Three-month base metals prices on the London Metal Exchange were up across the board this morning, Monday April 6, as were gold and silver prices.Continued declines in the daily Covid-19 death tolls reported in Italy and France have lifted hopes that the virus can be brought under control, as seen in China. China's financial markets are closed on Monday for a public holiday, but other Asian-Pacifi...Read More
Moon Iron and Steel (Misco) started production of billet at its facility in Sohar, Oman in the week starting March 30, sources close to the company told Fastmarkets.Misco has an electric arc furnace, ladle furnace and a five-strand continuous billet caster with a production capacity of 1.2 million tonnes per year.The company will also...Read More
Prices in the major global steel billet markets continued to soften in the week to Friday April 3 due to the effects of the Covid-19 pandemic.Lack of demand for finished steel products, together with continuing uncertainty about how long the disruptions will last, were the major reasons for the negative sentiment.Even in China, which has been one of the main billet buyers recently, demand was expe...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama fell by 2.2% month on month at the end of February 2020, according to data released by major Japanese trading house Marubeni Corp. Total aluminium stocks at the three ports totaled 298,400 tonnes on February 29, down by 6,800 tonnes or 2.2% from the end of January, figures released on Friday April 3 showe...Read More
The Covid-19 pandemic may have just sealed the fate of already-struggling aluminium smelting capacity. At under $1,500 per tonne, aluminium cash prices on the London Metal Exchange are at levels last seen in 2015 and not far shy of the lows seen during the 2008-09 financial crisis. Estimates are that as much as half the world's smelters are now under water, meaning cuts and/or closures are inevita...Read More
Fastmarkets is suspending the publication of four monthly aluminium arbitrage calculations.The calculations are as below: MB-AL-0351 Aluminium import arbitrage, cfr Owensboro - origin LME warehouses, SingaporeMB-AL-0352 Aluminium import arbitrage, cfr Owensboro - origin LME warehouses, BusanMB-AL-0353 Aluminium import arbitrage, cfr Owensboro - origin LME warehouses, JohorMB-AL-0354 Aluminium...Read More
Howmet Aerospace is reducing costs and suspending its dividend in response to the halt of customer operations due to the Covid-19 pandemic, which is affecting its own facilities. The company - created last week by the separation of Arconic Inc into two standalone companies - said that certain original equipment manufacturer customers in North America and Europe had suspended manufacturing ope...Read More
The three-month copper price on the London Metal Exchange was higher during morning trading on Monday April 6, with prices nearing the $4,900-per-tonne resistance level amid low turnover, while the tin price was supported by a fresh outflow. Copper's underlying price on the LME was recently seen at $4,892.50 per tonne, climbing from an intra-morning low of $4,841 per tonne. Turnover remains modera...Read More
Three-month base metals prices on the London Metal Exchange were up across the board this morning, Monday April 6, as were gold and silver prices.Continued declines in the daily Covid-19 death tolls reported in Italy and France have lifted hopes that the virus can be brought under control, as seen in China. China's financial markets are closed on Monday for a public holiday, but other Asian-Pacifi...Read More
The price of steel rebar in Russia's Central Federal District around Moscow declined over the past week with trading limited by concerns related to the Covid-19 pandemic, sources told Fastmarkets on Monday April 6.Last week, Severstal and Tula Steel, key suppliers to the region, tried to push rebar prices to 36,000 roubles per tonne cpt, citing better seasonal demand.Rebar demand in Russia slows i...Read More
Prices for flat steel products in Russia's Central Federal District around Moscow declined over the past week with trading activity scaling down because of concerns about the Covid-19 pandemic, sources told Fastmarkets on Monday April 6.On April 2, Russian President Vladimir Putin extended a stay-at-home order to help to curb the spread of Covid-19 until April 30, well beyond the original end-date...Read More
Vehicle production in Brazil fell by 21.1% year on year in March due to lockdowns introduced to contain the Covid-19 pandemic in the last 15 days of the month, car manufacturer association Anfavea said on Monday April 6. Output was 189,958 units during the month, compared with 240,763 units a year before. Production also fell by 7% in comparison with February data, which was 204,200 units. Over th...Read More
British Steel is adjusting and pausing production at various sites due to a drop in demand, the company said on Friday April 3. British Steel chief executive Ron Deelen detailed some of the actions the company had taken during the Covid-19 virus outbreak, which included reducing production at various sites. "As we manage the internal and external challenges coronavirus brings, we'll take decisive...Read More
Turkish deep-sea scrap import prices have started to rebound on tightening supply, although no transactions have been made, sources told Fastmarkets on Monday April 6.Several sources reported a Baltic Sea offer at $240 per tonne cfr for HMS 1&2 (80:20), while mills' bids were no higher than $220 per tonne.The most recent deep-sea transactions were heard at the start of last week and put the HMS 1&...Read More
The Turkish domestic scrap market was stable over the past week but prices are expected to increase soon due to tightening supply, sources said on Monday April 6.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was 1,380-1,515 lira ($206-226) per tonne on Monday, unchanged week on week.Long and flat steelmaker ??olakoglu maintained its buy price...Read More
Global ferrous scrap prices continued to move downward in the week ended Friday April 3, with reaction to the Covid-19 pandemic responsible for further lockdowns around the world, bringing trading to a halt in key export markets.Turkish import prices plungeUS export market pausesTaiwan import price dips on lower demandTrading remains at a halt in India.TurkeyPrices for scrap imported into Turkey f...Read More
Seaborne iron ore prices were flat on Monday April 6 at the end of the long weekend holiday in China. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $83.30 per tonne, unchanged.62% Fe low-alumina fines, cfr Qingdao: $84.42 per tonne, unchanged. 58% Fe fines high-grade premium, cfr Qingdao: $72.05 per tonne, unchanged. 65% Fe Brazil-origin fines, cfr Qingdao: $97.70 per tonne, unchanged. 6...Read More
Trading activity in the seaborne coking coal market was muted on Monday April 6 with the only clearing market at the moment - China -on holiday and ex-Chinese buying activity practically suspended on the Covid-19 virus' spread to downstream operations of steel mills.Fastmarkets IndicesPremium hard coking coal, fob DBCT: $133.42 per tonne, down $5.18 per tonnePremium hard coking coal, cfr Jingtang:...Read More
The continuing growth of electric arc furnace (EAF)-based steelmaking in the United States raises questions about supplies of scrap to feed the furnaces.Industry observers' views remain mixed about how much tighter the availability of US ferrous scrap - particularly of such prime or factory scrap as No. 1 busheling and No. 1 bundles - will be once the expected big jump in domestic steelmaking capa...Read More
Key data from the pricing sessions in Europe, the United States and Asia for the week ended Monday April 6.EuropeKey drivers The silicon market weakened for both grades of material for the second consecutive week, amid sluggish demand in Europe. A few tonnes were booked at a price close to ?,?1,800 ($1,944) per tonne for 4-4-1 grade, while competitive bids were also heard...Read More