Key data from the Friday June 12 pricing session in Shanghai.Key drivers Spot metal prices dropped amid persistent lackluster demand, while local futures prices edged lower on Friday, making buyers even more reluctant to accept higher offers. The cobalt tetroxide...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
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
Domestic flat and long steel prices remained unchanged in Brazil in early June while demand remained stagnant, but mills were already planning increases for July.Prices held steady, maintaining their highest levels in at least one year in the case of flat-rolled products while no discounts were being offered despite tumbling demand. The long steel sector had some discount reports, although prices...Read More
Italian rebar producers seeking new export destinations, appear to have succeeded after reports of a surge in sales to North America this week, sources told Fastmarkets on Friday, June 12.And market participants in Italy's domestic market have complained about shortages of material due to the increase in export sales.Several sources in Italy confirmed to Fastmarkets that a 50,000-tonne c...Read More
Indian domestic secondary billet prices fell by 700 rupees ($9) per tonne in the week to Friday June 12, after a fall in finished steel prices in the country.According to an official from a billet mill in central India, demand for finished and semi-finished products had declined because some states in India have re-imposed restrictions to control the spread of the...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
Turkish steel producers continued their deep-sea scrap purchases for July shipments at firm prices, pushing this week's volumes to about 250,000 tonnes, sources told Fastmarkets on Friday June 12.A steel mill in the Iskenderun region booked a UK cargo, comprising 18,000 tonnes of HMS 1&2 (80:20) at $262 per tonne cfr.A steel mill in the Marmara region booked a US cargo, comprising 20,000 tonnes of...Read More
China's auto output and sales experienced double-digit growth in May amid government efforts to jumpstart the economy after containing the spread of Covid-19 in the country, the China Association of Automobile Manufacturers (CAAM) reported on Thursday.The country produced 2.19 million units of vehicles in May, up by 18.2% from a year earlier. This is also 4% higher than in April.Auto sales totaled...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
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