Decarbonizing the shipping industry is likely to be tougher than efforts to remove its sulfur emissions, according to an executive at Oldendorff Carriers GmbH & Co.The shipping company's director of business development and strategy told a webinar that efforts by the International Maritime Organization (IMO) requiring the marine sector to cut sulfur emissions by more than 80% had been much more su...Read More
Turkish deep-sea scrap import markets remained subdued on the second working day of the week, with both mills and suppliers quiet, market participants said on Tuesday October 5.The most recent deal heard was late on Friday October 1, when a steel mill in the Iskenderun region booked a European cargo comprising 5,000 tonnes of heavy melting scrap 1&2 (80:20) at $440 per tonne, and 3,000 tonnes of s...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 5 that are worth another look.Ukrainian authorities are preparing to ban scrap exports from the country to help local steelmakers.The heads of companies representing one-third of the world's mining and metals industry...Read More
Activity remained slow in the European hot-rolled coil market on Tuesday October 5, with buyers and producers holding back from making deals, sources told Fastmarkets. Buyers have sufficient stocks to cover their needs for a couple of months, according to estimations from market sources. Sentiment among buyers has been largely bearish due to reduced demand from the automotive sector, declining imp...Read More
Iron ore prices were largely flat on Tuesday October 5 with ongoing low liquidity in both the physical and futures market during the Chinese holiday, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $116.58 per tonne, down $0.54 per tonne62% Fe low-alumina fines, cfr Qingdao: $119.34 per tonne, down $0.41 per tonne58% Fe fines high-grade premium, cfr Qingdao: $90.20 per tonne, d...Read More
Decarbonizing the shipping industry is likely to be tougher than efforts to remove its sulfur emissions, according to an executive at Oldendorff Carriers GmbH & Co.The shipping company's director of business development and strategy told a webinar that efforts by the International Maritime Organization (IMO) requiring the marine sector to cut sulfur emissions by more than 80% had been much more su...Read More
Activity remained slow in the European hot-rolled coil market on Tuesday October 5, with buyers and producers holding back from making deals, sources told Fastmarkets. Buyers have sufficient stocks to cover their needs for a couple of months, according to estimations from market sources. Sentiment among buyers has been largely bearish due to reduced demand from the automotive sector, declining imp...Read More
The prices of steel rebar and billet in the United Arab Emirates have decreased further, with demand still low, sources told Fastmarkets on Tuesday October 5.The country' biggest rebar producer, Emirates Steel, decreased its price to $655 per tonne ex-works (2,406 dirhams) on Tuesday September 28, down from $710 per tonne.This discount resulted in lower deal and offer prices, sources said.Dom...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 5 that are worth another look.Ukrainian authorities are preparing to ban scrap exports from the country to help local steelmakers.The heads of companies representing one-third of the world's mining and metals industry...Read More
The heads of companies representing one-third of the world's mining and metals industry have signed a letter committing to a goal of net-zero Scope 1 and 2 greenhouse gas (GHG) emissions by 2050 or sooner, in line with the ambitions of the Paris Agreement.Twenty-eight companies, including Anglo American, BHP, Glencore, Rio Tinto and Vale, made a collective commitment as members of the Internationa...Read More
Swedish steelmaker SSAB will partner with Nordic construction company Peab to use fossil-free steel in construction projects from 2026 onward, both companies announced on Tuesday October 5.The two companies will analyze various future possibilities for how fossil-free steel can reduce the climate footprint in the construction industry."We are pleased to welcome Peab as a partner for our fossil-fre...Read More
The challenges with container shipping, including port congestion and supply chain disruptions, are likely to continue for some time, according to an executive at shipping company Oldendorff Carriers GmbH & Co.Scott Bergeron said that while Oldendorff is a dry bulk cargo shipping firm, it was receiving a surprising number of enquiries from traditional container shipping cargo owners asking for hel...Read More
Seaborne coking coal prices in the fob market on Tuesday October 5 continued to inch up amid limited supply in the market, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $603.28 per tonne, unchangedHard coking coal, cfr Jingtang: $565.14 per tonne, unchangedPremium hard coking coal, fob DBCT: $395.98 per tonne, up by $1.80 per tonneHard...Read More
Rio Tinto has reached a new collective labor agreement with the union representing workers at its Kitimat aluminium smelter in British Columbia, Canada, following a vote by the union's members, the company said on Monday October 4.Rio Tinto and Unifor Local 2301 also reached an agreement on a memorandum of understanding "for a new way of working together and on a return-to-work protocol." "Ou...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.As we approach the end of the first half of 2021, steel markets in Europe and the United States continue to heat up. This six-month period is largely unprecedented, with both steel prices and steelmakers' margins hitting a number of new record highs throughout.The rally is likely nearing its end, however, with global steel ou...Read More
The prices of steel rebar and billet in the United Arab Emirates have decreased further, with demand still low, sources told Fastmarkets on Tuesday October 5.The country' biggest rebar producer, Emirates Steel, decreased its price to $655 per tonne ex-works (2,406 dirhams) on Tuesday September 28, down from $710 per tonne.This discount resulted in lower deal and offer prices, sources said.Dom...Read More
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...Read More
Ukrainian authorities are preparing to ban scrap exports from the country to help local steelmakers.The Cabinet of Ministers of Ukraine published a draft decree on September 30, which suggests banning the export of ferrous scrap outside Ukraine until the end of 2022.In July 2021, the country's national steel union Ukrmetallurgprom called for a ban on scrap metal exports after export volumes of the...Read More
If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year. Having a unit of Japan's largest trading company as a ri...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:?EUR? US sheet prices hit record highs again in May, with upward momentum persisting into June. Actual US hot-rolled coil prices averaged $1,553 per ton in May, largely in line with our forecast of $1,540 per ton. Prices remain supported by strong underlying sup...Read More