The Chinese cobalt sulfate price fell again in the latest pricing session, under constant pressure since mid-October from significantly shrinking buying appetite amid a bearish near-term outlook for electric vehicle (EV) development. Fastmarkets' assessment of the cobalt sulfate 20.5% Co basis, exw China price dropped to 44,000-46,000 yuan ($6,248-6,532) per tonne on Wednesday November 20, do...Read More
Domestic prices for hot-rolled coil in Europe have been stable day on day, but the mood in the market remained upbeat, sources told Fastmarkets on Thursday November 21.Northern Europe"Workable" prices and a few deals have been heard at ?,?420-425 ($465-470) per tonne ex-works, but market sources suggested that mills could give additional discounts of about ?,?5 per tonne to specific buyers for Dec...Read More
Trading activity in China's hot-rolled coil market thinned on Thursday November 21, with participants exercising caution after several days of gains.DomesticEastern China (Shanghai): 3,660-3,680 yuan ($521-524) per tonne, narrowing downward by 20 yuan per tonneNorthern China (Tangshan): 3,650-3,670 yuan per tonne, widening downward by 20 yuan per tonneBuying slowed across the country, which exerte...Read More
US domestic rebar prices declined further in the two weeks to Wednesday November 20, falling to their lowest since early January 2018, while import prices narrowed downward slightly in the same comparison.Fastmarkets' assessment for steel reinforcing bar (rebar), fob mill US declined to $29.25-30.25 per hundredweight ($585-605 per short ton) on November 20, down by 0.8% from $29.75-30.25 per cwt p...Read More
Brazil's apparent steel use in October reversed a four-month run of declines, led by shipments of long steel products, with new orders for rebar in particular picking up in the country since late in the third quarter and import volumes soaring during the month.Steel consumption in October totaled 1.8 million tonnes, which was a 1.5% year-on-year increase from 1.77 million tonnes, national steelmak...Read More
Domestic rebar and wire rod prices in the Turkish market remained fairly stable over the past week despite firming scrap prices, sources said on Thursday November 21.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 2,870-2,880 Turkish lira ($503-505) per tonne including 18% VAT on Thursday, compared with the last week's 2,850-2,900 Turkish lira.The do...Read More
Turkish steel producers have held back from the deep-sea scrap market for a day and made no bookings, although prices remained steady, sources said on Thursday November 21.The mills booked five deep-sea scrap cargoes last week, totaling 180,000 tonnes, but have now slowed down their purchases. Only two deep-sea cargoes have been booked so far this week, totaling 62,500 tonnes.The main problem for...Read More
The Fastmarkets index for iron ore 65% Fe Brazil-origin, cfr Qingdao was lifted on Thursday November 21 amid growing winter season demand, while lump premiums posted smaller gains.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $86.67 per tonne, up $0.34 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $86.70 per tonne, up $0.34 per tonne.62% Fe low-alumina fines, cfr Qingdao:&n...Read More
Traders are scrambling to divert their transshipped containerized cargoes of ferrous scrap bound for Indonesia to other destinations and find new supply sources in response to new import restrictions issued last month by the country's trade ministry."I'm working to divert my containerized scrap cargoes to other ports in Asia because the new regulations do not allow transshipment," a trader in East...Read More
Sentiment in the CIS export billet market has improved in the second half of November due to an increase in demand after a rise in scrap prices.A significant number of sales to Africa, the Middle East and Asia have taken place in recent weeks, supported by bullish sellers despite some producers having already sold their December allocations.Recent billet...Read More
Domestic and export prices for steel billet in Turkey have remained stable over the past week, but demand for the material was weakening, sources said on Thursday November 21.Fastmarkets' weekly price assessment for steel billet, domestic, exw Turkey, was $400-405 per tonne on Thursday, unchanged week on week.Only one Turkish steel mill was heard buying billet at $400 per tonne ex-works this week....Read More
Prices for steel rebar and billet in Egypt continued to rise in the week ended Thursday November 21, with strong demand for rebar in the country, sources told Fastmarkets.Egyptian rebar producers were offering material at E ?9,850-10,370 ($611-643) per tonne ex-works including 14% VAT, up from last week's E ?9,600-10,370 per tonne ex-works including VAT.Some Egyptian...Read More
Steelmaking in electric arc furnaces (EAF) is already a good example of a waste-free circular economy since more than half of global steel output is being recycled, even if higher-quality materials are still produced from virgin materials and fossil-fueled processes, the president of the European Steel Technology Platform (ESTEP) said at a workshop in Bergamo, northern Italy last week. Carl de Mar...Read More
Tata Steel has outlined proposals to build a stronger and more sustainable business in Europe, which include cutting up to 3,000 jobs, the company said on Monday November 18.The programme is needed to "ensure the business can thrive despite severe market headwinds which have led to a sharp decline in profitability", the company said.In the first six months of its current financial year, which comm...Read More
Brazilian miner Vale has diversified its iron ore sales to yuan-denominated futures contract pricing, which is the first time for global miners to use such pricing.Vale's Shanghai branch has signed a deal with the trading arm of Shandong Laigang Yongfeng Steel for a Qingdao-port-delivered cargo of Brazilian Blend fines to be priced against the May 2020 iron ore futures contract on China's Dalian C...Read More
Domestic prices for hot-rolled coil in Europe have been stable day on day, but the mood in the market remained upbeat, sources told Fastmarkets on Thursday November 21.Northern Europe"Workable" prices and a few deals have been heard at ?,?420-425 ($465-470) per tonne ex-works, but market sources suggested that mills could give additional discounts of about ?,?5 per tonne to specific buyers for Dec...Read More
The three-month tin price on the London Metal Exchange rose by 2.4% against high turnover at the close of trading on Thursday November 21, while lead futures continued their decline over the afternoon. Tin's outright price on the LME closed at $16,400 per tonne up from Wednesday's closing price of $16,020 per tonne, while daily trading volumes were at their highest since November 13 at 482 lots ex...Read More
Sentiment in the CIS export billet market has improved in the second half of November due to an increase in demand after a rise in scrap prices.A significant number of sales to Africa, the Middle East and Asia have taken place in recent weeks, supported by bullish sellers despite some producers having already sold their December allocations.Recent billet...Read More
Low profit margins in the refined copper business and restrictions in global scrap flows have attracted large segments of the market in Europe and Asia to diversify into cheaper equivalent grade (EQ) copper cathodes despite greater risks related to financing difficulties and unreliability of supply. EQ grade copper cathodes refer to those that conform to grade A copper cathode specifications as de...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday November 21 that are worth another look.Chinese stainless steel prices dived over the past week amid a sustained downtrend for nickel futures on the London Metal Exchange.Press Metal, the largest aluminium producer in Southeast Asia, has finalized a shareholder agreement with Bintan Alumina Indonesia (BAI) for 25% of the compan...Read More