Minera????o Vale Verde (MVV) has secured the last tranche of financing needed to start production at its copper-gold mine in northeast Brazil, its parent company, Appian Capital Advisory, said on Thursday February 4.The company raised $140 million via project finance with ING, Natixis, and Soci?(C)t?(C) G?(C)n?(C)rale in a transaction it called the "largest greenfield project finance" since the be...Read More
Here are five Fastmarkets stories you might have missed on Thursday February 4 that are worth another look.Brazil-based miner Vale has reached a settlement with local prosecutors to pay 37.7 billion Reais ($7.03 billion) in reparations for the deadly disaster that hit the city of Brumadinho in January 2019, it said...Read More
General Motors (GM) has become the latest automaker hit by the global shortage of computer chips and has been forced to temporarily stop production in North America and South Korea, it said on Wednesday February 3.The US automaker will cut production entirely at three of its factories in North America and will halt production at one assembly plant in South Korea during the week of February 8. The...Read More
Ball Corp expects investment in beverage packaging to continue to grow as demand for sustainable aluminium cans for traditional and non-traditional beverages continues to accelerate, the Colorado, United States-based company said in its 2020 earnings report. After delays to some projects last year for health and safety reasons due to the Covid-19 pandemic, additional beverage can line investments...Read More
The European titanium scrap market resumed its six-month long rally over the week to Wednesday February 3 after a brief pause, with ferro-titanium suppliers set to hold their offer prices in the near term ahead of second-quarter demand from steelmakers, market sources told Fastmarkets.Both titanium scrap markets that Fastmarkets assesses have jumped about two-fold in the past six months.Fastmarket...Read More
The steel industry has largely welcomed India's 2021-2022 union budget that was announced on February 1 for its focus on infrastructure and government spending. The impact of the coronavirus pandemic and subsequent lockdown in the country resulted in India's gross domestic product (GDP) falling by a forecast 7.7% in the year to March 2021, before rebounding to grow by 11% the year after, according...Read More
Base metals prices on the London Metal Exchange were mainly weaker, while those on the Shanghai Futures Exchange were mainly firmer this morning, Thursday February 4, with the weaker dollar likely weighing on dollar-denominated prices.Along with a stronger US Dollar Index, US 10-year treasuries yields are stronger too......suggesting risk-on, but broader markets not reflecting that this morningAsi...Read More
Key data from the Wednesday February 4 pricing session in London and Shanghai.Key drivers The cobalt hydroxide payable indicator continued to edge high after a persistent surge in downstream cobalt sulfate prices translated into heightened willingness among buyers to accept higher offers from...Read More
Hot-rolled coil prices in the United States have reached an all-time high, supported by strong demand and extremely tight supply, Fastmarkets has learned.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $59.23 per hundredweight ($1,184.60 per short ton) on Thursday February 4, up by 2.69% from $57.68 per cwt the previous day and more than double $29.57 per cwt on...Read More
Domestic prices for hot-dipped galvanizing coil have been stable in Northern Europe over the week to Wednesday February 3, supported by tight supply, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-dipped galvanized coil domestic, exw Northern Europe was unchanged over the week at ?,?820-840 ($987-1,011) per tonne on February 3.The assessment was based on achievable pri...Read More
Turkish prices for hot-rolled and cold-rolled coil both fell in January 2021, with the market slow to moderate because of decreasing prices globally, Fastmarkets heard on Thursday February 4.The country's HRC producers were fully booked until late April, so most market participants expected prices to show more correction, after the sharp increases in November and December 2020."There was a shortag...Read More
Steel reinforcing bar prices in the United States are steady this week, with market participants closely watching the monthly domestic ferrous scrap trade for signs of how it will impact the spot rebar market.Fastmarkets' weekly assessment for steel reinforcing bar (rebar), fob mill US was at $39.75 per hundredweight ($795 per short ton) on Wednesday February 3, unchanged from January 27...Read More
Prices for steel billet and rebar decreased in Egypt in the week to Thursday February 4 in line with weak demand, with the country still suffering from rebar consumption having decreased by 7.68% in 2020, sources have told Fastmarkets.Egyptian demand for long steel products was weak for reasons including a ban on construction and the continuing effects of the Covid-19 pandemic.Egypt imposed a ban...Read More
Demand for Turkish rebar and wire rod exports has remained sluggish over the past week, with prices dropping further, market sources said on Thursday February 4.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $590-595 per tonne on Thursday, down from last week's $600-620 per tonne on an actual weight basis.The mills in the country have redu...Read More
Here are five Fastmarkets stories you might have missed on Thursday February 4 that are worth another look.Brazil-based miner Vale has reached a settlement with local prosecutors to pay 37.7 billion Reais ($7.03 billion) in reparations for the deadly disaster that hit the city of Brumadinho in January 2019, it said...Read More
Export prices for pig iron from the Commonwealth of Independent States decreased during the week to Thursday February 4 on a bearish mood among buyers, sources have told Fastmarkets.Market participants expected there to be further price decreases.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $495-500 per tonne on Thursday, down by $5-20...Read More
The steel industry has largely welcomed India's 2021-2022 union budget that was announced on February 1 for its focus on infrastructure and government spending. The impact of the coronavirus pandemic and subsequent lockdown in the country resulted in India's gross domestic product (GDP) falling by a forecast 7.7% in the year to March 2021, before rebounding to grow by 11% the year after, according...Read More
Prices for steel billet and rebar decreased in Egypt in the week to Thursday February 4 in line with weak demand, with the country still suffering from rebar consumption having decreased by 7.68% in 2020, sources have told Fastmarkets.Egyptian demand for long steel products was weak for reasons including a ban on construction and the continuing effects of the Covid-19 pandemic.Egypt imposed a ban...Read More
Export prices for steel billet from the Commonwealth of Independent States (CIS) continued to move downward on Thursday February 4 with lower offers heard from mills and traders.Billet offers from mills were heard within the range of $540-545 per tonne fob for customers in the Middle East, compared with $540-550 per tonne fob earlier in the week.A Russian producer was reported to have filled its o...Read More
Turkish steel billet prices have continued their downward trend over the past week amid limited demand for the material and falling imported scrap costs, sources said on Thursday February 4.Imported scrap prices have been coming down over the week amid limited demand.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $401.35 per tonne on February 3, down from...Read More