Global tin premiums were steady in the week to Tuesday February 25, despite poor demand and with rising stock volatility turning the focus on delivery incentives amid a large inflow into LME warehouses in Los Angeles. European market questions LA inflows US sentiment improves Asia demand in question Fresh inflows puzzle European tin market; premiums steadyIn Europe, Fastmarkets assessed the tin 99...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 26.Please click...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 26 that are worth another look.China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Metal and ferro-alloy...Read More
China's steel industry has faced difficulties in production and sales since the first working day after the Lunar New Year holiday due to the novel coronavirus (2019-nCoV) outbreak, which has led to some 78,000 infections and close to 2,700 deaths in the country so far.Here are eight key effects of the outbreak has had on the Chinese steel industry, according to the China Iron & Steel Association...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday February 26.Please click...Read More
Lead was the worst performer on the London Metal Exchange at the close on Wednesday February 26, wiping out all gains it made on Tuesday. The three-month lead price closed at $1,817 per tonne, down from $1,858 per tonne the previous day when it had risen by 2%. Forward spreads in LME lead remain in a backwardation but significantly narrower than the previous day. The benchmark cash/three-month spr...Read More
Seaborne coking coal prices remained firm on Wednesday February 26, but some Chinese participants expressed doubts over the longevity of the strength given increasing concerns about the health of the global economy and with prices having been on an upwards trend for several weeks.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.30 per tonne, up $0.10 per tonnePremium hard coking coal, c...Read More
Domestic prices for hot-dipped galvanized coil (HDG) have narrowed upward in Northern Europe over the past week, supported by strong demand and an absence of imported alternative material, sources told Fastmarkets on Wednesday February 26.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe, was ?,?580-600 ($630-652) per tonne ex-works on February 26, compared with ?,?...Read More
The availability of Iranian steel billet was limited in the export markets because of strong domestic demand, Fastmarkets learned on Wednesday February 26.Weakening of the local currency against the US dollar was the reason for the increased domestic demand, with imports being more problematical."Continued devaluation [of the Iranian rial] means that local traders will keep buying to hedge against...Read More
Metal and ferro-alloy suppliers in Europe are reporting strong call-offs on sales to European consumers, some of which are stocking up in preparation for any disruptions that might be caused by the spread of the novel coronavirus infection (2019-nCoV).Cases of the disease caused by the virus emerged in Wuhan, China, last year and have now spread to Europe, with Italy being hit hardest. There had b...Read More
Lead was the worst performer on the London Metal Exchange at the close on Wednesday February 26, wiping out all gains it made on Tuesday. The three-month lead price closed at $1,817 per tonne, down from $1,858 per tonne the previous day when it had risen by 2%. Forward spreads in LME lead remain in a backwardation but significantly narrower than the previous day. The benchmark cash/three-month spr...Read More
Lead premiums have so far been unaffected by a widening backwardation as Indian consumers continue to buy from the spot market, while European spot zinc demand remains low amid stable premiums after the weakest consumption data in five years was announced for 2019. London Metal Exchange three-month lead spread was in a $54.50-per-tonne backwardation on Tuesday February 25 No sign of physical tight...Read More
The London Metal Exchange three-month copper price fell in the morning of Wednesday February 26, with fresh inflow of 62,335 tonnes across various locations putting pressure on the price.As well, the three-month nickel price failed to maintain Tuesday's gains.Copper's outright price was recently at $5,633.50 per tonne, edging closer to the $5,600-per-tonne support level after closing at $5,685 per...Read More
Domestic prices for cold-rolled coil in Europe were largely stable over the week to Wednesday February 26, with market participants receiving comparable prices for imported material. Fastmarkets' weekly price assessment for steel CRC, domestic, exw Northern Europe was ?,?545-570 ($545-570) per tonne on Wednesday, down by ?,?5 per tonne on the low end of the range from ?,?550-570 per tonne a w...Read More
Domestic steel rebar prices in Europe were unchanged this week due to a lack of both trading activity and demand, sources told Fastmarkets on Wednesday February 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?475-485 per tonne on Wednesday, unchanged week on week.The market was reported to be quiet this week because of public h...Read More
Industrial Metallurgical Holding (IMH) will start maintenance of a blast furnace (BF) at its Tulachermet facility early to reduce rebar supply in March from Tula Steel due to a weak market, the company told Fastmarkets on February 25.Tulachermet, which supplies Tula Steel with pig iron, will stop BF No3 for around a month from late March after previously planning to begin in April. BF No3 has capa...Read More
The mood in the European hot-rolled coil market has been bullish amid a lack of competitive import offers and domestic mills' good order books, sources told Fastmarkets on Wednesday February 26.Northern EuropeFastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe was at ?,?483.71 ($525.29) per tonne on Wednesday February 26, down by ?,?0.27 per tonne day on day from ?,?...Read More
The prices for hollow steel sections in Europe were unchanged this week with mills struggling to pass on higher feedstock costs to their customers, sources told Fastmarkets on Wednesday February 26.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?620-650 ($673-706) per tonne on Wednesday, unchanged week on week.Despite the rising cost of...Read More
Stainless steel scrap prices in the United States were relatively steady over the past week despite a decline in the nickel market."Prices have managed to hang in there despite the huge fall in [London Metal Exchange] nickel," one domestic dealer source said.The monthly average of the LME nickel cash price was at $5.82 per lb through February 25, down by 5.4% from January's average...Read More
The Turkish steel mills have continued to be largely silent in the deep-sea scrap markets to try to restrict the upward trend in prices, sources said on Wednesday February 26.The mills were very active in the deep-sea scrap markets in the period February 4-24, booking at least 22 cargoes totaling more than 700,000 tonnes. As a result, scrap import prices into Turkey have been climbing since the be...Read More