Fraudulent activity in the aluminium scrap market has picked up recently, according to market sources and industry organizations, with one scheme involving aluminium wheels causing particular damage.A recycler buying large amounts of aluminium scrap, primarily wheels, is fraudulently using the name of a real Canadian company, Linamar Corp; redirecting shipments; and not paying for material, accord...Read More
Demand for copper in Europe is weak and economies are struggling to restart after coronavirus-related lockdowns, forcing copper producers to ship cathode to China instead. Chinese trading houses and copper product manufacturers told Fastmarkets that they were fielding a significant rise in offers of cathode produced in Spain and Germany, an unusual shift in traditional trade flows confirmed by Eur...Read More
The three-month lead price on the London Metal Exchange was the standout performer during morning trading on Thursday June 25, supported by a continued trend of stock withdrawals, while a steady incline in LME tin stocks softened the metal's wide backwardation. Lead's outright price on the LME was recently at $1,778.50 per tonne, climbing by just under 1% from Wednesday's closing price of $1,762 p...Read More
Broader markets were generally weaker this morning, Thursday June 25, with those equity markets that were open in the Asian-Pacific region mainly weaker by between 1% and 2%.Pre-market major western equity index futures were down this morning, following Wednesday's weakness. Gold prices hold up in high ground around $1,760 per oz.International Monetary Fund (IMF) cuts world growth forecast again,...Read More
US hot-rolled coil prices have slipped modestly below $24 per hundredweight ($480 per short ton) on short lead times, expectations of lower scrap prices and fears of renewed shutdowns should Covid-19 infections in the South and West spiral out of control, sources said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.90 per cwt ($478 per ton) on Thursday June 25, do...Read More
Prices for certain flat steel imports into the United States have dropped amid weakened domestic prices as well as rising concerns over underlying demand, restarted furnace capacity and surging Covid-19 cases - especially in the South, Midwest and West of the country.With some states being overwhelmed by increased novel coronavirus infections, it is possible that they will resume lockdowns, source...Read More
Brazil's largest flat steel producer, Usiminas, is to restructure its capital goods and engineering subsidiary to serve its core business after five years of sustained losses and unsuccessful divestment attempts.Usiminas Mec??nica will now focus on providing services to the parent company and its other subsidiaries and move away from external projects, the company said - althou...Read More
Turkish rebar and wire rod export prices have gone down over the past week, with poor demand convincing producers to reduce their offer prices, sources said on Thursday June 25.Turkish steel producers lowered their offers for rebar exports to $415-420 per tonne fob on an actual-weight basis to encourage sales, down from last week's $425-430 per tonne. However, apart from a small containerized...Read More
The billet import price decreased in Egypt because of lower offers and bids in the week to Thursday June 25, sources told Fastmarkets. CIS-origin billet was offered this week at $395-400 per tonne cfr, and buyers believed $375-380 per tonne cfr may be a "workable" price for the material. No deals were heard in the assessment period because of weak rebar consumption. As a result, Fastmarkets' weekl...Read More
Iranian billet producers maintained offers to overseas customers in the week to June 24, supported by demand in the domestic market, Fastmarkets learned. "Around 100,000 tonnes of billet were sold in the Tehran Metal Exchange [Iran Mercantile Exchange in the week to June 24]. Local demand is crazy and cargo was sold at much better prices than the export market can accept," one trader said on Wedne...Read More
German steelmaker Salzgitter has taken a "concrete" step toward its low-carbon production goal by agreeing to a feasibility study with its industrial partners, the company announced on Wednesday June 24.The company agreed with the Federal State of Lower Saxony, the City of Wilhelmshaven and its industrial partners, logistics company Rhenus and energy company Uniper, to conduct a feasibility study...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
Prices for deep-sea origin steel scrap imported to Bangladesh fell over the past week after a new sale from the United States closed at lower numbers, market sources told Fastmarkets on Thursday June 25. A Bangladeshi mill purchased a bulk cargo from the US Pacific Northwest region comprising 13,000 tonnes of HMS 1&2 (80:20) at $275 per tonne cfr and 24,000 tonnes of shredded at $280 per tonne cfr...Read More
Seaborne iron ore prices were flat on Thursday June 25 amid a public holiday in China to mark the Dragon Boat Festival.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $103.34 per tonne, unchanged 62% Fe low-alumina fines, cfr Qingdao: $106.49 per tonne, unchanged 58% Fe fines high-grade premium, cfr...Read More
Seaborne premium hard coking coal prices were unchanged on Thursday June 25 amid an absence of Chinese market participants due to a public holiday in China to mark the Dragon Boat Festival.Fastmarkets indicesPremium hard coking coal, fob DBCT: $113.79 per tonne, unchanged. Premium hard coking coal, cfr Jingtang: $122.83 per tonne, unchanged.Hard coking coal, fob DBCT: $89.57 per tonne,...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 $14.15-14.65...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
CORRECTION AND APOLOGY TO JINWANG BISMUTH When Fastmarkets first published the below article, on Monday 22 June 2020, it erroneously stated that Jinwang Bismuth was in bankruptcy. Jinwang subsequently made clear to us that the claim was not correct, that Hunan Jinwang Bismuth has applied to the People's Court of Chenzhou for restructuring, and that it remains a going concern. Fastmarkets acted dil...Read More
CCMA has hired James Heywood as a trader, the US metal and alloy raw materials trading house told Fastmarkets.Heywood, who will be based in Europe, joined the company this month with the task of expanding CCMA's European business, it told Fastmarkets on Wednesday June 24. His focus will be in minor metals and noble alloys as well as assisting...Read More
Credit ratings agency Fitch Ratings has downgraded Ferroglobe for the third time in a year, citing the company's limited ability to sell additional assets while enduring continued declines in silicon prices. In the latest downgrade, to a rating of 'CCC-' from 'CCC+', Fitch said it does not expect an improvement in silicon metal prices until 2021, "with recovery likely to be slow and fragile"."Alth...Read More