Steel rebar and billet prices in the United Arab Emirates increased this week despite only moderate demand, sources told Fastmarkets on Tuesday June 16.It came as no surprise, however, as market participants in the country were expecting prices to rise.Domestic rebarThe country's biggest producer, Emirates Steel, is offering rebar at 1,773 dirhams ($483) per tonne ex-works from June 16, up fr...Read More
Rebar and wire rod producers from the Commonwealth of Independent States (CIS) increased their offer prices after hikes by Turkish suppliers this week, in response to higher scrap costs.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $267.66 per tonne cfr on Monday June 15, up from $260.12 per tonne on the same day last week.And the daily index fo...Read More
Turkish steel producers continued to stay away from the deep-sea scrap import market, but the current firm prices could soon start to rise if demand for rebar grows, sources said on Tuesday June 16.After booking nine deep-sea cargoes, totalling 250,000 tonnes last week, the Turkish steel producers have been quiet since the start of this week.They are still expected to book more cargoes,...Read More
Seaborne iron ore prices went up on Tuesday June 16 following a rise in the futures market due to a weekly decrease in shipments from Australia and Brazil, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.85 per tonne, up $1.41 per tonne.62% Fe low-alumina fines, cfr Qingdao: $107.80 per tonne, up $1.68 per tonne. 58% Fe fines high-grade premium, cfr Qingdao:...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 16 that are worth another look.Swedish stainless steel producer Sandvik is to cut 429 jobs from its Sandvik Materials Technology division later this year because of the negative impact on business of the Covid-19 pandemicFerrous scrap prices have ticked up slightly in Mexico, although overall steel production and industrial ac...Read More
Swedish stainless steel producer Sandvik is to cut 429 jobs from its Sandvik Materials Technology division later this year because of the negative impact on business of the Covid-19 pandemic. "Today, Sandvik gave notice of layoffs in Sweden for 429 positions within its Sandvik Materials Technology business area," the company announced on Tuesday June 16.The layoffs will occur at Sandvik'...Read More
Swedish stainless steel producer Sandvik is to cut 429 jobs from its Sandvik Materials Technology division later this year because of the negative impact on business of the Covid-19 pandemic. "Today, Sandvik gave notice of layoffs in Sweden for 429 positions within its Sandvik Materials Technology business area," the company announced on Tuesday June 16.The layoffs will occur at Sandvik'...Read More
Workers at Tata Steel IJmuiden in the Netherlands will continue industrial action after negotiations with the company's management fell through, the trade union FNV Metaal said on Sunday June 14.A strike on the night shift started on Sunday June 14 at 22:00 local time and affected pickling, cold rolling, an annealing furnace, continuous annealing lines 11 & 12 and tinning lines."The entire pr...Read More
Saudi Arabia General Customs Authority has postponed its planned increase in duties on steel imports, it said on Thursday June 11. Import duties on several steel products were scheduled to increase on June 10, Saudi Arabian market sources told Fastmarkets on May 29. The customs authority now says the...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 16 that are worth another look.Swedish stainless steel producer Sandvik is to cut 429 jobs from its Sandvik Materials Technology division later this year because of the negative impact on business of the Covid-19 pandemicFerrous scrap prices have ticked up slightly in Mexico, although overall steel production and industrial ac...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:?EUR?On the back of US steelmakers' $50- to $60-per-ton price hikes in late April, domestic hot-rolled coil prices improved to a monthly average of $493 per ton in May, up from $488 per ton in April. In contrast, both cold-rolled coil and hot-dipped galvanized sheet p...Read More
A summary of base metals premiums from across the globe for the week to Tuesday June 16.Please click...Read More
The unveiling of the US Federal Reserve's corporate bond purchase program late in the European trading day on Monday June 15 revived investor confidence in commodities on Tuesday, boosting LME three-month base metals prices. Donald Trump's administration is currently considering a potential infrastructure bill valued at nearly $1 trillion, fueling risk-on sentiment across the LME base metals compl...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 16 that are worth another look.Swedish stainless steel producer Sandvik is to cut 429 jobs from its Sandvik Materials Technology division later this year because of the negative impact on business of the Covid-19 pandemicFerrous scrap prices have ticked up slightly in Mexico, although overall steel production and industrial ac...Read More
The London Metal Exchange recently reiterated its willingness to facilitate spot trading of low carbon aluminium. While not a new concept for the exchange, it would serve two important purposes. First, it would provide more transparent, digitalized data on the specification of its aluminium brands and determine whether people are actually paying more for low carbon metal. Second, it would pro...Read More
Just over a year ago, US Section 232 tariffs against imports of aluminium from Canada were removed. Now there are calls to reintroduce them.The American Primary Aluminum Association (APAA), which represents US producers Century Aluminum and Magnitude 7, says that Canadian imports have "surged" since the tariffs were removed and are threatening the viability of the US primary aluminium industry.&nb...Read More
An expected shortfall in Brazilian supply of high-grade iron ore will likely result in 2020 becoming a boom year for Australian miners.While Brazilian miner Vale, a key producer of high-grade iron ore fines and pellets, is maintaining its production guidance despite a suspension of operations at its Itabira mining complex, many market participants in Asia are expecting a shortage of Brazil-origin...Read More
Seaborne iron ore prices went up on Tuesday June 16 following a rise in the futures market due to a weekly decrease in shipments from Australia and Brazil, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $104.85 per tonne, up $1.41 per tonne.62% Fe low-alumina fines, cfr Qingdao: $107.80 per tonne, up $1.68 per tonne. 58% Fe fines high-grade premium, cfr Qingdao:...Read More
Markets were stronger across the board this morning, Tuesday June 16, reversing the weakness seen at the end of last week and during early trading on Monday.The Federal Reserve's action to extend buying to a wider base of corporate debt suggests the central bank will "do whatever it takes" to support market sentiment, and indeed markets, if it can. Base metals prices on both the London Metal Excha...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Short-term upside targets achievedLME aluminium's price recovery to $1,600 per tonne has been driven by macro forces acting on all metals, and amplified for aluminium by technical factors after prices became so oversold at the double-bottom lows in April and May. With a 4-million-tonne supply surplus this year, al...Read More