More Italian steel producers restarted their operations in the week ended Friday April 24, but one French flat steel producer plans to temporarily idle its remaining equipment, Fastmarkets has heard.European steelmakers have been reducing output and temporarily idling equipment due to the poor demand resulting from lockdown orders and other quarantine measures implemented across the region with th...Read More
India's ministry of shipping has revised its order that various shipping-related charges should be waived at all major ports where material is stranded, until the end of the lockdown period in the country, it announced earlier this week.The order, issued on Tuesday April 21, called for all penalty charges, demurrages, and detention and anchorage charges, among others, to be cancelled at all major...Read More
The pig iron market in the United States remained inactive during the week to Friday April 24 due to low steel production rates and the resulting reduced need for pig iron.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US was $290-295 per tonne on Friday, up by $5 per tonne from $285-290 per tonne a week before."Our steel mills are operating at record-low ra...Read More
The price of containerized ferrous scrap imports into India inched lower this week while the market continues to grapple with the fallout of the lockdown period in the country, sources told Fastmarkets on Friday April 24.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $269.13 per tonne on Friday, down from $272.50 per tonne a week earlier.Since lockdown...Read More
The price of alloy steel scrap in the UK and Europe increased this week with tight supply outweighing low demand, Fastmarkets heard on Friday April 24.Both supply and demand in the stainless steel scrap markets have decreased substantially because of the Covid-19 pandemic and the measures taken to combat it.Initially, there were fears of a collapse in the downstream stainless steel market, which.....Read More
The inter-merchant spot price for light iron scrap in the UK has been stable over the past week amid quiet trading activity, while tracking a similar trend in European export markets to Turkey and the Indian subcontinent, sources said on Friday April 24.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant, was ?50-60 ($62-74) per tonne on Ap...Read More
Turkish steel producers ended the week with no deep-sea bookings, amid weak finished steel demand and falling steel output due to the Covid-19 outbreak, sources said on Friday April 24.The short working week also kept the mills from making scrap purchases, according to sources.Thursday April 23 marked the National Sovereignty and Children's Day public holiday in Turkey and the country has imposed...Read More
Seaborne iron ore prices were mostly down on Friday April 24 with limited trading activity at Chinese ports. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.35 per tonne, down $0.11 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.09 per tonne, up $0.09 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $73 per tonne, down $0.14 per tonne. 65% Fe Brazil-o...Read More
China's domestic and export prices for rebar decreased on Friday April 24 along with the weaker demand. Domestic Eastern China (Shanghai): 3,420-3,450 yuan ($483-487) per tonne, down by 20 yuan per tonneNorthern China (Beijing) - weekly assessment: 3,420-3,470 yuan per tonne, narrowing by 10-20 yuan per tonne week on weekRebar futures traded below Thursday's settlement price of 3,356 yuan per tonn...Read More
China's domestic hot-rolled coil prices fell on Friday April 24 despite futures gains, and participants believe the country could resume importing on lower offers from India and South Korea.DomesticEastern China (Shanghai): 3,280-3,300 yuan ($463-466) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,230 yuan per tonne, down 10 yuan per tonneSellers in Shanghai started with offers at 3...Read More
The London Metal Exchange three-month copper price declined during morning trading on Friday April 24, with price action consolidating lower amid slow turnover, while a marginal incline in zinc futures pushed it to close in on nearby resistance levels this morning. LME copper's underlying price was recently trading at $5,115 per tonne, a decline of some $45 per tonne from Thursday's closing price...Read More
Base metals prices were mixed this morning, Friday April 24, after markets had to absorb weak flash purchasing managers' index (PMI) data on Thursday, especially in the services sector where readings were 11.7 in the European Union and 27 in the United States, while manufacturing readings were also weak. Broader markets were for the most part weaker this morning with losses seen in Asian-Pacific a...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday April 24.China The UG2 chrome ore market rose for a third consecutive week after buyers were willing to accept higher prices, with a number of concluded deals above and below the new index level The increased chrome ore prices have underpinned domestic ferro-chrome...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the session ending Friday April 24.China The low-grade seaborne manganese ore market surged after the first offers were made since South Africa - the major producer - went into lockdown, with transactions made for late June and July delivery.High-grade ore prices soared...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves.Read More
China will cut its new energy vehicle (NEV) subsidies progressively between 2020 and 2022, with a 10% reduction planned for this year, the country's ministry of finance announced on Thursday April 23.Compared with the 50% cut to subsidies in 2019, future reductions in principle will be done so at a slower rate of 10% in 2020, 20% in 2021 and 30% in 2022.This comes after Chinese Premier Li Keqiang...Read More
Key data from Fastmarkets' pricing session in Shanghai, New York and Galway on Friday April 24. China The lower end of domestic prices widened downward due to producers' attempts to destock. Export market dropped after suppliers slashed their offer prices to attract...Read More
British Steel is set to restart production at its North Yorkshire special steel mill, on Monday April 27, following a three-week shutdown the company announced on April 24.In addition to the 240,000 tonnes-per year special steel mill at Skinningrove in Redcar & Cleveland, the company said it also plans to reopen its Lisburn service centre in Northern Ireland."Whi...Read More
A summary of Spain-based stainless steel producer Acerinox's financial results for the first quarter of 2020. In brief The company said the stainless steel market recovery in the first quarter was cut short by the impact of the Covid-19 coronavirus, with profits down 14% year on year. The company had paused operations in Spain for four days in April and will resume...Read More
Vietnamese buyers continued to focus on Japanese scrap imports this week, and eschewed deep-sea bulk cargoes due to their high offers.Transactions involving individual shipments comprising 8,000-15,000 tonnes of Japanese H2 scrap were concluded at $234-235 per tonne cfr Vietnam.Bids for such cargoes were made at $230 per tonne cfr Vietnam, while offers were at $234-245 per tonne cfr Vietnam. Fastm...Read More