Europe's anti-dumping duty on imports of wire rod originating from China will expire after October 16, 2020, unless a review is initiated, the European Commission (EC) said on Monday February 3.The EC had maintained a 24% anti-dumping duty that was applied to all imports of Chinese wire rod, except material from Valin Group, on which the rate was 7.9%, following the previous expiry review in Octob...Read More
Eastern China's rebar prices continued to weaken on Tuesday February 4 due to destocking pressure, though those in the northern region held steady on an inactive market.Eastern China (Shanghai): 3,360-3,400 yuan ($480-486) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedMost participants in Shanghai and Beijing were still away from the market due...Read More
Participants in the Mexican ferrous scrap market have started to see the first price cuts due to uncertainty in global scrap prices, which led some steelmakers to reverse their earlier increases in bid prices.Some steelmakers have lowered their offers for ferrous scrap due to the global downturn, putting Mexican prices, which were previously believed to be at a peak, under pressure.The downtrend w...Read More
Turkish deep-sea scrap import prices fell sharply on Tuesday February 4, on news of fresh cargoes from the Baltic Sea and the United States.A steel mill in the Iskenderun region booked a Baltic Sea cargo, sources said, comprising 25,000 tonnes of HMS 1&2 (80:20) at $251 per tonne and 5,000 tonnes of bonus at $261 per tonne cfr. The cargo is scheduled to be shipped in March.Meanwhile, another...Read More
As international exchanges continue to encourage trade in their ferrous contracts, Fastmarkets asks market experts for their views on progress in steel price risk management over the past year and the outlook for 2020.Speaking with Fastmarkets a year ago, Phillip Price, steel derivatives expert, and since then founder of Pool, said that he had seen a sea change in the steel sector's attitude towar...Read More
Eastern China's rebar prices continued to weaken on Tuesday February 4 due to destocking pressure, though those in the northern region held steady on an inactive market.Eastern China (Shanghai): 3,360-3,400 yuan ($480-486) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedMost participants in Shanghai and Beijing were still away from the market due...Read More
Import prices for steel slab in Southeast Asia and East Asia climbed over the past week amid China's continued absence from the steel markets which led to uncertainty about price trends. Multiple provinces and regions in China, including major cities such as Beijing, Tianjin and Guangdong, have delayed the resumption of business activities by another week amid the coronavirus outbreak in the count...Read More
Glencore's ferro-chrome production dropped by 9% in 2019 due to maintenance taken during periods of high costs and low prices, the trader-miner announced on Tuesday February 4.Glencore, which operates a chrome joint venture with South Africa's Merafe Resources, produced 1.44 million tonnes of ferro-chrome in 2019, down from 1.58 million tonnes in 2018."Attributable ferrochrome production of 1,438,...Read More
Steel and aluminium market participants were disappointed with the outcome of their efforts to convince President Donald Trump's administration to extend the Section 232 tariffs to downstream product imports, which have surged into the United States in the past year."I try to maintain a positive outlook at all times, and it's clear we have convinced the Department of Commerce that 232 has created...Read More
Steel and aluminium market participants were disappointed with the outcome of their efforts to convince President Donald Trump's administration to extend the Section 232 tariffs to downstream product imports, which have surged into the United States in the past year."I try to maintain a positive outlook at all times, and it's clear we have convinced the Department of Commerce that 232 has created...Read More
Participants in the Mexican ferrous scrap market have started to see the first price cuts due to uncertainty in global scrap prices, which led some steelmakers to reverse their earlier increases in bid prices.Some steelmakers have lowered their offers for ferrous scrap due to the global downturn, putting Mexican prices, which were previously believed to be at a peak, under pressure.The downtrend w...Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 4.Click on...Read More
London Metal Exhchange three-month base metals prices absorbed any residual optimism from the People's Bank of China's 1.2 trillion yuan ($174 billion) boost to liquidity to close the day little-changed on Tuesday February 4. "Much of the dip-buying interest seen in the early Asian trading session on Tuesday February 4 appears to be a false dawn," Fastmarkets analyst Andy Farida said. "The LM...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday February 4 that are worth another look.As international exchanges continue to encourage trade in their ferrous contracts, Fastmarkets asks market experts for their views on progress in steel price risk management over the past year and the outlook for 2020.Port of Shanghai, the world's biggest port by container throughput, and o...Read More
Frederic Sese has joined Kamoto Copper Company (KCC) as its commercial director. Sese was previously in the raw materials and buying team at ArcelorMittal, and later Aperam. He also...Read More
Aluminium market participants remain wary of reduced consumption, logistical backlog and bearish macroeconomics as a result of the coronavirus outbreak from Wuhan city in Hubei province, China.The outbreak has pressured futures prices on exchange for primary aluminium and have stoked growing bearish sentiment in the secondary aluminium and scrap market. The effect of the coronavirus on global alum...Read More
London Metal Exhchange three-month base metals prices absorbed any residual optimism from the People's Bank of China's 1.2 trillion yuan ($174 billion) boost to liquidity to close the day little-changed on Tuesday February 4. "Much of the dip-buying interest seen in the early Asian trading session on Tuesday February 4 appears to be a false dawn," Fastmarkets analyst Andy Farida said. "The LM...Read More
As international exchanges continue to encourage trade in their ferrous contracts, Fastmarkets asks market experts for their views on progress in steel price risk management over the past year and the outlook for 2020.Speaking with Fastmarkets a year ago, Phillip Price, steel derivatives expert, and since then founder of Pool, said that he had seen a sea change in the steel sector's attitude towar...Read More
Seaborne coking coal prices were down on Tuesday February 4, with spot trading activity resuming after over a week. Fastmarkets indices Premium hard coking coal, fob DBCT: $147.89 per tonne, down $2.90 per tonne Premium hard coking coal, cfr Jingtang: $160.13 per tonne, down $2.60 per tonne Hard coking coal, fob DBCT: $127.01 per tonne, unchanged Hard coking coal, cfr Jingtang: $140.82 p...Read More
Haven asset gold should perform better in 2020 if you take a bearish position on the global economy, ED&F Man Capital Market's independent senior commodity consultant Edward Meir said after topping the 2019 Apex precious metals leaderboard with 97.73% accuracy. Fastmarkets published its Apex full-year 2019 competition results last week."My general feeling on gold is that putting numbers out r...Read More