The price of austenitic stainless steel scrap in the UK domestic market narrowed downward this week, reflecting very low demand from mills for April, sources told Fastmarkets on Friday April 3. With the automotive and white goods sectors heavily suppressed because of the Covid-19 pandemic, demand for stainless steel is sharply down and stainless mills require correspondingly lower amounts of feeds...Read More
Turkish deep-sea scrap import trade remained quiet at the end of the week, but prices are poised to increase amid tightening supply, sources told Fastmarkets on Friday April 3.The most recent deep-sea transactions were heard at the beginning of the week and put the HMS 1&2 (80:20) price at $206-207 per tonne cfr.A steel mill in northern Turkey booked a Baltic Sea cargo, comprising 9,000 tonnes of...Read More
The market for pig iron exports from the Commonwealth of Independent States went down again in the week to Thursday April 2 on a weak global scrap market and higher competition in the Chinese market - the only outlet where demand exists.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $277-282 per tonne on April 2, down from...Read More
The benchmark for the supply of aluminium to main Japanese ports (MJP) in the second quarter of 2020 has settled at a premium of $82 per tonne cif over the London Metal Exchange cash price. The settlement represents a 1.2% drop or $1 per tonne lower from the first-quarter benchmark of $83 per tonne, which was set at the end of December.Compared to last year, however, the second-quarter aluminium P...Read More
Seaborne coking coal prices dropped below $140 per tonne on a fob-Australia basis on Friday April 3, with buyers maintaining a bearish outlook, though some traders highlighted potential supply concerns from Australia.Fastmarkets IndicesPremium hard coking coal, fob DBCT: $138.60 per tonne, down $3.49 per tonnePremium hard coking coal, cfr Jingtang: $145.75 per tonne, down $3.62 per tonneHard cokin...Read More
China's domestic hot-rolled coil prices rebounded on Friday April 3 after trading activity picked up a day earlier, but exports remained under pressure, particularly with imports into the country rising due to their competitive rates.DomesticEastern China (Shanghai): 3,190-3,210 yuan ($450-452) per tonne, up 20-40 yuan per tonneNorthern China (Tangshan): 3,220 yuan per tonne, up 20-60 yuan per ton...Read More
China's domestic rebar prices were unchanged on Friday April 3, but a divided outlook has emerged in the market over how it would trend over the rest of this month. Eastern China (Shanghai): 3,390-3,420 yuan ($478-482) per tonne, unchangedNorthern China (Beijing): 3,330-3,370 yuan per tonne, unchanged Some market participants think rebar demand will remain active this month due to the weather...Read More
The three-month tin price on the London Metal Exchange fell by 1.3% during morning trading on Friday April 3 after 1,900 tonnes of tin was delivered into LME-registered warehouses, while copper continues to test nearby resistance levels. The three-month tin price on the LME was recently trading at $14,125 per tonne, down from an intraday high of $14,400 per tonne, while turnover was moderately hig...Read More
Base metals' inventories in Shanghai Futures Exchange-approved warehouses continued to fall in the week ending Friday April 3, with lead registering the biggest outflows. Lead stocks in SHFE-approved warehouses slumped by 38% week on week to 8,656 tonnes. This follows a similar drop last week when lead inventory fell to 13,969 tonnes from 22,514. The outflow...Read More
Markets are mixed and on average weaker this morning, Friday April 3, after the rally on Thursday following a 20% rise in oil prices faded. United States President Donald Trump seemed to distract the market after the dreadful US unemployment claims data on Thursday, by talking of a potential oil deal that would see 10-15 million barrels per day cut, but traders are skeptical after Russia denied th...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday April 3.China The buy-side of the seaborne market significantly drove up prices after the lockdown in South Africa sparked supply fears and portside price rises. Portside ore prices continued to rise after traders increased offer prices, however, buying interest waned in...Read More
Waning demand for lithium cobalt oxide (LCO) batteries - as a result of slowing consumption of consumer electronic products amid the Covid-19 pandemic - has weighed on upstream cobalt tetroxide prices since early March, sources said.Fastmarkets' assessment for cobalt tetroxide 72.6% Co min, delivered China dropped to 170,000-180,000 yuan ($23,970-25,380) per tonne on Friday April 3, down 2% from 1...Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves. Read More
A summary of miner-producer China Molybdenum Co's (CMOC) annual report filed on Shanghai Stock Exchange on March 30. In brief Revenue for mining and processing section totaled 19.2 billion yuan ($2.7 billion) in 2019, down 24.65% year on year. The weak performance of the mining sector was mainly attributed to...Read More
Eurofer has requested an immediate reduction of 75% in EU safeguard quotas for imported steel to to support European industry during the crisis caused by the Covid-19 pandemic."Reflecting the unprecedented implosion of the European steel market, the current quota levels need to be drastically reduced immediately for a period of six months, and by about 75% to align them with the devastating situat...Read More
Key data from Fastmarkets' pricing sessions in Europe, Shanghai and the United States in the week to Friday April 3. United States The US ferro-silicon market continued to surge, supported by a limited availability of inventory for the spot...Read More
European steelmakers have been reducing output and temporarily idling equipment due to the poor demand caused by lockdowns and quarantine measures implemented across Europe intended to prevent the spread of Covid-19.Of particular importance has been the closure of a large number of automotive manufacturers. Carmakers in Europe and the UK have extended their previously announced production suspensi...Read More
Increased exports of aluminium scrap from the United States pushed total monthly nonferrous scrap exports higher in February 2020.Aluminium products were the only nonferrous metallic grade to exhibit growth in January-February, while nickel volumes, which fell by 20.6% to 2,751 tons, experienced the greatest drop.US nonferrous scrap exports totaled 237,724 tons in February, up 1.6% from 233,8...Read More
Demand for ferrous scrap in key import markets Taiwan and Vietnam was weaker this week due to major holidays in these regions, while social distancing measures implemented in Vietnam also resulted in less downstream activity.More clarity is expected next week when both importers return fully to the market. Participants are also watching for new price trends in key market Turkey.VietnamFastmarkets'...Read More