When considering the prospects for the new Shanghai International Energy Exchange (INE) copper contract, a senior executive at one of the world's largest metals trading companies quoted Hamlet's soliloquy in the Shakespearian play of the same name."In terms of promotion of the internationalization of the renminbi and weakening of the pricing power of the [London Metal Exchange] and CME: 'To be or...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.In both Europe and the United States, the prices of most flat steel products have pushed to record highs in the weeks to Monday March 22. They remain slightly below their mid-2008 peaks in China, but are at multi-year highs there too.This illustrates in part the heavier consequences of the Covid-19 pandemic for steelmakers in...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Chinese seamless linepipe prices have jumped by $120 per tonne over the past month because of rising costs. With iron ore prices remaining elevated, scrap costs on the rise, and activity at steel mills curbed by environmental measures, steel billet has become difficult to source, bolstering the prices for seamless linep...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. This month's key North American steel forecast highlights: US hot-rolled coil prices continued to move in line with our forecasts in February, although actual prices again modestly exceeded our forecasts. Domestic HRC prices averaged $1,194 per ton in February, exceeding our forecast price of $1,150 per ton for the month. U...Read More
The conclusion of various holiday seasons, the end of winter, the progress of Covid-19 vaccination programs, and the will to return to more normal ways of life were all strong positives for the global long steel products market, the International Rebar Producers & Exporters Association (Irepas) said last week.The current situation and sentiment were generally very good in the world's long steel ma...Read More
Inner Mongolia, China's ferro-chrome production heartland, has imposed restrictions on its metallurgical sector in a move that has fueled the high-carbon ferro-chrome markets in China and Europe, and although this may ease off, the gains were unlikely to be lost while alloy ramp-ups continue, sources have told Fastmarkets.The decision to restrict energy consumption in Inner Mongolia since December...Read More
The cargo ship traffic jam on the Suez Canal in Egypt is exacerbating the shortage of primary aluminium billet supplies in Europe, resulting in higher premiums on Friday, March 26. The canal, which is the key route for shipments between Europe and Asia, has been blocked by the large containership Ever Given since late on Tuesday, resulting in a floating traffic jam of more than 100 vessels. "...Read More
The London Metal Exchange three-month aluminium price reached a new year-to-date high of $2,301 per tonne shortly before 5pm on Friday March 26 and was the only metal to record an increase from the start of the week. A surge in aluminium trading on Friday afternoon took the price to its highest since June 12, 2018, at the height of the US trade tensions. The price hit a peak of $2,353 per tonne in...Read More
Alumina prices on an fob Australia basis declined to their lowest level since November 2020 on Friday March 26, with oversupply of units continuing to stoke bearishness.Fastmarkets' alumina index, fob Australia was calculated at $274.50 per tonne on Friday, down by $5.57 from $280.07 per tonne the previous day. The index has dropped 5.1% since the start of the week when the index was at $289.09 pe...Read More
An overview of the new energy materials markets and their price moves from the past week.Susan Zou and Sybil Pan...Read More
Key data from the Friday March 26 pricing session in London.Key drivers Ferro-molybdenum and molybdic oxide prices continue to fall in response to weeks of slow buying interest, and ample availability, particularly of alloy. Volumes picked up during the second half of the week ended Friday,...Read More
Key data from Fastmarkets' pricing sessions in China, Europe and the United States on Friday March 26.China The China ferro-silicon price dropped after two weeks of plummeting futures and reduced demand from steel mills, but sentiment has improved slightly due to new production disruptions in Inner Mongolia, with some suppliers intending to stick with their current offers.Junzheng Group in In...Read More
Key data from Fastmarkets' pricing sessions on Friday March 26 in the Asia-Pacific region.Fastmarkets' copper concentrates treatment charge/refining charge (TC/RC) index, cif Asia-Pacific, resumed its downtrend this week after a slight rebound in mid-March.This was the third week the TC index has remained below the level of $30 per tonne.Smelters were less...Read More
Key data from pricing session in London on Friday March 26.Key drivers: Parcels of metal continue to be available below the previous range from those looking to take profit, with some traders now reporting being interested in buying now that the low end of...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Charlotte Radford, Cristina Belda...Read More
The price of austenitic stainless steel scrap in the UK and Europe moved higher over the past seven days on the back of rising nickel costs in first half of the week, sources told Fastmarkets on Friday March 26.Nickel prices retreated in the second half of the week, however, wiping out most of the gains and halting the upward momentum in the stainless scrap market. Nonetheless, Fastmarkets' weekly...Read More
The spot price for light iron steel scrap in the United Kingdom was steady during the week to Friday March 26, stabilizing losses from last week amid firm fundamentals in the domestic market, sources told Fastmarkets.A sharp fall in European steel scrap export prices seen on Thursday may be short-lived, according to sources, with a pick-up seen the next day in steel rebar buying inquiries into Sou...Read More
Deep-sea scrap import prices in Turkey plunged this week but a recovery in rebar exports was expected to bring support to the market soon, while markets in Asia, apart from China, have already felt the revival.Scrap exporters in the United States, however, were lowering their buy prices during the working week from Monday March 22 to Friday March 26. Turkish import prices crash, but set to recover...Read More
Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were for the most part stronger this morning, Friday March 26, suggesting overall sentiment remains bullish while participants see dips as a buying opportunity. Asian-Pacific equities were generally stronger this morningThe US Dollar Index was strong tooBase metalsLME three-month base metals prices were up across the...Read More
Key data from pricing session in London on Friday March 26.Key drivers: Parcels of metal continue to be available below the previous range from those looking to take profit, with some traders now reporting being interested in buying now that the low end of...Read More