Imported billet prices into Egypt increased in the week to Thursday October 14, but appetite for imports was still weak because of the "Advance Cargo Information" system (ACI), sources told Fastmarkets.The ACI system has been in effect since October 1 for all imports to Egyptian seaports. ACI is a World Customs Organization protocol that provides real-time information on transactions and operation...Read More
Turkish steel mills are continuing to book deep-sea scrap at higher prices, market participants told Fastmarkets on Thursday October 14.A steel mill in the Iskenderun region booked a US cargo at $486 per tonne cfr on an HMS 1&2 (80:20) basis. However, the cargo composition was not clear at the time of publication.The previous deep-sea transactions, on Wednesday October 13, were concluded at $480 p...Read More
The European Commission (EC) has extended anti-dumping duties on imports of wire rod from China until 2026, the Official Journal of the European Union said on October 13.The EC concluded that dumping would likely recur if the current measures were allowed to lapse. This followed an expiry review lodged by the European steel association, Eurofer, in July 2020 on behalf of...Read More
Spot prices for hot-rolled coil in China narrowed on Thursday October 14, while futures prices edged higher on expectations that production curbs in north China could extend into early 2022.DomesticEastern China (Shanghai): 5,740-5,790 yuan ($892-900) per tonne, narrowing by 40-90 yuan per tonneOn Wednesday, China's industry and environment ministries released the plan for steel production curbs i...Read More
Diversified miner South32 is to buy a 45% interest in the Sierra Gorda copper mine in Chile from Sumitomo Metal Mining, the Australian company said on Thursday October 14.The acquisition is consistent with its strategy to reshape South32's portfolio for a low-carbon future, it said, producing materials critical for global decarbonization and the energy transition.Sierra Gorda, located in the Antof...Read More
Imported billet prices into Egypt increased in the week to Thursday October 14, but appetite for imports was still weak because of the "Advance Cargo Information" system (ACI), sources told Fastmarkets.The ACI system has been in effect since October 1 for all imports to Egyptian seaports. ACI is a World Customs Organization protocol that provides real-time information on transactions and operation...Read More
The EU and its member states must do more to assist domestic metals producers after the European Commission this week issued its "toolbox" to tackle a surge in energy prices that was forecast to last through the coming winter, according to regional non-ferrous metals industry body Eurometaux.The EC on Wednesday October 13 proposed short-term national measures that would include state aid for compa...Read More
Chile will allow companies to bid for licenses for the extraction of 400,000 tonnes of lithium, the country's mining ministry said on Thursday October 14.Prospective bidders have until December 21 to submit their proposals to extract the critical battery mineral.The tender opened on Thursday to both national and international bidding. It will "tender and award Special Operation Contracts (CEOL) by...Read More
Brazil-based multi-metal producer Nexa Resources has received an operating license for its Aripuan?? zinc-lead-copper project in Brazil, with commercial output scheduled to start next year, the company said on Wednesday October 13.According to Nexa, the license was granted by the Mato Grosso state environmental secretariat, Sema, on October 7. Mato Grosso is a state in the Brazilian midwestern reg...Read More
China domestic rebar prices increased on Thursday October 14 on good and steady demand over the previous two days.DomesticEastern China (Shanghai): 5,770-5,800 yuan ($896-900) per tonne, up by 40-50 per tonneEnd users kept stable procurement rates today after they raised demand on Wednesday, so rebar prices recovered some loss.And market participants heard that major...Read More
Imported billet prices into Egypt increased in the week to Thursday October 14, but appetite for imports was still weak because of the "Advance Cargo Information" system (ACI), sources told Fastmarkets.The ACI system has been in effect since October 1 for all imports to Egyptian seaports. ACI is a World Customs Organization protocol that provides real-time information on transactions and operation...Read More
Offer prices for deep-sea cargoes in Bangladesh jumped in the week ended October 14 amid bullish sentiment from United States sellers and good scrap demand in competing Asian import nations, sources told Fastmarkets.Bangladeshi mills hit by strong offer pricesSouth Korean mill issues scrap import tenderTaiwanese containerized prices continue to increaseElectricity rationing sours sentiment in Chin...Read More
Regulation has been an important driver for the push toward clean energy technologies but industry has accelerated this mindset, the chief executive officer of Nth Cycle said.According to Megan O'Connor, the past several administrations in the United States have prioritized establishing a domestic supply of critical minerals used to power the energy transition. "Whether rare earths for critical de...Read More
The Port of Los Angeles plans to operate around the clock seven days a week to address a growing backlog of shipments waiting in cargo containers anchored offshore to be unloaded at the port.The port announced the move on Wednesday October 13, joining a similar effort that began at the nearby Port of Long Beach in September.The port is figuring out the details of how it will work with supply chain...Read More
Diversified miner South32 is to buy a 45% interest in the Sierra Gorda copper mine in Chile from Sumitomo Metal Mining, the Australian company said on Thursday October 14.The acquisition is consistent with its strategy to reshape South32's portfolio for a low-carbon future, it said, producing materials critical for global decarbonization and the energy transition.Sierra Gorda, located in the Antof...Read More
Domestic prices for hot-rolled coil in Northern Europe and Italy remained fairly stable on Thursday October 14 due to limited trading activity, sources have told Fastmarkets.European mills have been trading reduced volumes of coil and mainly holding back from making big deals. Prices have been under downward pressure from weak automotive sector demand, high stock levels at distributors and substan...Read More
Iranian exporters sold significant quantities of steel billet and slab via tender in the week to Wednesday October 13, achieving small, but firm price increases on the deals, sources told Fastmarkets.Fastmarkets' price assessment for steel billet, export, fob ports Iran increased to $640.00-642.50 per tonne fob on October 13, up by $2.50-5.00 per tonne from $635-640 per tonne fob a week earlier.On...Read More
Demand for imported steel scrap in South Korea has continued to rise despite the closure of an electric-arc furnace (EAF) in the country and a sharp jump in prices from key supplier markets, sources said on Thursday October 14.An EAF owned by a medium-sized South Korean steelmaker has been closed due to an accident at the plant, Fastmarkets first heard on October 5. Sources told Fastmarkets that...Read More
European distributors of flat steel products reported a minor year-on-year increase in shipment volumes for August 2021, regional steel industry association Eurometal said on October 13.Growth in shipment volumes slowed to 0.5% in August from a rise of 3.4% in July and of 24.3% in June.In the first eight months of 2021, flat steel shipments in the European Union and the United Kingdom increased by...Read More
There was a mixed outcome in settlement negotiations for domestic steel scrap deliveries to UK steelmakers in October, with suppliers resisting downward pressure from consumers because of firm export markets, trade sources said on Thursday October 14.Scrap suppliers won increases across the board for low residual and clean grades of scrap, with rollovers agreed in contracts for other grades assess...Read More