The China Council for the Promotion of International Trade (CCPIT) has issued 1,615 force majeure certificates to businesses in China affected by the novel coronavirus (2019-nCOV) outbreak.Local exporters that applied for the force majeure "legal shield" cover over 30 different sectors, according to a CCPIT announcement on its website on February 26. The legal provision is traditionally used...Read More
Cesco Santiago, one of the biggest annual events for the copper industry, has been canceled, organisers confirmed to Fastmarkets. "Both the World Copper Conference organized by CRU and Cesco Dinner will not take place this year," the organization said in a press release dated Monday March 2 after confirming by phone. The organization had been under pressure to at least delay the event because many...Read More
China's official manufacturing purchasing managers index (PMI) slumped to 35.7 in February from 50 previously, but despite this the base metals are up across the board this morning, Monday March 2, and Asian equity indices are for the most part firmer too. The buoyancy seems to stem from expectations that central banks will continue to pump liquidity into their economies to cushion the economic bl...Read More
Domestic prices for hot-rolled coil in Europe were fairly stable day on day on Monday March 2, buoyed by a continued lack of competitive import offers, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.55 ($534.22) per tonne on Monday March 2, down by ?,?0.35 per tonne day on day from ?,?484.90 per tonne on February 28.The index...Read More
Steel billet prices in some global markets rose in the week to Friday February 28, supported by firm demand, sources told Fastmarkets.But the spread of the novel coronavirus (2019-nCoV) across the world, including rising infection numbers in other parts of Asia, such as South Korea and Japan, dampened market sentiment, sources said.Scrap prices declined during the week, with Fastmarkets' dail...Read More
With competition in the global steel markets remaining fierce, Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in February 2020.The case list below includes only updates. For other continuing cases this year, see the...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable over the week ended Friday February 28, supported by a combination of the positive effects of long lead times from the region's mills and a lack of competitive import offers.In the second half of the week, Italians steelmakers made higher offers and achieved small price rises in transactions.Fastmarkets' daily steel hot-roll...Read More
The D? 1/4 sseldorf wire and tube fair has been postponed due to the spread of the novel coronavirus (2019-nCoV), the fair organizer, Messe D? 1/4 sseldorf, said on Saturday February 29.The international trade fair for wire, cable, tube and pipe industries was due to take place on March 30 to April 3. "We are following the recommendation of the crisis management team of the German government to ta...Read More
The Turkish steel producers have extended their absence from the deep-sea scrap markets in expectation of lower prices, but suppliers were holding firm, sources said on Monday March 2.After buying several cargoes in the first three weeks of February, the mills stepped back from purchase activity at the beginning of last week.The most recent deep-sea transactions had put the price of HMS 1&2 (80:20...Read More
The auto bundle scrap price in the Turkish domestic market has increased on a weaker lira and tighter supply, while ship scrap prices were fairly stable, sources said on Monday March 2.The Turkish currency depreciated following an airstrike in Idlib, northwestern Syria, late last week.The lira was trading at 6.26 lira to $1 on March 2, compared with 6.11 lira to $1 on February 24, according to Oan...Read More
A shortage of shipping containers resulting from the control measures put in place in China to contain the spread of the novel coronavirus (2019-nCoV) is slowing global trade.Container ships are waiting offshore for the chance to unload goods at Chinese ports, while the same ports are also stacked with empty containers waiting to be filled and returned to the seaborne market. The build-up of empty...Read More
Seaborne coking coal prices were stable on Monday March 2, as most market participants in China adopted a wait-and-see approach on seaborne coking coal buying.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.39 per tonne, up $0.34 per tonnePremium hard coking coal, cfr Jingtang: $168.54 per tonne, up by $0.01 per tonneHard coking coal, fob DBCT:...Read More
Seaborne iron ore prices surged on Monday March 2, boosted by expectations that stimulus measures from the Chinese government, following weak manufacturing data, will lend much-needed support to the country's economic growth and specifically the commodities sector.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.93 per tonne, up $4.97 per tonne.62% Fe low-alumina fines, cfr Qingdao: $90....Read More
Global gross domestic product (GDP) growth and dry bulk trade are both facing uncertainty due to the spread of the novel coronavirus (2019-nCoV), though Chinese government stimulus measures are likely lend much-needed support, iron ore miner Rio Tinto said last week. "We are currently evaluating the impact of the Covid-19 [disease], which could create significant uncertainty for our business in th...Read More
China's hot-rolled coil market participants are alert for possible price drops amid mounting inventories, even as domestic prices rebounded on Monday March 2.DomesticEastern China (Shanghai): 3,480-3,510 yuan ($498-502) per tonne, widening upward by 10 yuan per tonneNorthern China (Tangshan): 3,260-3,280 yuan per tonne, up 20-30 yuan per tonneSpot prices rebounded on Monday following futures gains...Read More
China's domestic rebar prices dropped further on Monday March 2, but futures picked up following news that most industry sectors in the country have resumed work.Eastern China (Shanghai): 3,360-3,390 yuan ($482-486) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,260-3,290 yuan per tonne, down 60-70 yuan per tonneMore local governments have reported that various industries and projec...Read More
The novel coronavirus (2019-nCoV) is making its presence felt in Vietnam's hot-rolled coil markets, with sentiment in the major importing nation taking a hit in the past week.Fastmarkets' steel HRC import, cfr Vietnam assessment, which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam, was $470-472 per tonne cfr for the week ending Monday March 3,...Read More
China's export price of electronic manganese flake dropped by $60-150 per tonne on Friday February 28 after overseas buyers retreated on sufficient stocks and expectations supply will improve now that producers in southwest China are resuming operations, market sources said.Fastmarkets assessed the price of manganese 99.7% electrolytic manganese flake, fob China at $1,700-1,850 per tonne on F...Read More
The price of European aluminium ingot 226 continued to climb on Friday February 28 due to strong domestic demand amid concerns that the spread of the novel coronavirus (2019-nCoV) in Italy could hamper production in the region, leaving a tight market with inadequate supply. Fastmarkets assessed the price of aluminium diecasting ingot DIN226/A380, delivered Europe at ?,?1,420-1,480 ($1,566-1,6...Read More
Global ferrous scrap prices edged up (apart from in Turkey) in the week to Friday February 28, mainly due to a rise in freight rates, with many market participants reporting weak trading activity.Turkish import scrap prices dip as bookings slowUS export scrap prices remain largely stableFreight costs continue to push up prices in Taiwan and VietnamIndian import prices steady on lackluster salesTur...Read More