Aluminium and tin had risen the most on the London Metal Exchange by the close on Tuesday September 28, while nickel and copper were both under pressure.Aluminium's three-month price closed at $2,945 per tonne on Tuesday, up from its close on Monday of $2,883.50 per tonne, which was the lowest since September 21. The metal stayed above the 20-day moving average of $2,847 per tonne, a key tech...Read More
Chinese demand for steel billet imports has fallen away in recent days, amid mounting concerns over China's property market and the potential for power shortages across the country, sources told Fastmarkets on Tuesday September 28.Some market participants fear that the debt crisis engulfing major property developer Evergrande could have a wider knock-on effect on the Chinese construction sector, w...Read More
Automotive manufacturer Ford Motor Co plans to spend $11.4 billion on new production sites in the United States for electric vehicles (EVs) and their batteries as part of its push to bring zero-emission auto production to the country.One site will be in Stanton, Tennessee, where the company will build electric versions of its F-Series pickup truck as well as advanced batteries. To be known as Blue...Read More
The Brazilian steel and aluminium sectors are preparing for a period of short electricity supply in the coming months due to a persistent drought in a country heavily reliant on hydroelectric power generation.A drought has reduced water reservoirs in Brazil, mainly in southeastern and midwestern states, leading to an electricity cost spike and fears of blackouts or even mandatory power rationing t...Read More
The Brazilian steel and aluminium sectors are preparing for a period of short electricity supply in the coming months due to a persistent drought in a country heavily reliant on hydroelectric power generation.A drought has reduced water reservoirs in Brazil, mainly in southeastern and midwestern states, leading to an electricity cost spike and fears of blackouts or even mandatory power rationing t...Read More
Further reductions in Chinese steel mill operations due to ongoing power shortages are likely to hamper demand for imported semi-finished steel and steel scrap in the country, sources told Fastmarkets this week.Draconian restrictions on power supplies in China have led to a raft of electric arc furnace (EAF) steelmakers and re-rollers in key provinces such as Jiangsu, Yunnan and Zhejiang to either...Read More
Serious congestion at ports across the world is unlikely to ease in the immediate future, shipping line Maersk said in a market update."Ports in Asia Pacific continue to be severely congested. With continued high yard density and weather disruptions since July, operational challenges remain in port operations," the company said.Vessels calling at major ports in Busan, Shanghai, Ningbo, Yantian and...Read More
Seaborne iron ore prices fell on Tuesday September 28; market participants have almost finished pre-holiday restocking and more provinces in China have places further limits on electricity consumption and steelmaking production, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $112.06 per tonne, down $7.25 per tonne62% Fe low-alumina fines, cfr Qingdao: $113.45 per tonne, down $...Read More
Aluminium and tin had risen the most on the London Metal Exchange by the close on Tuesday September 28, while nickel and copper were both under pressure.Aluminium's three-month price closed at $2,945 per tonne on Tuesday, up from its close on Monday of $2,883.50 per tonne, which was the lowest since September 21. The metal stayed above the 20-day moving average of $2,847 per tonne, a key tech...Read More
Serious congestion at ports across the world is unlikely to ease in the immediate future, shipping line Maersk said in a market update."Ports in Asia Pacific continue to be severely congested. With continued high yard density and weather disruptions since July, operational challenges remain in port operations," the company said.Vessels calling at major ports in Busan, Shanghai, Ningbo, Yantian and...Read More
Market participants are anticipating a very bearish demand outlook for the iron ore market and are doubtful of any form of price rebound until at least the first quarter of 2022.Weak demand for iron ore has been the primary driver of slumping seaborne cargo prices. This is largely due to ongoing steel-output curbs in several provinces in China, an impact that is likely to intensify with the latest...Read More
Pessimistic buyers caused the downtrend in the export market for flat steel products from the Commonwealth of Independent States downtrend to continue in the week to Monday September 27.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $830-855 per tonne on Monday, down by $10 from $840-865 per tonne a week before."Buyers think that offers will go lower...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Recent weeks have brought two key developments with regard to trade policy on stainless steel products that will be to the detriment of consumers.In China, the country's stainless steelmakers no longer enjoy a 13% export rebate as of May 1, reducing greatly their incentive to export and instead leading them to focus on supply...Read More
Market participants are anticipating a very bearish demand outlook for the iron ore market and are doubtful of any form of price rebound until at least the first quarter of 2022.Weak demand for iron ore has been the primary driver of slumping seaborne cargo prices. This is largely due to ongoing steel-output curbs in several provinces in China, an impact that is likely to intensify with the latest...Read More
Copper concentrates shipment from MMG's Las Bambas mine in Peru will be delayed after operations were disrupted by a community blockade, the company said at a regulatory filing on Monday September 27.The Australian-Chinese miner said in a notice to Hong Kong Stock Exchange that its mining supply could not be transported due to community protests in...Read More
Chinese demand for steel billet imports has fallen away in recent days, amid mounting concerns over China's property market and the potential for power shortages across the country, sources told Fastmarkets on Tuesday September 28.Some market participants fear that the debt crisis engulfing major property developer Evergrande could have a wider knock-on effect on the Chinese construction sector, w...Read More
Domestic steel rebar prices in Russia's Central Federal District around Moscow were largely unchanged in the week ended Monday September 27, amid high purchasing interest from distributors with low inventories and an expectation that prices have reached a bottom, sources told Fastmarkets. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was...Read More
Base metals prices were mainly lower across both the London Metal Exchange and the Shanghai Futures Exchange on Tuesday September 28, the exception was LME copper. Oil prices extend gains; spot Brent crude approaching $80 per barrel. US 10-year treasuries yields push through 1.5%.Base metalsThe three-month copper price on the LME was up by 0.3% at $9,376.50 per tonne and seemed buoyant this morni...Read More
Seaborne cfr prices improved on Tuesday September 28 due to tight seaborne coking coal supply in the cfr spot market and active trading in China's ports, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $597.06 per tonne, up $2.50 per tonneHard coking coal, cfr Jingtang: $538.65 per tonne, up $8.83 per tonnePremium hard coking coal, fob DBCT: $405.14 per tonne, d...Read More
Serious congestion at ports across the world is unlikely to ease in the immediate future, shipping line Maersk said in a market update."Ports in Asia Pacific continue to be severely congested. With continued high yard density and weather disruptions since July, operational challenges remain in port operations," the company said.Vessels calling at major ports in Busan, Shanghai, Ningbo, Yantian and...Read More