Demand for imported steel billet and domestic steel reinforcing bar (rebar) in Egypt remained weak in the seven days to Thursday June 11, but billet import prices increased because of high offers, sources told Fastmarkets.No improvement in demand is anticipated any time soon because all construction activity was halted for six months by order of the Egyptian president in late&n...Read More
Turkish domestic rebar and wire rod prices have increased over the past week due to rising imported scrap costs and strong demand, sources said on Thursday June 11.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,400-3,440 lira ($501-507) per tonne on Thursday, up from 3,250-3,300 lira per tonne, including 18% VAT, the week before.Steel producers in...Read More
Turkish rebar and wire rod export prices increased over the past week despite weak demand, market sources said on Thursday June 11.Turkish steelmakers raised their offers for rebar to $425-430 per tonne fob on an actual weight basis in line with the increasing scrap costs, Fastmarkets heard.The bids that steelmakers were receiving were not any higher than $410 per tonne fob, however, sources said....Read More
Turkish steel mills took a break from deep-sea scrap purchasing on Thursday June 11, after booking significant volumes in recent weeks, sources told Fastmarkets.Turkish steelmakers have booked at least 14 deep-sea cargoes since the beginning of the month, totaling around 450,000 tonnes.They have been booking deep-sea scrap since the easing of Covid-19-related restrictions led to an...Read More
Seaborne iron ore prices were largely unchanged on Thursday June 11, while market participants waited for fresh data on port inventories in China Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $103.74 per tonne, down $0.19 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $106.65 per tonne, down $0.13 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $93.25 per tonne...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 11 that are worth another look.GFG Alliance is to create its first "Greensteel" facility in Europe at its Liberty Steel facility in Galati, Romania, as part of its plan to become carbon neutral by 2030, the company said this week.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $68 p...Read More
Liberty Steel plans to replace the basic oxygen furnace (BOF) at its Galati plant in Romania with two electric-arc furnaces (EAFs), with the aim of becoming carbon-neutral by 2030, the company announced this week.Within the next three to five years Liberty also plans to install a 2.50 million tonnes-per-year direct reduced iron (DRI) module at the Galati plant, a Liberty Galati...Read More
GFG Alliance is to create its first "Greensteel" facility in Europe at its Liberty Steel facility in Galati, Romania, as part of its plan to become carbon neutral by 2030, the company said this week.The investment plans include a Direct Reduced Iron (DRI) plant with a capacity to produce 2.5 million tonnes - initially using natural gas, but with the aim of transitioning to using hydrogen...Read More
Liberty Steel plans to replace the basic oxygen furnace (BOF) at its Galati plant in Romania with two electric-arc furnaces (EAFs), with the aim of becoming carbon-neutral by 2030, the company announced this week.Within the next three to five years Liberty also plans to install a 2.50 million tonnes-per-year direct reduced iron (DRI) module at the Galati plant, a Liberty Galati...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 11 that are worth another look.GFG Alliance is to create its first "Greensteel" facility in Europe at its Liberty Steel facility in Galati, Romania, as part of its plan to become carbon neutral by 2030, the company said this week.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $68 p...Read More
European producers of hot-rolled coil will announce domestic price increases in the middle of June despite low demand, sources told Fastmarkets on Thursday June 11.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?396.70 ($450.74) per tonne on Thursday June 11, down by ?,?1.22 per tonne from ?,?397.92 per tonne on Wednesday June 10.The index w...Read More
All base metals lost ground during trading on Thursday June 11, with the London Metal Exchange three-month aluminium price falling by 2% to close at $1,601.50 per tonne.There were 15,086 lots of aluminium traded on Thursday, and the underlying aluminium price touched an intraday high of $1,629.50 per tonne, although that is still lower than Wednesday's closing price of $1,638 per tonne.LME alumini...Read More
Chinese vanadium price rises have increased the differential with the European vanadium market, sparking interest in import business in China, market sources told Fastmarkets. Fastmarkets assessed the price of ferro-vanadium, 78% V min, fob China at $30-31.50 per kg on Thursday June 11, up by 3.4% week on week and its fourth consecutive weekly rise, while its assessment for the ferro-van...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 11 that are worth another look.GFG Alliance is to create its first "Greensteel" facility in Europe at its Liberty Steel facility in Galati, Romania, as part of its plan to become carbon neutral by 2030, the company said this week.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $68 p...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
The London Metal Exchange has bolstered efforts to explore low-carbon initiatives this month, emphasizing green aluminium production as its target, but at a time of unprecedented distortions across the global raw materials supply chain, market sentiment remains mixed. The exchange is set to begin exploring steps to incorporate diversified aluminium production into its systems, LME chief executive...Read More
The London Metal Exchange aluminium price has climbed 6.5% so far this month, piggybacking on the uptrend in the rest of the complex, even though aluminium stocks at registered warehouses are at a three-year high. The three-month aluminium price hit an intraday high of $1,640 per tonne before closing at $1,627.50 per tonne on June 10, up from $1,528 per tonne at the start of the month. This is up...Read More
A slew of extensive stimulus measures to boost the adoption of electric vehicles (EVs) in Europe in the aftermath of the Covid-19 pandemic is unlikely to provide any immediate support to prices for cobalt and lithium in China, according to market participants. In the past two weeks, several European countries, including Germany and the United Kingdom, either announced schemes to encourage the adop...Read More
All base metals lost ground during trading on Thursday June 11, with the London Metal Exchange three-month aluminium price falling by 2% to close at $1,601.50 per tonne.There were 15,086 lots of aluminium traded on Thursday, and the underlying aluminium price touched an intraday high of $1,629.50 per tonne, although that is still lower than Wednesday's closing price of $1,638 per tonne.LME alumini...Read More
The London Metal Exchange has bolstered efforts to explore low-carbon initiatives this month, emphasizing green aluminium production as its target, but at a time of unprecedented distortions across the global raw materials supply chain, market sentiment remains mixed. The exchange is set to begin exploring steps to incorporate diversified aluminium production into its systems, LME chief executive...Read More