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
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
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
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.Read More
Brazilian alumina exports rose by 20.13% year on year in June, while bauxite shipments fell by 34.50%, according to data from the country's ministry of economy published on Monday July 5.Brazil exported 816,785 tonnes of alumina in June, up from 679,916 tonnes a year before, amid significantly higher contributions from the northern Bel?(C)m port in the Par?? state.Shipments from the Bel?(C)m port...Read More
China imported 879,965 tonnes of steel billet in May, up by 77% from 497,588 tonnes in May 2020, according to customs data.Indonesia remained the biggest supplier of billet to China in that month at 260,642 tonnes. Slab import volume of 72,480 tonnes was down by 67% year on year. Vietnam accounted for 57% - 41,510 tonnes - of...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 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 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
Base metals prices on the Shanghai Futures Exchange, apart from those for lead, were up during morning trading on Tuesday July 6. Those on the London Metal Exchange were mixed, but that was after a generally positive day on Monday.Brent crude oil climbs after Organization of Petroleum Exporting Countries fail to agree a production increaseBase metalsLME three-month base metals prices were mixed th...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
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
Turkish prices for various flat steel products moved both upward and downward during June, with the future for the prices seeming to be unsure because of the broader global market uncertainty, sources told Fastmarkets on Thursday July 1.The main reasons for this were that the traditionally slow summer season has started in most countries, China has not yet announced the rate for its planned export...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
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
China's domestic rebar prices continued their upward trend on Tuesday July 6 on restocking demand, but end user demand soured, sources told Fastmarkets.DomesticEastern China (Shanghai): 4,950-4,980 yuan ($767-771) per tonne, up by 80 yuan per tonneTrading houses raised their procurement rates on Monday to build up inventories in anticipation of lower production in the second half of 2021.The...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 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
Base metals prices on the London Metal Exchange were up across the board this morning, Wednesday July 7, suggesting dip buying after Tuesday’s weakness that saw copper, aluminium and nickel fall by 2%, or more.Tuesday's drop in the ISM services purchasing managers index (PMI) to 60.1, from 64, was partly blamed for the day’s weaker markets, as was the jump in the US Dollar Index.Bas...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