China Zhongwang holdings - the largest aluminium extrusion company in Asia - has announced it sold 100% equity interests of its direct wholly-owned subsidy Zhongwang Aluminum Material to Yidian Luoyang, according to a document found by Fastmarkets in Hong Kong Exchanges' website earlier in the week starting March 2.Yidian Luoyang procured the aluminium business at a consideration of 4.6 billion yu...Read More
The three-month zinc price on the London Metal Exchange was higher during morning trading on Thursday March 5, recovering losses made earlier in the week against high turnover, while nickel futures breached resistance at $12,800 per tonne. Zinc's outright price on the LME was recently seen at $2,023 per tonne, up by some 1.8% against Wednesday's closing price of $1,982 per tonne. Turnover in zinc...Read More
Broad-based government action to lower interest rates and make money available to the markets have helped underpin the financial system and confidence, and that has led to some risk-on in some sectors this morning, Thursday March 5. Following on from the United States Federal Reserve's emergency 50-basis-point rate cut on Tuesday, Wednesday saw the US House of Representatives approve an emergency...Read More
China's domestic and export prices for stainless steel dropped over the past week due to a delayed resumption of downstream industries.Some stainless steel mills have resorted to cutting production due to the weak demand after an extended Chinese New Year break as a result of the novel coronavirus (2019-nCoV) outbreak in China, but market inventory levels continued to rise gradually. This weighs o...Read More
Spot prices for steel reinforcing bar in the United States have softened on reports of lower transaction prices while market sentiment has shifted into more neutral territory, Fastmarkets has learned. Fastmarkets assessed the price for steel reinforcing bar (rebar), fob mill US at $30.50-31.50 per hundredweight ($610-630 per short ton) on Wednesday March 4, down by 1.6% from $31-32 per cwt in the...Read More
The recent weakening of the Brazilian currency, the Real, and more expensive Chinese steel have made room for further price increases in the South American country's domestic market, producer Companhia Sider??rgica Nacional (CSN) said on Thursday March 5.Longer-term contracts with carmakers and other industrial clients also required revision, commercial director Luis Martinez said during the compa...Read More
Ukrainian steelmaker Metinvest will increase its hot-rolled coil output once it finishes testing a new rolling line at its Ilyich Iron & Steel Works at Mariupol, chief executive officer Yuriy Ryzhenkov told Fastmarkets this week. "Currently, we produce 4,500-4,800 tonnes of HRC per day [on the] new rolling line. Once we finish testing, we will increase production to 7,500-8,000 tonnes pe...Read More
The Turkish long steel export markets have been almost silent over the past week with limited demand in the major outlets, sources said on Thursday March 5.The steel mills in Turkey offered rebar for export at $435-445 per tonne fob on an actual weight basis, while bids for material were heard around $430 per tonne.There were no significant export sales heard.The Turkish market was slow because ma...Read More
Turkish steel billet import prices have decreased over the past week while demand has been low, sources said on Thursday March 5.The Turkish market was slow because market participants wanted to see the outcome of a meeting between Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin in Moscow on March 5.This meeting comes after at least 33 Turkish soldiers were killed on Fe...Read More
Iron ore prices and volumes for Brazil-origin material have been affected by heavy rainfall in the first quarter of 2020, according to iron ore and steel producer Companhia Sider??rgica Nacional (CSN).The company has seen lower volumes of iron ore sales from its operations in Brazil's southeastern Minas Gerais state because of poor weather in the region. It expects operations to be back to no...Read More
Seaborne coking coal prices dropped on Thursday March 5, with a premium mid-volatility cargo fetching a price lower than some market participants' expectations because of concerns about the weather in Queensland, Australia.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.64, down $3.11 per tonnePremium hard coking coal, cfr Jingtang: $174.23, down $1.63 per tonneHard coking coal, fob DB...Read More
A summary of the financial performance of Brazilian steel and iron-ore producer Companhia Sider??rgica Nacional (CSN) in the fourth-quarter and full-year 2019, as reported on Wednesday March 4.In brief CSN's slab output was significantly lower throughout 2019 while its blast furnace (BF) No3 was idled for revamp work over more than three months until late October. Steel sales volumes were down in...Read More
Seaborne iron ore prices rose on Thursday March 5 amid fresh concerns about Brazilian shipment volumes in the current quarter, with the traded price for the benchmark Brazilian low-alumina brand moving up during the day.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $92.57 per...Read More
The United States' ferrous scrap export market has gone quiet on the East Coast amid expectations that prices will fall when the next sale to Turkey is completed.A drop in reinforcing bar prices and demand has provided enough motivation for Turkish mills to stay out of the market for now.Rebar bids in Turkey have declined to $425 per tonne fob from recent sales at $440 per tonne, one East Coa...Read More
China's domestic hot-rolled coil prices were largely stable on Thursday March 5 although supply continued to rise, with an optimistic outlook for demand providing some support to the market.DomesticEastern China (Shanghai): 3,510-3,520 yuan ($504-506) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tangshan): 3,300-3,310 yuan per tonne, widening upward by 10 yuan per tonneTrading...Read More
China's domestic rebar prices edged up on Thursday March 5 on strengthening demand and improved sentiment in the market.Eastern China (Shanghai): 3,430-3,450 yuan ($494-497) per tonne, up 10 yuan per tonne Northern China (Beijing): 3,280-3,330 yuan per tonne, widened upward by 10 yuan per tonneSales are gradually improving this week, with a few big traders each selling 1,000 tonnes of rebar during...Read More
Weakness in cobalt metal prices along with growing concerns of disruptions to downstream battery operations in South Korea amid an outbreak of novel coronavirus (2019-nCoV) are weighing heavily on the Chinese cobalt sulfate market.Fastmarkets' price assessment for cobalt sulfate 20.5% Co basis, exw China was 53,000-55,000 yuan ($7,615-7,903) per tonne on Wednesday March 4, a drop of 2,000 yuan per...Read More
Benchmark prices for cobalt metal and payables for intermediates are largely holding on to modest gains made in recent weeks, with sellers happy to hold out for higher numbers, despite only cautious restocking. Fastmarkets' cobalt hydroxide payable indicator min 30% Co, cif China held at 67-69.5% of the standard-grade cobalt price (low-end) on Wednesday March 4, where it has been since February 19...Read More
Trade log for cobalt sulfate in China including business, bids and offers reported to Fastmarkets.Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.Fastmarkets prices Click here for Fastmarkets' price assessment for cobalt sulfate, Co...Read More
Without fresh major stimulus announcements, markets have turned risk-off again this morning, Friday March 6. Market participants had been expecting the People’s Bank of China to announce some further stimulus after the United States Federal Reserve’s emergency 50-basis-point rate cut on Tuesday, but nothing has been forthcoming. The spread and impact of the novel coronavirus (2019-nCoV)...Read More