A deadly border clash which began in the cold and windy highlands of Ladakh, in northeastern Kashmir, has spilled over into steel trading between China and India.The market has been rife with chatter indicating that India will stop importing Chinese steel substrate, or that it will stop sending steel cargoes to Chinese buyers which had been actively purchasing India-origin hot-rolled coil (HRC) an...Read More
Brazilian ferrous scrap exports increased 1.7% in June, compared to the same month in 2019, due to lower domestic consumption that has lead to yards shipping more material to South Asia, data from the country's ministry of economy showed on Monday July 6.The country exported 76,649 tonnes of ferrous scrap last month, up from 75,344 tonnes a year before. Bangladesh, India and Pakistan were the main...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Judging by a recent webinar we conducted on Asian ferroalloys last week, many market participants believe the steel and steelmaking raw materials' world - outside of China - will record an 'L' shaped recovery, effectively failing to recover. With crude steel production outside of China falling close to a third in April and o...Read More
Iron ore prices rose again on Monday July 6 amid active trading in the seaborne and futures markets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $101.24 per tonne, up $0.59 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $103.99 per tonne, up $0.99 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $89.81 per tonne, up $0.26 per tonne. 65% Fe Brazil-ori...Read More
Seaborne premium hard coking coal prices edged down on Monday July 6, with no transactions heard and market sentiment turning negative. Fastmarkets indicesPremium hard coking coal, fob DBCT: $114.03 per tonne, down $0.57 per tonne Premium hard coking coal, cfr Jingtang: $125.42 per tonne, down $0.08 per tonneHard coking coal, fob DBCT: $93.33 per tonne, up $0.50 per tonneHard...Read More
Prices for seaborne iron ore concentrate and pellets fell last week amid buyer resistance toward costly high-grade products.Fastmarkets' index for iron ore 66% Fe concentrate, cfr Qingdao stood at $107.88 per tonne on Friday, down by $1.95 per tonne from $109.83 per tonne a week earlier.Fastmarkets' index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao averaged $112.60 per tonne last week, do...Read More
The three-month nickel price on the London Metal Exchange climbed by more than 2% to breach nearby resistance levels during morning trading on Monday July 6, while a backwardation in LME copper's forward curve did little to stop its price incline amid fresh stock removals. Nickel's outright price on the LME was recently seen at $13,250 per tonne, a rise of 2.1% against a morning low of $12,985 per...Read More
China's domestic hot-rolled coil prices were stable on Monday July 6 amid active trading, while import activity was reported to be continuing albeit at a slower pace.DomesticEastern China (Shanghai): 3,740-3,760 yuan ($529-532) per tonne, unchangedA Shanghai-based trader said there was steady buying in the city amid stable futures, which bolstered sentiment.He said HRC inventory levels in eastern...Read More
Asian equities markets were stronger this morning, Monday July 6, and that has helped drive gains averaging 0.8% across the three-month bases metals prices on London Metal Exchange.But the strength in markets is happening despite many headwinds with the out-of-control spread of Covid-19 in the United States and other parts of South America and while US-China relations are deteriorating.Germany's I...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 alloy...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...Read More
Fastmarkets is proposing to increase the pricing frequency of its cobalt hydroxide index, 30% Co min, cif China to fortnightly from monthly at present. The cobalt hydroxide index 30% Co min, cif China is currently published on the last working day of each month. It was launched in February 2019, alongside Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China, to provide trans...Read More
Key data from the Friday July 3 pricing session in Shanghai.Key drivers Export price stable with offers falling within the published range.Market participants received sporadic inquiries from overseas buyers and noticed big discrepancies between the prices they offered...Read More
The UG2 chrome ore, charge chrome and Chinese domestic spot ferro-chrome markets all drifted lower in the week to Friday July 3 on weakening sentiment after the main Chinese stainless steel mills lowered their tender prices for July.Following the recent drop in chrome ore prices, Tiayun Iron & Steel (Tisco), Tsingshan Group and Baosteel all lowered their high-carbon ferro-chrome tender prices for...Read More
Turkish domestic scrap prices have gone down slightly over the past week in line with the downturn in imported scrap values, sources said on Monday July 6.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey was 1,660-1,870 lira ($242-273) per tonne on Monday, narrowing downward from 1,655-1,885 lira per tonne a week earlier.The movement in the assess...Read More
Codelco had demobilized staff and suspended construction at its El Teniente project in Chile to contain the rapidly spreading Covid-19 virus in the region, the company said on Saturday July 4. Some 4,500 workers at the mine are under "transitory demobilization" with the rest of the workforce working on a shift schedule of 14-day on and 14-day off, Codelco said. Chuquicamata is also functioning und...Read More
With the exception of China’s CSI 300, Asian-Pacific equities and pre-market major western equity futures were weaker this morning, Tuesday July 7, while base metals prices on the London Metal Exchange were mixed, although in general were holding up well. China’s equity markets are experiencing a retail investor rally that is being encouraged by state media - the market is up by almost 1...Read More
Gold Miners ETF (GDX) moved above $37.49 to an 8 year high extending an intermediate uptrend.CheckPoint Software (CHKP), a NASDAQ 100 stock moved above $112.96 extending an intermediate uptrend. Pre-opening Comments for Tuesday July 7thU.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade.Apple (AAPL $373.85) is expected to open higher...Read More
Tata Steel has reached an agreement with trade union FNV Metaal over its Dutch assets, bringing an end to 25 days of industrial action, the company said on Friday July 3.There will be no redundancies at Tata Steel at IJmuiden and the parent company will invest in site's upgrade, FNV said.In addition, an employment pact for the company's Dutch workers has been extended by five years until Octo...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 2 that are worth another look.European importers of long steel and hot-rolled coil have claimed that this week's definitive decision in the EU steel imports safeguard case review ignored the interests of independent buyers and focused protection only on steelmakers, market sources told Fastmarkets on Wednesday July 1.Chilean...Read More