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
The Turkish deep-sea scrap import markets were relatively quiet on the second day of the working week, with the mills still in negotiations for February cargoes, sources said on Tuesday January 7.The steel producers in the country had been silent in the deep-sea markets over the past two weeks because of the year-end holiday periods. They resumed their purchases at the end of last week with four c...Read More
The high-grade seaborne iron ore index rose to $107.30 per tonne cfr on Tuesday January 7, with market participants attributing the increase to healthy demand from steelmakers in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $95.11 per tonne, down $0.50 per tonne62% Fe Pilbara Blend fines, cfr Qingdao: $94.20 per tonne, down $0.50 per tonne62% Fe low-alumina fines, cfr Qingdao:...Read More
The three-month nickel price on the London Metal Exchange was lower during morning trading on Wednesday January 8, with prices retreating below the $14,000-per-tonne threshold, while further outflows failed to support aluminium's outright price.Nickel's underlying price on the LME was recently seen at $13,845 per tonne, easing from a morning high of $13,935 per tonne.Turnover in LME nickel was hig...Read More
China's hot-rolled coil prices edged up on Wednesday January 8 on rising futures, with exporters sticking to their offers.DomesticEastern China (Shanghai): 3,880-3,920 yuan ($558-564) per tonne, widened upward by 10 yuan per tonneNorthern China (Tangshan): 3,630 yuan per tonne, up 10 yuan per tonneA trader in Shanghai said that the gains in the futures market improved investor sentiment, which bol...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
Most of the base metals traded on the Shanghai Futures Exchange ended the morning trading session on Wednesday January 8 in positive territory despite tensions in the Middle East flaring again after Iran fired more than a dozen missiles at two bases in Iraq that house United States troops.Iran's foreign minister, Javad Zarif, announced via social media platform Twitter following the attack that "w...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday January 8. Key drivers The price of ferro-titanium and titanium scrap markets was steady in the first week of January, a level it has maintained since December 18.Suppliers are jostling for position ahead of expected renewed demand from consumers. But there were some reports of lower-level forward offer prices and more scrap a...Read More
Fastmarkets has relaunched its ores and alloys cuts counter to track widespread production cutbacks amid the current low prices.A number of ores and alloys prices were at multi-year lows due to oversupply.Chrome ore and ferro-chrome prices were particularly subdued, prompting a series of production cuts while producers also dealt with rising costs.Fastmarkets' price assessment for ferro-chrome, 50...Read More
Ferrous scrap prices in Mexico rose during the first week of the year, with some of the country's major steelmakers increasing their prices to maintain raw material supply.Several market participants indicated that steelmakers in the country's central Baj?-o region applied price increases of around 500 pesos ($26) per tonne due to low availability of material.Some Mexican steelmaker...Read More
Japan is expected to divert more of its ferrous scrap export supply to Vietnam and Bangladesh in 2020 due to weaker demand from neighbor South Korea, market sources in Japan told Fastmarkets."South Korean demand for ferrous scrap is expected to fall further in 2020 compared with 2019, and Japanese scrapyards will have to target new markets to send their materials," a Japanese trader told Fastmarke...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.Index futures were virtually unchanged following release of Weekly Initial Jobless Claims at 8:30 AM EST. Consensus was unchanged from the previous week at 223,000. Actual was 214,000.Kohl's dropped $2.88 to $46.50 after the company lowered fourth quarter sales and earnings guidance.Bed B...Read More
A summary of base metals premiums from across the globe for the week to Tuesday January 7.Click on...Read More
The three-month zinc price on the London Metal Exchange climbed by 1.3% by the close of trading on Tuesday January 7, topping gains in the complex amid moderately low turnover across the board, while the aluminium price shed 1% of over the afternoon. Zinc's outright price on the LME closed at $2,346 per tonne this afternoon, its highest closing price since November 18, 2019. Despite low turnover o...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
Fastmarkets has relaunched its ores and alloys cuts counter to track widespread production cutbacks amid the current low prices.A number of ores and alloys prices were at multi-year lows due to oversupply.Chrome ore and ferro-chrome prices were particularly subdued, prompting a series of production cuts while producers also dealt with rising costs.Fastmarkets' price assessment for ferro-chrome, 50...Read More
The Turkish deep-sea scrap import markets were relatively quiet on the second day of the working week, with the mills still in negotiations for February cargoes, sources said on Tuesday January 7.The steel producers in the country had been silent in the deep-sea markets over the past two weeks because of the year-end holiday periods. They resumed their purchases at the end of last week with four c...Read More
Japan is expected to divert more of its ferrous scrap export supply to Vietnam and Bangladesh in 2020 due to weaker demand from neighbor South Korea, market sources in Japan told Fastmarkets."South Korean demand for ferrous scrap is expected to fall further in 2020 compared with 2019, and Japanese scrapyards will have to target new markets to send their materials," a Japanese trader told Fastmarke...Read More
Steel-consuming sectors in Mexico should receive a boost from a gradual recovery in the Mexican economy this year, with optimism among participants in the scrap market slowly growing as a result.The country's gross domestic product (GDP) is expected to grow by 1.2% in 2020, according to the International Monetary Fund (IMF), although more recent forecasts from economists have been lower."We foreca...Read More