The three-month nickel contract on the London Metal Exchange had the biggest fall on the morning of Tuesday September 28, while most other base metals moved slightly from their closing prices on Monday. Nickel was at $18,550 per tonne at 9am on Tuesday, compared with $18,946 per tonne at 5pm on Monday. Tuesday's morning intraday low of $18,450 per tonne is the lowest since September 21. Compared w...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
Swedish special steel producer Ovako is to introduce a "climate surcharge" to support initiatives and new technology investments as its production goes carbon-neutral from January 2022, the producer announced on Tuesday September 28.The company says it has reduced carbon emissions significantly through efficient processes, the use of fossil-free electricity and dedicated investments such as conver...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
Fastmarkets is planning to delay the starting date of proposed amendments of its lithium price assessments, including the frequency of two battery-grade seaborne Asian lithium prices and amendments to the names and specifications of all its lithium hydroxide prices.In a Pricing Notice on Tuesday July 27, Fastmarkets proposed to increase the frequency of its battery-grade seaborne Asian lithium car...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
The latest forecasts from Fastmarkets' team of analysts are ready to view.In the iron ore market, supply issues including heavy rains at the start of the year, followed by staffing problems during the Covid-19 pandemic, have affected exports from Brazil. This has helped Australia gain a larger market share, but since June, Brazilian export volumes have returned to levels last seen before the...Read More
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...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
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
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
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
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
U.S. equity index futures were higher this morning. S&P 500 futures were up 17 points in pre-opening trade.Dollar Tree added $0.64 to $86.92 after announcing an additional $1.05 billion share buyback program.NetApp advanced $3.19 to $95.00 after JP Morgan raised its target price from $95 to $108.HP Inc slipped $0.23 to $28.35 after JP Morgan downgraded the stock from Overweight to Neutral. Tar...Read More
Spot prices for hot-rolled coil in China gained some strength on Tuesday September 28, with futures rising for a second day amid a drop in production due to a power crunch in the country.DomesticEastern China (Shanghai): 5,720-5,750 yuan ($886-890) per tonne, narrowed upward by 20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange rose for a second day, recovering some of...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 28 that are worth another look.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...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.With nickel prices down by almost 20% over the space of around ten days during late February and early March, one might have been expecting us to be reporting sharply-lower prices of stainless steel, at least for the most common nickel-containing grades of stainless steel.This is not the case, at least in Europe and the Unite...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices and margins for stainless steel producers have risen notably over the past few months in both Europe and the United States, but there are now signs that the rally is petering out.A clear reason for the halt to rising prices comes from the near 20% drop in nickel prices seen in late February/early March,...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 28 that are worth another look.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...Read More