The Turkish steel mills continued to hold back from deep-sea scrap purchases on the second working day of this week amid softening demand for finished long steel products, sources said on Tuesday September 15.Mills in Turkey booked seven deep-sea cargoes, totalling around 230,000 tonnes, early last week before withdrawing from the market on September 10.The most recent deep-sea bookings put scrap...Read More
Chilean copper producer Codelco has agreed a 36-month labor deal with the union representing supervisors at the El Teniente copper mine, the state-owned company said on Monday September 14.Codelco said the 36-month labor contract renewal deal includes no pay rises to enable the company to secure unit profitability and to generate resources for Chile to tackle social and health issue...Read More
Rio Tinto is to launch its first closed-loop recycling program, offering customers in North America a new scrap take-back solution and the production of high-quality alloys made with recycled content. The service, which will be available from next year, complements the company's production of low-carbon aluminium and is designed to give its customers greater choice while they look to meet increasi...Read More
Low liquidity has added more pressure to the domestic alumina market in China, which has gone into a downtrend because of oversupply, several sources told Fastmarkets on the sidelines of the Qianhai Mercantile Exchange alumina seminar on Tuesday September 15."We were well covered by long-term contracts and have no need to buy from the spot [alumina] market," one alumina consumer based in Henan pro...Read More
The London Metal Exchange three-month zinc price increased marginally during the morning on Tuesday September 15, with a fresh cancelation of some 6,275 tonnes keeping its price above nearby support while thin volumes traded in Asia, despite better than expected economic data out of China.LME zinc's outright price was recentl at $2,516.50 per tonne on Tuesday, holding above the nearby $2,500-per-t...Read More
Base metals prices were for the most part firmer this morning, Tuesday September 15, supported by some good Chinese economic data. China's industrial production climbed by 5.6% year on year in August, after a 4.8% rise in July, while retail sales rose by 0.5% year on year in August, after a 1.1% fall in July.Asian-Pacific equities were mixed, however, with gains in China, Hong Kong and South Korea...Read More
The US Department of Commerce has announced an affirmative preliminary countervailing duty (CVD) determination on prestressed concrete steel wire strand from Turkey, according to a Tuesday September 15 statement. "Today, US Secretary of Commerce Wilbur Ross announced the affirmative preliminary determination in the countervailing duty investigation of imports of prestressed concrete steel wire str...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia remained stable in the seven days to Tuesday September 15 due to a combination of limited demand and relatively high raw material prices. Most market participants said they believe prices will remain stable or increase further in the coming days, supported by the raw material costs. Fastmarkets' daily index for iron ore 65%...Read More
The prices for steel rebar in the United Arab Emirates (UAE) local market increased this week, while market sources expecting imported rebar prices to follow, Fastmarkets heard on Tuesday September 15.Domestic rebarThe country's biggest producer Emirates Steel was offering rebar at 1,936 dirhams ($527) per tonne ex-works for October-production orders in effect from September 15, up from 1,830 dirh...Read More
ArcelorMittal plans to restart production at its Sestao steel plant in Spain at the end of this month, the company told Fastmarkets on Tuesday September 15."Signs of a tentative recovery in demand have made it possible to restart the facility, which was idled in March this year following the drastic fall in demand as a consequence of the Covid-19 pandemic," ArcelorMittal said.ArcelorMittal Sestao....Read More
Al Ghurair Iron & Steel, based in Abu Dhabi, in the United Arab Emirates, has appealed to the United States Court of International Trade on the US Department of Commerce's affirmative circumvention determinations on anti-dumping and countervailing duty orders for certain Chinese corrosion-resistant steel products (Core). Abu Bucker Husain, the chief executive officer of Al Ghurair Iron & Steel, to...Read More
A softening dollar led China's hot-rolled coil producers to their export offers flat on Tuesday September 15 despite a weakening domestic market.DomesticEastern China (Shanghai): 3,920-3,930 yuan ($575-576) yuan per tonne, narrowing downward by 10 yuan per tonneA Shanghai-based trader said trading activity had thinned during the day from Monday following losses in the futures market.Sellers were l...Read More
Ferrous scrap prices in the main Mexican markets continued to improve in the week to Tuesday September 15 as a result of some buyers increasing their supply of the steelmaking raw material, market participants told Fastmarkets.Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey at 6,400 pesos ($302) per tonne on Tuesday, up 200 pesos from 6,200 pesos...Read More
Seaborne iron ore prices eased on Tuesday September 15 amid a market-driven price correction from the previous day's sky-high prices, according to trade sources.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $128.52 per tonne, down by $1.65 per tonne.62% Fe low-alumina fines, cfr Qingdao: $128.90 per tonne, down by $1.32 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $118.02 per t...Read More
The seaborne premium hard coking coal fob index jumped on Tuesday September 15 following a transaction of premium mid-volatility hard coking coal in the fob market, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $119.54 per tonne, up $6.31 per tonne Premium hard coking coal, cfr Jingtang: $126.60 per tonne, up $0.12 per tonneHard coking coal, fob DBCT: $95.26 per tonne, up $2....Read More
BHP has flagged inconsistent profits caused by volatile commodity prices as a key risk to its business."Impacts from the Covid-19 pandemic and other geopolitical and macroeconomic developments are expected to increase commodity price volatility. Volatility in the market will continue to translate into profit variability," the mining giant said in its annual report for its 2020 financial year ended...Read More
China's domestic rebar prices stopped rising on Tuesday September 15 after falling futures and rain weakened demand.DomesticEastern China (Shanghai): 3,700-3,720 yuan ($545-548) per tonne, unchangedContinual rain in eastern China slowed down the consumption rates of rebar at construction sites as well as the transportation of the long steel product.A weakening of the futures also reduced buying in...Read More
Key data from the Tuesday September 15 pricing session in London.Key driversCobalt metal prices edge higher; cheaper offers fade with some sellers setting their new target prices closer to $16 per lb citing a well-underpinned market on news that China's State Reserve Bureau will begin stockpiling metal. Lack of clarity...Read More
Credit insurance companies are decreasing the extent of the cover they offer, and are requesting more information from clients, in the wake of the Covid-19 pandemic, but ultimately the sector has been well supported by government schemes, according to Dutch specialist insurance broker Aon.Trade credit insurance gives protection to companies against bad debts caused by the insolvency or protracted...Read More
China-based minor metals producer Vital Materials has agreed to acquire the ceramic target business division of Samsung Corning Advanced Glass (SCG) - a joint venture between Samsung Display and Corning Incorporated - Vital told Fastmarkets on September 15.SCG's ceramic target business - in Gumi, South Korea - is an indium tin oxide, (ITO), indium zinc oxide (IZO) and indium gallium zinc oxide (IG...Read More