The latest forecasts from Fastmarkets' team of analysts are ready to view.The recent decline in Chinese scrap prices - to their lowest in a couple of years - even as demand rises, suggests that Chinese scrap supply is increasingly sufficient. In terms of scrap demand, the question is more about price attractiveness. Mini-mills were reducing demand in February, largely because steel margins on scra...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.While downward pressure mounts on the steelmaking raw material markets, premiums for higher-grade iron ores have been sustained despite narrowing operating margins at Chinese steelmakers. Chinese mills are operating with shrinking margins since the end of last year but the premium for high-grade ores remains high. Historical...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices have fared relatively well over the past couple of months in the face of the threat from the Covid-19 pandemic.In grade-304 material, the most common grade of stainless steel, prices were down by about 5-7% since the turn of the year - not bad, when compared with the falls in prices of other assets so f...Read More
Production at Bosnian steelmaker ArcelorMittal Zenica has been interrupted by a strike, with unions protesting against temporary layoffs, sources told Fastmarkets on Tuesday May 19.The strikes were called on May 19 and affected all operations at the Zenica site except for the coking plant, sources said. The unions did not disclose how long the strikes will last....Read More
Aluminium was the only LME three-month base metals contract to close negatively on Tuesday May 19, with gains in aluminium futures capped by a 26,500-tonne fresh inflow as of 9am. The significant inflows arrived at into LME-approved sheds at Port Klang, Malaysia and Toledo in the United States, with 21,500 tonnes put into warehouses at Port Klang and 5,000 tonnes arriving in To...Read More
Alumina prices on an fob Australia basis continued to climb over the past week with buyers from China happy to pay above market levels to import cargoes, Fastmarkets heard on Tuesday May 19."The stronger aluminium prices and demand in China are propping up the international price of alumina," a trader said. "Plants are restarting and life is getting back to normal there, after the [Covid-19 pandem...Read More
Newmont is continuing to ramp up operations at its Pe??asquito lead-zinc-silver mine in Zacatecas, Mexico and expects first production in early June. The mine, which was placed on care and maintenance in early April alongside other non-essential businesses during the Covid-19 pandemic, began ramping up in phases after the Mexican government designated it an essential activity. "Over the next...Read More
Three-month base metals prices on the London Metal Exchange were slightly lower during morning trading on Tuesday May 19, supported by continued market optimism over easing coronavirus restrictions, except nickel which climbed further over the morning. "Yesterday exploded into life when the US drug company Moderna announced its vaccine research was showing 'encouraging results,' which sent the Dow...Read More
Base metals prices are consolidating this morning, Tuesday February 19, following strong performances on Monday, when markets in general reacted to reports that a Covid-19 virus vaccine showed some encouraging results in an early-stage trial. The base metals on the London Metal Exchange are little changed this morning while they consolidate after Monday's strong gains that saw prices close up by a...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable day on day despite limited trading activity, sources told Fastmarkets on Tuesday May 19.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?409.84 ($444.90) per tonne on Tuesday, down by only ?,?0.16 per tonne from ?,?410.00 per tonne on Monday.Tuesday's index was calculated based on deals a...Read More
Some of the flat steel import prices in the United Arab Emirates and Saudi Arabia increased this week, but the market is still very slowentering the last week of the Islamic holy month of Ramadan and amid concerns about Covid-19, sources told Fastmarkets on Tuesday May 19.The reason behind the rising prices was strong domestic demand from China and India.No deals were heard during the week and ste...Read More
Steel billet and rebar prices in the United Arab Emirates had mixed fortunes in the seven days to Tuesday May 19, with demand limited by Ramadan and Covid-19 restrictions, market sources told Fastmarkets.Market participants in the UAE said that demand was unlikely to improve before the end of Ramadan in late May.Ramadan is normally a slow month for the region, but the Covid-19 curfe...Read More
The Commonwealth of Independent States (CIS) export rebar and wire rod prices remained stable in the week to Monday May 18 while trading activity in the majority of the outlets was still modest, Fastmarkets learned.Some market participants expected some improvement in finished long-steel prices following the uptick in the scrap and billet segments last week, but there was no sufficient support on...Read More
The export market for hot-rolled coil from the Commonwealth of Independent States was flat in the week ending Monday May 18, but suppliers expect demand to rebound because prices have reached the bottom, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $350-360 per tonne on Monday, narrowing upward from from $340-360...Read More
Workers at ArcelorMittal Spain have called off the strikes that were scheduled to start on May 20 while they review a new offer concerning the implementation of a temporary layoff plan (known as ERTE), sources told Fastmarkets on Tuesday May 19.A series of token strikes that was scheduled to start on Wednesday, and which would affect the steelmaker's Asturias and Sagunto sites, was called off by t...Read More
Swedish state-owned iron-ore producer LKAB has confirmed that all production at its Kiruna mine has stopped following a seismic event on Monday, the company said on Tuesday May 19. All production has stopped after a seismic event, with a magnitude of 3.3, occurred at 3:11am on May 18, with no forecast as to when it will resume and an intensive inspection of the mine now underway, the company said....Read More
Turkish steel mills booked no new cargoes on Tuesday May 19 due to a public holiday pausing all trading activity, sources said.In addition to the public holiday, major cities remain subject to lockdown restrictions to curb the spread of the Covid-19 virus until Wednesday.Another lockdown...Read More
Seaborne iron ore prices remained bullish on Tuesday May 19 with solid increases in steel prices and strong transaction volumes for steel products.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $98.36 per tonne, up by $1.52 per tonne.62% Fe low-alumina fines, cfr Qingdao: $100.99 per tonne, up by $1.46 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $86.01 per tonne, up by $3.45 pe...Read More
Seaborne coking coal prices went up slightly on Tuesday May 19 due to trading activity in the Chinese market, but concerns arose over tighter restrictions on imports, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $116.98 per tonne, up $0.67 per tonne Premium hard coking coal, cfr Jingtang: $124.91 per tonne, up $0.81 per tonneHard coking coal, fob DBCT: $90.56 per tonne, up $...Read More
Five expatriate managers of SL Mining were arrested in Sierra Leone last week on allegations of inciting unrest that led to destruction of property in the township of Lunsar, the company said on May 16.SL Mining, a wholly owned subsidiary of London-headquartered Gerald International, said that no formal charges have been filed and its offer of bail had been denied.The miner added that it is "extre...Read More