Turkish steel billet prices fell in the week to Thursday July 9, in line with the latest downturn in the deep-sea scrap import values, sources said. Suppliers in the Commonwealth of Independent States (CIS) lowered their offers for Turkey by $5 per tonne to $375-385 per tonne cfr, while the highest bid from Turkey was heard at $370 per tonne cfr. There were no significant transactions heard over t...Read More
In light of the recent turmoil in the oil market, the Fastmarkets research team has closely examined the correlations between the price of oil and the prices for ferrous scrap and finished steel products, to discover nuanced relationships and their changes over time.It is common for steel market participants to refer to high correlations between oil prices and the prices for scrap and steel. Among...Read More
The Turkish deep-sea ferrous scrap import market remained quiet, with mills in the country holding back from purchasing due to weak finished long steel sales, sources said on Thursday July 9.Turkish steel producers booked five deep-sea cargoes late last week, totalling around 140,000 tonnes.But the mills then went quiet in the deep-sea market at the beginning of this week after failing to sel...Read More
South Africa's government has launched an investigation into how the supply of scrap metal has been affected by the challenges related to the Covid-19 pandemic, and has banned scrap exports for a period of two months beginning July 3.The country's minister at the department of trade, industry and competition (DTIC), Ebrahim Patel, has issued a trade policy directive to the International Trade Admi...Read More
Polish coal miner Jastrzebska Sp??lka Weglowa (JSW), the largest coking coal producer in Europe, has cancelled the state of force majeure declared to its clients in early April due to the effects of the Covid-19 pandemic, the company said on Thursday July 9.JSW adopted a resolution on the cancellation on Thursday. The state of force majeure has been in place for three months.https://www.metalbulle...Read More
The price for cargoes of steel scrap imported to Bangladesh increased by $4 per tonne at the midpoint week on week following stronger demand for scrap in the South Asian nation, together with a revival of activity from Turkey. Fastmarkets' price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh was $268-275 per tonne on Thursday July 9, up $3...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In a webinar we conducted on Asian ferro alloys, our research team discussed the Chinese authorities' announcing some major infrastructure investments that will increase demand for steel and steel raw materials, including iron ore. Our research shows that the recent infrastructure investment announcements are equal to about...Read More
Movements in prices for seaborne iron ore were rangebound on Thursday July 9, with concerns coming to light over the limited port inventories of some low- and mid-grade iron ore fines brands, according to market participants.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $106.32 per tonne, down by $0.18 per tonne.62% Fe low-alumina fines, cfr Qingdao: $108.30 per tonne, up by $0.02 per ton...Read More
Seaborne prices generally remained flat on Thursday July 9 amid a muted spot market while buyers and sellers are in a stalemate, market participants said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $113.03 per tonne, down $0.33 per tonne Premium hard coking coal, cfr Jingtang: $124.80 per tonne, down $0.42 per tonneHard coking coal, fob DBCT: $93.83 per tonne, unchangedHard coking coal,...Read More
China's hot-rolled coil prices climbed to their highest in nearly six months on Thursday July 9 despite rising inventory levels, with the previous day's trading activity encouraging sellers to issue higher offers.DomesticEastern China (Shanghai): 3,860-3,880 yuan ($551-553) per tonne, up 20 yuan per tonneShanghai's HRC market has shaken off all of the decreases resulting from the Covid-19 outbreak...Read More
China's domestic rebar prices continued to rise on Thursday July 9, albeit with less upward momentum due to high inventory levels in the market.Domestic Eastern China (Shanghai): 3,570-3,600 yuan ($509-513) per tonne, up by 10 yuan per tonneSpot market inventory levels totaled 8.17 million tonnes on Thursday, up by 200,000 tonnes from a week ago, according to a local industry information provider....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...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. Read More
Broad markets were managing to remain upbeat this morning, Thursday July 9, despite the rapid spread of the Covid-19 virus across some continents, while the base metals were rallying on the back of numerous supply disruptions, especially affecting copper and zinc. Wednesday saw European equities pull back and those in the United States initially followed, but then US stocks ended Wednesday with ga...Read More
China's domestic and export prices for stainless steel increased over the past week amid a strong nickel market. The three-month nickel contract on the London Metal Exchange ended Wednesday July 8's official trading session at $13,465 per tonne, up by $845 per tonne from $12,620 per tonne on July 1. This is the highest price since January 23. DomesticStainless steel cold-rolled coil 2mm grade 304...Read More
Offers prices for Japanese scrap to the key Vietnam import market have increased after the results of the July Kanto Tetsugen auction were announced on the morning of Thursday July 9.The monthly auction concluded at an average of ?23,574 ($219) per tonne on an fas basis. The first winning bid was at ?23,600 per tonne fas for 12,000 tonnes of H2 scrap, while the second winning bid was at ?23,542...Read More
Import prices for containerized ferrous scrap in Taiwan started a recovery in the middle of this week amid increased demand, breaking an almost three-week downward streak.Fastmarkets' daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $230-235 per tonne on Thursday July 9, up by $2-5 per tonne from $228-230 per tonne from...Read More
Export prices for Japanese steel scrap are showing clear signs of increasing again amid low supply following weeks of declines, market sources told Fastmarkets.Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan was ?22,500-23,000 ($209-214) per tonne on Wednesday July 8, down by ?500 per tonne week on week.Buying activity has been muted in recent weeks, with market par...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Index futures recovered slightly following release of the June Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.4% in May. Actual was a decrease of 0.2%. Excluding food and energy, consensus was an increase of 0.1% versus a decline of 0.1% in May...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 8 that are worth another look.The recovery in Chinese steel consumption, especially that for rebar, has been "extraordinary," while the downturn in the automotive sector may not necessarily mean stainless steel demand will decline this year, delegates heard at Fastmarkets' Covid-19 and Asian ferro-alloys markets webinar...Read More