European hot-rolled coil producers have been under severe pressure from subdued demand and high raw materials costs, sources told Fastmarkets on Wednesday June 10.Market activity has been low due to a combination of well-stocked distributors and a lack demand from end users, including those in the automotive industry."Most automotive subcontractors have enough to do at the moment as carmakers have...Read More
The price for steel H-beams in Europe was unchanged on Wednesday June 10 in a stable market, while a change in market direction could be possible when monthly scrap prices are settled, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe was ?,?530-550 ($599-622) per tonne on Wednesday, flat week on week."Prices are unchanged. With...Read More
Prices for 400 series stainless scrap in the United States were mostly steady week on week, but the 300-series prices have continued to creep upward while demand remains sluggish and supply continues to be tight.Consumer prices for both 400-series and 300-series stainless scrap were sideways in June. Market participants indicated that demand continues to be off from normal levels, and sources repo...Read More
The ferrous scrap market in the United States may have peaked in June, according to sources, with many market participants convinced that there could be downside for the July trade unless finished steel orders or finished steel prices increase.The June trade was mild compared with May. The price for No1 busheling in Chicago moved up by a modest $10 per gross ton to $320 per ton in June after jumpi...Read More
The Turkish steel producers continued their deep-sea scrap purchases at stable prices amid strengthening demand in the local long steel market, sources said on Wednesday June 10.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $265 per tonne, 8,000 tonnes of bonus at $275 per tonne and 1,000 tonnes of rail at $280 per tonne cfr. The la...Read More
GFG Alliance announced transformation plans for its Whyalla steelworks facility while it tries to secure its long-term future after reviewing its current performance, the company said on Wednesday June 10.The plans include a direct reduced iron (DRI) facility to produce low-emission Greensteel from GFG's abundant South Australian magnetite resources and domestic steel scrap as well as a new electr...Read More
Seaborne premium hard coking coal prices edged down on Wednesday June 10 with transactions sealed at lower levels. Fastmarkets indicesPremium hard coking coal, fob DBCT: $106.96 per tonne, down $0.36 per tonne Premium hard coking coal, cfr Jingtang: $115.02 per tonne, down $1.31 per tonneHard coking coal, fob DBCT: $88.24 per tonne, up $0.99 per tonneHard coking coal, cfr Jingtang: $98.51 per tonn...Read More
Seaborne iron ore prices fell slightly on Wednesday June 10 on scant trading activity, while low-grade Yandi fines from Australia performed well due to uncertainty over supplies of low-alumina brands from Brazil. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $103.93 per tonne, down $0.67 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $106.78 per tonne, down $0.52 per tonne.&...Read More
Japanese steel scrap prices have jumped again over the past week amid tightening supply but buyers are unwilling to accept the fresh price increases, market sources told Fastmarkets on Wednesday June 10.Tight supply of H2 heavy scrap has resulted in further increases in scrap buying prices at Japanese mills over the past week, together with a sharp rise in sales prices at the Kanto Tetsugen auctio...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
The waiting time for aluminium at Istim's warehouse in Port Klang in Malaysia rose to 42 days at the end of May, according to the latest London Metal Exchange queue report, up from 26 days at the end of April. But a fresh queue has built up in Johor in Malaysia too, the new data shows. As of the end of May, there was a 22-day queue at Istim warehouses in Johor for copper, lead, zinc and...Read More
The London Metal Exchange three-month copper price increased during morning trading on Wednesday June 10, pushing past the $5,800-per-tonne resistance level for the first time since February after a large fresh cancellation 14,550 tonnes removed from LME-registered warehouses in Busan. Copper's outright price on the LME was recently at $5,821 per tonne, up by just under 1% from Tuesday's closing p...Read More
On average, base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up by 0.2% and 0.4% respectively at 7.07am London time on Wednesday June 10. Asian-Pacific equities were mixed but pre-market major western equity index futures were up this morning, showing some mixed currents ahead of the US Federal Open Market Committee (FOMC) economic projections and statement that a...Read More
An overview of the minor metals markets and the reasons for their latest price moves.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...Read More
The cobalt alloy grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trade 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...Read More
Risk assets were weaker this morning, Thursday June 11, with the base metals prices on the London Metal Exchange down across the board, as were Asian-Pacific equities and pre-market major western equity index futures. * US Federal Reserve projections suggest no rate rise until end of 2022...* ...hints they expect a long drawn out recovery, implying less of a V-shaped one.* Concerns rise about a se...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 85 points in pre-opening trade.Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for the U.S. May Producer Price Index was unchanged versus a drop of 1.3% in April. Actual was an increase of 0.4%. Excluding food and energy, consensus was a slip of 0.1% versus a drop of 0.3% in Apri...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 9 that are worth another look.The future of the global long steel market remains uncertain because of both the impact of the covid-19 pandemic and rising protectionism, with no recovery expected in the third quarter of this year, the International Rebar Producers & Exporters Association (Irepas) said last week.Ferrous scrap pr...Read More
The main Japanese ports (MJP) premium edged down during the week to Tuesday June 9 on lower offers, while premiums in the rest of Asia, Europe and the United States maintained their levels on steady fundamentals.MJP premium weakens while third-quarter negotiations are under wayRotterdam premiums flat, supported by contangoUS Midwest premium unchanged in lackluster marketMJP premium pressured down...Read More