A summary of Rio Tinto's results for the full year 2020, to December 31, and its new emissions reduction goals. In brief Rio Tinto generated $15.9 billion net cash from operating activities in 2020, 6% higher than 2019.The improvement was primarily driven by higher iron ore prices and stability in its operating performance. Rio Tinto's underlying earnings before interest, taxes, depreciation...Read More
The London Metal Exchange has increased oversight of its tin contracts in response to chronically tight spreads despite deliveries into its global warehousing system. Market players paid up to $4,500 per tonne to roll positions between the LME's cash and three-month contracts on Monday February 15, a record amount, while cash prices roared over 10-year highs and futures prices rose by a lesser deg...Read More
The London Metal Exchange base metals prices had a mixed reaction to the dollar index's second daily increase in the morning of Wednesday February 17, with the metals that set new highs on Tuesday - copper and nickel - edging lower while the rest were higher. The dollar index increased to 90.73 at 9am on Wednesday from its reading of 90.55 on Tuesday at the close, with the rise being even more sta...Read More
All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil (VLSFO), the company said on Wednesday February 17."Our ambition to have a carbon-neutral fleet by 2050 was a 'moonshot' when we announced it in 2018. Today, we see it as a challenging, yet achievabl...Read More
Sales of passenger cars in the EU dropped by 24.04% year-on-year in January 2021, the European Automotive Manufacturers Association (ACEA) said on Wednesday February 17.New car sales in the EU totaled 726,491 vehicles in January 2021, down from 956,447 units sold in the corresponding month of 2020."In January 2021, the EU passenger car market posted an accelerated decline, as Covid-19-related rest...Read More
Domestic prices for hot-dipped galvanized coil increased in Europe over the week to Wednesday February 17, supported by a material shortage, sources have told Fastmarkets.The bullish mood in the market might be undermined, however, by weaker demand from the automotive industry, market sources said.Fastmarkets' weekly price assessment for steel hot-dipped galvanized coil, domestic, exw Northern Eur...Read More
Prices for steel hollow sections in Europe have moved up this week but with feedstock tightness remaining an issue, market sources told Fastmarkets on Wednesday February 17.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?860-880 per tonne ($1,043-1,067) on Wednesday, up from ?,?850-870 per tonne week on week.The price of hot-rolled coil has on...Read More
Domestic prices for steel hot-rolled coil in Northern Europe have recovered, but were unchanged in the South, over the week to Wednesday February 17, supported by reduced availability, sources have told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?729.00 ($884.19) per tonne on Wednesday, up by ?,?1.50 per tonne from ?,?727.50 per to...Read More
Prices for steel H-beams in Europe have fallen this week, with a four week stalemate ending after mills reduced their offer prices, sources told Fastmarkets on Wednesday February 17.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?740-760 ($898-922) per tonne on Wednesday, down from ?,?750-770 per tonne one week earlier."[The cost of] scrap is again...Read More
Turkish steel mills have preferred to focus on steel and billet sales so far this week, rather than resuming their deep-sea scrap purchases, market sources told Fastmarkets on Wednesday February 17.The mills have stayed away from the deep-sea scrap markets since the end of last week, when two Turkish steelmakers booked US cargoes at $410 per tonne cfr on an HMS 1&2 (80:20) basis.The daily scrap in...Read More
Greater use of scrap in the steelmaking process will be an important step toward achieving a sharp drop in CO2 emissions, the Japan Iron and Steel Federation (Jisf) said."We support and contribute to Japan's ambitious policy of carbon neutrality by 2050 and to that end, the Japanese steel industry will boldly take on the challenge of achieving zero-carbon steel," the federation said on Tuesday Feb...Read More
Seaborne prices were stable on Wednesday February 17 in a muted market, but market participants expect activity to resume when China returns from the New Year break on Thursday. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $166.88 per tonne, unchanged 62% Fe low-alumina fines, cfr Qingdao: $167.25 per tonne, unchanged 58% Fe fines high-grade premium, cfr Qingdao: $152.66 per tonne, unch...Read More
Mining giant BHP has listed high-grade iron ore and ferrous scrap as among the key future trends that will set the tone for the global steelmaking industry in its economic outlook released on Tuesday February 16.High-grade iron ore"High-quality seaborne iron ore fines and direct charge materials such as lump are important abatement sources for the blast furnace (BF)-based steelmaking route," BHP s...Read More
ArcelorMittal Liberia is aiming to produce its first iron ore concentrate at its Yekepa mine in the fourth quarter of 2023, the company said in an earnings report last week. Construction will begin this year for the second phase of the project that will produce 15 million tonnes per year of concentrate sinter fines, ArcelorMittal said without disclosing a specific start date for the building work....Read More
Seaborne hard coking coal prices outside China experienced a strong rebound on Wednesday February 17 due to demand from Indian steelmakers. Fastmarkets indicesPremium hard coking coal, fob DBCT: $141.20 per tonne, down $0.56 per tonnePremium hard coking coal, cfr Jingtang: $217.23 per tonne, unchangedHard coking coal, fob DBCT: $133.57 per tonne, up $8.50 per tonneHard coking coal, cfr Jingtang: $...Read More
Copper prices on the London Metal Exchange rallied this week, but with many parts of Asia on holiday for the Lunar New Year, the effect of the rally on spot markets is yet to be seen.Red metal's price on LME rise to its highest since May 2012 LME cash/three-month copper spread remains in backwardation with LME on-warrant stock dropping week on week US copper premium strengthens amid weather woes P...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 Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade,...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Read More
Recovery hopes tied into the rollout of Covid-19 vaccines and some brighter economic data has driven up bond yields that in turn has lifted the dollar, and that seems to be creating some hesitancy in the metals this morning, Wednesday February 17. The US Dollar Index is firmer US 10-year treasury yields have stepped up a gear as recovery is still being priced inAs a barometer, spot gold prices are...Read More