Algerian steelmakers Algerian Qatari Steel (AQS) and El-Hadjar Iron & Steel Complex have stopped crude steel production because of the Covid-19 pandemic, market sources told Fastmarkets on Friday March 27.The country's authorities have issued a decree calling on companies to reduce their non-essential workforces by at least 50% to limit the spread of the virus. The decree came into force on March...Read More
Seaborne iron ore prices dropped closer to the $80-per-tonne level on Monday March 30 on plunging rebar prices in China and a negative outlook for downstream demand in April among some market participants. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $82.98 per tonne, down $3.38 per tonne 62% Fe low-alumina fines, cfr Qingdao: $83.88 per tonne, down $3.14 per tone58% Fe fines high-grade...Read More
Seaborne coking coal prices plummeted on Monday March 30, with steel mills - especially those outside China - expected to cut output in the second quarter. Fastmarkets IndicesPremium hard coking coal, fob DBCT: $147.73 per tonne, down $5.71 per tonnePremium hard coking coal, cfr Jingtang: $155.54 per tonne, down $2.49 per tonneHard coking coal, fob DBCT: $134.01 per tonne, down $5.88 per tonneHard...Read More
China's domestic hot-rolled coil prices fell further on Monday 30 amid thin trading, while exporters have started to think twice about short-selling after mills announced plans to cut production.DomesticEastern China (Shanghai): 3,290-3,310 yuan ($464-466) per tonne, down 40 yuan per tonneNorthern China (Tangshan): 3,260 yuan per tonne, down 20 yuan per tonneThin trading in Shanghai forced sellers...Read More
China domestic rebar prices fell on Monday March 30 on pessimism over the recovery of demand in the country after its central bank cut the rate on seven-day reverse repurchase agreements by 20 basis points - the largest in nearly five years.Eastern China (Shanghai): 3,430-3,460 yuan ($483-488) per tonne, down 40 yuan per tonneNorthern China (Beijing): 3,350-3,370 yuan per tonne, down 30 yuan per t...Read More
Base metals prices on the Shanghai Futures Exchange were down across the board at the close of morning trading on Monday March 30, with aluminium leading the complex lower with a fall of 2.1%.The weakness across the complex was primarily due to a loss of confidence among investors while the number of infections and deaths related to the Covid-19 pandemic continue to climb. This after sentiment had...Read More
Key pricing data from the pricing sessions in the United States, Europe and Asia for the week ended March 30.China The price narrowed, declining on reduced demand from overseas secondary aluminum plants and automakers, many of which have suspended operations to contain the spread of Covid-19. Chinese exporters stopped making offers, instead asked prospective...Read More
Maersk Line, the world's biggest container shipping company, will be suspending its North Europe (AE2) and Mediterranean (AE20) services on the Asia-Europe network during the second quarter of 2020. "Due to market demand reductions in Europe caused by the Covid-19 pandemic, Maersk endeavors to balance our network to match reduced demand," the Danish carrier said in an advisory on Friday March...Read More
Ferro-vanadium prices continued to move down last week in Europe and China on weakening consumer demand due to the impact of the Covid-19 pandemic on business operations. Measures imposed to limit the spread of the coronavirus outside of China continues to pressure China's export price for ferro-vanadium, which ticked down for the second consecutive week on Thursday March 26. Fastmarkets assessed&...Read More
Major Japanese steelmaker JFE Steel is facing the prospect of recording zero profit for the year ending March 2020 for the first time in its history due to global economic tensions and rising raw materials prices, it warned on Friday March 27.This has led the company to plan to shut one blast furnace in its East Japan Works and restructure its remaining operations in Japan, it said.In brief JFE St...Read More
China's domestic prices for steel scrap decreased over the past week on bearish sentiment and destocking by sellers, market participants said. Fastmarkets' weekly assessment of steel scrap heavy scrap domestic, delivered mill China, was 2,530-2,660 yuan ($357-375) per tonne for the week ended March 27, down from 2,630-2,740 yuan per tonne a week earlier.Steel prices dropped over the past week lead...Read More
China’s official manufacturing purchasing managers’ index (PMI) rebounded to 52 in March, after 35.7 in February, which means 52% of purchasing managers reported conditions were “better” in March than they were a month earlier. This has provided some support to the base metals this morning, Tuesday March 31.* Asian-Pacific equity indices and pre-market western futures were mixe...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening comments. The Canadian Dollar was virtually unchanged at U.S. 70.27 cents following release of Canada's GDP at 8:30 AM EDT. Consensus was a gain of 0.2% versus an increase of 0.3% in December. Actual was a gain of 0.1%.Conagra gained $1.53 to $29.76 after issuing positive fiscal fourth quarter...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More
Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.The Zambian government will remove the 5% im...Read More