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
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
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
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
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
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
China's will strengthen the exploration and development of its domestic iron ore resources and work to ensure that steel capacity cuts are fully observed, according to it economic planner. "Domestically, we will intensify the exploration and development of iron ore resources, accelerate the construction of new and ongoing iron ore projects, and improve consumption of recycled iron-steel materials,...Read More
The Chinese nickel sulfate price further extended its gains amid an uptick in the London Metal Exchange nickel price in the seven days to Friday May 14, although market participants are starting to become cautious of the volatility in the nickel price. Fastmarkets assessed the nickel sulfate min 21%, max 22.5%, cobalt 10ppm max, exw China at 33,000-33,500 yuan ($5,132-5,209) per tonne on Friday, u...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
European hot-rolled coil buyers face a shortage of steel and have little alternative but to accept offer prices from domestic mills, market sources said on Tuesday May 18. Since steelmakers have largely stayed out of the spot market, the number of completed deals remains small for now although demand both from end consumers and from distributors remains strong. Buyers said they have no option but...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
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
Zinc and tin futures prices on the London Metal Exchange reached new year-to-date peaks on Tuesday May 18, with the dollar index at its lowest since late February and recent developments in Latin America boosting other base metals prices as well. Zinc's three-month price reached $3,108.50 per tonne on Tuesday during early trading, the most since June 15, 2018. It was also up 1.4% at the 5pm close...Read More
China's will strengthen the exploration and development of its domestic iron ore resources and work to ensure that steel capacity cuts are fully observed, according to it economic planner. "Domestically, we will intensify the exploration and development of iron ore resources, accelerate the construction of new and ongoing iron ore projects, and improve consumption of recycled iron-steel materials,...Read More
The zinc price set a new year-to-date high in the morning of Tuesday May 18 on the London Metal Exchange, with worries about the recent political developments in Peru creeping into investor sentiment, while a dollar at its weakest since the end of February pushed most metals prices up too. Zinc's three-month price reached $3,108.50 per tonne on Tuesday during early trading, the most since June 15,...Read More
Zinc and tin futures prices on the London Metal Exchange reached new year-to-date peaks on Tuesday May 18, with the dollar index at its lowest since late February and recent developments in Latin America boosting other base metals prices as well. Zinc's three-month price reached $3,108.50 per tonne on Tuesday during early trading, the most since June 15, 2018. It was also up 1.4% at the 5pm close...Read More