Here are five Fastmarkets stories you might have missed on Wednesday August 19 that are worth another look.South African manganese alloys producer Transalloys will reduce its silico-manganese production by about 30% this year due to weakening market prices, it was revealed on August 19.The Madras...Read More
Harry "Red" Conger has been appointed as the executive vice president and chief operating officer (COO) of Teck Resources, effective September 1.Known throughout the mining industry as "Red," Conger will be responsible for all of Teck's mining and metallurgical operations, projects and joint ventures across the copper, zinc, steelmaking coal and energy business units. Read More
Brazilian flat-rolled steel producer Usiminas has lost the lead in its domestic market due to its strong exposure to the automotive sector, which suffered greatly from the Covid-19 pandemic, sources told Fastmarkets.Brazil's steel industry took a heavy hit from regional restrictions in the country to contain the spread of the coronavirus. Demand fell significantly in April and recovered at a slow...Read More
Tight intermediates availability and a rally in the cobalt hydroxide market brought cobalt metal back in favor with cobalt sulfate refineries looking to cut risk in their feedstock inflows in late July. Until then, cobalt hydroxide payables - the percentage of the metal price buyers pay sellers for cobalt intermediates - had been capped at 70% for at least a year and a half, reflecting ample suppl...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 19.Please click...Read More
The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019. The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its h...Read More
Global zinc premiums were collectively flat in the week to Tuesday August 18, while an uptick in lead demand in Southeast Asia allowed spot interest to mount, albeit against climbing LME three-month prices for both commodities. Catch-up demand boosts lead business in South Asia Higher offers heard in Shanghai on intermittent opening of arbitrage window; zinc premium holds The European summer slowd...Read More
The European wire rod market was quiet in the week to Wednesday August 19 amid the traditional summer slowdown, while market participants were expecting prices to rise in September, pushed upward by costlier scrap and increased buying activity, sources told Fastmarkets.Southern EuropeFastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, remain...Read More
The price of hollow steel sections in Europe has remained stable over the past week despite previous expectations of an increase, with the slow summer activity precluding any changes, sources told Fastmarkets on Wednesday August 19.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?540-560 ($643-667) per tonne on Wednesday, unchanged week on week...Read More
Imports of used beverage cans (UBCs) into the United States inched higher again in June as a result of squeezed domestic supply due to restrictions on recycling operations, Fastmarkets understands.The United States imported 18,654 tons of UBC scrap in June, up by 3.9% from 17,961 tons in May, bringing the year-to-date total to 80,130 tons, figures from the US Department of Commerce show.UBC scrap...Read More
Total exports of nonferrous scrap materials from the United States increased month on month in June, as foreign buying of US products continued to recover from Covid-19-induced economic shutdowns.Nonferrous exports totaled 237,106 tons in June, up 14.6% from 206,857 tons in May, but down 6.1% from 252,623 tons in June 2019.Year-to-date volumes, however, fell by 12.3% year on year to 1,375,129 tons...Read More
Secondary aluminium scrap and ingot prices in the UK rose on Wednesday August 19, with limited demand returning to the market although supply was still constrained after the Covid-19-related shutdowns.A lack of manufacturing activity in the country after the pandemic-related lockdowns in March has led to a reduced level of aluminium scrap supply in recent months, market participants said.The recen...Read More
The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019. The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its h...Read More
The Madras High Court of India has rejected Vedanta's plea to restart its Tuticorin copper complex, which has been closed since 2018.The long-awaited verdict came on Tuesday August 19 to uphold an earlier decision to keep the 400,000 tonne-per-year copper complex in Tamil Nadu closed with no access to electricity. In 2018, 13 locals were killed in a shooting incident during a protest aga...Read More
Hot-rolled coil prices in the United States slid below $24 per hundredweight ($480 per short ton) on Wednesday August 19 after clearing that hurdle the day before for the first time since July 6.Fastmarkets' steel hot-rolled coil index, fob mill US was calculated at $23.85 per hundredweight on Wednesday, down 0.7% from $24.03 per cwt on Tuesday August 18 but up 3.9% from $22.96 per cwt on Wednesda...Read More
Steady raw material costs and increasing demand from the automotive and construction sectors have kept wire rod prices in the United States firm, market participants said. Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US held at $29-29.50 per hundredweight ($580-590 per short ton) on Tuesday August 18. This is down by 8.6% from $31.50-32.50 year over...Read More
Steel rebar producers in the United Arab Emirates have increased their prices recently, and were unwilling to give discounts because of high production costs, sources told Fastmarkets on Wednesday August 19.The country's biggest rebar producer, Ezz Steel, has been offering the product since August 17 at 1,830 dirhams ($498) per tonne ex-works for orders to be produced in September. This was up fro...Read More
The price of steel H-beams in Europe was unchanged again in the week ended Wednesday August 19, but market participants expected to see increases by September at the latest, Fastmarkets has heard.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?530-560 ($631-667) per tonne on Wednesday, unchanged week on week.In the south of Europe, prices were also...Read More
Domestic prices for heavy steel plate in Europe were stable over the week to Wednesday August 19, due to the seasonal summer lowdown, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was unchanged over the week at ?,?450-470 ($536-560) per tonne on August 19.The assessment was based on deals heard in early August at ?,?450 pe...Read More
The US ferrous scrap export market has been locked in a holding pattern since overseas buyers retreated to the sidelines over the past week following a flurry of activity earlier this month.Interest in the deep-sea market from Turkey, the biggest buyer of US ferrous scrap, has died down amid reports that the country's long steel demand has been affected by a weakening Turkish lira and a strengthen...Read More