Brazilian slab export prices increased during the week to Friday February 28, with recent deals concluded at higher levels and a seasonal pick-up in the market.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil rose to $460-475 per tonne on Friday from $450-460 per tonne a week earlier.A series of deals to the United States concluded at $470-475 per tonne fob, ac...Read More
Domestic prices for hot-rolled coil in Europe increased slightly day on day on Friday February 28, buoyed by positive sentiment in the market, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.90 ($530.95) per tonne on Friday, up by ?,?0.52 from ?,?484.38 per tonne on February 27.The index was calculated based on deals and achie...Read More
Turkish domestic prices for hot-dipped galvanized coil (HDG) and color-coated coil increased again in the week to Friday February 28, amid moderate demand, sources told Fastmarkets.Sentiment in the market turned negative after at least 33 Turkish soldiers were killed and several others injured in an airstrike by the forces of Bashar al-Assad's regime in Idlib, northwestern Syria, on February 27.Fo...Read More
The inter-merchant spot market for light iron scrap in the UK was flat in the week ended Friday February 28, extending a period of price stability this month against a recovery in European export prices and with major British shredders seeking steady supplies, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant,...Read More
Turkish steel producers remained out of the deep-sea scrap import market at the end of the week to avoid a further increase in prices, while escalated tension in Syria hit trade in the country, sources said on Friday February 28.After a buying spree over the past three weeks, mills stepped back from deep-sea scrap purchases at the beginning of this week.The most recent cargo was sold on Monday Feb...Read More
Iron ore vessel MV Stellar Banner, grounded near the coast of Brazilian northeastern state of Maranh??o earlier in the week, was carrying 294,871 tonnes of iron ore, a spokesperson for Brazilian mining company Vale told Fastmarkets on Friday February 28. Stellar Banner has capacity for 300,660 tonnes of ore. Operations at the Ponta da Madeira port terminal were still unaffected by the incident and...Read More
The novel coronavirus (2019-nCoV) is set to accelerate what the trade wars started: the diversification of global supply chains. Both events have demonstrated just how interconnected the global economy is and have provided a wake-up call to businesses worldwide that it might be time to reduce their reliance on China as the workshop of the world. Of course, that's easier said than done. China is th...Read More
Seaborne coking coal prices were largely stable on Friday February 28, although some market participants in China said that a correction was likely due to rising concerns about the global macroeconomic situation given the spread of the novel coronavirus (2019-nCoV) outside China. Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.05 per tonne, unchangedPremium hard coking coal, cfr J...Read More
Seaborne iron ore prices dropped further on Friday February 28, with concerns about mills' margins emerging among Chinese buyers as global macroeconomic sentiment continued to plummet.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.96 per tonne, down $1.76 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.09 per tonne, down $1.55 per tonne.58% Fe fines high-premium, cfr Qingdao: $72....Read More
Zinc recorded the largest percentage increase in stocks in Shanghai Futures Exchange-approved warehouses in the week ending Friday February 28, with inventories climbing up by 11.8% week on week. Nanchu warehouse in Guangdong province gained the most zinc inventories, with total stock rising by 6,403 tonnes to 66,078 tonnes. "Zinc demand from downstream is still really weak on restricted transport...Read More
China's hot-rolled coil prices continued to fall on Friday February 28 amid thin trading, encouraging more overseas buyers to hold out for lower export offers.DomesticEastern China (Shanghai): 3,480-3,500 yuan ($496-499) per tonne, down 30-40 yuan per tonneNorthern China (Tangshan): 3,240-3,250 yuan per tonne, down 40-50 yuan per tonneTrading activity continued to weaken for a fourth day, which pu...Read More
Base metals prices on the London Metal Exchange were lower across the board again during morning trading on Friday February 28, due to the global coronavirus outbreak continuing to put bearish pressure on the market. "Markets across the world from commodities to equities fell on Friday as investors feared a coronavirus pandemic. The MSCI World Index headed for the worst week since the financial cr...Read More
China's domestic rebar prices tumbled further on Friday February 28 amid losses in the futures market and sustained weakness in demand from the construction sector. Eastern China (Shanghai): 3,370-3,400 yuan ($480-485) per tonne, down 50 yuan per tonne Northern China (Beijing): 3,320-3,360 yuan per tonne, down 50 yuan per tonneThe country's real estate sector is under pressure from a drop in trans...Read More
Growing fears in recent days that the novel coronavirus (2019-nCoV) epidemic is becoming a pandemic have given global equity markets a reality check and base metals that had initially reacted more than equities are now down less than equities, so may have some catching up to do.The Dow Jones Industrial Average in pre-market trading on Friday February 28, is indicated at 25,190, which means it is d...Read More
An overview of the minor metals markets and the reasons behind the latest price moves.Read More
An overview of the Chinese minor metals markets and the reasons for their latest price moves.Read More
A summary of stainless steel producer Acerinox's financial results for October-December and the full year of 2019.In briefThe Spain-based company reported lower production as a result of reduced consumption, caused by the uncertainty and geopolitical tensions arising from the UK's departure from the Europan Union as well as increasing protectionism globally.Reduced earnings were linked to a provis...Read More
The price of stainless steel in the European domestic market was unchanged in the week ended Friday February 28, but decreases were expected from next week following mills' recent announcement of lower monthly alloy surcharges.The surcharges for grade-304 stainless steels came down substantially this week because of lower nickel prices. The nickel downturn also caused grade-316 surcharges to decre...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday February 28. China Novel coronavirus (2019-nCoV) continues to weaken sentiment for seaborne ore prices amid sharp falls in portside and alloy prices. Portside prices fell on aggressive bids...Read More
Monthly European alloy steel surcharges for March are down in response to lower nickel costs, sources told Fastmarkets on Friday February 28. In the case of grade-316 stainless steel, the fall in the surcharge was moderated by higher molybdenum prices. Fastmarkets' calculation of the stainless steel cold-rolled sheet, 316, 2mm, alloy surcharge, domestic, Europe, for March was ?,?2,040-2,...Read More