Steel rebar and billet prices in the United Arab Emirates increased this week because of higher offers and assessments, but market activity was yet to resume after the end-of-year period, sources said on Tuesday January 5. Domestic rebar The country's steel producers sold rebar at 2,259-2,295.5 dirhams ($615-625) per tonne ex-works the week before for orders to be produced in January and have clos...Read More
Flat steel prices in Turkey continued to increase in the week to Thursday December 31, but buying was weak because most buyers were busy with inventory calculations, sources told Fastmarkets.Additionally, hot-rolled coil (HRC) prices fell during the week in China because of weak trading, which created market concerns about whether global flat steel prices would follow, trading sources said.Fastmar...Read More
Turkey imported 616,408 tonnes of flat steel in November 2020, up by 12.2% from the corresponding month in 2019 when 549,549 tonnes arrived in the country, the Turkish Statistical Institute (TUIK) said last week. Orders for flat steel arriving in November were placed in August and September when there was moderate demand for the material in Turkey. There were several bookings reported fo...Read More
Turkish steel mills remained quiet in the deep-sea scrap markets on the second working day of the week, while the market was generally slow during the new year holidays, sources said on Tuesday January 5.Market participants believed that the mills in Turkey would be out of the market until next week, when they are expected to start their purchases for February-March cargoes.Turkish steelmakers hav...Read More
Russia's government has done as was expected and has approved an increase in the export duty to be applied to ferrous scrap for the next six months.Approval of the decision to increase the duty was published in an official notice on the government's website on December 31, 2020.Consequently, the export duty on steel scrap exports from Russia will be 5%...Read More
The cfr premium hard coking coal price jumped again on Tuesday January 5 after two transactions were sealed at higher prices.The fob market, meanwhile, remained relatively quiet, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $103.74 per tonne, up $0.25 per tonnePremium hard coking coal, cfr Jingtang: $207.44 per tonne, up $4.27 per tonneHard co...Read More
Iron ore prices increased on Tuesday January 5, with active trading in the seaborne and port markets supported by record high prices in coke futures, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $167.86 per tonne, up $2.57 per tonne62% Fe low-alumina fines, cfr Qingdao: $168.00 per tonne, up $2 per tonne58% Fe fines high-grade premium, cfr Qingdao:&nbs...Read More
Brazil's iron ore exports increased by a third in December compared with a year earlier, according to statistics from the country's economy ministry.It shipped 33.17 million tonnes of the steelmaking raw material last month, compared with 24.99 million tonnes in December 2019.Strong demand for steel in in China has...Read More
China's hot-rolled coil exporters kept their offers high on Tuesday January 5 amid sustained gains in the domestic market.DomesticEastern China (Shanghai): 4,590-4,610 yuan ($710-713) per tonne, up 30-50 yuan per tonneSeveral Shanghai-based traders said sellers in the city raised their offers after Monday's active trading, but the move dampened demand in the spot market.One of the traders believes...Read More
China's domestic rebar prices stopped rising on Tuesday January 5 on expectations of a drop in demand. DomesticEastern China (Shanghai): 4,510-4,530 yuan ($697-700) per tonne, unchangedEnd-user demand for rebar is decreasing gradually due to falling temperatures, which halted the upward trend in the spot market, though futures edged up during the day. Restocking demand was absent from the market,...Read More
Strong gains were seen across the base metals on the London Metal Exchange at the start of the week and most of the metals in London and all the metals on the Shanghai Futures Exchange were up again this morning, Tuesday January 5. Control of US Senate, with the run-off elections in Georgia, could be market-moving......two democratic wins would strengthen President-elect Joe Biden's hand and that...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...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.Fastmarkets assessed Cobalt alloy grade, in-whs Rotterdam,...Read More
China's finance ministry has reduced the subsidies for electric vehicles (EVs) for 2021 by 20%, a move most market participants say they had expected.The Chinese government body announced the the new EV subsidy policy for 2021 on December 31, 2020, which included a 20% reduction year on year as planned. Under the new policy for 2021, the subsidy for pure electric vehicles (PEVs) with a driving ran...Read More
Chinese battery materials producer GEM has signed a memorandum of understanding (MoU) with partners of its Indonesian joint venture to double its stake in the project, the company said on Monday January 4.The joint venture, QMB New Energy Materials, was established in January 2019 following investment by Tsingshan Group, GEM, Brunp Recycling, Indonesia Morowali Industrial Park (IMIP) and Hanw...Read More
Markets seem to be discounting a Democratic win in the Georgia Senate run-off this morning, Wednesday January 6, and that could be bullish for commodities because a Democratic-controlled US Congress could push through larger fiscal stimulus packages.* A Democratic-controlled Congress could, however, cause some headwind for some sectors of the equity markets, although those involved in the rollout...Read More
NXP Semiconductors (NXPI), a NASDAQ 100 stock moved above $166.87 to an all-time high extending an intermediate uptrend.NetEase (NTES), a NASDAQ 100 stock moved above $103.30 to an all-time high extending an intermediate uptrend.20 year Treasury Bond iShares (TLT) moved below $154.31 extending an intermediate downtrend.U.S. REIT iShares (IYR) moved below $154.31 completing a double top pattern. Re...Read More
The London Metal Exchange three-month nickel price had the biggest rise of 4.8% and tin crossed the $21,000 per tonne mark for the first time since April 2019 in an upbeat start to the year for the entire complex on Monday January 4, where all forward prices rose by more than 1%. Nickel's price closed on Monday at 5pm $17,404 per tonne after closing last year at $16,613 per tonne. Nickel's rising...Read More
Except for copper, base metals stocks in Shanghai Futures Exchange-registered warehouses all recorded falls in the week to Thursday December 31, with zinc down the most by 13%. The anomaly in stock copper levels was stark, surging by 15.3%, while the rest of the base metals' inventories declined.Copper inventories totaled 86,679 tonnes on Thursday December 31, up by 11,530 tonnes or 15.3% from a w...Read More
The London Metal Exchange nickel price led the way on morning trading on Monday January 4 with a 4.3% rise from its closing price of 2020, reflecting an upbeat start to the year where all metals' forward prices rose by more than 1%. The three-month nickel price was at $17,335 per tonne on Monday at 9am, from Thursday December 31's closing price of $16,613 per tonne. Copper's three-month price was...Read More