A summary of London Metal Exchange warrant premiums for the week to Wednesday November 10.Please click...Read More
Domestic steel reinforcing bar prices in the United States were flat week on week at a 13-year high, with many market participants expecting the number to increase again before long.Fastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US was $50.25 per hundredweight ($1,005 per short ton) on Wednesday November 10, sideways from the previous week at its highest point since the...Read More
Prices for hot-rolled coil in the United States hit their lowest point since July amid market conditions most sources have described as slow, bearish and volatile.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $92.33 per hundredweight ($1,846.60 per short ton) on Wednesday November 10, down by 0.90% from $93.17 per cwt on Tuesday November 9 and by 1.07% from $93.33 p...Read More
Turkish flat steel producers need to avoid sudden price changes if they want to keep their share of the domestic and export markets, sources told Fastmarkets on Wednesday November 10."The producers increase their prices sharply when demand improves in any region, but such increases are not accepted by buyers," an executive with a Turkish steel producer said. "Then producers start giving discounts,...Read More
The weakening of the markets for flat and long steel in Asia that was created by the sharp drop in futures prices in China this week has had a negative effect on Iranian exporters, which sell most of their semi-finished steel volumes to the region, Fastmarkets heard on Wednesday November 10.Fastmarkets' daily price assessment for steel hot-rolled coil, domestic, ex-whs Eastern China, was 4,650-4,7...Read More
A lack of supportive factors in the global market has resulted in lower interest in Commonwealth of Independent States-origin export billet from the customer side, eventually influencing bids.One of the most negative factors was a sharp drop in the Chinese long-steel market due to the bearish sentiment caused by many days of weak demand, market sources said.The assessment for steel...Read More
The US ferrous scrap market is showing no signs of retreat ahead of the December trade, with sellers confident that fundamentals will remain in their favor through the January trade - even if export market opportunities grow cold.Sentiment for the the final trade of the year is positive, with some participants calling the December market sideways at worse. Many sellers suggested they will hold mat...Read More
Scrap export activity on the US East Coast has been muted, with exporters there roundly rejecting Turkish mills' lower offers for ferrous scrap given exceptionally tight supply in the wake of November's frenetic domestic trade.One East Coast exporter dismissed a bid of $498 per tonne cfr for an 80:20 mix of No1 and No2 heavy melting scrap out of hand at the start of the week, a Turkish trader told...Read More
Anglo American has signed a deal with the state government of Minas Gerais, in Brazil, to invest 4.4 billion Reais ($797 million) in its Minas-Rio iron ore unit by 2025, the company said on Tuesday November 9.The agreement includes technological modernization work, construction work and all actions needed for future capacity expansions, it added. Minas Gerais, which is in southeast Brazil, will pr...Read More
Turkish steel mills resumed their deep-sea scrap imports on Wednesday November 10, with prices showing a slight downturn, market participants told Fastmarkets.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 20,000 tonnes of heavy melting scrap 1&2 (80:20) at $497 per tonne and 10,000 tonnes of bonus at $517 per tonne cfr.The same mill booked a second Baltic Sea cargo consis...Read More
Exporters of steel scrap from Japan are finding it increasingly difficult to find buyers for their material at acceptable prices, sources told Fastmarkets on Wednesday November 10.Wednesday saw another price decrease at major buyer Tokyo Steel, which will drop its buy prices by ?500 ($4) per tonne across all grades and all works with effect from November 11. This will be the third decrease so far...Read More
Overwhelmingly bearish sentiment pervaded the Asian scrap markets on Wednesday November 10, with buyers exiting the market amid continual price falls; the staple Kanto Tetsugen auction was not awarded due to low bids from traders.November Kanto Tetsugen auction fails to find winnersSentiment in China bearish after a major steelmaker in the country lowers domestic scrap buy priceTaiwanese buyers wa...Read More
Seaborne coking coal cfr prices continued to slide on Wednesday November 10, with Chinese domestic coking coal and coke prices also trending lower.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $530.15 per tonne, down $32.47 per tonneHard coking coal, cfr Jingtang: $474.72 per tonne, down $30.30 per tonnePremium hard coking coal, fob DBCT: $401.48 per tonne, down $1.67 per tonneHard co...Read More
Iron ore prices went down on Wednesday November 10, in line with falling finished steel prices, with demand for iron ore weak in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $88.90 per tonne, down $3.40 per tonne62% Fe low-alumina fines, cfr Qingdao: $89.63 per tonne, down $3.83 per tonne58% Fe fines high-grade premium, cfr Qingdao: $61.23 p...Read More
Spot prices for hot-rolled coil in China fell sharply on Wednesday November 10, with a pessimistic demand outlook and waning costs knocking futures prices to an 11-month trough.DomesticEastern China (Shanghai): 4,650-4,710 yuan ($728-737) per tonne, down by 240-250 yuan per tonneSpot prices were at their lowest level since February 5, while the most-traded HRC contract on the Shanghai Futures Exch...Read More
Copper and aluminium prices edged higher in morning trading on the London Metal Exchange on Wednesday November 10, but struggled to gain momentum.Aluminium rose by $31 to $2,587.50 per tonne, after falling 1.9% at Tuesday's close.Trading volumes of the light metal continue to be the highest of the complex, but just over 4,000 lots had traded by 9:30am London time.The aluminium price has been incre...Read More
China's domestic rebar prices fell to an eight-month low on Wednesday November 10, with the decline coming amid persistently weak demand.Domestic Eastern China (Shanghai): 4,640-4,670 yuan ($726-730) per tonne, down by 260-270 yuan per tonnePrices are now at their lowest since March 12, when they were at 4,700-4,730 yuan per tonne.The major reason for the sharp decline was bearish sentiment caused...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 10.Key drivers European ferro-titanium spot prices were unchanged for the fourth week in a row after a tender for annual delivery in 2022 from Korean steel major Posco dragged on longer than expected. There have been no reported spot trades over the week to Wednesday November 10. Market participants expected the settlement...Read More
The Cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end) 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 hydroxide.....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...Read More