Chinese new energy battery materials producer Huayou Cobalt has signed a contract to set up a joint venture in Indonesia for hydrometallurgical process nickel laterite ore with other four partners, the company said on Sunday May 23.Under the contract, Huayou Cobalt will hold a 21% stake in the joint venture - which involves a total investment of $2.08 billion - while the remaining...Read More
Hot-rolled coil prices in the United States broke a new record for the seventh time this month, surging above $80 per hundredweight ($1,600 per short ton) for the first time on Monday May 24, the highest since Fastmarkets started covering the market in 1960.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $80.02 per cwt ($1,600.40 per ton) on Monday, up by 1.88% from $...Read More
Fastmarkets has corrected its weekly steel wire rod export, fob Black Sea, CIS assessment, which was published erroneously on Monday May 24 due to an input data submitted by a data submitter by mistake. The data submitter subsequently corrected their submission, leading to Fastmarkets amending the price assessment. The steel wire rod export, fob Black Sea, CIS (MB-STE-0017) price should have...Read More
Material shortages and strong demand continued to support the increase in domestic prices for hot-rolled coil in northern Europe on Monday May 24, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, ex-works northern Europe at ?,?1,131.25 ($1,377.90) per tonne on Monday, up by ?,?14.58 per tonne from ?,?1,116.67 per tonne on Friday.The index was up by ?...Read More
Steel rebar offer prices in Russia's Central Federal District around Moscow increased sharply in the week to Monday May 24, supported by tight availability and pricey exports.Major steelmaker Severstal was offering material at higher prices, sources told Fastmarkets, but added that end users were insisting on discounts.Severstal was offering June-delivery rebar at 75,000 ($1,018) roubles...Read More
Turkish steel producers continued to book deep-sea scrap for July shipments at higher prices on Monday May 24 even as market sentiment turned negative, sources told Fastmarkets.A steel mill in the Iskenderun region booked a European cargo comprising 19,000 tonnes of heavy melting scrap 1&2 (80:20), 11,000 tonnes of shredded, 8,000 tonnes of bonus and 2,000 tonnes of busheling at an average price o...Read More
Turkish domestic scrap prices continued to strengthen in the week to Monday May 24 on increasing imported scrap values, market sources said.Steel producers in Turkey booked at least four deep-sea cargoes during the past week. The most recent deal was done on Thursday May 20, when a steel mill in the Iskenderun region booked a Baltic Sea cargo at $507.50 per tonne cfr on an HMS 1&2 (80:20) basis.Fa...Read More
Iron ore prices fell further on Monday May 24 amid weakening sentiment, after reports that Chinese officials had held further discussions on Sunday about how to curb high commodities prices, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $192.42 per tonne, down $8.30 per tonne62% Fe low-alumina fines, cfr Qingdao: $193.87 per tonne, down $9.19 per tonne58% Fe fine...Read More
Seaborne coking coal prices remained largely unchanged on Monday May 24, with market participants cautiously waiting for a trend to emerge after last week's price fluctuations, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $139.97 per tonne, up $0.55 per tonnePremium hard coking coal, cfr Jingtang: $254.80 per tonne, up $2.50 per tonneHard coking coal, fob DBCT: $...Read More
Demand for ferrous scrap imported to South Korea has shown a notable recovery in recent months amid healthy steel demand and rising steel output in the East Asian nation.South Korea imported 665,187 tonnes of steel scrap in January-April 2021, an increase of 20.3% year on year, according to Korean customs statistics.Steel production in the country was 17.58 million tonnes during the first quarter...Read More
Seaborne iron ore concentrate and pellet prices fell in the week ended Friday May 21, snapping an uptrend that began in late March, with the bigger fines segment of the market tumbling down for most of last week. Fastmarkets iron ore indicesPellet premium over 65% Fe fines, cfr China: $61.10 per tonne, down $0.40 per tonne66% Fe concentrate, cfr Qingdao: $244.12 per tonne, down $10.31 per tonne65%...Read More
China imported about 3.48 million tonnes of coking coal in April, down 44% from the corresponding period last year and down by 29% month on month, the latest Chinese Customs data showed.The United States exported the largest volume of coking coal to China in April followed by Russia, Canada and Mongolia.China imported 974,700 tonnes of coking coal from the US in April, up more than 10-fold from 91...Read More
China's hot-rolled coil prices dropped on Monday May 24 amid weaker demand after the central government warned major market participants against hoarding and driving up prices of commodities including steel.DomesticEastern China (Shanghai): 5,440-5,450 yuan ($845-847) per tonne, down by 230 yuan per tonneThe National Development & Reform Commission (NDRC) on Sunday held a meeting with major compan...Read More
China's domestic rebar prices fell sharply on Monday May 24, following drops in futures prices and billet prices over the weekend, on news that China's National Development and Reform Committee (NDRC) had started a probe into commodity prices, causing mills to go into the red.DomesticEastern China (Shanghai): 4,900-4,920 yuan ($762-765) per tonne, down by 200-230 yuan per tonneThe NDRC, along with...Read More
Key Chinese commodities companies have been warned that they will be investigated thoroughly if they are suspected of engaging in any illegal trading activities and punished severely if found guilty.China's National Development & Reform Commission (NDRC) said on Monday May 24 that it had conveyed this warning to these companies on Sunday May 23 at a meeting also attended by officials from the Mini...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...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...Read More
The European manganese alloys markets rose even higher over the week ended Friday May 21, hitting price ranges last seen in late 2008, on a bout of short-covering from traders looking to restock ahead of an expected renewal of consumer demand early next month, trade sources have told Fastmarkets.Market prices for silico-manganese delivered on a spot basis went as high as ?,?1,450 ($1,766) per tonn...Read More
Any imposition by Europe of import duties on stainless steel products from Indonesia and India would spur the domestic market, create additional demand for alloy and boost the ferro-chrome market - but the effects on prices may only be short-lived, according to Fastmarkets' senior analyst.It has been expected for some time that the EU will impose import duties on Indonesian and Indian stainless st...Read More
Liberty Steel will sell its aerospace and special alloys steel business in Stocksbridge, United Kingdom, as part of a restructuring plan, the company said on Monday May 24.The Stocksbridge plant produces alloy and stainless steel grades for aerospace, oil and gas industries, and automotive and engineering segments. It has capacity to manufacture 500,000 tpy of merchant bar."A formal sale process f...Read More