The value added tax (VAT) rate in Saudi Arabia will increase to 15% - from the current 5% - in effect from July 1, the Saudi Arabian Ministry of Finance announced on Monday May 11.The country had initially imposed 5% VAT from January 1, 2018 alongside the United Arab Emirates (UAE) - forthe first time in the history of the two countries.Saudi Arabia's Ministry of...Read More
China imported around 1,820 tonnes of ferro-niobium in March, a drop of 43% from 3,200 tonnes over the corresponding period in March 2019, according to the latest official but unconfirmed data seen by Fastmarkets. China's imports of ferro-niobium started to fall in December 2019 when the volume slid to 2,915 tonnes from about 5,954 tonnes in the previous month. The total imported volume in th...Read More
Brazil's domestic rebar price fell slightly in the first week of May, with selective discounts applied to encourage trade, while individual states impose their own lockdown measures to combat the Covid-19 virus, sources told Fastmarkets.Despite this, market participants said they expected prices to stabilize in the coming months.Fastmarkets most recently assessed the price for steel reinforci...Read More
China's domestic rebar prices weakened on Monday May 11, with downstream buyers taking a wait-and-see approach following futures losses in the afternoon.DomesticEastern China (Shanghai): 3,480-3,510 yuan ($492-496) per tonne, down by 20-30 yuan per tonneA Shanghai-based trader said trading activity in the spot market thinned during the day in comparison with last week, with sentiment dampened by t...Read More
Turkish steel mills returned to the deep-sea scrap markets amid better domestic steel demand, causing prices to rise, while other major markets except Vietnam were largely stable during the working week ended Friday May 8.Turkish steel producers resume deep-sea bookings, prices upUS scrap export market silent; dock buying prices flatSentiment in the Vietnamese scrap import market positive due to i...Read More
Turkish steel producers have resumed their deep-sea scrap purchases at higher prices amid recovering demand in the country's local long steel markets, with further sales to Europe anticipated when the safeguarding quota period ends at the end of the June.A steel mill in the Izmir region booked a Baltic Sea cargo comprising 24,000 tonnes of HMS 1&2 (80:20) at $251.75 per tonne and 6,000 tonnes of b...Read More
Domestic scrap prices in the Turkish markets have increased over the past week amid a strengthening of demand, sources said on Monday May 11.The steel mills in the Izmir region have increased their buy prices for auto bundle scrap by 50-75 Turkish lira ($7-11) per tonne over the past week.Long steel mills ID?? and Habas raised their buy prices for auto bundle scrap to 1,590 lira ($224) per tonne,...Read More
Seaborne premium hard coking coal prices rebounded on Monday May 11, with Chinese buyers driving trading activity at the end of last week, resulting in market participants' estimates of workable prices also moving upward.Fastmarkets indicesPremium hard coking coal, fob DBCT: $113.97 per tonne, up by $3.54 per tonne.Premium hard coking coal, cfr Jingtang: $120.87 per tonne, up by $4.60 per tonne.Ha...Read More
Seaborne iron ore prices were largely stable on Monday May 11 amid slower port trading activity, while the market saw a solid premium for June delivery cargoes and good demand from Chinese mills. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.61 per tonne, up $0.01 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.18 per tonne, up $0.26 per tonne. 58% Fe fines high-grade premium, c...Read More
Seaborne iron ore concentrate prices continued to fall in the week to Friday May 8, under the pressure from lower pellet prices and China's domestic concentrates market.Some sources noticed fewer offers from Indian miners for June delivery cargoes despite the slight drop in prices.Fastmarkets' index for iron ore 66% Fe concentrate, cfr Qingdao, stood at $93.35 per tonne on May 8, down 1.77% or $1....Read More
Fastmarkets will host a steel webinar with the Singapore Exchange (SGX) on Tuesday May 19 that covers the latest developments and outlook for the industry.The two-hour webinar from 3-5pm Singapore time will delve into price analyses and market outlook by Fastmarkets' editorial and research teams. These will include the impact of Covid-19 on steel supply chains, developments and the outlook for Chi...Read More
China's domestic hot-rolled coil prices edged up on Monday May 11, but market participants are bracing themselves for a retreat as a result of thin trading.DomesticEastern China (Shanghai): 3,390-3,400 yuan ($479-481) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,350 yuan per tonne, up 10 yuan per tonneSellers kept their offers high amid the relative strength of the futures market, b...Read More
Key data from the Friday May 8 pricing session in Shanghai.Key drivers Activity in the export market was sluggish with no deals concluded in the week ended May 8. Several inquiries received from buyers in East Asia and Southeast...Read More
Market participants in the United States who normally buy silicon have given up trying to sell their surplus metal and the price has settled into an academic range in a near total absence of spot trade while most automakers remain closed during the Covid-19 pandemic, sources told Fastmarkets.Some say producers are not lowering their offers because they do not believe that business will materialize...Read More
Trade log for cobalt sulfate in China including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.Fastmarkets pricesClick here for Fastmarkets' price assessment for cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne.The exchange rate on Friday May 8 was 43,000 yuan to $6,063.Read More
Click here to download Base Metals Weekly DataDISCLAIMER - IMPORTANT PLEASE READ CAREFULLY This Disclaimer is in addition to our Terms and Conditions as available on our website and shall not supersede or otherwise affect these Terms and Conditions. Prices and other information contained in this publication have been obtained by us from various sources believed to be reliable. This info...Read More
Broader markets were generally weaker this morning, Tuesday May 12, amid concerns about clusters of new Covid-19 infections in the Chinese city of Wuhan and in South Korea, while China’s consumer price index (CPI) and producer price index (PPI) data releases were weaker than expected. Asian-Pacific and pre-market major western equity indices were mainly weaker this morning. Base metals Three-...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. Index futures responded to news that the Federal Reserve is starting a program to purchase corporate bond Exchange Traded Funds. Index futures were virtually unchanged following release of the April Consumer Price Index at 8:30 AM EDT. Consensus was a decline of 0.8% versus a drop of 0.4%...Read More
Here are five Fastmarkets stories you might have missed on Friday May 8 that are worth another look.The United States' anti-dumping duties on imports of oil country tubular goods (OCTG) from Ukraine will remain in place, the Commerce Department said in the final result of its first five-year sunset review of the product.Rio Tinto is partnering on a project to develop a zero-emission bus made of al...Read More
Here are five Fastmarkets stories you might have missed on Friday May 8 that are worth another look.The United States' anti-dumping duties on imports of oil country tubular goods (OCTG) from Ukraine will remain in place, the Commerce Department said in the final result of its first five-year sunset review of the product.Rio Tinto is partnering on a project to develop a zero-emission bus made of al...Read More