Turkish deep-sea scrap import markets remained silent on Wednesday January 8, with mills still in negotiations for cargoes to be shipped in February, sources told Fastmarkets.Mills in Turkey have been mostly quiet in the deep-sea scrap import markets since the middle of December due to year-end holidays, but resumed their purchases at the end of the last week.They booked four deep-sea cargoes on J...Read More
Seaborne iron ore index increased on Wednesday January 8, after steelmakers in China started restocking activities.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $96.22 per tonne, up $1.11 per tonne62% Fe Pilbara Blend fines, cfr Qingdao: $95.31 per tonne, up $1.11 per tonne62% Fe low-alumina fines, cfr Qingdao: $96.87 per tonne, up $1.15 per tonne58% Fe fines high-premium, cfr Qingda...Read More
The Singapore Exchange's (SGX's) 65% Fe iron ore futures experiencing a surge in interest, with 10,430 lots - or 1.043 million tonnes - of the contract being cleared by Tuesday January 7.This is already around 12.2% higher than the total volume cleared in January last year. A total of 1.99 million tonnes of the contract were traded last month, up 4.6% from December 2018 when it was launched.In the...Read More
Uncertainty was weighing on the CIS export market for steel billet in the week ended Wednesday January 8, with market participants returning from their year-end holidays and waiting for mills to announce offers of February-rolling material.At the same time, there was a degree of pessimism among many customers, because of the lack of demand for finished long steel products.Adding to the negative se...Read More
China's domestic rebar prices did not budge despite further gains in the futures market on Wednesday January 8. Eastern China (Shanghai): 3,680-3,710 yuan ($529-534) per tonne, unchanged Northern China (Beijing): 3,540-3,570 yuan per tonne, unchangedThe strength in the futures market failed to stimulate buying interest and spot prices during the day. Buyers kept their procurement rates low on expe...Read More
Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets. Iran fired multiple missiles on at least two Iraqi military bases housing American forces earlier today, Wednesday January 8, in response to the killing of top Iranian military general Qasem Soleimani via a US drone attack at Iraq's Baghdad Inter...Read More
Hollow steel sections prices in Europe were unchanged over the past week, with trading activity remaining subdued after the year-end public holidays across Europe, market sources told Fastmarkets on Wednesday January 8.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?590-600 ($659-670) per tonne on Wednesday, unchanged week on week.Tradi...Read More
Turkish steel pipe export prices have increased slightly over the past month amid rising raw material costs, market sources said on Wednesday January 8.Fastmarkets' monthly price assessment for steel structural pipe export S235JR grade EN10219 2mm wall thickness, fob main port Turkey, was at $550-560 per tonne on Wednesday, up from $540-545 per tonne on December 11.Pipe mills in Turkey have raised...Read More
China's Hebei province, the country's largest steel production hub, will reduce steel capacity by 14 million tonnes per year in 2020 as part of efforts to transform and upgrade the industry, according to a report from state-owned news agency Xinhua on Tuesday January 7.The plan, which is aimed at cutting overcapacity and reducing emissions, will not cause a significant drop in production nationwid...Read More
Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets. Iran fired multiple missiles on at least two Iraqi military bases housing American forces earlier today, Wednesday January 8, in response to the killing of top Iranian military general Qasem Soleimani via a US drone attack at Iraq's Baghdad Inter...Read More
US hot-rolled coil prices moved above the $30.50-per-hundredweight ($610-per-short-ton) threshold for the first time since May 2019 on Wednesday January 8, while mills announced a new round of price increases and market participants shared mixed demand outlooks.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $30.54 per cwt ($610.80 per ton) on Wednesday, up...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday January 8.Please click...Read More
The domestic price for hot-rolled coil in Northern Europe inched up on Wednesday January 8, and prices were expected to rise further, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was little changed at ?,?440 ($491.39) per tonne on January 8, compared with ?,?439.69 per tonne on January 7.The calculation was based on a few deals a...Read More
Jupiter Mines is starting a feasibility study into an expansion project that aims to increase manganese ore output from Tshipi Borwa by 50% to 4.5 million tonnes per year over three years, the company announced on Tuesday January 7.A concept study into the expansion has just been completed, Jupiter said, adding that the total capital spend required for the expansion is estimated at ZAR1.03 billion...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday January 8 that are worth another look.Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets.Limited buying interest ahead of national holidays has dragged the Shanghai copper premium to its lowest level in almost three years, whi...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday January 7 that are worth another look.Alexander Shevelev, chief executive officer of Russian steelmaker Severstal, says that the company has changed its culture quite quickly and substantially to focus on being a solutions provider.Brazilian vehicle output shrank by 3.9% year on year during December 2019, because higher domestic...Read More
Vijay Natarajan has become executive vice president of trading at non-ferrous metals company Metal Exchange Corp, effective January 1. He will be responsible for the company's global trading division and will be based at its headquarters in St. Louis, Missouri in the United States. Additionally, Natarajan will oversee Metal Exchange Corp's international footprint,...Read More
Roberto Ecclefield, chief commercial officer at Chilean copper producer Codelco, is to leave the company, Fastmarkets understands.Ecclefield has been in the role since April 2018, when he replaced Rodrigo Toro. Prior to this, Ecclefield was in charge of sales for the company's...Read More
Former London Metal Exchange chief executive Garry Jones has been appointed chief executive officer of technology provider Perfect Channel, effective January 1, the company said. Jones, who joined Perfect Channel as a director in September 2019, will now seek to deliver a strategic business plan to work with a variety of partners across multiple asset classes, focusing on financial institutions, c...Read More
Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets. Iran fired multiple missiles on at least two Iraqi military bases housing American forces earlier today, Wednesday January 8, in response to the killing of top Iranian military general Qasem Soleimani via a US drone attack at Iraq's Baghdad Inter...Read More