South Korean steelmakers were able to book bulk scrap cargoes from Japan over the past week at low prices although offers for US-origin deep-sea material continued to jump, sources have told Fastmarkets.Three cargoes of Japanese H2-grade scrap have been bought by a South Korean steelmaker at ?26,000 ($248) per tonne cfr over the past week, which would be equivalent to ?24,000 per tonne fob, Fast...Read More
Iron ore prices were relatively stable on Thursday July 30, encouraging trading in both the seaborne market and at ports in China. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $110.58 per tonne, up $0.01 per tonne 62% Fe low-alumina fines, cfr Qingdao: $112.94 per tonne, down $0.04 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $97.99 per tonne, up $0.58 per tonne 65% Fe Brazil...Read More
China's hot-rolled coil prices strengthened on Thursday July 30 amid supply shortages, sources told Fastmarkets.DomesticEastern China (Shanghai): 3,950-3,970 yuan ($564-567) per tonne, widening upward by 10 yuan per tonneTransactions were largely concluded around 3,950-3,960 yuan per tonne in the morning, the same as a day earlier.But gains in the futures market in the afternoon pushed up spot pri...Read More
China's domestic rebar prices increased on Thursday July 30 on stronger demand, though market participants tempered their expectations amid high production rates and inventory levels. Domestic Eastern China (Shanghai): 3,590-3,620 yuan ($513-517) per tonne, up by 20 yuan per tonneFavorable weather and rising futures stimulated demand for rebar, which provided upward momentum for prices, market sou...Read More
Three-month base metals prices on the London Metal Exchange were subdued during morning trading on Thursday July 30, with thin volumes indicating bearish sentiment, while a low dollar and continued outflows did little to stop copper futures from leading on the downside. Copper's outright price on the LME was recently trading at $6,419.50 per tonne, sliding by just under 1% from Wednesday's closing...Read More
Base metals prices were for the most part firmer this morning, Thursday July 30, while broader markets were more mixed.The United States Federal Reserve provided more liquidity to international markets at its meeting that ended on Wednesday, but did not make any major changes. It also said that the path of the US economic recovery would depend on the course of Covid-19 in the country. Given the la...Read More
China's domestic and export prices for stainless steel increased over the past week on strengthening demand and gains in the nickel market. The three-month nickel contract on the London Metal Exchange ended Wednesday July 29's official trading session at $13,809 per tonne, up by $549 per tonne from $13,260 per tonne on July 22.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi):...Read More
The cobalt alloy grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies.Fastmarkets assessed cobalt...Read More
The cobalt standard grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies.Fastmarkets assessed cobalt standard grade, in-whs Rotterdam at $13.75-14.15/lb on...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday July 29.Key drivers The antimony market has established a price floor after a continued downward trend that started on March 31, aggravated by a slump in industrial activity caused by the measures intended to control the spread of the Covid-19 pandemic. The Chinese price strengthened last week in response to higher offers and produc...Read More
Two weeks after UC Rusal called for new Nornickel management and a relocation of its head office to Norilsk, Siberia - recently the center of three polluting events in six weeks - Nornickel has made several accommodations for its major shareholder. Rusal owns 27.82% of Moscow-based Nornickel.Having just announced multiple management changes, including the departure from public relations of a senio...Read More
A summary of Spain-based stainless steel producer Acerinox's financial results for the second quarter and first half of 2020. In brief Acerinox was able to mitigate the impact of the pandemic via cost reduction and integration of acquired VDM. The company reported a profit despite a fall in prices and a Covid-19 related decrease in activity. The company cited strong performance i...Read More
China produced 13.96 million tonnes of crude stainless steel in the first six months of 2020, down by 2.74% from a year earlier, according to data released by the China Stainless Steel Council (CSSC) on Tuesday July 28.Apparent consumption totaled 11.66 million tonnes during the period, down by 270,500 tonnes (2.27%) from the first half of 2019, it...Read More
Taiwanese buyers continued to purchase at higher prices for imported containerized ferrous scrap over the past week. Fastmarkets' daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $248-249 per tonne on Thursday July 30, increasing $1 per tonne from a day earlier and up by $4-5 per tonne from $243-245 per tonne cfr Ta...Read More
The continued price differential between Chinese and European vanadium prices that sparked interest in exports to China has left inventories in Europe depleted and has eventually sent European prices upward, market sources told Fastmarkets. Fastmarkets assessed the ferro-vanadium 78% V min, fob China price at $29.50-30.50 per kg on Thursday July 23, unchanged from the previous week, while its...Read More
Chevron (CVX), a Dow Jones Industrial Average stock moved below $82.50 setting an intermediate downtrend.Exxon Mobil (XOM), a Dow Jones Industrial Average stock moved below $41.10 setting an intermediate downtrend. Gilead (GILD), a NASDAQ 100 stock moved below $71.66 setting an intermediate downtrend.American Airlines (AAL), a NASDAQ 100 stock moved below $10.98 extending an intermediate downtrend...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 29 that are worth another look.The United States Department of Commerce has launched anti-dumping (AD) and countervailing duty (CVD) investigations - some alleging triple-digit margins - into seamless standard, line and pressure pipe imports from four...Read More
Global tin premiums were flat in the week ended Tuesday July 28, with a rising three-month tin price on the London Metal Exchange and tightening forward spreads being the key deterrents to spot business, while a closed arbitrage window and lack of spot liquidity meant that deals remained rare.US premium holds steady on lack of tradesClosed arbitrage window for most of the past two weeks limits buy...Read More
Exports of standard P1020 aluminium from Canada into the United States in July have declined as demand for value-added products (VAP) resumes and smelters rebalance their production, according to the Aluminium Association of Canada (AAC). This makes the potential reintroduction of Section 232 tariffs by the US government not just unnecessary but also penalizing for North American manufacturers and...Read More
Key information from the pricing session for Fastmarkets' alumina index, fob Australia on Wednesday July 29. Key drivers: Deals concluded on Wednesday at $275 per tonne fob Western Australia for 30,000 tonnes with mid-August loading. Prior to this, the deal market had been quiet with no spot business since one deal at $280.50 per tonne fob Australia on July 22. Chinese market participants h...Read More