China's hot-rolled coil prices reached their highest since August 2008 on Monday December 21 after futures hit the daily upper limit of 5% while buying in the spot market was active.DomesticEastern China (Shanghai): 4,950-4,980 yuan ($757-762) per tonne, up 330-340 yuan per tonneSellers in Shanghai were offering around 4,950 yuan per tonne when futures started at high levels this morning. Spot pri...Read More
Base metals prices on the London Metal Exchange were down across the board at the close on Monday December 21 amid broad-based profit-taking. Lead was the worst performer, falling 3.9% to $1,959.50 per tonne at the close. Trading volume was relatively low with just over 5,000 lots. Lead stocks on the LME continue to rise, weighing on sentiment for the heavy metal. After big inflows of 13,000 tonne...Read More
The domestic hot-rolled coil price increased day on day in Northern Europe on Monday December 21 following a rise in ArcelorMittal's offers at the end of last week.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?660.40 ($808.93) per tonne on Monday, up by ?,?10.40 per tonne from ?,?650.00 per tonne on Friday.The index was also up by ?,?37.07 per to...Read More
Canada-headquartered Lundin Mining has ramped up production at its Chapada copper-gold site in Brazil to full capacity following the repair of a previously damaged motor, the company said on Monday December 21.Chapada had been operating at around 35% capacity in November with only one grinding mill. It then installed a single motor on another mill and reached 100% processing capacity on December 2...Read More
First Quantum has named Tristan Pascall its new chief operating officer while also announcing that one of its founders, Clive Newall, will relinquish his role as president.Pascall, who has worked at First Quantum since July 2007, was general manager of the Cobre Panama mine, the only major greenfield project in the copper industry, from its inception in October 2015...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Monday December 21, consolidating from their recent year-to-date highs.The three-month aluminium price fell by 1.4% this morning after nearly 30,000 tonnes were delivered into LME-listed warehouses.Warehouses in Port Klang received 27,875 tonnes of aluminium, while a couple of hundred tonnes was also delive...Read More
China's Zhuzhou zinc smelter has successfully met its production target of 300,000 tonnes per year in 2020, the company said on December 19, after a costly relocation that had weighed on output in recent years. But this target is still lower than the smelter's capacity prior to relocation. The flagship zinc smelting complex had capacity to produce 450,000 tpy of refined zinc when it was located in...Read More
Prices for cold-heading quality (CHQ) and high-carbon wire rod in the United States both surged by $5 per hundredweight ($20 per short ton) month on month, supported by higher ferrous scrap prices. Fastmarkets' monthly assessment for steel wire rod (high carbon), fob mill US rose by 13.42% to $42.25 per cwt ($845 per ton) on Friday December 18 from $37.25 per cwt the prior month.Fastmark...Read More
Turkey remains the key market supporting price growth in the Commonwealth of Independent States export billet market, with buyers largely interested in wire rod grade semi-finished purchases, sources told Fastmarkets on Monday December 21.More producers from Russia announced export prices for steel billet with February shipment on Monday with offers ranging $580-600 per tonne fob, several sources...Read More
Domestic rebar producers in Russia's Central Federal District around Moscow have withdrawn their offers for January supply in anticipation for returning at higher prices, several sources told Fastmarkets on Monday December 21.Last week, domestic rebar prices in the region increased sharply with Russian producers citing strong exports as the key driver for the rise.As a result, all major producers...Read More
Domestic flat steel suppliers to Russia's Central Federal District around Moscow were increasingly bullish in the week to Monday December 21 amid a rising export market and good buying activity, sources told Fastmarkets.Hot-rolled sheetFastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia was 55,500-58,000 roubles ($755-789) per tonne including 20% value-add...Read More
China is taking a tougher stance on steel capacity swaps in a bid to control pollution emissions from its mammoth steelmaking industry and alleviate oversupply.Its Ministry of Industry & Information Technology (MIIT) released a draft last week to seek feedback from steel industry sources on increasing the steel capacity swap ratio to 1.5:1 from 1.25:1.This means that a steelmaker will need to cut...Read More
Turkish deep-sea scrap import prices refreshed their multi-year highs at the beginning of the week with the news of fresh deals for European and US cargoes on Monday December 21.A steel mill in the Marmara region booked a European cargo, comprising HMS 1&2 (80:20) at $455 per tonne, shredded and bonus at $470 per tonne and busheling at $475 per tonne cfr. And another steel producer in the same reg...Read More
Vale has received the required licensing to start construction works of its $495-million Capanema iron ore project in southeast Brazil, aiming to bring online 18 million tonnes per year in capacity, it said.The the Brazilian producer plans to restart activity at Capanema, in the southeastern state of Minas Gerais, and use a new long-distance conveyor belt to transport ore to soon-to-be-adjusted st...Read More
Seaborne premium hard coking coal prices in both the cfr and fob markets increased on Monday December 21, with transactions active in the fob market.Coke producers in China also proposed a 10th round of price increases.Fastmarkets indicesPremium hard coking coal, fob DBCT: $102.39 per tonne, up $0.15 per tonnePremium hard coking coal, cfr Jingtang: $190.20 per tonne, up $1.78 per tonneHard coking...Read More
Strong steel demand and supply concerns following a landslide at Vale's C??rrego do Feij??o mine boosted iron ore futures price on Monday December 21, with the bullish sentiment pushing Fastmarkets' iron ore indices for 62% Fe low-alumina fines, cfr Qingdao and 65% Fe Brazil-origin fines, cfr Qingdao to new record highs. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $176.45 per tonne, up...Read More
Market participants in Asia are bracing for sharp price corrections amid historically high prices for steel, iron ore and ferrous scrap in the region, industry sources told Fastmarkets this week.The price increases since early October have stunned market watchers with their speed and magnitude, leading many market veterans to compare it to a similar price climb in 2008 - and the precipitous drop t...Read More
Prices for seaborne iron ore pellets surged in the week to Friday December 18 along with the rest of the sector for the steelmaking raw material amid supply concerns and strong gains in the futures market, sources told Fastmarkets.Fastmarkets iron ore indices66% Fe concentrate, cfr Qingdao: $168.71 per tonne, up $6.14 per tonne.65% Fe blast furnace pellet, cfr Qingdao: $199.28 per tonne, up $13.57...Read More
China's hot-rolled coil prices reached their highest since August 2008 on Monday December 21 after futures hit the daily upper limit of 5% while buying in the spot market was active.DomesticEastern China (Shanghai): 4,950-4,980 yuan ($757-762) per tonne, up 330-340 yuan per tonneSellers in Shanghai were offering around 4,950 yuan per tonne when futures started at high levels this morning. Spot pri...Read More
China's domestic rebar prices surged further on Monday December 21 to their highest in 25 months on strong gains in the futures and billet markets.DomesticEastern China (Shanghai): 4,580-4,600 yuan ($700-704) per tonne, up by 240-250 yuan per tonneThe price of billet increased by 160 yuan per tonne during the weekend to 3,880 yuan per tonne before gaining another 120 yuan per tonne on Monday to re...Read More