The Brazilian chamber of construction industry, CBIC, has requested the federal government to reduce steel import duties amid tight supply and soaring prices.It made this request at a meeting between main industry groups that form part of the steel value chain in Brazil and representatives of the country's economy ministry, which discussed the current supply situation, on Tuesday March 23.The even...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 25 that are worth another look.Global freight markets have been plunged into further chaos this week with the continuing blockage of the Suez Canal now accompanied by rumors of fresh freight rate hikes around the world, sources told...Read More
The shorting of copper's three-month price on the London Metal Exchange on Thursday March 25 took the metal's futures price down by 2.2% day on day at the close.Copper's 5pm price on Thursday was $8,779.50 per tonne, a decrease of 3.6% since the start of the week. Its closing price on Monday was $9,108.50 per tonne, and on Wednesday it was $8,977.50 per tonne.The metal was now back to a level last...Read More
Domestic prices for hot-rolled coils across Europe continued to rise on Thursday March 25, amid strong demand and persistently short supplies, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?821.67 ($971.97) per tonne on Thursday March 25, up by ?,?1.67 per tonne and surpassing March 24's 12-year high of ?,?820.00 per tonn...Read More
Turkish scrap import prices have gone down, as expected, with news of a UK cargo being sold at the end of last week coming to light on Thursday March 25.A steel mill in the Marmara region booked the cargo at $410-413 per tonne cfr on an HMS 1&2 (80:20) basis. The cargo breakdown was not clear at the time of publication.This compared with previous Baltic Sea cargoes sold at $435-437 per tonne cfr o...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 25 that are worth another look.Global freight markets have been plunged into further chaos this week with the continuing blockage of the Suez Canal now accompanied by rumors of fresh freight rate hikes around the world, sources told...Read More
The shorting of copper's three-month price on the London Metal Exchange on Thursday March 25 took the metal's futures price down by 2.2% day on day at the close.Copper's 5pm price on Thursday was $8,779.50 per tonne, a decrease of 3.6% since the start of the week. Its closing price on Monday was $9,108.50 per tonne, and on Wednesday it was $8,977.50 per tonne.The metal was now back to a level last...Read More
Turkish steel billet prices have gone down over the past week amid limited demand and weakening scrap costs, market participants told Fastmarkets on Thursday March 25.The country's steel mills have been staying away from the deep-sea scrap markets over the past two weeks while the pressure on prices was strengthening.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origi...Read More
Global freight markets have been plunged into further chaos this week with the continuing blockage of the Suez Canal now accompanied by rumors of fresh freight rate hikes around the world, sources told Fastmarkets.Transit through the pivotal Suez Canal shipping lane has been blocked by the large containership Ever Given since late on Tuesday March 23, creating a traffic jam of more than 100 vessel...Read More
Capstone Mining may be sitting on a major cobalt asset in the form of its Santo Domingo project in Chile, it said on Thursday March 25.The Canadian miner announced that it was looking to make progress at Santo Domingo toward a feasibility study, after buying out 30%-owner Korea Resources and agreeing a gold streaming deal with Wheaton Precious Metals.Wheaton has agreed to pay $290 million to Capst...Read More
A summary of the 2020 annual report of the EN+ Group, released by the company on March 25. In brief: The EN+ Group revenue for 2020 was $10.36 billion, down 11.9% from $11.75 billion the previous year The net profit also decreased by 22% to $1.016 billion from $1.304 billion in 2019. The company says the decrease in revenue reflects the decline in the average LME aluminium price over the last year...Read More
LME copper's price fell 2.6% in the morning session on Thursday March 25, while the tin futures price was down 2%, both the result of the rising US Dollar Index. The red metal was down to $8,741.50 per tonne at 9am and its intraday low of $8,721 per tonne is the lowest it has been since March 5. On Wednesday, copper's closing price at 5pm was $8,977.50 per tonne, a slight decline from Tuesday...Read More
Fastmarkets' hot-rolled coil index took a breather on Thursday March 25, but prices remained above the $66-per-hundredweight ($1,320-per-shot-ton) threshold. The daily steel hot-rolled coil index, fob mill US was calculated at $66.12 per cwt ($1,322.40 per short ton) on Thursday March 25, down by 0.36% from a record high of $66.36 per cwt on March 24 but up by 1.35% from $65.24 cwt a week earlier....Read More
Liberty Steel has been asking for payment upfront for flat steel products to secure cash flow, but buyers have been reluctant to take the risk of making such deals on concerns about the steelmaker's financial situation, sources told Fastmarkets on Thursday March 25.In addition, several sources said that the producer has been asking for early payment for material already rolled for customers that a...Read More
Steel rebar prices in Egypt remained unchanged during the week to Thursday, March 25, while buyers expect prices to decrease for orders to be placed for April production, sources told Fastmarkets.Local rebar prices in Egypt have been left unchanged since December 27.The reason behind such stable prices is the construction ban in effect in the country since May 2020. Even after the ban was eas...Read More
The Commonwealth of Independent States (CIS) export billet price dropped on Thursday March 25 after customers lowered bids following the decrease in scrap and finished long steel segments, sources said.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $404.66 per tonne on Thursday, down by $24.15 per tonne day on day.The Turkish s...Read More
Turkey's domestic long steel prices increased over the past week because of the sharp downturn in the country's currency, market sources said on Thursday March 25.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey was 5,550-5,650 lira ($701-713) per tonne on Thursday, up from 5,300-5,480 lira per tonne the week before, including 18% VAT.The Turkish lira we...Read More
Mid and high-grade iron ore prices diverged on Thursday March 25 amid steelmakers adjusting consumption appetite toward the high-grade materials, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $159.85 per tonne, down $1.54 per tonne62% Fe low-alumina fines, cfr Qingdao: $162.13 per tonne, up $0.16 per tonne58% Fe fines high-grade premium, cfr Qingdao: $146.97 per tonne, up $1...Read More
The seaborne premium hard coking coal price edged higher in both the cfr and fob markets on Thursday March 25 with new replenishment demand from some end-users, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $112.77 per tonne, up $0.81 per tonnePremium hard coking coal, cfr Jingtang: $213.45 per tonne, up $1.45 per tonneHard coking coal, fob DBCT: $104.85 per tonne, up $0.20 p...Read More
The Brazilian chamber of construction industry, CBIC, has requested the federal government to reduce steel import duties amid tight supply and soaring prices.It made this request at a meeting between main industry groups that form part of the steel value chain in Brazil and representatives of the country's economy ministry, which discussed the current supply situation, on Tuesday March 23.The even...Read More