a week of stability, most steelmakers in Mexico's northern Monterrey region and central Baj?-o region applied price increases to all grades due to limited material availability.Price movements were reported in a wide range, between...Read More
Steel rebar and billet prices in the United Arab Emirates decreased during the week to Tuesday July 6 due to a global slowdown, sources told Fastmarkets.Global demand for long steel is moderate to weak, and prices are no longer increasing in Turkey, a key exporter of rebar.Emirates Steel, the biggest producer in the UAE, decreased its official rebar price by 55 dirhams ($14.97) per tonne to 3,012...Read More
The Turkish steel producers continued to hold back from the deep-sea scrap import markets on the second working day of the week due to limited demand for finished long steel products, market participants told Fastmarkets on Tuesday July 6.The mills in the country booked four deep-sea cargoes last week, three of which were booked by a single steel mill.The most recent deal was concluded at $495 per...Read More
The Zakat, Tax & Customs Authority in Saudi Arabia has decreed that all imports into the country will be subject to import duty, whether they come from free-trade zones or other member-states of the Gulf Co-operation Council (GCC).GCC countries normally have duty-free trade between each other. They are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.The Saudi Arabian decree...Read More
The United States' steel import licenses climbed in June to the highest level since January 2020, according to government figures.The US was licensed to import 2.66 million tonnes of steel in June, up 16.01% from 2.29 million tonnes in May, according to data from the US International Trade Administration's steel import monitoring system. Import licenses were up 108.27% from 1.28 million tonnes in...Read More
Activity in the European hot-rolled coil market has been limited because buyers are refraining from making new deals to assess price trends and mills are holding back from trading on good order books, sources told Fastmarkets on Tuesday July 6.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?1,146.25 ($1,359.80) per tonne on Tuesday July 6, down by...Read More
Hot-rolled coil import prices into the United Arab Emirates and Saudi Arabia decreased during the week ended Tuesday July 6 because of globally weakening prices, as well as the upcoming Eid al-Adha religious holiday, sources have told Fastmarkets.The Eid al-Adha holiday was expected to start in about two weeks' time, and some buyers were postponing their bookings until after that, sources said.HRC...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 6 that are worth another look.Indian suppliers exhausted their third-quarter quota for shipments of hot-rolled coil into Europe on the first day of the new three-month period, according to data released by the European...Read More
Global recycling company TES plans to build its first lithium-ion battery recycling plant at the Port of Rotterdam in the Netherlands, according to a joint statement made on Monday July 5.The new plant will have capacity for 10,000 tonnes per year, and will be the first of its kind in the European country, TES and the port authority said in the announcement. It should be fully operational by late...Read More