Demand for aluminium and steel coil in China has come under strain while the novel coronavirus (2019-nCoV) crisis has allowed the gears of the country's automotive sector to grind to a halt.Many manufacturing plants across China - including those in the automotive segment - have paused operations in the past two weeks to February 12 after the government extended workers' Lunar New Year holiday to...Read More
The outbreak of the novel coronavirus (2019-nCoV) in China has weakened the country's rebar market in recent weeks, sending prices to their lowest in close to three years. Fastmarkets' February 11 assessment for steel reinforcing bar (rebar) domestic, ex-whs eastern China was 3,380-3,420 yuan ($485-490) per tonne, down 250-260 yuan per tonne from 3,640-3,670 yuan per tonne on January 23 - the last...Read More
India's recently announced national budget got a mixed response from the country's steel sector, with some describing it as "disappointing" while others said it was "promising," sources told Fastmarkets.The Indian government's $428 billion budget for 2020-21 was presented on February 1.Part of the budget concerned the soon-to-be-launched National Logistics Policy, which will include various infras...Read More
The three-month price of copper on the London Metal Exchange edged higher at the close of trading on Wednesday February 12, staying firmly above the $5,700 per tonne support level despite low turnover, while nickel similarly held above nearby support.Copper's outright price on the LME closed at $5,764 per tonne on Wednesday afternoon, falling from an intraday high of $5,783 per tonne but topping T...Read More
Seaborne coking coal prices were steady on Wednesday February 12, with a premium mid-vol cargo fetching $150 per tonne fob Australia.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.29 per tonne, up $0.44 per tonnePremium hard coking coal, cfr Jingtang: $160.73 per tonne, unchangedHard coking coal, fob DBCT: $127.01 per tonne, unchangedHard coking...Read More
Seaborne iron ore prices remained firm on Wednesday February 12 following an announcement by Vale that it expects lower production for the quarter ending on March 31.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.68 per tonne, up $0.75 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.01 per tonne, up $0.75 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.93 per tonne, up $0.7...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
EU domestic prices for hot-rolled coil have increased day on day due to tight supply from European mills and a lack of competitive alternatives from overseas, sources told Fastmarkets on Wednesday February 12.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?476.21 ($519.73) per tonne on Wednesday February 12, up by ?,?2.64 per tonne from ?,?473.57 per tonn...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday February 12 that are worth another look.China may not be the big steady steel rebar buyer that most of us in the market thought it was, the International Rebar Producers & Exporters Association (Irepas) said on February 5 with regards the impact of the novel coronavirus (2019-nCoV).Major Chinese copper smelter Daye Nonferrous,...Read More
Nickel premiums in all regions held steady in the week to Tuesday February 11. European nickel premiums hold in illiquid spot market. The US nickel briquette premium could rise further, though it was flat this week. China nickel premiums were unchanged amid spot illiquidity on a closed arbitrage import window. Rotterdam nickel premiums stabilize in illiquid spot market Premiums for a...Read More
Brazilian multi-metal miner Vale has revised its 2020 nickel production guidance to 200,000-210-000 tonnes per year from 240,000 tpy previously amid its projected "exit" from the Vale New Caledonia (VNC) operations, the company announced on Tuesday February 11.The lower 2020 production guidance comes after Vale indicated that operations at VNC would cease entirely at the end of April 2020 while th...Read More
Major Chinese copper smelter Daye Nonferrous, at the heart of the region affected by the coronavirus outbreak, is managing to continue its copper production activities by destocking the sulfuric acid byproduct at a discount, Fastmarkets has learnt."We have no plans to declare force majeure so far," a source with direct knowledge of the matter said. "We are still receiving overseas shipments of cop...Read More
Demand for aluminium and steel coil in China has come under strain while the novel coronavirus (2019-nCoV) crisis has allowed the gears of the country's automotive sector to grind to a halt.Many manufacturing plants across China - including those in the automotive segment - have paused operations in the past two weeks to February 12 after the government extended workers' Lunar New Year holiday to...Read More
Rio Tinto will conduct a strategic review of its ISAL smelter in Iceland, due to high energy costs and historically low aluminium prices, the company said on Wednesday February 12."ISAL is expected to remain unprofitable in the short to medium term in the challenging conditions facing the aluminium industry, due to the smelter's uncompetitive energy costs and historically low aluminium prices," Ri...Read More
Hot-rolled coil prices declined further in the United States, with some mills aggressively pursuing spot market deals in order to fill their order books and some steel consumer sectors showing worse-than-expected first-quarter performance, market participants said.Fastmarkets' steel hot-rolled coil index, fob mill US was calculated at $28.79 per hundredweight ($575.80 per short ton) on W...Read More
The price difference between scrap and rebar for Turkish mills in January this year was at its narrowest since January 2019, the International Rebar Producers & Exporters Association (Irepas) said on February 5.In fact, compared with January 2019, the spread had only ever been smaller in January 2017, according to Irepas' outlook statement.Turkish producers were also trying to widen the spread, wh...Read More
Demand for long steel in the United States market will be steady in 2020 while Brazil's steel sector is expected to recover this year, the International Rebar Producers & Exporters Association (Irepas) said on February 5. The United States Steel supply increased in the US due to a growth in domestic production and more imports from Section 232-exempt countries, Irepas noted. The United States prod...Read More
The prices of hollow steel sections in Europe remained flat this week, with eyes on the soon-to-be-exhausted import quota allocated to Turkey, sources told Fastmarkets on Wednesday February 12.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?620-640 ($677-698) per tonne on Wednesday, unchanged week on week.Prices have remained steady des...Read More
Turkey has returned to the United States' ferrous scrap market, paying higher prices and leading many to believe that the US ferrous export market is showing signs of recovery.A sale to Turkey by an East Coast exporter was reported on Wednesday February 12 involving a 40,000-tonne cargo at a price that was up by $4-8 per tonne from the two prior sales on February 7, in which an 80:2...Read More
Prices for 300-grade stainless steel moved higher week on week in the United States, driven more by tightness in supply than by the intrinsic values of nickel, chrome and iron, Fastmarkets understands."Stagnant supply remains the driving force behind current stainless steel scrap price stability," one scrap dealer said. "Clearly, supply concerns exist and sellers finally have some leverage," he co...Read More