Member mills of the China Iron & Steel Association (Cisa) kept their production rates high for crude steel and finished steel in late May, according to data released late on Wednesday June 3.May 21-31 outputCrude steel: 2.09 million tonnes per day, up by 0.58%Finished steel: 2.07 million tpd, up...Read More
Demand for flat steel products in Turkey was moderate in May because of low stocks in the country and the spread of the Covid-19 pandemic, market participants told Fastmarkets on Wednesday June 3.Turkish flat steel producers were fully booked until late July and have started to accept orders for August production.Steel trading was limited in May because of various curfew orders and national holida...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 4 that are worth another look.Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on June 4.Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladi...Read More
The recent tariffs and trade wars had already stretched global supply chains to breaking point, but the Covid-19 pandemic broke those chains, according to a report by Gold Street Advisors (GSA).In a wide-reaching analysis on the impact of the pandemic on metals markets and what will change in its aftermath, the New York, United States-based asset management and risk advisory firm said that going f...Read More
Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on Thursday June 4. Employees of Tata Steel's Dutch asset in IJmiuden are ready to go on strikes if Tata Steel fails to comply with their demands, according to FNV. "If the management of Tata Steel does not meet [our] requirements before Wednesday [June 10], we wi...Read More
Domestic prices for hot-rolled coil in Europe decreased day on day on Thursday June 4 due to low demand, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?400.08 ($448.70) per tonne on June 4, down by ?,?1.92 per tonne from ?,?402.00 per tonne on Wednesday.Thursday's index was calculated based on deals heard at ?,?400-...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 4 that are worth another look.Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on June 4.Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladi...Read More
The government of South Africa has eased the country's lockdown, yet the continued threat of Covid-19 will dampen the recovery in chrome and manganese ore supply.The government of South Africa hopes its miners will ramp up production and bolster the flagging South African economy following the lowering of the nationwide alert on Monday June 1, easing restrictions to combat the Covid-19 virus. "Und...Read More
China's imports of chrome ore increased significantly in April, in contrast to the slump in the manganese ore imports that same month - Fastmarkets examines the drivers behind the surge in imports and factors contributing to its divergence from the manganese market.Chrome ore imports up on restocking activities Shipments of chrome ore to China surged in April due to extensive restocking early in t...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Thursday June 4, recovering from a morning slump to breach nearby resistance levels amid low turnover.Meanwhile, a weaker US dollar index and continued buying interest from Asia kept the base-metals complex supported through the afternoon.This came despite a broad downward revision of the European Centr...Read More
Seaborne premium hard coking coal prices diverged on Thursday June 4, with most market participants watching from the sidelines. Fastmarkets indices Premium hard coking coal, fob DBCT: $107.75 per tonne, up $1.29 per tonne Premium hard coking coal, cfr Jingtang: $114.38 per tonne, down $0.57 per tonne Hard coking coal, fob DBCT: $87.08 per tonne, down $0.58 per tonne Hard coking coal, cfr Jingtang...Read More
China's domestic rebar market maintained its upward trend on Thursday June 4 on early gains experienced by rebar futures, though high temperatures in several regions weakened demand.Domestic Eastern China (Shanghai): 3,620-3,650 yuan ($508-513) per tonne, up by 10 yuan per tonneThe most-traded October rebar futures contract rose to a high of 3,679 yuan per tonne in the first hour of trading. This...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.The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron oreSentiment in the iron ore market continues to be dominated by concerns about supply disruptions in Brazil. Prices spiked above $100 per tonne after reports that there had been a recent surge of Covid-19 cases at Vale's three mines in Itabira. A...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Thursday June 4, recovering from a morning slump to breach nearby resistance levels amid low turnover.Meanwhile, a weaker US dollar index and continued buying interest from Asia kept the base-metals complex supported through the afternoon.This came despite a broad downward revision of the European Centr...Read More
Turkish steel billet prices increased over the past week due to strengthening demand and rising imported scrap values, sources said on Thursday June 4.Turkey has had a drop in the number of deaths related to the Covid-19 pandemic in the past few weeks with the reduced restrictions including a removal of the ban on travel, leading to some improvement in the steel markets.Domestic billet prices in T...Read More
Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladium producer Norilsk Nickel (Nornickel) caused a leak of 20,000 tonnes of diesel oil into a river within the Arctic Circle. Damage to a diesel fuel storage tank at a power plant operated by Norilsk-Taymyr Energy Co (NTEC) resulted in a leak near the Siber...Read More
Katanga Mining has been taken private by Glencore International AG after shareholders voted overwhelming in favor of a definitive agreement to amalgamate the company with 836074 Yukon Inc, a wholly-owned Katanga subsidiary. A special meeting of shareholders was held on Tuesday June 2, with the deal - recommended by the Katanga board - getting 99.9% approval during a vote. The result of the vo...Read More
The three-month copper price on the London Metal Exchange was down during morning trading on Thursday June 4, falling below the $5,500-per-tonne support level in a complex-wide downturn that saw risk appetite soften, while lead futures led on the downside with a 1.9% fall over the morning.Copper's underlying price on the LME was recently seen at $5,468 per tonne, down just under 1% from Wednesday'...Read More
The metals were for the most part weaker this morning, Thursday June 4, while Asian-Pacific equities were stronger. While Asian-Pacific equities were firmer, pre-market major western equity index futures were showing losses.Germany provides its economy with a ?,?130 billion ($145.8 billion) stimulus package, including a 3 percentage point cut in value-added tax (VAT) and a doubling of rebate on el...Read More