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 benchmark fob Australia alumina price stabilized around $278 per tonne on Thursday November 21 during a low-liquidity week. Fastmarkets calculated the benchmark daily alumina index, fob Australia, at $278.65 per tonne on Thursday, little changed from $278.86 per tonne on the previous day - and down from $281.10 a week earlier. Key drivers Alumina prices remained rangebound this week, wi...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
Both primary and secondary aluminium will be required to meet demand in a low-carbon economy, Russian producer UC Rusal's head of marketing, Jerome Lucaes, said at Fastmarkets' International Recycled Aluminium Conference in Hamburg on Wednesday November 13."The aluminium industry is like a beast with two legs - one leg is primary aluminium and the other leg is secondary," Lucaes said.Secondary alu...Read More
The macro-induced downtrend in primary and secondary aluminium prices is a temporary market set-up, according to bullish delegates at Fastmarkets' International Recycled Aluminium Conference in Hamburg on November 12-14. "There is kind of a bearish sentiment that is related to global recessions, dips in the London Metal Exchange three-month aluminium price and Chinese scrap import news," Russian a...Read More
Press Metal, the largest aluminium producer in Southeast Asia, has finalized a shareholder agreement with Bintan Alumina Indonesia (BAI) for 25% of the company, which will allow the former to "secure a long-term supply of alumina." Press Metal has invested 3.07 billion yuan ($437.03 million) in BAI, with the funding going toward a second phase of the Indonesia-based alumina project to double capac...Read More
Copper and cobalt producer Katanga Mining has appointed Mark Davis as its chief executive officer, effective November 19, replacing Jeff Gerard.Davis also assumes Gerard's seat on the company's board of directors, the company said...Read More
The European Commission (EC) has approved the acquisition of Evraz Palini & Bertoli, currently owned by Russia's Evraz, by re-roller Marcegaglia Plates, the EC said on Wednesday November 20.Evraz Palini & Bertoli and Marcegaglia Plates are both located in Italy and re-roll heavy plate from imported steel slab.The EC concluded, under its EU Merger Regulation, that the...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 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
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
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
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
Seaborne coking coal prices remain resilient, with trading activity involving products in the premium segment not showing any signs of slowing down.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.51 per tonne, up $1.22 per tonnePremium hard coking coal, cfr Jingtang: $144.07 per tonne, unchangedHard coking coal, fob DBCT: $120.70 per tonne, unchangedHard coking coal, cfr Jingtang: $133...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
The three-month zinc price on the London Metal Exchange was lower during morning trading on Thursday November 21, dipping below nearby support against fresh inflows of material, while tin's outright price bucked the downward trend. Zinc's three-month price was recently seen at $2,297 per tonne, with price action down 0.5% from Wednesday's closing price of $2,313 per tonne. Turnover in zinc was hig...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
Discouraging news from China over the "phase one" trade deal with the United States has led to less risk appetite, which for now is affecting the broader markets more than the metals, which were broadly firmer on Thursday November 21.Asian equities weaker, led by a 1.5% decline in the Hang Seng. US 10-year treasury yields fall as the outlook for a trade deal deteriorates. Base metalsThree-month ba...Read More
Chinese stainless steel prices dived over the past week amid a sustained downtrend for nickel futures on the London Metal Exchange.The three-month nickel contract on the LME ended Wednesday November 20's trading session at $14,350-14,375 per tonne, down $4,100 per tonne from a five-year high of $18,450-18,475 per tonne on September 2.DomesticFastmarkets' weekly price assessment for stainless steel...Read More