Brazil's apparent steel usage grew by 50.15% in March compared with the same month in 2020, with imports outgrowing domestic sales from mills, according to data from national steelmaker association Instituto A??o Brasil published on Tuesday April 20.Steel consumption reached 2.45 million tonnes in March, up from 1.63 million tonnes a year earlier, A??o Brasil data showed. In March of last yea...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 20 that are worth another look.Brazilian steelmaker Gerdau will invest around 1 billion Reais ($179 million) to modernize and expand production capacity at its special steel division in Brazil amid an expected recovery in demand from both the automotive and capital goods industries,...Read More
Paul Crone has joined alternative asset management firm BlueCrest Capital Management in a London-based portfolio manager role.Crone was most recently head of proprietary trading for the metals division of Engelhart Commodities Trading Partners (ECTP), which was spun off from the commodities trading business...Read More
Japan's aluminium seaborne spot market has rebounded strongly after a quiet 2020 that was characterized by thin spot trading volumes and buyers asking to defer deliveries - and the benchmark premium could keep rising.Activity has picked up dramatically in the second quarter of 2021, with constrained domestic supply propelling spot trades as high as $170 per tonne.Last week, a spot deal was heard a...Read More
A widening price gap between UG2 chrome ore and Turkish chrome ore in China has emerged since mid-March, when persistently high port stocks and falling domestic ferro-chrome prices weighed on the UG2 market, while the Turkish market has been supported by limited supply, rising costs and good demand, participants said. Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China...Read More
The price of nickel was $16,038 per tonne at the close of trading at 5pm on Tuesday, its lowest closing price for three weeks, while most other futures prices on the London Metal Exchange also fell off their recent gains on Tuesday April 20.Nickel's three-month price was down by 0.5% from Monday's closing price of $16,121 per tonne, and at its lowest since March 31, when it closed at $16,068 per t...Read More
Base metals prices on London Metal Exchange were stronger across the board this morning, Tuesday April 20, but those on the Shanghai Futures Exchange were mixed, as were broader markets, following weakness on Wall Street on Monday.The US Dollar Index continues to trend lowerBase metalsLME three-month base metals prices were up by an average of 0.7% this morning, once again led by a 1.2% rise in co...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Market conditions are clearly extraordinary when we find ourselves adjusting the axis on our pricing charts to display the new record-high prices each month.After reporting record price highs in Europe and the United States with regards to coated steel products, we find ourselves repeating the same line this month. In Europe,...Read More
The export market for steel billet in the Commonwealth of Independent States became quiet early in the week to Tuesday April 20, with limited numbers of inquiries coming from the majority of outlets."There is no demand and there are no offers for the moment," one trading source said, adding that demand from Latin America and Asia was covered by last week's deals. Several cargoes of Ukraine-origin...Read More
The price of nickel was $16,038 per tonne at the close of trading at 5pm on Tuesday, its lowest closing price for three weeks, while most other futures prices on the London Metal Exchange also fell off their recent gains on Tuesday April 20.Nickel's three-month price was down by 0.5% from Monday's closing price of $16,121 per tonne, and at its lowest since March 31, when it closed at $16,068 per t...Read More
Korea Zinc has agreed annual supply contracts for lead concentrate from South32's Cannington mine in Australia with a 25.5% reduction in treatment charge (TC) terms from a year ago.The two companies agreed to a TC of $136 per tonne and refining charge (RC) of $1.50 per oz, down from $182.50 per tonne / $1.50 per oz, sources claiming direct knowledge said. The deal was locked as per contract with n...Read More
A summary of Rio Tinto's first-quarter production and its updated production guidance for 2021, as the company released on Tuesday April 20.In brief The company produced 2% less bauxite year on year in the first quarter of 2021 due to the wet weather in Eastern Australia, which meant the port at the Amrun mine was closed for 14 days. Aluminium production increased by 3% in the first quarter...Read More
A summary of Brazilian miner Vale's base metals production results for the first quarter of 2021, as stated in its production report published on Monday April 19.In brief Nickel output increased year-on-year in Vale's Canadian and Brazilian operations, as they ramped up activities due to higher performance at the Copper Cliff and Clydach refineries in Canada, and despite an unscheduled 18-day down...Read More
Paul Crone has joined alternative asset management firm BlueCrest Capital Management in a London-based portfolio manager role.Crone was most recently head of proprietary trading for the metals division of Engelhart Commodities Trading Partners (ECTP), which was spun off from the commodities trading business...Read More
Rio Tinto's Alma aluminium smelter in Canada is to be the first operation to install and demonstrate the zero-carbon Elysis technology in an industrial setting, the Elysis joint venture has said.The inert anode technology will be installed at the end of an existing potline at a commercial size of 450 kiloamperes (kA), which is a common capacity for modern, full-scale smelters. The 450kA cells at A...Read More
Egypt's ministry of industry and trade has imposed an anti-dumping duty on pre-stressed concrete steel strands from China, Turkey and Tunisia, imported under HS code 73089010, Egyptian sources have told Fastmarkets.The product is mostly used by the cable industry.The anti-dumping duty, which took effect...Read More
Brazilian steelmaker Gerdau will invest around 1 billion Reais ($179 million) to modernize and expand production capacity at its special steel division in Brazil amid an expected recovery in demand from both the automotive and capital goods industries, the company said on Monday April 19.The bulk of that investment is aimed at its unit in Pindamonhangaba, in southeastern S??o Paulo state. Gerdau a...Read More
The price of hot-rolled coil continues to rise across Europe, with the upward trend being driven by a persistent material shortage, sources told Fastmarkets on Tuesday April 20.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?953.75 ($1,145.38) per tonne on Tuesday, up by ?,?12.08 per tonne from ?,?941.67 per tonne on April 19.The index was also up...Read More
Egypt's ministry of trade and industry reduced the safeguard duties on imports of steel billet, wire rod and rebar with effect from April 12, sources have told Fastmarkets.The safeguard duty on steel billet was now $46 per tonne, or 10% of the cif price. It had been $60 per tonne or 13% of...Read More
Brazilian iron ore and base metals producer Vale signed a definitive agreement with Japanese trading company Mitsui on Monday April 19 to acquire the latter's interest in the Moatize coal mine and the Nacala Logistics Corridor, both in Mozambique.Vale said it expects to conclude the purchase of Mitsui's stake throughout 2021. The companies had reached a heads of agreement in January.These are the....Read More