Key data from the Wednesday September 29 pricing session in London and China.Key driversCobalt hydroxide payables widened upward in the first half of this week, with a deal reported at a higher level. But most buyers were still cautious and unwilling to accept higher offers considering the thin...Read More
The European Commission (EC) has started an anti-dumping investigation into flat electrolytic chromium-coated steel (ECCS) imports from China and Brazil, the EC said in the official journal of the European Union on September 24.The case was opened after European steel association Eurofer lodged a complaint on August 13, 2021.The product...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
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
The European market for steel hot-rolled coil remained quiet on Thursday September 30, with buyers continuing to hold back from trading in expectation of more substantial price declines amid slower end-user demand, sources told Fastmarkets.Buyers in Europe have been waiting for the new quota period to begin on October 1before assessing the "real volumes that will enter the market," they said."The...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
Turkish billet export and import prices have slipped over the week to Thursday September 30 in line with limited demand, market participants said.Suppliers in the Commonwealth of Independent States (CIS) continued to offer billet to Turkey at $620-630 per tonne cfr, but Turkish buyers were not interested in billet imports.Some sources said they believe the workable price for CIS billet will only b...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt...Read More
China's stainless steel prices plunged in the week to Wednesday September 29 due to the weak demand and destocking pressure.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,000-21,400 ($3,247-3,308) per tonne, down by 800-1,100 yuan per tonne from a week earlier The high prices of a week earlier - they had surged to their highest in 10 years - kept buying interest subdued...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 30 that are worth another look.Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Australia-based mining company South32 have announced...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
China is stepping up measures to ensure there is enough electricity supply for heavy industries amid ongoing power restrictions in various parts of the country.The National Development & Reform Commission (NDRC) will look into allowing more thermal coal imports and higher domestic production of the raw material to increase electricity generation rates, a spokesman for the commission said at a pres...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb at 25.75-26.00...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
China's domestic rebar prices gained more strength on Thursday September 30 amid tight supply, ending the month with a sharp increase of around 13% in the eastern region and 14% in the north. Domestic Eastern China (Shanghai): 5,900-5,930 yuan ($902-908) per tonne, up by 60-70 yuan per tonneNorthern China (Beijing) weekly assessment: 5,700-5,740 yuan per tonne, up by 220 yuan per tonnePrices in ea...Read More
Nickel's three-month price was at its lowest since late June on the afternoon of September 30; all other London Metal Exchange prices were down across the board by 2-4%."Commodities are being pressured by a surge in the dollar, coupled with supply chain pressures that are having a growing impact on demand, particularly out of China where power has become the latest bottleneck," ED&F Man's head of...Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More
Environmental, social and governance (ESG) investors should be reducing exposure to plug-in hybrid- and fuel cell-weighted automotive supply chains and focusing instead on battery electric vehicles (BEV), according to a report by Jefferies. Ford's recent announcement of record-setting investment in electric vehicles (EVs) gives a clear signal to the market: BEVs are the future, with hybrids a...Read More
Base metals prices were down on the morning of Friday October 1, extending the weakness that started to accelerate on Thursday, when the LME base metals closed down by an average of 2.3%, with tin dropping by 6.2%. The weakness was broad based with equities retreating, too.* Asia-Pacific equities weaker this morning.* Gold and the yen rallied on Thursday, and US treasury yields are weaker this mor...Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More