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
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
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
Sentiment in the CIS steel billet export market cooled down somewhat after a sharp drop in demand from China, sources told Fastmarkets on Tuesday May 18.Falling rebar futures prices resulted in significant cuts in spot rebar prices in the domestic market in China, which in turn led to reduced interest in imported billet, thereby pushing down offer prices. China had been the major buyer of CIS stee...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
The Commonwealth of Independent States' flat-rolled steel export market increased again during the week to Monday May 17 due to strong demand.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $1,055-1,075 per tonne on May 17, up by 2.65% from $1,020-1,055 per tonne a week earlier.Amid strong local market demand, the price in Turkey rose to $1,070-...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
German steelmakers settled monthly contracts in May for steel scrap at higher prices due to tight supply as well as the rising price trend in the international market, sources told Fastmarkets. Availability of new scrap, included E8-grade, has been constrained by stoppages in the automotive segment, which in turn have been caused by a shortage of semiconductors , market participants said. Car manu...Read More
Seaborne iron ore prices were up across the board on Tuesday May 18, supported by falling stock levels at Chinese ports. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $224.44 per tonne, up $6.67 per tonne 62% Fe low-alumina fines, cfr Qingdao: $227.77 per tonne, up $6.97 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $192.70 per tonne, up $6.05 per tonne 65% Fe Brazil-origin fin...Read More
Seaborne premium hard coking coal price surged in the fob market on rising activity, but cfr prices were largely stable on Tuesday on May 18, market sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $123.63 per tonne, up $2.84 per tonnePremium hard coking coal, cfr Jingtang: $273.15 per tonne, down $0.80 per tonneHard coking coal, fob DBCT: $107.96 per tonne, down $2...Read More
China's hot-rolled coil prices rebounded on Tuesday May 18 amid news of fresh restrictions in the country's Tangshan region, its steel production hub.DomesticEastern China (Shanghai): 6,100-6,120 yuan ($947-950) per tonne, up by 70-100 yuan per tonneTangshan's municipal government has ordered steel mills to suspend their sinter equipment for the first 10 hours from midnight from Tuesday until Thur...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