Prices for steel rebar and billet in Egypt continued to rise in the week ended Thursday November 28 amid strong demand from the construction sector, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?10,000-10,500 ($619-650) per tonne ex-works including 14% VAT, up from last week's E ?9,850-10,370 per tonne ex-works including VAT.The...Read More
China's domestic rebar prices were lower on Thursday November 28, with a drop in temperature in many parts of the country curbing demand from the construction industry.Eastern China (Shanghai): 4,010-4,040 yuan ($571-575) per tonne, down 40 yuan per tonneNorthern China (Beijing): 3,780-3,820 yuan per tonne, down 10 yuan per tonneConstructions sites in northern China have cut their rebar purch...Read More
The Chinese stainless steel market was under pressure over the past week due to high local inventory levels and producers continuing to adjust their asking prices downward in response to the recent decline in the price of nickel, market participants told Fastmarkets.The three-month nickel contract on the London Metal Exchange has averaged $15,335 per tonne so far in November, as compared with...Read More
The recent grant of approval from the Indian Supreme Court for ArcelorMittal's acquisition of Essar Steel brings an end to years of legal wrangles, giving the global steelmaker access to a much sought-after market, and allowing the Indian steel sector to take a further step toward health. ArcelorMittal has been keen for some time to break into the domestic Indian steel market because it is one of...Read More
Algerian Qatari Steel (AQS) started its own steel production last week, the company told Fastmarkets at the sidelines of the Arab Iron & Steel Union (AISU) annual summit in Tunisia on Wednesday November 27. The company used to import steel billet, but a source at the company told Fastmarkets: "We have stopped importing semis some time ago, continuing with re-rolling billet from stocks imported ear...Read More
Anglo American has sold a 12% interest in the Grosvenor coal mine in Queensland, Australia, to a consortium of Japanese companies, including steelmaker Nippon Steel, it said on Wednesday November 27.Under the terms of the agreement, which is subject to a number of conditions prior to completion, Anglo American will receive cash proceeds of approximately $141 million in respect of the 12% minority...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More
Base metals prices traded on the London Metal Exchange were little changed at the close on Thursday November 28, with low trading volumes across the board by the 5pm kerb.Just more than 6,500 lots of copper changed hands, a far cry from almost 14,000 lots as of the same time on Wednesday, in holiday-thinned trading - the US markets are closed for Thanksgiving.The three-month copper price was cappe...Read More
Tharisa reported a halving of its full-year earnings days after warning that lower chrome prices would significantly affect its financial performance. The South African chrome miner's earnings before interest tax, depreciation and amortization (ebitda) for the 12 months to September 30 dropped by 49.4% to $56.1 million from the previous financial year earlier.It also reported a 15.6% drop in reven...Read More
Turkish mills skipped the day without any deep-sea scrap bookings on Thursday November 28, but the steelmakers are expected to book more scrap for January shipments soon, sources told Fastmarkets.The most recent transaction took place on Tuesday - involving a steel mill in the Marmara region booking a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shred...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More
The recent grant of approval from the Indian Supreme Court for ArcelorMittal's acquisition of Essar Steel brings an end to years of legal wrangles, giving the global steelmaker access to a much sought-after market, and allowing the Indian steel sector to take a further step toward health. ArcelorMittal has been keen for some time to break into the domestic Indian steel market because it is one of...Read More
LME Week 2019 saw metals stuck in the middle of largely bullish supply-side fundamentals and decidedly bearish demand, with the global economy and industry looking shaky.Chatter in London was largely focused on nickel - with the stainless steel and battery metal's price soaring on the London Metal Exchange amid major stock drawdowns from the exchange system. Several panels and interviews looked at...Read More
Base metals prices traded on the London Metal Exchange were little changed at the close on Thursday November 28, with low trading volumes across the board by the 5pm kerb.Just more than 6,500 lots of copper changed hands, a far cry from almost 14,000 lots as of the same time on Wednesday, in holiday-thinned trading - the US markets are closed for Thanksgiving.The three-month copper price was cappe...Read More
The three-month nickel price on the London Metal Exchange shed 3.1% to hit a low of $13,930 per tonne during the morning session on Thursday November 28, trading below $14,000 per tonne for the first time since July 2019. The release of weak data from China on Wednesday, stating that Chinese industrial profits were down 9.9% year on year in October, has cast a shadow over stainless steel demand wh...Read More
Buying activity in the seaborne coking coal market was kept warm by the Chinese market, where steel mills continue to procure imported materials.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.67 per tonne, up $0.67 per tonnePremium hard coking coal, cfr Jingtang: $147.77 per tonne, up $0.28 per tonneHard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coa...Read More
The emphasis on traditional mining and high-quality domestic sulfide ore deposits in Norilsk will give Russian mining company Nornickel a competitive edge in meeting growing battery demand, the company said in an interview with Fastmarkets. "I couldn't say it is primarily driving our business model but electric vehicles (EVs) are the best thing to happen to the nickel market since the invention of...Read More
Both import and export prices for steel billet in Turkey have increased over the past week in line with the firmer scrap import values, sources said on Thursday November 28.Fastmarkets' weekly price assessment for steel billet, import, cfr main port Turkey, was $395-400 per tonne on Thursday, up from last week's $390-395 per tonne cfr.Suppliers in the Commonwealth of Independent...Read More
The three-month nickel price on the London Metal Exchange shed 3.1% to hit a low of $13,930 per tonne during the morning session on Thursday November 28, trading below $14,000 per tonne for the first time since July 2019. The release of weak data from China on Wednesday, stating that Chinese industrial profits were down 9.9% year on year in October, has cast a shadow over stainless steel demand wh...Read More
LME Week 2019 saw metals stuck in the middle of largely bullish supply-side fundamentals and decidedly bearish demand, with the global economy and industry looking shaky.Chatter in London was largely focused on nickel - with the stainless steel and battery metal's price soaring on the London Metal Exchange amid major stock drawdowns from the exchange system. Several panels and interviews looked at...Read More