China's domestic rebar prices continued to rise on Tuesday November 19 on steady demand amid gains in the futures market.Eastern China (Shanghai): 3,980-4,020 yuan ($567-573) per tonne, up 40-50 yuan per tonne Northern China (Beijing): 3,740-3,770 yuan per tonne, up 20 yuan per tonneEnd-user demand for rebar remained strong, with procurement rates rising in tandem with the futures market that stre...Read More
JFE Steel Corp and an affiliate of China's largest steelmaker Baowu Steel is setting up a joint venture to tap into demand for high-grade special steel bar from the Chinese automotive sector.The move will see JFE Steel take a 50% share in Baosteel Special Steel Shaoguan Co, while the latter's existing parent Guangdong Shaoguan Iron & Steel Songshan Co (SGIS) will hold the other half of the stake,...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade.The Canadian Dollar was virtually unchanged at U.S. 75.25 cents following release of Canada's October Consumer Price Index at 8:30 AM EST. Consensus was a year-over-year gain of 1.9% versus an increase of 1.9% in September. Actual was a gain of 1.9%. Urban Outfitters plunged $4.70 to $24....Read More
The three-month lead price on the London Metal Exchange was lower at the close of trading on Monday November 18, with the price settling below the $2,000 per tonne support level for the first time since September, while continued inflows pushed aluminium futures lower.Lead's outright price closed at $1,953.50 per tonne in the afternoon, its lowest close since August 2, while turnover was at its hi...Read More
More than 200,000 tonnes of aluminium have been delivered into London Metal Exchange warehouses in Asia over the past week, pushing LME on-warrant stock levels back above 1 million tonnes.Despite the large deliveries inward, including 92,875 tonnes on Monday November 18, the backwardation in the LME's December-to-January spread remained.Total on-warrant LME aluminium stocks were now 1,009,700 tonn...Read More
Fastmarkets will host a free web seminar on Monday November 25 at 9:30am London time, to introduce the new Fastmarkets-settled London Metal Exchange cash-settled main Japanese ports (MJP) aluminium premium contract.The webinar will cover how Fastmarkets assesses its spot MJP aluminium premium, an insight into current market dynamics and how you can manage your risk with the new LME cash-settled co...Read More
The price of seaborne low-grade manganese ore managed to tick upward in the latest assessment period, which ended on Friday November 15, amid a revival in buying appetites.Fastmarkets' manganese ore index, 37% Mn, cif Tianjin, rose by 3 cents week on week to $3.28 per dry metric tonne unit (dmtu) on November 15, the first rise recorded since late August, when the price was $5.04 per dmtu.Fastmarke...Read More
Key data from the pricing sessions in London and Shanghai in the week to Friday November 15.ChinaKey drivers China's ammonium paratungstate (APT) export market softened in line with weakness in the domestic market and a depreciation of yuan. Thin inquiries in response to muted demand abroad has caused China exporters to cut their offer prices to attract business. China's domestic tungsten concentr...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ending Friday November 15.ChinaThe domestic spot alloy price in China remained steady with producers continuing to report limited supply of 75% grade material but that demand also remains weak. The export alloy price was similarly unchanged after major Chinese suppliers refused...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday November 15. China Key drivers The antimony, MMTA standard grade II, ddp China price fell for the second consecutive week after some of the country's suppliers slashed offer prices further to secure business amid scant inquiries from consumers. Chinese antimony consumers either procured on a hand-to-mouth...Read More
The price of seaborne low-grade manganese ore managed to tick upward in the latest assessment period, which ended on Friday November 15, amid a revival in buying appetites.Fastmarkets' manganese ore index, 37% Mn, cif Tianjin, rose by 3 cents week on week to $3.28 per dry metric tonne unit (dmtu) on November 15, the first rise recorded since late August, when the price was $5.04 per dmtu.Fastmarke...Read More
Turkish scrap import prices have increased once again on news of a European cargo being sold at the beginning of the week, although mills were still worried about soft demand for finished long steel products, sources said on Monday November 18.A steel mill in the Iskenderun region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 7,500 tonnes of a mixture of HMS 1 and plate and...Read More
Domestic auto bundle scrap prices in Turkey have increased in line with rising imported scrap values, with local ship scrap prices expected to follow soon, sources said on Monday November 18.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was 1,455-1,640 Turkish lira ($253-286) per tonne on Monday, up from 1,455-1,560 lira per tonne last week.Th...Read More
Now under the leadership of Tom Wendt Jr, the family owned and operated Wendt Corp has served the scrap metal recycling industry for over 40 years. Bette Kovach asks him about the growth of the business founded by his father, now chairman, in 1977 and company strategy to supply ever more demanding markets.Wendt CorpWhile still in high school, Tom Wendt accompanied his father, Thomas Wendt Sr, to a...Read More
Large-scale cobalt supply from recycled electric vehicle (EV) batteries is yet to come, Tiger Pan, vice general manager of GEM Co Ltd, told Fastmarkets in a recent interview. Shenzhen-headquartered battery materials producer GEM has established 16 recycling industrial parks in over 10 provinces in China. The company recycles about 5,000 tonnes per year of cobalt, and about 10,000 tpy of nickel. In...Read More
Weeks of slow spot buying from consumers comfortable working with low stock levels has brought cheaper offers into the spot cobalt market so far in November. Competitive negotiations for 2020 long-term contracts, macroeconomic concerns and cautiousness around the pace and timing of an uptick in cobalt usage by the battery sector have also created more reserved sentiment, market sources told Fastma...Read More
Export prices for hot-rolled and cold-rolled coil from the Commonwealth of Independent States have increased in line with the global uptrend, sources told Fastmarkets on Monday November 18.Fastmarkets' price assessment for steel HRC, export, fob Black Sea, CIS, was $390-405 per tonne on November 18, up from $375-385 per tonne fob a week ago.Several sales of Russia-origin material were made to Turk...Read More
Hot-rolled coil prices in Asia continued to gain last week, forcing buyers to restock after several months of hesitation. Fastmarkets' assessment for steel HRC import, cfr Vietnam, which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam, was $443-445 per tonne cfr for the week ending Monday November 18, up $5-13 per tonne from a week earlier.India...Read More
China's hot-rolled coil prices regained more upward momentum on Monday November 18 on a drop in supply.DomesticEastern China (Shanghai): 3,610-3,630 yuan ($515-518) per tonne, up 20-30 yuan per tonneNorthern China (Tangshan): 3,570 yuan per tonne, up 10 yuan per tonneTrading activity in both northern and eastern China remained robust during the day, with buyers still restocking amid short supply,...Read More
More rebar producers in Egypt have increased their prices with effect from Sunday November 17, following the moves of other mills that announced higher prices last week, Fastmarkets has learnt.Egyptian rebar producer Garhy Steel is now offering rebar at E ?10,000 ($619) per tonne ex-works, up from the previous E ?9,600 per tonne ex-works, including 14% VAT.El Marakby Steel's rebar price is now E ?...Read More