Domestic prices for hot-rolled coil in Northern Europe were expected to rise due to restocking activity and lower availability in the spot market, sources told Fastmarkets on Wednesday November 27.Fastmarkets' latest weekly price assessment for steel HRC, domestic, exw Northern Europe, was ?,?420-425 ($463-468) per tonne on November 27, unchanged over the week.The assessment was based on the lates...Read More
Prices of hollow steel sections in Northern and Southern Europe rose this week following increases in feedstock material costs, market sources told Fastmarkets.Fastmarkets' weekly price assessment of steel sections (medium), domestic, delivered Northern Europe, was ?,?580-590 ($639-649) per tonne on Wednesday November 27, up from ?,?560-580 per tonne a week earlier.The price of hot-rolled coil (HR...Read More
The stainless steel scrap market in the United States remained largely quiet this week, with few signs that improvement is near."The molybdenum price [has been] down since August 2019, the nickel price continues to fluctuate and the demand side of the market remains quiet. The confusion of this market continues," one major processor source said.Fastmarkets last assessed the molybdenum canned...Read More
The United States' ferrous scrap export market remained quiet ahead of the Thanksgiving holiday, although the expectation was that Turkey will be forced to pay higher prices once it returns to the US market. Turkey has been absent from the US market since Wednesday November 13, when it booked a US cargo containing 25,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap (HMS) at...Read More
Turkish steel mills have started booking deep-sea scrap for January shipment at higher prices, sources said on Wednesday November 27.A steel mill in the Marmara region booked a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded and 5,000 tonnes of a mixture of HMS 1, and plate and structural scrap (P&S) at an average price of $262.50 per tonne cfr late on Tuesday...Read More
Physical iron ore prices generally weakened on Wednesday November 27 amid further losses in futures and steel markets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.56 per tonne, down $1.74 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.59 per tonne, down $1.74 per tonne.62% Fe low-alumina fines, cfr Qingdao: $87.03 per tonne, down $1.68 per tonne.58% Fe fines hi...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials....Read More
Seaborne coking coal prices moved up on Wednesday November 27, driven by buying activity from China.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133 per tonne, up $0.30 per tonnePremium hard coking coal, cfr Jingtang: $147.49 per tonne, up $2.10 per tonneHard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coal, cfr Jingtang: $130.25 per tonne, unchang...Read More
Further positive signs of a phase one trade deal between the United States and China boosted sentiment across a broad selection of markets on Tuesday November 26, and that included most of the base metals, but so far today metal prices have generally been consolidating.US equity markets climbed to fresh highs on Tuesday after US President Donald Trump said the US and China are close to agreeing a...Read More
Base metals prices on the Shanghai Futures Exchange were mostly down during the morning trading session on Wednesday on November 27, with only copper and zinc registering slight gains.The lackluster performance by the SHFE base metals this morning comes despite more positive news over an initial trade agreement between the United States and China.US President Donald Trump said on Tuesday that the...Read More
The premium for aluminium P1020A in Italy hit a three-year low in the week ended Tuesday November 26, while the premium in the United States continued to decline amid bearishness stemming from the persistent backwardation in London Metal Exchange forward price spreads.US Midwest premium down by 18.4% since JanuaryEuropean traders still watching LME spreadsMJP participants focused on Q1 negotiation...Read More
Key data from the Wednesday November 27 pricing session in Shanghai. Key drivers The Chinese cobalt sulfate price broke the eight-week downward streak, holding on fresh restocking appetite and producer reluctance to sell at lower levels amid strength in the metal's futures market. The cobalt metal contract price on the Wuxi Stainless Steel Exchange rose by nearly 1% on Wednesday after b...Read More
Miner-trader Glencore suspended operations at its Mutanda copper-cobalt mine in the Democratic Republic of Congo (DRC) early this week - a month earlier than previously expected.The premature suspension is said to be due to a shortage of sulphuric acid, a key component used in copper and cobalt extraction, market sources told Fastmarkets.Glencore had not responded to requests for comment at the ti...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 27. Key drivers The alloy and scrap markets were unchanged in the past week, with suppliers holding their offer prices in expectation of potential price increases on renewed demand for 2020 deliveries. The alloy price range held for a third consecutive week on muted trading since Fastmarkets' International Ferro-a...Read More
United States President Donald Trump’s signing of bills to support Hong Kong’s protestors may undermine or delay progress in US-China trade talks; this seems to have become a headwind for equities this morning, Thursday November 28, but so far, with the exception of nickel, it has not dragged down base metals prices on the Shanghai Futures Exchange.Most of the Asian equity markets we fol...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.Volume on U.S. exchanges is expected to be well below average today. U.S. exchanges close at 1:00 PM EST.The Canadian Dollar was virtually unchanged at U.S. 75.23 cents following release at of Canada's GDP report for September at 8:30 AM EST. Consensus was an increase of 0.2% versus a gai...Read More
A summary of base metals premiums from across the globe for the week to Tuesday November 26.Please click...Read More
The three-month copper price on the London Metal Exchange moved higher at the close of trading on Tuesday November 26, breaching nearby resistance against modest turnover, while zinc futures failed to test the $2,300-per-tonne resistance level despite a 1.2% afternoon surge.Copper's underlying price closed at $5,924 per tonne in the afternoon, climbing by slightly more than 1% and i...Read More
The European Union has launched a complaint to the World Trade Organization (WTO) against Indonesian export restrictions on raw materials used in the production of stainless steel, the European Commission (EC) said on November 22.The EC claims that the restrictions unfairly limit European stainless steel producers' access to raw materials, including nickel as well as scrap, coal and coke, iron ore...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 26 that are worth another look.The European Commission (EC) has started an investigation into hot-dipped galvanized (HDG) flat steel from China concerning a possible circumvention of anti-dumping measures, and will make such imports subject to registration.The word "weak" was one commonly used by attendees of last week'...Read More