A large gap between bids and offers ensured that only limited business took place in the Japan steel scrap export market over the past week, sources said on Wednesday June 2.Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan, was ?46,000-48,000 ($420-438) per tonne on Wednesday, down from ?47,000-48,500 per tonne one week earlier.Japanese H2 was heard sold to a South K...Read More
Import prices for steel scrap inched up amid slightly firmer prices for finished steel products on Wednesday June 2.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $500-515 per tonne on Wednesday, widening upward by $5 from $500-10 per tonne on Tuesday.The most-traded rebar and hot-rolled...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed this morning, Wednesday June 2 - zinc and tin prices were up on both exchanges and were looking robust, while the others have lost recent upward momentum. Brent crude oil is back above $70 per barrel, the highest it has been for two years. Tuesday's manufacturing purchasing managers' index (PMI) data for...Read More
Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More
Here are five Fastmarkets stories you might have missed on Wednesday June 2 that are worth another look.Recent weakness in Chinese export hot-rolled coil prices are likely to have minimal impact on prices in Turkey and the Commonwealth of Independent States - major flat steel suppliers - at least in the short term,...Read More
Domestic prices for European heavy steel plate were unchanged over the week to Wednesday June 2, due to holidays in a number of EU countries, sources have told Fastmarkets.Sentiment in the market remained positive, however, and demand was expected to recover next week, market sources said."Demand is fine. I think we will see it improving further due to [the emergence of new] projects and long-term...Read More
European hot-rolled coil producers have remained in control of domestic prices despite mixed sentiment among buyers, market sources told Fastmarkets on Wednesday June 2.Tight supply and long lead times from European mills combined with limited access to overseas coil have been supporting the domestic prices. A majority of European producers were reported to be sold out of third-quarter-rolling coi...Read More
Prices for steel hollow sections in Europe rose on Wednesday June 2 after a rise in demand led to mills struggling to keep up, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?1,320-1340 ($1,614-1,638) per tonne on June 2, up from ?,?1,250-1,320 per tonne on May 26.Hollow section producers had less material to offer cust...Read More
The three-month zinc price traded higher during the morning session on the London Metal Exchange on Wednesday June 2, while the rest of the base metals complex consolidated gains following a strong end to May.Zinc's three-month price rose as high as $3,098 per tonne in morning trading, up from Tuesday's closing price of $3,064 per tonne. The contract's reading of $3,060 per tonne at the close on M...Read More
China's domestic rebar prices on Wednesday June 2 recovered most of the losses from a day earlier amid costlier raw materials such as iron ore and coke. DomesticEastern China (Shanghai): 5,000-5,020 yuan ($784-787) per tonne, up by 100 yuan per tonne Rising prices for steelmaking raw materials are making rebar mills lose money, an industry analyst said.Fastmarkets' index for iron ore 62% Fe fines,...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed this morning, Wednesday June 2 - zinc and tin prices were up on both exchanges and were looking robust, while the others have lost recent upward momentum. Brent crude oil is back above $70 per barrel, the highest it has been for two years. Tuesday's manufacturing purchasing managers' index (PMI) data for...Read More
Iranian billet producers turned quiet in the week to Wednesday June 2, waiting for a clearer trend after the recovery of billet and rebar prices in the domestic market in China - one of the key destinations for semi-finished steel from Iran.Last week, domestic billet prices in China dropped to 4,780 yuan ($749.36) per tonne on Friday, down by 140 yuan ($21.95) per tonne since the start of last wee...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on Thursday June 3 morning, although nickel bucked the trend on both exchanges.* Brent crude oil continues to rally, reaching $71.71 on Thursday morning.* China’s Caixin services purchasing manager’s index eases to 55.1 in May, from 56.3 in April.Base metalsLME three-month base metals pric...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points in pre-opening trade.Equity futures are expected to respond to a series of economic reports to be released this morning. ? The May ADP Non-farm Employment to be released at 8:15 AM EDT is expected to drop to 650,000 from 742,000 in April. ? Next estimate of first quarter Non-farm Productivity to be released...Read More
Recent weakness in Chinese export hot-rolled coil prices are likely to have minimal impact on prices in Turkey and the Commonwealth of Independent States - major flat steel suppliers - at least in the short term, sources told Fastmarkets. Existing demand at key outlets and long lead times will prevent prices from following the Chinese export price in the near term, Fastmarkets has learned. Do...Read More
Fastmarkets has decided to revise the outlier detection method used in the calculation of its copper concentrate treatment and refining charge (TC/RC) index. Following a one-month consultation, Fastmarkets will proceed to revise the outlier detection method used in the calculation of its copper concentrate TC/RC index to reflect spot market changes. Changes will take effect on Friday June 4. The p...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 1 that are worth another look.Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."German carmaker Volkswagen will halt...Read More
The first proposed draft on scrap shipment regulation revisions in Europe will come out in a few weeks, with more restrictions on the free flow of secondary metal raw materials expected, panelists said at the Bureau of International Recycling (BIR) Convention, which started on Monday May 31.The biggest point of uncertainty is whether the European Commission (EC) will stop the export of both unproc...Read More
Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More
Key data from the pricing sessions in Asia, Europe and the United States over the week to Tuesday June 1.China Producers, under increasing cost pressure, looked to increase UG2 chrome ore prices after sentiment strengthened following higher-than-expected ferro-chrome tender prices but little liquidity has been realized yet.China's major stainless-steel mills set their ferro-chrome tender prices a...Read More