Steel billet prices to Egypt declined in the week to Thursday November 11, with demand from the private sector remaining weak, while government-funded projects continued, sources told Fastmarkets.Local rebar prices in Egypt have been unchanged since October 28 at E ?14,900-15,350 ($946-975) per tonne ex-works, including 14% VAT. ...Read More
Turkish steel mills were quiet in the deep-sea scrap import markets on Thursday November 11 after booking two cargoes from the Baltic Sea region, sources told Fastmarkets.A steel mill in the Marmara region had booked two Baltic Sea cargoes late on Tuesday November 9 at $497 and $500 per tonne cfr on HMS 1&2 (80:20) basis. Turkish steelmakers required more cargoes for December,...Read More
Prices for imports of basic pig iron into China have weakened over the past fortnight with bearish sentiment dominating the country's ferrous complex, sources told Fastmarkets on Thursday November 11.Chinese finished and semi-finished steel prices have been falling for most of the past two weeks, weighing down demand for pig iron, they said.Fastmarkets' fortnightly assessment of the price for pig...Read More
Bangladeshi steelmakers have largely opted to stay away from buying in the scrap import market this week in the hope that prices will continue to fall, sources told Fastmarkets on Thursday November 11.- Bangladesh buyers step back from market - Shredded scrap offers rise to Bangladesh amid strong Pakistan market - Taiwanese consumers continue to bid low Bangladesh There was a lack of import ac...Read More
Steel billet prices in Turkey have weakened over the past week amid limited demand in the country, market participants told Fastmarkets on Thursday November 11.Steelmakers in the country have been struggling with weak finished long steel sales in the export outlets. Therefore, demand for billet has remained soft.Suppliers in the Commonwealth of Independent States have lowered their billet offers t...Read More
Some Chinese steelmakers are refusing to deliver January-contracted steel cargoes bound for Shanghai Futures Exchange warehouses to stem falling prices.Some steel mills in northern China said on Wednesday November 10 they will not deliver cargoes for January futures positions because their prices are too low compared with spot physical prices.The most-traded January rebar futures contract closed a...Read More
Nickel, a key raw material in lithium-ion batteries used in electric vehicles (EVs), has gradually grown its market share amid a global shift away from fossil fuels.But with lithium iron phosphate (LFP) batteries making a comeback in the EV market in China, a shadow is being cast on the growth potential for nickel consumption in 2022.The stainless steel market, which accounts for approximately 90%...Read More
China's output and sales of automobiles continued their year-on-year decline in October due to the continuing semiconductor chip shortage, the China Association of Automobile Manufacturers (CAAM) said in its monthly report published on Wednesday November 10.Automobile output and sales in the country dropped by 8.8% and 9.4% year on year respectively, both to 2.33 million units in October, CAAM dat...Read More
Automotive and industrial supplier Schaeffler has signed an off-take agreement with Sweden's H2 Green Steel (H2GS) to purchase 100,000 tonnes of its near-zero CO2- free steel on an annual basis from 2025, the company announced earlier in the week.The steel will be produced via direct reduction with hydrogen from renewable energy, replacing coking coal and reducing emissions by 95% in comparison wi...Read More
The trade agreement between the EU and the US to replace Section 232 tariffs with a quota system has received a positive wecome from Europe's long steel producers, sources told Fastmarkets this week.The European Union and the United States came to an agreement on October 30, although United Steelworkers International president Tom Conway said at the time that the volumes permitted to come in from...Read More
The People's Bank of China (PBOC) will offer cheaper funding to financial institutions which provide green loans, according to a statement released by the Chinese central bank on Monday November 8.The central bank will lend money to financial institutions to help them support firms which are working toward China's energy transition goals, the statement read.Financial institutions can borrow from P...Read More
Here are five Fastmarkets stories you might have missed on Thursday November 11 that are worth another look.The capacity expansion at ArcelorMittal Brasil's Monlevade unit will serve either the domestic or export markets with high-quality special steel products, chief executive officer Jefferson De Paula told Fastmarkets on November 11....Read More
Base metals prices on the London Metal Exchange were largely up at the 5pm close of trading on Thursday November 11, after a strong morning performance and reassuring news that emerged from the Chinese property sector."Chinese stock markets gained, on growing confidence that the authorities would ease the crackdown on the property sector and support developers," Anna Stablum, LME desk analyst at M...Read More
Production output for mining companies across base metals is likely to remain low despite significant additional capacity because miners face challenges from climate disruptions, ageing mines and Covid-19-related delays, Australian consultancy and research firm Cape Noir said on Thursday November 11."A lot of assets are showing declines in production and rolling delays to maintenance. Assets have...Read More
European hot-rolled coil prices were stable to slightly lower on Thursday November 11, on subdued activity, but producers hope to achieve higher prices in the first quarter of 2022, sources told Fastmarkets.Trading activity was slow, with buyers refraining from making purchases and instead assessing the situation. Producers, meanwhile, were looking to achieve higher prices for the first quarter of...Read More
Here are five Fastmarkets stories you might have missed on Thursday November 11 that are worth another look.The capacity expansion at ArcelorMittal Brasil's Monlevade unit will serve either the domestic or export markets with high-quality special steel products, chief executive officer Jefferson De Paula told Fastmarkets on November 11....Read More
Sellers of physical copper are holding out for a higher premium for 2022 contracts in the United States.No major deals were reported by the end of the American Copper Council (ACC) fall meeting in Miami, Florida this past week, although there was talk of a US copper premium in the 10-cents-per-lb range.In the US, Fastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US at 8-9 cents...Read More
Mining and metals companies say they're serious about transitioning to a sustainable economy, but whether they can afford to is another matter.Achieving decarbonization throughout the supply chain is going to require a huge amount of investment in technology to reimagine production processes and redesign existing sites.Last week, the International Aluminium Institute estimated that to decarbonize...Read More
Nickel, a key raw material in lithium-ion batteries used in electric vehicles (EVs), has gradually grown its market share amid a global shift away from fossil fuels.But with lithium iron phosphate (LFP) batteries making a comeback in the EV market in China, a shadow is being cast on the growth potential for nickel consumption in 2022.The stainless steel market, which accounts for approximately 90%...Read More
Base metals prices on the London Metal Exchange were largely up at the 5pm close of trading on Thursday November 11, after a strong morning performance and reassuring news that emerged from the Chinese property sector."Chinese stock markets gained, on growing confidence that the authorities would ease the crackdown on the property sector and support developers," Anna Stablum, LME desk analyst at M...Read More