Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board this morning, Tuesday May 18, and once again recent dips have been short-lived and not that deep, suggesting sentiment remains robust.Inflation concerns remain elevated, US treasury yields and gold firmerUnited States Federal Reserve officials stick to their view that inflationary pressures will...Read More
The United States plans to "make up for lost time" in the battle against climate change by developing new technologies and investing in the products that will drive the transition to a global, low-carbon economy, according to the country's Treasury chief, Janet Yellen.Speaking in a keynote speech at the US Chamber's inaugural global forum on economic recovery, the Secretary to the Treasury said th...Read More
After a Covid-inflicted year out, the Cobalt Institute's annual conference is running its event virtually in 2021. While the usual sideline chatter will be largely absent, there are plenty of topics up for discussion, as Fastmarkets reporters outline here. Will Chinese buyers return to the market? The year started with a strong rally on metal which led to two-year price highs; driven by demand fro...Read More
Flat-rolled steel import prices in the United Arab Emirates and Saudi Arabia increased further during the week ended Tuesday May 18, but demand has yet to improve due to limited market activity after the Eid Al-Fitr holiday, sources told Fastmarkets.The Eid holidays ended on May 17 and stock levels are low in the countries, so buying is likely to improve soon, sources added.Saudi ArabiaHot-rolled...Read More
Turkish steelmakers remained quiet in the seaborne scrap market on the second working day of the week amid holiday and lockdown periods, market sources told Fastmarkets on Tuesday May 18.The country observed the post-Ramadan religious holiday, Eid al-Fitr from May 12 and ended during the country's full lockdown between April 29 and May 16 put in place in an attempt to halt a third wave of Covid-19...Read More
German steelmaker Thyssenkrupp has signed a joint letter of intent with recycler TSR to explore the use of high-quality scrap in its blast furnaces to reduce carbon emissions, the company said on Monday May 17.The use of recycled raw materials in blast furnaces helps to strengthen the circular economy, reduces use of carbon-containing reducing agents and decreases carbon dioxide (CO2) emissions, a...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 18 that are worth another look.Sales volumes of flat-rolled steel by Brazilian distributors were up 106.69% in April from the corresponding period of 2020, amid a lower comparison basis and stronger end-user demand, national...Read More
A summary of base metal premiums from across the globe for the week to Tuesday May 18.Please click...Read More
The world will need more than twice the amount of copper that it used in past three decades if it is to hit Paris Climate Agreement targets in the next 30 years, BHP's chief executive officer, Mike Henry said this week.Speaking at the Bank of America Metals, Mining & Steel conference on Tuesday May 18, Henry said demand for nickel will quadruple over the same timeframe.He added that meet...Read More
A summary of base metal premiums from across the globe for the week to Tuesday May 18.Please click...Read More
Key data from the pricing sessions in Asia, Europe and the United States over the week to Tuesday May 18. China The spot domestic ferro-chrome price rose for the first time since March due to buoyed demand. Suppliers quoted higher offers after power cuts were imposed on ferro-alloy smelters in the production heartland of the city of Baotou, Inner Mongolia. The strengthened domesti...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 18 that are worth another look.Sales volumes of flat-rolled steel by Brazilian distributors were up 106.69% in April from the corresponding period of 2020, amid a lower comparison basis and stronger end-user demand, national...Read More
The United States plans to "make up for lost time" in the battle against climate change by developing new technologies and investing in the products that will drive the transition to a global, low-carbon economy, according to the country's Treasury chief, Janet Yellen.Speaking in a keynote speech at the US Chamber's inaugural global forum on economic recovery, the Secretary to the Treasury said th...Read More
Mexican ferrous scrap prices were little changed for the week ended Friday May 14, with buyers and sellers heard making minor adjustments and getting prices closer to an average.Few price increases were reported in the Monterrey and Baj?-o regions, with some scrap buyers leveling their purchase prices with the market average."Demand for scrap continues [to be] very good in Mexico," a scrap de...Read More
Crude steel production in Italy jumped year on year in April, mostly driven by higher output of long steel products, Italian steel association Federacciai said on Tuesday May 18.Italian crude steel production totaled 2.06 million tonnes in April, up by 78.94% from 1.15 million tonnes in April 2019.Long steel output more than doubled year on year in April, to 1.17 million tonnes from ...Read More
Steel billet and rebar prices increased sharply in the United Arab Emirates during the week ending Tuesday May 18 due to very good demand after the Eid al-Fitr holiday ending earlier in the week, sources told Fastmarkets. "Contractors are buying more steel, expecting big price increases," one trader told Fastmarkets. The country's biggest producer, Emirates Steel, announced its rebar price at 3,06...Read More
Several of Pakistan's leading rebar producers have announced price increases this week, Fastmarkets has learned. The Pakistan market had been closed for the religious holiday of Eid al-Fitr holiday from May 8-16, before returning to work on Monday May 17. In documents seen by Fastmarkets, the increases reported by various mills are as much as 5,000 Pakistan rupees per tonne, equivalent to $33 per...Read More
Mexican ferrous scrap prices were little changed for the week ended Friday May 14, with buyers and sellers heard making minor adjustments and getting prices closer to an average.Few price increases were reported in the Monterrey and Baj?-o regions, with some scrap buyers leveling their purchase prices with the market average."Demand for scrap continues [to be] very good in Mexico," a scrap de...Read More
The world will need more than twice the amount of copper that it used in past three decades if it is to hit Paris Climate Agreement targets in the next 30 years, BHP's chief executive officer, Mike Henry said this week.Speaking at the Bank of America Metals, Mining & Steel conference on Tuesday May 18, Henry said demand for nickel will quadruple over the same timeframe.He added that meet...Read More
German steelmaker Salzgitter has started construction on a demonstration plant for the production of direct reduced iron (DRI) as part of its Salzgitter Low-CO2Steelmaking project, known as Salcos, the company said on Monday May 17. The plant will be supplied by equipment manufacturer Tenova, and is the first iron ore direct reduction plant designed to operate flexibly with natural gas and hydroge...Read More