Vale has signed a memorandum of understanding (MoU) with China-based Baowu Steel Group, the largest steel producer in the world, to develop low greenhouse gas (GHG) emissions solutions for steelmaking, the Brazilian mining company said on Thursday November 11.One point included in the agreement was to seek bio-carbon production, a carbon-neutral product based in biomass - and not fossil energy - t...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
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
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
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
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
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
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
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
China's domestic rebar prices gained some upward momentum on Thursday November 11 after several steelmakers expressed their unwillingness to deliver January-contracted steel cargoes bound for Shanghai Futures Exchange warehouses. Domestic Eastern China (Shanghai): 4,750-4,800 yuan ($742-750) per tonne, up by 110-130 yuan per tonneWith the price of the most-traded January rebar contract on the exch...Read More
Seaborne iron ore prices rose on Thursday November 11, tracking the upward movements in Chinese futures and front-month swaps contracts, but most market participants remained cautious because of weak demand for physical iron ore, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $92.57 per tonne, up $3.67 per tonne62% Fe low-alumina fines, cfr Qingdao: $94.03 per tonn...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
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
A summary of the financial results for Austrian steelmaking group Voestalpine for July-September 2021, the second quarter of the company's business year.In briefA favorable economic environment in all key markets, together with Voestalpine's efforts to reduce costs and focus on efficiency, led to strong revenue in the quarter, with a particularly good performance by the company's Steel Division.Th...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
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
The United States' imports of steelmaking raw materials fell by 7.36% month on month in September, spurred by a reduction in inflows of pig iron and a drop in ferrous scrap intake from Canada, according to the latest data from the US Census Bureau.Raw material imports totaled 931,030 tonnes in September, compared with 1 million tonnes in August and nearly 1.30 million tonnes in July.Overall ferrou...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
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
Spot prices for hot-rolled coil in China posted a strong rally on Thursday November 11, as expectations of an easing in property financing and mill moves to underpin steel prices temporarily stemmed the sharp downturn in the futures market.DomesticEastern China (Shanghai): 4,850-4,900 yuan ($758-765) per tonne, up by 190-200 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchan...Read More