Turkish steel producers again stepped away from the deep-sea scrap market after a downturn in steel billet and finished steel prices, triggered by falling prices in China, market participants told Fastmarkets on Thursday May 27.Mills had only just returned to the market on Wednesday, when a Turkish steelmaker booked f 44,000 tonnes of HMS 1&2 (95:5) from the United States at $515 per tonne cfr.Tha...Read More
Import prices for steel scrap in China weakened further on Thursday May 27 amid a continued lack of buying interest, sources told Fastmarkets.The continued price drop came despite the most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange inching up on May 27 after more than a week of consecutive losses.Fastmarkets' daily price assessment for steel scrap...Read More
Seaborne premium hard coking coal prices climbed up in both the cfr and fob markets on Thursday May 27, with the supply of north American premium hard coking coal to China still limited and more buying activity in the fob market, source told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.76 per tonne, up $12.16 per tonnePremium hard coking coal, cfr Jingtang: $262.29 per t...Read More
Chinese stainless steel sellers lowered their offer prices over the past week to reduce inventories against a bearish outlook for the market.Weakness in nickel prices on both the London Metal Exchange and Shanghai Futures Exchange led to growing pessimism.The three-month nickel contract on the LME ended the official trading session on Wednesday at $17,198 per tonne, down by $504 per tonne (2.8%) f...Read More
Four key takeaways from the 6th China International LiCoNi Summit in Changsha, China, on May 20-21, 2021.1. Weak nickel market sentiment now but long-term positive Sentiment remained weak among domestic market participants at the conference because they think both the mild hawkish stance evident in the Federal Open Market Committee (FOMC) minutes and the statement from China's State Council that...Read More
Import prices for steel scrap in China weakened further on Thursday May 27 amid a continued lack of buying interest, sources told Fastmarkets.The continued price drop came despite the most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange inching up on May 27 after more than a week of consecutive losses.Fastmarkets' daily price assessment for steel scrap...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 27 that are worth another look.Energy majors Royal Dutch Shell, Exxon Mobil and Chevron received landmark rebukes - in court or from investors - on Wednesday May 26 in attempts to force the companies into...Read More
Rio Tinto is partnering with Swedish research and development firm Comptech AB to bring a new generation of aluminium alloys to the market for use in advanced technologies, such as electric vehicles (EV) and 5G antennas, the UK-listed mining company said.The company said the products are currently undergoing qualification with automakers in Europe, who are stepping up efforts to increase their sha...Read More
Rio Tinto is partnering with Swedish research and development firm Comptech AB to bring a new generation of aluminium alloys to the market for use in advanced technologies, such as electric vehicles (EV) and 5G antennas, the UK-listed mining company said.The company said the products are currently undergoing qualification with automakers in Europe, who are stepping up efforts to increase their sha...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed during the morning of Thursday May 27, as were broader markets - are these pauses, or early signs of a stall?More US Federal Open Market Committee (FOMC) members seem to be getting off the fence about talking about tapering Chinese yuan continues to strengthen, is China using the yuan to reduce inflationary pr...Read More
Iron ore prices went fell on Thursday May 27, due to limited demand in the seaborne market and at Chinese ports.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $189.73 per tonne, down $3.14 per tonne62% Fe low-alumina fines, cfr Qingdao: $190.90 per tonne, down $3.59 per tonne58% Fe fines high-grade premium, cfr Qingdao: $162.38 per tonne, down $2.64 per tonne65% Fe Brazil-origin fines, cf...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed during the morning of Thursday May 27, as were broader markets - are these pauses, or early signs of a stall?More US Federal Open Market Committee (FOMC) members seem to be getting off the fence about talking about tapering Chinese yuan continues to strengthen, is China using the yuan to reduce inflationary pr...Read More
Import prices for steel scrap in China weakened further on Thursday May 27 amid a continued lack of buying interest, sources told Fastmarkets.The continued price drop came despite the most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange inching up on May 27 after more than a week of consecutive losses.Fastmarkets' daily price assessment for steel scrap...Read More
German copper producer Aurubis has started tests for the use of hydrogen and nitrogen to replace natural gas in its copper anode production processes, advancing the company's goal of achieving carbon-neutrality by 2050, it announced on Thursday May 27.The tests started on Thursday and were intended to investigate hydrogen use in continuous operation until the late summer. The long-term goal was to...Read More
Copper's 2.4% price rise at the close of trading on Thursday May 27, supported by the start of a strike at BHP's operations center in Chile, led the rest of the London Metals Exchange base-metals complex higher, making it the first day of strong rises following a week of lower prices.The three-month price of copper was $10,221 per tonne on Thursday at the close, up from Wednesday's $9,979 per tonn...Read More
Trade union members employed at BHP's operations center in Santiago de Chile were set to begin an indefinite strike on Thursday May 27, Fastmarkets has heard.Around 200 employees represented by the union were to stop working at BHP's Center of Integrated Operations, which manages the concentrates and cathode machinery at the company's Escondida and Spence copper mines.The strike was called after u...Read More
The Brazilian branch of Luxembourg-based steelmaker ArcelorMittal has scheduled the restart of primary steel production at its Barra Mansa site for the second half of 2021, the company said on Wednesday May 26.With 19 million Reais ($3.6 million) in investments for a revamp, ArcelorMittal will resume activities with one of the two electric arc furnaces in the plant. The company first cut output at...Read More
Prices for steel hollow sections in Europe increased again on Wednesday May 26, with mills continuing to cite higher feedstock costs for raised prices, sources told Fastmarkets. Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?1,250-1,320 ($1,530-1,616) per tonne on May 26, up from ?,?1,220-1,250 per tonne on May 19. Fastmarkets' weekly pri...Read More
Market participants expect long-term support for aluminium scrap prices in Europe following growing demand for low-carbon aluminium. According to the European Union's taxonomy for sustainable activities, which serves as a guide to direct investment for sustainable projects, there are fewer criteria to be met for the manufacturing of secondary aluminium to be considered a sustainable project. "All...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 26 that are worth another look.The Brazilian branch of Luxembourg-based steelmaker ArcelorMittal has scheduled the restart of primary steel production at its Barra Mansa site for the second half of 2021,...Read More