Five grades of steel scrap will no longer need to undergo customs inspections at ports in China when they are imported into the country, beginning on June 10.But five other grades of the steelmaking raw material will undergo such inspections from the same date.China's General Administration of Customs said on Thursday June 3 that it would no longer carry out imported commodity inspections on a lis...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 prices were genera...Read More
Sentiment in the steel wire rod market in the south of Europe remained quite optimistic over the past week, aided by persistent shortages, good demand and expensive raw materials, Fastmarkets heard on Wednesday June 2.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, was ?,?820-840 ($1,001-1,025) per tonne on June 2, up from ?,?800-810 per...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 3 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.BHP, the majority owner and operator of...Read More
The world's second-largest copper mine, currently in expansion, will send 40% of its copper concentrate output in Phase 1 to a domestic smelter in the Democratic Republic of Congo (DRC), with negotiations to sell their copper output still underway, sources said.Kamoa Copper, operating out of Kamoa Kakula mine, signed a ten-year agreement with Lualaba copper smelter (LCS), of China Nonferrous Metal...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 3 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.BHP, the majority owner and operator of...Read More
The world's second-largest copper mine, currently in expansion, will send 40% of its copper concentrate output in Phase 1 to a domestic smelter in the Democratic Republic of Congo (DRC), with negotiations to sell their copper output still underway, sources said.Kamoa Copper, operating out of Kamoa Kakula mine, signed a ten-year agreement with Lualaba copper smelter (LCS), of China Nonferrous Metal...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 prices were genera...Read More
Turkish steel producers extended their silence in the deep-sea scrap import markets amid weakening demand for finished long steel products, sources told Fastmarkets on Thursday June 3.The most recent deep-sea trade was concluded at the end of last week, when a steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (80:20) at $503 per tonne and shredded scrap at $513 per tonne cfr.S...Read More
China's Ceke Port has requested the country's customs authorities to clear only 90 trucks per day from Mongolia - instead of the typical 200 per day - from Wednesday June 2 after a truck driver tested positive for Covid-19 a day earlier, sources told Fastmarkets.Ceke Port - located in Alashan League, a division of China's Inner Mongolia autonomous region - is a major port of entry on the country's...Read More
China's domestic stainless steel prices moved up over the week ended Wednesday May 2 on a strengthening of the nickel market, but demand weakened.The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $18,173 per tonne, up by $975 per tonne from $17,198 per tonne a week earlier. The most-traded July nickel contract on the Shanghai Futures Ch...Read More
Five grades of steel scrap will no longer need to undergo customs inspections at ports in China when they are imported into the country, beginning on June 10.But five other grades of the steelmaking raw material will undergo such inspections from the same date.China's General Administration of Customs said on Thursday June 3 that it would no longer carry out imported commodity inspections on a lis...Read More
Positive employment data from the United States boosted the Dollar Index to its highest level since mid-May and triggered a selloff on the London Metal Exchange on Thursday June 3, with most metals' prices going down by 2-3%.Copper's three-month contract on the LME was most affected on Thursday, with its closing price falling by 3.5% to $9,788.50 per tonne at the 5pm close, from $10,147 per tonne...Read More
Prices for steel scrap imported into China edged up on Thursday June 3 amid improving sentiment in the domestic market, sources said.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China - which takes into account prices at ports in eastern China - was $510-530 per tonne on Thursday, up by $10-15 from Wednesday.Many Chinese mills raised their purchase price...Read More
Index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.U.S. equity futures moved slightly higher following release of the May employment report at 8:30 AM EDT. May Non-farm Payrolls were expected to increase to 671,000 from upwardly revised 278,000 in April. Actual was 559,000. May Unemployment Rate was expected to slip to 5.9% from 6.1% in April. Actual...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
Japanese semiconductor chip producer Renesas Electronics Corp aims to return its production rate to 100% of its capacity three months after a fire broke out of its Naka factory in Japan's Ibaraki prefecture March 19.It is currently operating at 88% of capacity after restarting operations on April 17 following the procurement of all the equipment necessary to restore its pre-fire capacity.The fire...Read More
Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.NLMK will construct a new metals and mining facility at its Stoilensky mining and beneficiation plant, it said.The start of the open-pit mine expansion is planned for 2022 with construction due to be most active...Read More
Iron ore prices pushed up on Thursday June 3, supported by rising steel and coke values, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $210.99 per tonne, up $1.80 per tonne62% Fe low-alumina fines, cfr Qingdao: $212.81 per tonne, up $1.31 per tonne58% Fe fines high-grade premium, cfr Qingdao: $184.58 per tonne, up $2.28 per tonne65% Fe Brazil-origin fines, cfr Qingdao: $241....Read More
BHP, the majority owner and operator of Minera Escondida in Chile, will have to spend $93 million as part of an environmental plan drawn up to resolve a legal dispute last year, the country's First Environmental Court said on Wednesday June 2.The Chilean State brought a law suit against BHP in April 2020 over environmental damage related to its excessive extraction of water at the Salar de Punta N...Read More