Trafigura has confirmed it will hold a 19% stake in the Goro nickel mining and processing complex in the South Province of the French territory of New Caledoniia, 1,200km east of Australia.The announcement by the Swiss trading and mining company comes alongside reports that electric vehicle car maker Tesla will source material from the mine for use in its batteries.Trafigura is part of the Prony R...Read More
Some US aluminium traders reacted positively to Commerce Secretary Gina Raimondo's comments on the Section 232 steel and aluminium tariffs, which she called "effective" in a televised interview on Thursday March 4."Let me say those tariffs have been effective. The data show that those tariffs have been effective. And I think what President Biden has said is we're going to have a whole-of-governmen...Read More
Copper is effective at killing bacteria on high-touch transit surfaces, results from a trial study backed by Canadian miner Teck Resources showed.Based on sample-testing that was performed on transit and in a lab, the trial concluded that select copper products on transit are durable and kill up to 99.9% of all bacteria within one hour of the bacteria's contact with the surface.The trial, which be...Read More
The sell-off in the London Metal Exchange three-month nickel price continued on March 4, with the metal down to its lowest since November 2020 during early trading, with a higher US Dollar also dragging the rest of the complex down by an average of 2%.The US Dollar was up to as much as 91.17 at 9am, from Wednesday's 5pm reading of 90.88, while the rise in yields of the US 10-year Treasury bonds to...Read More
China's stainless steel prices decreased in the past week amid a flagging nickel market.The three-month nickel contract on the London Metal Exchange ended the official session on Wednesday March 3 at $17,864 per tonne, down by $1,538 per tonne (7.9%) from $19,402 per tonne a week earlier.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 15,600-16,900 yuan ($2,412-2,613) per t...Read More
Chinese nickel premiums widened upward in the week to Tuesday March 2, with a favorable import arbitrage and increased spot liquidity providing support, while terms in Europe and the United States were broadly flat.Nickel premiums rise in China, ore prices set another record highEuropean cut cathode premium rises 5%, others flatUS premiums unchanged as participants remain watchfulChina's refined m...Read More
Eight industry associations representing various steel end-consumers in Europe have sent a letter to the European Commission (EC) asking for termination of the region's safeguard measures imposed on steel imports.The European Commission started an investigation on February 26 into the possible extension of existing safeguard measures, which are applied to imports of 26 steel product categories.The...Read More
Import prices for flat-rolled steel in South America soared in the week to Friday February 26 on a swift increase in bulk freight rates and higher offers from Chinese mills, returning to the market after the Lunar New Year holiday, sources said.By the end of the week, some of offers previously presented to the continent were pulled, due to uncertainties regarding delivery. Reduced availability of...Read More
Domestic prices for steel hot-rolled coil (HRC) in Northern Europe inched further up day on day on Thursday March 4 due to a coil shortage and strong demand, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?750.00 ($905.59) per tonne on Thursday March 4, up by ?,?1.25 per tonne from ?,?748.75 per tonne on March 3, based...Read More
Turkish steel billet prices have advanced over the past week due to rising imported scrap costs, market participants told Fastmarkets on Thursday March 4.The latest deep-sea scrap transaction was recorded late on February 26, when a steel mill in the Marmara region paid $456 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20). This raised the daily scrap index for US-origin material - which tends...Read More
Turkish domestic long steel prices increased over the past week because of rising imported scrap costs, but demand has not supported the rises, market participants told to Fastmarkets on Thursday March 4.Late on February 26, a steel mill in the Marmara region booked Baltic Sea-origin shipment of HMS 1&2 (80:20) scrap at $456 per tonne cfr, which pushed up the daily scrap on March 1, with Fastmarke...Read More
Turkish rebar and wire rod export prices have gone up further this week on increasing scrap costs, market sources said on Thursday March 4.The latest deep-sea scrap transaction was recorded late on February 26, when a steel mill in the Marmara region paid $456 per tonne cfr for Baltic Sea-origin HMS 1&2 (80:20). This raised the daily scrap index for US-origin material - which tends to reflect Balt...Read More
The Turkish steel producers have resumed their deep-sea scrap purchases after a short break and have booked two cargoes at slightly higher prices, market sources said on Thursday March 4.A steel mill in the Marmara region booked a Canadian cargo, comprising 18,000 tonnes of HMS 1&2 (95:5), 18,000 tonnes of shredded and 7,000-8,000 tonnes of plate and structural (P&S), at an average price of $471 p...Read More
Join Fastmarkets and steel industry experts on Wednesday March 10 for a special webinar on the revival of the Chinese steel scrap import market - 'Understanding China's Steel Scrap Market Dynamics.'Fastmarkets has been at the forefront of reporting deals, obstacles and key regulatory changes in the Chinese steel scrap import market over the past year and on February 8 2020, started a daily pr...Read More
Fastmarkets' index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao recorded a fresh high at $202.90 per tonne on Thursday March 4 after a trade on the Globalore trading platform.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $177.98 per tonne, up $1.58 per tonne62% Fe low-alumina fines, cfr Qingdao: $178.07 per tonne, up $1.66 per tonne58% Fe fines high-grade premium, cfr Qingdao: $1...Read More
Seaborne premium hard coking coal prices in the cfr market fell on Thursday March 4, with end users in China not interested in seaborne cargoes due to sufficient domestic supplies.Fastmarkets indicesPremium hard coking coal, fob DBCT: $124.45 per tonne, down $0.23 per tonnePremium hard coking coal, cfr Jingtang: $214.51 per tonne, down $3.30 per tonneHard coking coal, fob DBCT: $116.16 per tonne,...Read More
Mining activities at Minas Gerais are unlikely to be affected despite a newly-imposed Covid-19 lockdown on Thursday March 4, market sources said.The local authorities in Minas Gerais have issued an initial 15-day lockdown to tackle the spread of the Covid-19 virus, with further evaluation needed to determine whether an extension is needed, local news outlets saidMining activities will still c...Read More
Chinese traders are betting big on steel scrap imports into China on the pervasive bullish sentiment fueled by positive downstream signals, sources said.These traders are taking...Read More
The different strategies of hot-rolled coil exporters in China emerged on Thursday March 4 amid retreating prices in the country's domestic market, sources told Fastmarkets.DomesticEastern China (Shanghai): 4,950-4,980 yuan ($765-770) per tonne, down 30-50 yuan per tonneA Shanghai-based trader said trading activity on Thursday weakened after the futures market retreated during the morning session....Read More
China's domestic rebar prices dropped slightly on Thursday March 4 amid buyer resistance toward sharp gains in the market a day earlier.DomesticEastern China (Shanghai): 4,720-4,760 yuan ($730-736) per tonne, down by 20 yuan per tonne Sellers lowered prices in an attempt to stimulate sales, though the move appeared to have had limited success. Buyers are still waiting for prices to fall further am...Read More