The Turkish deep-sea scrap import markets have remained quiet since yesterday, with both sellers and buyers holding back from the markets, sources said on Tuesday January 28.The mills in Turkey have booked only two deep-sea cargoes in the past two weeks because of the sluggish rebar and billet markets in the country.Late on January 22, a steel mill in the Iskenderun region booked a UK cargo compri...Read More
Trading activity in the seaborne iron ore market was muted on Tuesday January 28 with markets in China closed for a week-long public holiday for the Chinese New Year, which has been extended until Sunday in light of the coronavirus outbreak in the country. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.71 per tonne, unchanged 62% Fe Pilbara Blend fines, cfr Qingdao: $92.75 per tonne, u...Read More
Trading activity in the seaborne coking coal market was muted on Tuesday January 28 due to the absence of Chinese participants.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $162.73 per tonne, unchangedHard coking coal, fob DBCT: $127.01 per tonne,...Read More
Demand for seaborne iron ore concentrate weakened ahead of a week-long public holiday in China for the Chinese New Year with mills in the country likely to have built up their inventories well in advance, while that for pellets was stronger due to last-minute restocking.ConcentrateThe weekly Fastmarkets index for iron ore 66% Fe concentrate, cfr Qingdao stood at $111.87 per tonne last Friday Janua...Read More
A summary of the financial results for Swedish steelmaker SSAB for the fourth quarter and full year of its financial year in 2019. In brief Earnings drop on planned maintenance, lower shipments and strikes as well as weaker demand and pressured steel prices.SSAB GroupFourth-quarter 2019 results Loss before interest and taxes1.31 billion Swedish krona ($117.4 million), down from earnings befor...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.Investors are waiting for an FOMC statement on interest rates to be released at 2:00 PM EST. The Fed Fund rate is expected to remain unchanged at 1.75%.Apple added $5.47 to $323.16 after reporting higher than consensus fiscal first quarter revenues and earnings.eBay dropped $0.94 to $35.2...Read More
A lack of information on the extended Section 232 tariffs that were announced by US President Donald Trump on Friday January 24 has made it difficult to predict the impact on the downstream steel and aluminium markets.The steel and aluminium tariffs will be set at 25% and 10% respectively and will take effect on February 8, according to the presidential proclamation.A list of targeted goods h...Read More
Base metals prices on the London Metal Exchange were significantly lower at the close of trading on Monday January 27, with the majority of three-month prices across the complex down by some 2% because of continued risk-aversion in commodity markets, with zinc futures leading the retreat to close at a six-week low.Zinc's outright price on the LME closed at $2,249 per tonne on Monday afternoon, wit...Read More
Bank Muscat's Nishant Bhavsar and Ajit Mauskar led Fastmarkets' Apex 2019 leaderboard for base metals analysis with an accuracy rate of 97.93%. In second place for base metals, SP Angel's John Meyer, Sergey Raevskiy and Simon Beardsmore notched an accuracy rating of 97.31%, while Emirates NBD's Edward Bell took third place at 97.11%. Capital Economics' Kieran Clancy was in fourth place with a...Read More
Due to the enforced extension of China's Lunar New Year holidays, Fastmarkets will not be publishing a portion of its usual base metal futures coverage and will roll some prices accordingly.Due to the closure of Shanghai Futures Exchange trading, the following arbitrage calculations will not be published.Copper import arbitrage, $/tonneCopper import arbitrage, yuan/tonneZinc import arbitrage, $/to...Read More
UG2 chrome ore prices cif China were steady in the week ended Friday January 24, with trading activity stalled during the Chinese new year holiday, which has been extended to February 2 amid health concerns over the spread of a coronavirus infection.Fastmarkets' chrome ore, South Africa UG2 concentrates index, basis 42%, cif China, was $136 per tonne on Friday, unchanged from the previous week.But...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ended Friday January 24.ChinaThe Chinese market maintained its stability with trading activity stalling ahead of the Chinese New Year (January 24-30) The price range for Chinese ferro-silicon was static week on week in a muted export market Europe The European ferro-silicon spot price was steady for a sixth...Read More
Key data from the January 22 and January 24 pricing sessions in London. Key drivers Tight supply of certain brands of cut cathodes and rounds - either well-sold on long-term contracts, or held firmly in trader hands - saw alloy-grade cobalt prices extend their premium over standard-grade units. Some market participants reported an...Read More
Vital Materials' purchase of 3,609 tonnes of indium removes the last of the minor metal supplies once held in the now defunct Fanya Metal Exchange, which enables the company to lock in several years of indium supplies from its own 'surface mine' and at low prices by historical standards.The move from China-based Vital - one of the biggest minor metals producers in the world and a significant produ...Read More
Turkish steel mills held back from deep-sea scrap bookings on Monday January 27, amid talk that they would cut production or resume bookings soon, sources said.A steel mill in the Iskenderun region booked a UK cargo comprising 22,000 tonnes of HMS 1&2 (80:20) at $277 per tonne cfr late on January 22, which sent the daily scrap indices down by $6.45 per tonne.This was only the second cargo booked i...Read More
Global scrap prices trended downward during the working week ended Friday January 24 on limited demand that was a consequence of lackluster finished steel sales globally and the lunar new year holidays in East Asia.Turkish import prices drop in latest cargo deal US export prices down on both coasts Taiwan import prices slip on demand dip Indian import prices decline on Turkish price downturn. Turk...Read More
Domestic ferrous scrap prices in Turkey have continued to slip over the past week on falling imported scrap values, sources said on Monday January 27.After a steel mill in Turkey booked a UK-origin cargo sold at $277 per tonne cfr for HMS 1&2 (80:20), Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey went down by $6.45 per tonne to $274.25 per tonne...Read More
Bank Muscat's Nishant Bhavsar and Ajit Mauskar led Fastmarkets' Apex 2019 leaderboard for base metals analysis with an accuracy rate of 97.93%. In second place for base metals, SP Angel's John Meyer, Sergey Raevskiy and Simon Beardsmore notched an accuracy rating of 97.31%, while Emirates NBD's Edward Bell took third place at 97.11%. Capital Economics' Kieran Clancy was in fourth place with a...Read More
Key data from the January 22 and January 24 pricing sessions in London. Key drivers Tight supply of certain brands of cut cathodes and rounds - either well-sold on long-term contracts, or held firmly in trader hands - saw alloy-grade cobalt prices extend their premium over standard-grade units. Some market participants reported an...Read More
Domestic prices for hot-rolled coil in Northern Europe were expected to rise due to a combination of uncompetitive import offers and good order books at EU mills, sources told Fastmarkets on Monday January 27.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?461.25 ($508.42) per tonne on Monday, compared with ?,?460.81 per tonne on January 24.The index was...Read More