The Egyptian Ministry of Trade and Industry has postponed a duty reduction on billet and rebar for a period of six months until October 12, 2020, Egyptian sources informed Fastmarkets on Sunday April 12.The duty was supposed to be reduced on April 12.The Egyptian Ministry of Trade and Industry announced a definitive safeguard duty of 16% of the cif price and a minimum of $74 per tonne for steel bi...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 14 that are worth another look.Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.The Covid-19 pandemic has inevitably drawn comparis...Read More
Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.Three units in S??o Paulo state are scheduled to resume activities by June 22, while another plant in a nearby region will reopen on June 24, Toyota said....Read More
Ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o were mostly unchanged week on week, but market participants anticipated a series of price cuts after the United States' monthly domestic scrap settlement for April.Some steel producers in Mexico's Baj?-o region announced a price cut of 200 pesos per tonne in scrap purchases for the ongoing week, after it became known t...Read More
Aluminium premiums fell across the globe during the past week, on weakened demand due to Covid-19 lockdowns and a wider contango spread between cash and three-month contracts on the London Metal Exchange which is supportive to traders holding the metal.Rotterdam down amid smelters focusing on P1020A ingotsMJP premium steady on lower market liquidityUS Midwest hits lowest level since January 2018Eu...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 14 that are worth another look.Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.The Covid-19 pandemic has inevitably drawn comparis...Read More
The Covid-19 pandemic has inevitably drawn comparison with the global financial crisis of 2008-09. But while there are similarities, the differences are greater, meaning the remedy needs to be different too.Perhaps the biggest uniting factor between the two events is uncertainty.Ask the head of a major commodities company in 2008, and they would have told you their biggest task was staying liquid,...Read More
The uncertainties surrounding cobalt supply and demand in the near term amid the continuing Covid-19 pandemic has led more Chinese salts smelters to take on tolling business to mitigate risk.The virus has had an unprecedented effect on the global economy with manufacturing sectors around the world forced to slow in attempts to halt its spread, a dynamic which eventually dented buying interest for...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, continued their upward momentum at the close on Tuesday April 14, buoyed by positive China customs data and ebbing virus concerns in other regions, including the United States. China's trade balance figures for March, which measure the difference in value between imported and exported goods month on month, were annou...Read More
Seaborne iron ore prices inched upward on Tuesday April 14, during an active day of trading at Chinese ports amid persistent worries about supply and an improving steel demand outlook.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.02 per tonne, up by $1.42 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.74 per tonne, up by $1.48 per tonne.58% Fe fines high-grade premium, cfr Qingd...Read More
China's domestic rebar prices edged up further on Tuesday April 14 amid what was described by market participants as "good and steady" demand. Eastern China (Shanghai): 3,470-3,500 yuan ($492-496) per tonne, up by 10 yuan per tonneNorthern China (Beijing): 3,410-3,440 yuan per tonne, up by 10 yuan per tonne Buyers actively procured cargoes during the day, which gave prices a slight upward pus...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Despite these unprecedented times, US sheet prices moved in line with our expectations over the past month. While we maintain our view on the direction of pricing during 2020 and the length of the pricing downturn, as the Covid-19 crisis deepens we have increased the magnitude of the price declines through the second quarter...Read More
A summary of base metals premiums from across the globe for the week to Tuesday April 14.Please click...Read More
The continuing rebound of scrap prices in the global market supported the efforts of CIS steel billet producers to achieve higher sales prices despite the limited demand resulting from the Covid-19 pandemic, Fastmarkets heard on Tuesday April 14.A cargo of Russia-origin billet was reported sold to Turkey late last week for around $368-369 per tonne cfr, equivalent to around $355 per tonne fob Blac...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, continued their upward momentum at the close on Tuesday April 14, buoyed by positive China customs data and ebbing virus concerns in other regions, including the United States. China's trade balance figures for March, which measure the difference in value between imported and exported goods month on month, were annou...Read More
Downstream aluminium products producer Novelis Inc has completed the acquisition of Aleris Corp for $2.8 billion, the company announced on Tuesday April 14. Novelis announced plans to buy Aleris in July 2018, but the acquisition has been delayed due to a European Commission (EC) investigation. There were concerns that the deal may reduce competition in the semi-finished aluminium market, leading t...Read More
China's exports of unwrought aluminium and aluminium products declined by 5% in March 2020, compared with the same period in 2019, while its total exported volume for January to March slipped by 17.5%, according to preliminary Chinese customs data.China exported 518,593 tonnes of unwrought aluminium and aluminium products in March 2020, a 27,406-tonne contraction year on year.China's total exports...Read More
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday April 14, supported by news of plans to reopen the US economy and the release of fresh Chinese customs data for March. Topping the complex was the three-month LME copper price, which climbed by 2.8% to $5,158.50 per tonne, from Thursday's close of $5,019.50 per tonne. The LME was closed on F...Read More
Markets are looking brighter this morning Tuesday April 14, on a combination of more mining production cuts, a deal on an oil supply cut, better Chinese trade data that showed imports were only down by 0.9% year on year in March and some reopening of businesses in Europe. There is light at the end of the tunnel but it is early days in the plateauing of the Covid-19 pandemic in Europe and the Unite...Read More
The Covid-19 pandemic has inevitably drawn comparison with the global financial crisis of 2008-09. But while there are similarities, the differences are greater, meaning the remedy needs to be different too.Perhaps the biggest uniting factor between the two events is uncertainty.Ask the head of a major commodities company in 2008, and they would have told you their biggest task was staying liquid,...Read More