China, which is finalizing a new masterplan that will form the core of its policies for the ferrous sector in its 14th Five-Year Plan, is seeking input from steel market participants, its Ministry of Industry & Information Technology (MIIT) said on December 31.The country will adhere to a new development concept, which will put emphasis on green and low-carbon ferrous development that will support...Read More
The rapid and significant falls in manganese ore prices in 2019 and 2020 have created "frozen stocks," which are believed to have acted as a buffer for the ore market while also demonstrating some different characteristics over both years, sources told Fastmarkets.Fastmarkets' manganese ore index 37% Mn, cif Tianjin ended 2019 at $3.92 per dry metric tonne unit (dmtu), a decline of $2.19 per dmtu...Read More
China aims to diversify its iron ore supply sources and strengthen its bargaining power in purchasing, according to the country's Ministry of Industry & Information Technology (MIIT).Seeking feedback on a steel masterplan that will form part of the country's 14th Five-Year Plan, MIIT said in a document published on Thursday December 31, that one of its goals was to strengthen the iron ore res...Read More
Chinese steelmakers have wasted no time in booking ferrous scrap from abroad following a change in the country's import rules for the steelmaking raw material, with purchases of several cargoes from Japan agreed in the last few days.A notice released by the Chinese Ministry of Ecology & Environment late on December 31 formally confirmed the relaxation of steel scrap import regulations for material...Read More
China, which is finalizing a new masterplan that will form the core of its policies for the ferrous sector in its 14th Five-Year Plan, is seeking input from steel market participants, its Ministry of Industry & Information Technology (MIIT) said on December 31.The country will adhere to a new development concept, which will put emphasis on green and low-carbon ferrous development that will support...Read More
Here are five Fastmarkets stories you might have missed on Monday January 4 that are worth another look.News of Covid-19 vaccines being distributed and administered around the world has boosted sentiment in Asian economies, with steel markets in the region seemingly upbeat on prospects in 2021.Sustainable mining of lithium - a critical...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
The export market for long steel products from the Commonwealth of Independent States (CIS) was quiet during the week to Monday January 4 because of seasonal holidays, but with sentiment remaining upbeat, sources have told Fastmarkets.Most CIS steelmakers were out of the market for New Year and Christmas breaks, sources said.There will be public holidays in Russia from January 1 to January 11. And...Read More
The Turkish deep-sea scrap markets were quiet at the start of this week due to new year holidays, but purchasing activity was expected to resume soon, market sources said on Monday January 4.Turkish steelmakers have been silent in the deep-sea markets since December 24, when a steel mill in the Marmara region booked a Baltic Sea cargo containing 30,000 tonnes of shredded scrap at $480 per tonne cf...Read More
(Updates prices) * Dollar slips to multi-year lows * Platinum hits highest level since August 2016* Silver hits over three-month peak * Silver set to shine in 2021* Interactive graphic tracking global spread of coronavirus: By Shreyansi Singh Jan 4 (Reuters) - Gold prices rose more than 2% on Monday totheir highest level in nearly two months, bolstered by thedollar's slide ahead of runoff election...Read More
Caterpillar (CAT), a Dow Jones Industrial Average stock moved above $183.81 to an all-time high extending an intermediate uptrend. Blackrock (BLK), an S&P 100 stock moved above $721.82 to an all-time high extending an intermediate uptrend. Semiconductor iShares (SOXX) moved above $383.27 to an all-time high extending an intermediate uptrend. Silver equity ETF moved above $47.67 extending an in...Read More
The new year has started with optimism in the air and base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up by an average of 1.8% and 1.4% respectively this morning, Monday January 14.Most Asian-Pacific equity indices were also showing gains, while the dollar index remains in low ground.* Volume traded on the LME has been high with 12,012 lots traded as at 6.38am Lo...Read More
Corween Investments, the holding company for Liberty House, was given a lease for the insolvent Polish steel plate producer Huta Czestochowa earlier this week, sources told Fastmarkets on Wednesday December 30.In late December bankruptcy trustee Mateusz Bienioszek signed a lease agreement for Huta Czestochowa with Corween Investments, several sources familiar with the matter told Fastmarkets "I ca...Read More
Closures at Hyundai Steel's electric arc furnaces (EAFs) in Incheon have reduced supply and raised prices for steel beams in South Korea, a company spokesman told Fastmarkets.Hyundai closed two EAFs at its Incheon works in mid-October due to a $100-million upgrade of its steel beam rolling process, the spokesman said on Tuesday December 29.Following the update, South Korea's second largest steelma...Read More
Here are five Fastmarkets stories you might have missed on Tuesday December 29 that are worth another look.Turkey's Ministry of Trade will start an anti-dumping investigation against hot-rolled coil imports from the European Union, Turkish sources told Fastmarkets on December 29.Fastmarkets' premium for the supply of aluminium...Read More
Here are five Fastmarkets stories you might have missed on Thursday December 31 that are worth another look.The global pig iron market remained strong, but activity was limited during the week to December 31 due to the end-of-year holiday period.Argentinian aluminium producer Aluar finished 2020 at 70% capacity utilization, ramping up...Read More
Argentinian aluminium producer Aluar finished 2020 at 70% capacity utilization, ramping up production from stoppages related to the Covid-19 pandemic and weather conditions earlier in the year, the company said."[We will] continue to gradually seek production planning that allows for the partial resumption of the remaining capacity usage," Aluar said in a filing to the country's securities and exc...Read More
The advent of Covid-19 pushed prices to their lowest levels during the first quarter of the year, yet by the end of 2020, most underlying prices on the London Metal Exchange had bounced back to multi-year highs. Fastmarkets looks at why some metals outperformed others.Figure 1: LME Indexed performance up until December 24.Copper - cash price gain of 25% ($6,179.50 per tonne open 3 Jan to $7,749 pe...Read More
Discussions between Chinese copper smelter Jiangxi Copper and Zambian producer Chambishi on annual blister copper refining charges (RCs) for 2021 are at their final stage, with both sides expecting a rise in terms, Fastmarkets has learned.Benchmark RCs for contractual supply of intermediate copper products in 2021 have still not been signed, sources said. Two sources close to the matter said...Read More
The Turkish deep-sea ferrous scrap market continued to be quiet due to year-end holidays, sources said on Thursday December 31.The country's steel mills have been silent in the deep-sea markets since December 24, when a steel mill in the Marmara region booked a Baltic Sea cargo containing 30,000 tonnes of shredded scrap at $480 per...Read More