Turkish steel producers made more bookings of deep-sea scrap for March shipment, with prices strengthening further on firm demand, sources told Fastmarkets on Tuesday February 18.A steel mill in the Iskenderun region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (90:10) at $282.50 per tonne, 5,000 tonnes of shredded at $285 per tonne and 5,000 tonnes of bonus at $290 per tonne cfr.This com...Read More
Peking Founder, owner of Chinese trader Founder Commodities, has been ordered to restructure just shortly before its bond due date this coming Friday, February 21.The conglomerate said on Tuesday February 18 that one of its creditors, Bank of Beijing, had filed a request to the Beijing No1 Intermediate People's Court for an asset restructure.The bank cited in its application the inability of Pekin...Read More
Broader markets, mainly equity indices, have been fairly complacent about the potential negative economic impacts of the coronavirus (2019-nCov). But this morning, Tuesday February 18, that may be changing with Asian equities down across the board as more companies and countries get jittery.Apple warns it will miss its sales target, South Korea warns it is in an emergency situation and calls for "...Read More
Glencore will prioritize the production ramp-up of its Katanga mining asset in the Democratic Republic of Congo (DRC) in 2020, the trader-miner said on Tuesday February 18 during its full-year results announcement.The company's production guidance at Katanga is 270,000 tonnes of copper and 29,000 tonnes of cobalt contained in concentrates and hydroxides, and it expects the successful commissioning...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 18 that are worth another look.Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil fell during the week to February 18 amid a slowdown in domestic trading while downstream sectors gradually return to work.Increasing aluminium inventories pressured China's aluminium price amid, generally, uninterrupted...Read More
Flat steel sales from Brazilian distributors increased by 5.3% year on year in January, with the country's steel consumption rising amid price increases, according to national flat steel distributors' association Inda. Shipments amounted to 279,400 tonnes last month, against 265,300 tonnes a year before, Inda said on Tuesday February 18."The market is improving slowly," Inda president Carlos Loure...Read More
Uncertainty in the global flat steel market caused by falling prices for exports from China has been affecting demand and putting pressure on the market for exports from the Commonwealth of Independent States (CIS), sources told Fastmarkets on Monday February 17.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $460-480 per tonne on Monday, down from $...Read More
Special bar quality (SBQ) steel spot prices in the United States have been weighed down by declining ferrous scrap costs, with demand across most major end markets flat to slightly weak, market participants said.On the hot-rolled side of the market, Fastmarkets' monthly price assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series (carbon), fob mill US was at $34.50...Read More
Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih (AMKR), is currently bringing its new continuous casting machine No3 (CCM No3) to designed capacity, the company announced on Monday February 17."We already produce 150mm billet at CCM No3 and will start production of 130mm billet soon, " a company source told Fastmarkets.The equipment addition is part of a company project to repla...Read More
Prices for steel rebar and billet in the United Arab Emirates were stable in the week to Tuesday February 18, with demand remaining weak because buyers wanted to wait and see the direction of prices, market sources said.Scrap prices have been increasing recently following steep falls since mid-January, so some buyers believe billet and rebar prices may also recover, if demand picks up.Fastmarkets'...Read More
Mexican ferrous scrap prices were little changed in the week ended Friday February 14, with most buyers refraining from making any changes after several price cuts in the preceding two weeks.In the country's northern Monterrey region, prices remained stable for four grades, while the price of HMS 1-grade scrap decreased. In the central Baj?-o region, three grades had lower prices, with one remaini...Read More
Turkish steel producers made more bookings of deep-sea scrap for March shipment, with prices strengthening further on firm demand, sources told Fastmarkets on Tuesday February 18.A steel mill in the Iskenderun region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (90:10) at $282.50 per tonne, 5,000 tonnes of shredded at $285 per tonne and 5,000 tonnes of bonus at $290 per tonne cfr.This com...Read More
News of Australian miner Rio Tinto's production cuts amid continued bearish sentiment among Chinese buyers on downstream demand prevented any significant movement in seaborne iron ore prices on Tuesday February 18.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.18 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.51 per tonne, down $0.30 per tonne.62% Fe low-a...Read More
CIS producers of steel billet remained bullish in the week to Tuesday February 18 because of the continuing rise in scrap import prices into Turkey, despite the lack of trading activity.Offers of billet from Ukrainian and Russian mills were mainly heard within the range of $400-405 per tonne fob Black Sea at the beginning of this week, against $395-400 per tonne fob late last week.Meanwhile, offer...Read More
Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih (AMKR), is currently bringing its new continuous casting machine No3 (CCM No3) to designed capacity, the company announced on Monday February 17."We already produce 150mm billet at CCM No3 and will start production of 130mm billet soon, " a company source told Fastmarkets.The equipment addition is part of a company project to repla...Read More
Prices for steel rebar and billet in the United Arab Emirates were stable in the week to Tuesday February 18, with demand remaining weak because buyers wanted to wait and see the direction of prices, market sources said.Scrap prices have been increasing recently following steep falls since mid-January, so some buyers believe billet and rebar prices may also recover, if demand picks up.Fastmarkets'...Read More
Demand for passenger cars in the EU dropped by 7.50% year-on-year in January 2020, following four consecutive months of recovery.New car sales in Europe totalled 956,779 vehicles in Janaury 2020, compared with 1,034,407 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Tuesday February 18.The...Read More
Flat steel sales from Brazilian distributors increased by 5.3% year on year in January, with the country's steel consumption rising amid price increases, according to national flat steel distributors' association Inda. Shipments amounted to 279,400 tonnes last month, against 265,300 tonnes a year before, Inda said on Tuesday February 18."The market is improving slowly," Inda president Carlos Loure...Read More
Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih (AMKR), is currently bringing its new continuous casting machine No3 (CCM No3) to designed capacity, the company announced on Monday February 17."We already produce 150mm billet at CCM No3 and will start production of 130mm billet soon, " a company source told Fastmarkets.The equipment addition is part of a company project to repla...Read More
Here are five Fastmarkets stories you might have missed on Monday February 17 that are worth another look.Seaborne iron ore prices were up on Monday amid the gradual return of workers after the extended lunar new year holiday in China.The European Commission has initiated a review of existing safeguard measures into a number of imported steel products, it said on Saturday February 15.The market of...Read More