The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on Friday June 12.The EC concluded that the European steel association, Eurofer, had provided sufficient evidence that Turkish HRC producers have been benefiting from a number of subsidies. Eurofer lodged a complaint to the EC on April 30 this year."The alleged subsidy pr...Read More
GFG Alliance will cut jobs following a drop in demand for steel due to the pandemic which has had a significant, lasting impact on the economies of the countries in which it operates, it said on Thursday June 11. The company announced the headcount reduction alongside an "accelerated investment program" and is implementing a global efficiency drive to help adjust to a new post-pandemic market envi...Read More
The proposed changes to existing EU safeguard measures for hot-rolled coil would result in a drop in import volumes and consequently injure independent distribution in Europe, Italian steel distributors' association Assofermet said in a letter to the European Commission (EC).In late May, the EC presented a draft of the new safeguard measures to the World Trade Organization, which will go into effe...Read More
Prices for flat-rolled steel imported into South America continued to recover during the week to Friday June 12 as more increases were issued - mainly by Chinese and Japanese mills - for August-shipment cargoes.Buyer interest was still lower than usual despite countries such as Peru gradually reopening from lockdowns imposed to prevent the spread of Covid-19. At the same time, a more favorable cur...Read More
Turkish steel producers remained active in the market for import scrap in the week ending Friday June 12, while prices for bulk scrap in Japan and Vietnam appear to hit a ceiling as activity slowed.Turkish mills continue to book deep-sea scrap Demand from Turkey has allowed US East Coast prices to keep increasing Trading activity falls in Vietnamese market as offer prices climb Buying activi...Read More
The UK market for deliveries of steel scrap to domestic consumers has increased again month on month, on tighter scrap generation against steady demand and higher export prices into traditional destinations, market sources told Fastmarkets on Friday June 12.The move follows fewer scrap arisings in the wake of the Covid-19 lockdown, which resulted in falls in demolition projects in construction and...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
Fastmarkets' fob Australia seaborne hard coking coal index moved up on Friday June 12, after a steel mill in India booked an August-laycan spot cargo on Thursday.Fastmarkets indices Premium hard coking coal, fob DBCT: $107.36 per tonne, down $0.23 per tonne Premium hard coking coal, cfr Jingtang: $116.52 per tonne, down $0.29 per tonne Hard coking coal, fob DBCT: $89.42 per tonn...Read More
There has been some follow-through selling in Asian-Pacific equity markets and base metals on the Shanghai Futures Exchange this morning, Friday June 12, but base metals on the London Metal Exchange and pre-market major western equity index futures are consolidating after Thursday's routs. Pre-market Dow Jones equity index futures were indicated to open up by 1.4% this morning after the Dow Jones...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
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Consolidation needed after technical gainsDespite structural oversupply, the London Metal Exchange aluminium price has enjoyed a technical rebound since the mid-May lows, which was in line with our short-term forecasts. But technical indicators now look overbought and the price must consolidate its recent gai...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Early signs of post-lockdown demand recoveryWith major economies outside China reopening after the easing of their Covid-19-related restrictions on movement and industrial activity, last week's jump in the number of cancelled aluminium warrants on the London Metal Exchange may be an early sign that the post-lockdo...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: 'Sell the rally' mentality here to stayAlthough the London Metal Exchange aluminium price has managed to recover modestly from recent lows, we suspect this is mostly short-covering. The lack of producer restraint, growing exchange inventories, a weak demand outlook and the 7 million tonnes of oversupply forecast f...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.As we anticipated, rebar prices in Eastern China (ex-warehouse basis) rose in May, coming within 0.6% of our forecast. Strong demand at home meant that Chinese producers were largely absent from the export market, maintaining their offers near $450 per tonne, while import prices into Singapore were set near $400 per tonne cf...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.US demand shrinksDemand projections call for a continued retreat in US electric-resistance welded (ERW) line pipe and oil country tubular goods (OCTG) consumption as drill rigs and the number of wells drilled per rig are cut. Project demand in the large-diameter line pipe market is also shrinking with deferred or canceled pro...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.A couple of months into the global Covid-19 pandemic, the sell-off in steel markets appears to be abating.In parts of Asia, where the outbreak first occurred, steel prices - including those for coated steels - have rebounded since late April. The same is true of the US market as well. As we detail in our Americas analysis thi...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US flat product prices outperformed our expectations over the past month. In an attempt to lend the market confidence that sheet prices had reached a floor, US steel mills announced price increases of $50-60 per ton at the end of April. In the announcement, mills cited the expectation of higher scrap prices, tight domestic s...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