The latest forecasts from Fastmarkets' team of analysts are ready to view.In previous reports, we noted that upside risks to our forecasts existed. These were based on Chinese steel production, and in turn alloy consumption, outperforming our expectations.Chinese crude steel production is rising each month in a year-on-year comparison, prompting our revised view that Chinese alloy consumption will...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The Covid-19 pandemic and the associated impacts on steel production, mining and manufacturing activity, end-use consumption, and trade and transportation continue to dominate ferro-alloy markets. US steel mills are operating at around 50% of capacity, with similarly low operating rates evident in Europe as well. Chinese ste...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The recent price fall in the iron ore market signals the start of a downturn, after prices averaged at the highest level in almost a year in June. A combination of both supply-related events in Brazil and demand factors in China have put pressure on prices. Vale has received permit to resume mining operations in Itabira, whi...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The recent announcement about Vale's resumption of operations in Brazil, along with new concerns about a slump in demand because of heavy rainfall in China, has resulted in the end of the iron ore price rally. There has also been pressure from tight steel spreads, with the operating margins for Chinese steel mills shrinking...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron ore prices climbed further last week and we expect the elevated levels to remain into the next month. In particular, further upside will come from blast furnace (BF) capacity, which was reduced in Europe, Japan and the United States and has now come back online after restrictions started to be removed. With Covid-19 spr...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron ore prices have shot up as market participants have judged the supply risks from Covid-19 higher at this point in time when there is already a tight seaborne market. Despite the efforts to ramp up, Vale is struggling to catch up with its pre-dam disaster export volumes and its slow recovery has only been hit further by...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices are relatively stable this month, showing little change since our previous tracker. Such stability masks growing issues for stainless steelmakers, however, who are increasingly unable to pass on rising costs to consumers and are, thus, facing cuts to their margins.In general, this is due to an excess of...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices are on the increase in June. As far as this market is concerned, it appears as though the Covid-19 pandemic has had little impact so far, with prices on the most common grades of stainless steel just 2-4% lower than they were at the turn of the year in most markets.Even in Asia, a region often talked ab...Read More
Three-month prices for base metals on the London Metal Exchange were higher at the close of trading on Thursday July 2, with positive employment statistics from the United States lending support to the complex, while forward-buying in LME copper futures prompted a tightening of the metal's forward curve.Economic data released in the afternoon from the US showed the country's unemployment rate for...Read More
The Turkish scrap import market was quiet on Thursday July 2, following two bookings on Wednesday, with mills stepping back to wait for lower prices, sources told Fastmarkets. On Wednesday, a steel mill in the Iskenderun region booked a cargo from the United States, comprising 16,000 tonnes of HMS 1&2 (80:20) at $256 per tonne, 6,000 tonnes of shredded at $261 per tonne and 8,000 tonnes of plate a...Read More
The London Metal Exchange is looking for ways to boost its options market, which has been struggling for some years to replicate the growth seen in the same sector among its peers.The exchange has launched a consultation, scheduled to end on July 29, on developing electronic options via a new trading platform while retaining its current inter-office options trading structure.Items up for discussio...Read More
BHP is to scale down operations and cut jobs at its Cerro Colorado copper mine in Chile's Atacama Desert, the company said on Thursday July 2. The Australia-based mining company said the number of employees working at the mine, which is part of the larger Pampa Norte asset, will be reduced over the next four months."Cerro Colorado has begun discussions with employees and contractors...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices are relatively stable this month, showing little change since our previous tracker. Such stability masks growing issues for stainless steelmakers, however, who are increasingly unable to pass on rising costs to consumers and are, thus, facing cuts to their margins.In general, this is due to an excess of...Read More
Scott Shi and Ben Liu have joined Shanxi Securities while the Chinese brokerage company looks to enhance its commodities business, Fastmarkets understands.Shi - formerly of Hong Kong Exchanges and Clearing (HKEX) - and Liu - who worked at Gelin Dahua previously - will...Read More
The three-month zinc price on the London Metal Exchange was the highest climber among the base metals complex during morning trading on Thursday July 2, supported by strong buying during Asian trading hours, while an 810-tonne inflow failed to stop LME nickel's price incline. The three-month zinc price was recently at $2,064 per tonne, up by 1.1% from Wednesday's closing price of $2,041 per tonne....Read More
Hot-rolled coil prices in the United States continue to hover just below $24 per hundredweight ($480 per short ton) on short mill lead times, uneven demand and concerns about the potential economic impact of a surge in Covid-19 infections.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.85 per cwt ($477 per ton) on Thursday July 2, down by 0.6% from $23.99 per cwt...Read More
Most Turkish flat steel prices hit a monthly peak on June 12, following feedstock prices, before edging back down when buyers concluded their procurement activity, market participants told Fastmarkets on Thursday July 2. Turkish flat steel producers are fully booked until mid-September. Feedstock scrap prices fluctuated in June. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), U...Read More
Steel billet import prices decreased in Egypt on lower bids in the week to Thursday July 2, sources told Fastmarkets.In addition, Egypt imposed a 10% duty on imports of finished steel products under HS code 7208, 7209, 7210, 7211, 7212, 7213, 7214, 7215, and 7216, in effect from June 24.The duty does not affect semi-finished product imports, but billet is already subject to a 16% safeguard duty un...Read More
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.The European Commission (EC) presented its definitive decision in the safeguard case on June 30. The adjusted m...Read More
Turkey exported 467,295 tonnes of flat steel products in May, marking a 3.5% increase annually, according to the Turkish Statistical Institute (TUIK). The total flat steel export increase was driven mainly by a 59.5% increase in coated coil exports during the month, which offset falling hot-rolled and cold-rolled coil exports. The reason for the increase in coated steel exports was strong demand i...Read More