A three-week price rally for the ferro-chrome market in China sped up in the week to Tuesday June 22 on bullish market sentiment after leading producers in China initiated higher prices amid production uncertainty."Production has been greatly impacted amid the uncertainty brought by Inner Mongolia's energy controls and electricity supply shortage. This, together with sharply increased production c...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 23 that are worth another look.Swedish special steel producer Ovako is to collaborate with carmaker Volvo Group, Hitachi ABB Power Grids, H2 Green Steel and Nel Hydrogen to invest in hydrogen production at Hofors in Sweden, it has been announced.Read More
Base metals prices on the London Metal Exchange continued to trade higher across the board during the day on Wednesday June 23. Prices across the complex followed their recent upward momentum during Wednesday's trading as a result of pacified market sentiment following the testimony given by Federal Reserve chairman Jerome Powell to Congress on Tuesday. "In his testimony, Powell's tone was relativ...Read More
Stainless scrap prices in the United States remained firm this week, with processors forced to control their inventories while speculating what nickel, chrome and iron prices are going to do in the months ahead."Nickel, chrome and iron units remain strong, and demand has not experienced a summer slowdown as of yet," according to one dealer."Scrap flow continues to be lackluster," causing processor...Read More
Italy's Council of State has overruled a decision by the Court of Lecce, which means that flat steel producer Acciaierie d'Italia, formerly known as ArcelorMittal Italia, will be allowed to continue its flat steel production operations, the steelmaker said on Wednesday June 23."As a result, any suggestions of a possible shutdown of the hot area of Acciaierie d'Italia's Taranto plant, and the closu...Read More
Rebounds were under way in the base metals in London and Shanghai this morning, Wednesday June 23, but we will have to wait to see how the metalsreact to today's manufacturing purchasing managers index (PMI) data.To reassure the markets, United States Federal Reserve chairman Jerome Powell said: "We will not raise interest rates pre-emptively because we think employment is too high [or] because we...Read More
The aluminium price on the Shanghai Futures Exchange rose for a second consecutive day on Wednesday June 23 even as the Chinese government announced further details of the sell-off of aluminium reserves on its website on June 22. China's National Food and Strategic Reserves Administration on June 22 said it will sell 50,000 tonnes of aluminium to the market through tenders in an initial batch...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Bulk ferro-alloy prices have shown impressive gains again this month, with ferro-silicon, silicon metal and manganese alloy prices all making significant increases. Noble alloy markets also enjoyed upward momentum, with both vanadium and molybdenum prices rising sharply.Recovering demand from steelmakers globally, together w...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...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 at 21.00-21.90 on Wednesday...Read More
China's domestic rebar prices stopped falling on Wednesday June 23 on gains in the futures market following news that the country is one step closer toward a national scheme for the trading of carbon emission permits.DomesticEastern China (Shanghai): 4,800-4,840 yuan ($741-747) per tonne, unchanged The Shanghai Environment & Energy Exchange, China's first trading platform for environmental and ene...Read More
India's steel industry will double its capacity by the end of this decade and will emerge with a larger and greener role in the global steel industry, Sajjan Jindal, chairman and manager director of JSW Group, said on Wednesday June 23 at Fastmarkets' 2021 Steel Success Strategies Industry Briefing.JSW, India's largest producer, expects to lead the way with its own goal of increasing steel output...Read More
US imports of standard steel welded wire mesh from Mexico are being or are likely to be sold at less than fair value, the Commerce Department said in a final determination on Wednesday June 23.The weighted-average dumping margin has been set at 110.42% for Deacero SAPI de CV and 23.04% for Aceromex SA de CV and all other exporters. Commerce had estimated those margins at 23.67-152.68% in its preli...Read More
Analysts from Bank of America and KeyBanc Capital Markets see big changes approaching in the United States' steel market, with new capacity scheduled to come online later this year and into 2022, they told attendees of this week's Steel Success Strategies conference.In the atypical cyclical upturn caused in large part by the Covid-19 pandemic, Bank of America analyst Timna Tanners stands by her pr...Read More
The Midwest US copper premium rose to its highest level in eight years on Tuesday June 22, while Shanghai premiums remained at decade lows following the news that China plans to sell its copper reserves. US Midwest copper premium ticks up China announces details of plan to release 20,000 tonnes of copper into the spot market Spot Shanghai copper premiums stay depressed US copper demand...Read More
Northern European premiums remain at their highest level in three years due to continued supply tightness and logistics issues while Chinese premiums increased slightly on a favorable import arbitrage, sources said.Zinc premiums in northern Europe are stable at a three-year high on tight supplyLack of trucks around northern Europe complicate zinc deliveriesImport arbitrage open to some Chinese mar...Read More
Hot-rolled coil prices in China's domestic market cruised higher on Wednesday June 23, with coking coal supply concerns actin as support and helping to stem the decline in steel futures prices.DomesticEastern China (Shanghai): 5,280-5,380 yuan ($814-830) per tonne, up by 10-70 yuan per tonne. The most-traded HRC contract on the Shanghai Futures Exchange climbed more than 1% to an intraday high of...Read More
Abu Dhabi-based sovereign investor Mubadala Investment Co has acquired a 2.6% stake in En+ Group, the aluminium and power company said on Wednesday June 23.The acquisition is through the sale of 16,641,700 ordinary shares by Polina Yumasheva, reducing her stake to 2.58% from around 5.19%. En+ Group's free float has increased to 12.3% as a result.Mubadala, which has a $243 billion global portfolio...Read More
Rio Tinto has signed a memorandum of understanding with Schneider Electric to develop a circular and sustainable market ecosystem for both companies and their customers, the metals and mining company said.In the multi-product partnership, Schneider Electric will use responsibly sourced materials produced by Rio Tinto, including low-carbon aluminium and copper produced with renewable power, iron or...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Global welded pipe prices surged in May as strong demand and still-insufficient supply lifted flat steel prices.The biggest jumps were seen in China, which was hit by the unexpected announcement of the elimination of export rebates on welded pipes in April. Chinese seaborne prices reached $1,570 per tonne fob for longitudina...Read More