A drop in Comex copper prices has led to a slight lowering of discounts for some copper scrap items, while brass scrap prices fell. Demand for copper scrap was said to be steady, however, with buyers not overly concerned about supply at the moment despite a recent resurgence in export demand - especially from China."There is a lot of scrap available, more than enough to get through what we need to...Read More
Australia-based mining company South32 have announced that they have exercised their pre-emptive rights to acquire an additional 25% shareholding in Mozal Aluminium from MCA Metals Holding GmbH (Mitsubishi) in a public notice released on Thursday September 30.Mozal Aluminium, a primary aluminium smelter located in Mozambique, is currently joint owned by South32 (47.1%), Mitsubishi (25%), the IDC (...Read More
Copper consumption will increase in line with surging demand for decarbonization as part of the energy transition, but a combination of factors will eventually see this trend reverse, according to analysis by G&H Metals & Mining Consultancy. The copper-focused consultancy, a collaboration between Plusmining and Simon Hunt Strategic Services (SHSS), told Fastmarkets that the annual growth in copper...Read More
Deliverable stocks of base metals in Shanghai Futures Exchange-registered warehouse broadly declined in the week to Thursday September 30, with tin recording the biggest fall and aluminium being the lone riser.Tin totalled 1,272 tonnes this week, down by 279 tonnes (18.0%) from 1,551 tonnes a week before. The largest outflow was from Quansheng Logistics Caoan warehouse in Shanghai, where volumes w...Read More
A summary of W Resources' half-year results for the six months to June 30, 2021, at its La Parrilla tungsten and tin project in the Extremadura region of Spain.In brief: Revenue increased by 95% to ?,?1.97 (2.28) million from ?,?1.01 million in the first half of 2020. Total concentrate production increased by 30% to 222.6 tonnes from 171 tonnes. La Parrilla completed nine shipments of tungsten con...Read More
Steel beam prices rose in the United States' domestic and import markets on Thursday September 30 in response to a third round of mill increases. Fastmarkets' monthly assessment for steel beams 8- x 8-in, fob mill US rose to $68 per hundredweight ($1,360 per short ton) on Thursday September 30, up 3.82% from $65.50 per cwt on August 26, and up 7.94% from $63 per cwt on July 29.Fastmarkets' as...Read More
Domestic steel reinforcing bar prices in the United States were stable in the week to September 30, with some market participants saying that upward price momentum has come to an end."I think we have hit the wall," an East Coast distributor source said. "Jobs have been canceled or delayed, inventories are not being replenished to previous levels, and just having the bar does not get you the order...Read More
Prices in the United States for imported hot-rolled coil, cold-rolled coil and galvanized steel dropped, with foreign producers finding that they can profit if they underbid domestic mills and gain market share in the lucrative US market."The price gap between US and international prices is widening, and more and more foreign mills are interested in the US market, even from the [European Union],"...Read More
Hot-rolled coil prices in the United States edged back above $98 per hundredweight ($1,960 per short ton), with market participants at odds over whether the steel rally is about to run out of steam.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $98.08 per cwt ($1,961.60 per ton) on Thursday September 30, up by 0.16% from $97.92 per cwt on Wednesday September 29 and u...Read More
Local rebar prices in Egypt remained stable in the week to Thursday September 30, supported by ample demand from government projects, sources told Fastmarkets."Demand is good for the second consecutive month, driven by state projects in infrastructure and housing sectors," a local steelmaker told Fastmarkets.For example, domestic rebar consumption in August was 720,000 tonnes in Egypt, up by 76.7%...Read More
Further deals for steel billet booked by Chinese buyers earlier this week came to light on Thursday September 30, the day before the country began its National Holiday, sources told Fastmarkets.Power shortage issues, together with concerns over the debts incurred by property giant Evergrande, reduced billet market sentiment in China at the beginning of this week, but some deals were booked to the...Read More
UK metals scrap trader and processor Ward Recycling has opened a new rail-connected metal processing site in Barking, East London.The company said in a news release that the site will facilitate the movement of bulk material from southern England to its other facilities across the country for processing and export.The site is a long-term partnership with DB Cargo UK and marks the next stage in the...Read More
Turkish steel mills returned to the deep-sea scrap market on Thursday September 30 for November shipment cargoes, market participants told Fastmarkets.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $435 per tonne, along with 8,000 tonnes of shredded and 12,000 tonnes of bonus at $450 per tonne cfr.A mill in the Izmir region also book...Read More
Mills in Bangladesh have dipped into the containerized import scrap market for a handful of bookings at largely stable prices, sources told Fastmarkets on Thursday September 30.Bangladesh books small tonnage in containersChina import market activity thin ahead of holidayPrices in Taiwan weaken after restocking endsBangladeshSteelmakers in Bangladesh booked a handful of deals for containers of heav...Read More
Seaborne iron ore prices increased on Thursday September 30, after reports of a fatality at Fortescue Metals Group's (FMG) Solomon Hub in Western Australia, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $119.23 per tonne, up $5.10 per tonne62% Fe low-alumina fines, cfr Qingdao: $121.94 per tonne, up $6.92 per tonne58% Fe fines high-grade premium, cfr Qingdao: $91....Read More
Seaborne cfr prices increased on a new deal on Thursday September 30; sources expect seaborne coking coal prices in the cfr market to edge up after China's National Day holiday, partly due to the ongoing power shortage.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $603.28 per tonne, up $10.39 per tonneHard coking coal, cfr Jingtang: $565.14 per tonne, up $30.28 per tonnePremium hard c...Read More
Low generation of Shindachi busheling is forcing some Japanese blast furnace (BF)-based mills to procure more shredded scrap instead of the high-grade new production material, sources told Fastmarkets.Japanese BF steelmakers have ramped up their intake of steel scrap this year in line with stronger production levels and ambitious targets on CO2 reduction.Japanese steel production totaled 7.9 milli...Read More
Fortescue Metals Group (FMG) has confirmed that the death of one of its employees had resulted in a suspension of its 75-million-tonnes-per year Solomon Hub iron ore mine in Western Australia, according to the company.The fatality resulted from a ground collapse at the mining site,...Read More
Spot prices for hot-rolled coil in China moved within a tight range on Thursday September 30 on thin trading ahead of a week-long holiday to mark the country's National Day.DomesticEastern China (Shanghai): 5,740-5,770 yuan ($888-893) per tonne, narrowed by 10 yuan per tonne from 5,730-5,780 yuan per tonneNorthern China (Tangshan): weekly assessment: 5,720-5,740 yuan per tonne, narrowed upward by...Read More
London Metal Exchange prices were largely unchanged on the morning of Thursday September 30, with tin and aluminium the standout performers for the month. A strong US Dollar Index, which was at its highest level since September 2020 on Wednesday at 94.43 and just slightly lower on Thursday morning, has been one of the factors keeping metal prices steady. "And increased uncertainty in China ab...Read More