ICBC Standard Bank plans to close down its base metals trading unit in the first half of 2020 amid unfavorable market conditions, the bank said on Friday November 8. "Like any prudent business, we are addressing our cost base and are taking measures against a backdrop of continuing unfavorable market conditions to ensure a position of long-term, sustainable strength," a spokesperson for ICBC Stand...Read More
Lead stocks in Shanghai Futures Exchange-approved warehouses were the biggest gainer in percentage terms in the week to Friday November 8. Lead inventory rose by 34.7% week on week to 28,850 tonnes. Warehouses operated by Zhejiang Tianchuan in Zhejiang province and Zhongchu Lutong in Tianjin registered the largest inflows, increasing by 3,876 tonnes...Read More
Indian producers of hot-rolled coil increased their export prices for the commodity by $10-15 per tonne in the week ended Friday November 8, with some mills claiming to have their order books full for the current calendar year.The price of steel HRC (commodity), export, fob main port India, was assessed by Fastmarkets at $415-425 per tonne on Friday, an increase of $10-15 per tonne compared with l...Read More
Turkish prices for hot-dipped galvanized coil (HDG), and color-coated coil or pre-painted galvanized iron (PPGI), increased in the week to Friday November 8, despite demand remaining weak, sources told Fastmarkets.The rise in raw materials prices is the reason for the higher steel prices, they added.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cf...Read More
CIS billet producers continued to insist on the prices that were offered to foreign customers earlier this month for December-rolling material, despite the lack of trading activity this week, Fastmarkets learnt on Friday November 8.The material was available mainly from Russian mills for around $380 per tonne fob.Meanwhile, most Ukrainian mills were absent from the market. Three mills - Dneprovski...Read More
Domestic rebar prices in Poland have been largely stable over the past seven days, but mills expect to increase their offer prices next week in response to rising scrap costs, sources told Fastmarkets on Friday November 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Poland, was 1,950-1,970 zloty ($506-511) per tonne on November 8, compared with 1,950-1,970...Read More
Turkish flat steel producers raised their offer prices during the week ended Friday November 8 on increasing raw material costs, even as demand in the region remained soft.Raw material prices, especially those for scrap, have increased recently.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey, was at $253.40 per tonne on November 7, up from $247.89...Read More
Prices for imported and domestically produced billet in Turkey increased in the week to Thursday November 8, following the rise in the segment of scrap.Offers for imported billet from the CIS region were mainly within the range of $390-400 per tonne cfr, depending on the region, sources told Fastmarkets.There were also offers at $405-410 per tonne cfr, but these were considered too high by market...Read More
The pig iron import market in the United States strengthened in the week ended Friday November 8 on higher scrap prices, sources told Fastmarkets. Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $320-325 per tonne, up from $310-312 per tonne a week earlier."The scrap price has rebounded by $20 [per gross ton]; that will support pig iron prices," one buyer in the US...Read More
Global scrap prices trended upward during the working week ended Friday November 8, boosted by higher Turkish imported scrap prices. Turkish import prices up, bookings resume US export prices improve on fresh deals off both coasts Vietnam import prices jump on buyer interest Taiwan import prices inch upward Higher offers raise Indian import prices.TurkeyTurkish imported scrap prices trended upward...Read More
The price of ferrous scrap imported into India has continued to climb this week, with further rises expected in the coming weeks, sources told Fastmarkets on Friday November 8.Fastmarkets' calculation for the steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $284.15 per tonne on Friday, up from $276.57 per tonne one week earlier.A deal for shredded material into India was heard at...Read More
Export pig iron prices from the Commonwealth of Independent States went up on improved demand, supported by higher scrap prices, sources told Fastmarkets this week.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $288-295 per tonne on November 7, up from $280-287 per tonne a week ago."The market is firm because demand is hig...Read More
An injunction from a Brazilian court has halted Vale's acquisition process of Ferrous Resources for 30 days, until the miner can provide proof that it will implement international environmental compliance standards.Vale is yet to be notified about the judicial decision issued by the court in the Brazilian Federal District, where Brazil's capital Bras?-lia is located, and would engage in appropriat...Read More
Turkish steel producers remained out of the the deep-sea scrap markets on Friday November 8 after buying scrap cargoes earlier in the week, sources told Fastmarkets.While no new cargoes were booked on Friday, several were purchased earlier this week at steady prices and of the same composition.On Monday, there were three cargoes, two of US origin. The first, booked by a steel mill in the Izmir reg...Read More
Seaborne coking coal prices regained some losses on Friday November 8, narrowing the weekly pace of decline slightly.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.24 per tonne, up $0.67 per tonnePremium hard coking coal, cfr Jingtang: $146.12 per tonne, unchangedHard coking coal, fob DBCT: $121.70 per tonne, unchangedHard coking coal, cfr Jingtang: $134 per tonne, unchangedLow-vol PC...Read More
The London Metal Exchange three-month lead price slipped below an important resistance level in unexceptional trading conditions in the morning of Friday November 8. The three-month lead price recently traded at $2,099 per tonne, with some 1,000 lots exchanged as of 9:20am London time. The price fell from an intra-morning high of $2,114.50 per tonne and traded as lows as $2,084 per tonne - its che...Read More
China's domestic rebar prices retreated on Friday November 8 amid concerns over supply being channeled southward from the northern region amid falling temperatures.Eastern China (Shanghai): 3,700-3,740 yuan ($530-536) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,640-3,660 yuan per tonne, down 10 yuan per tonnesRebar futures were subdued during the day with traders anticipating w...Read More
China's hot-rolled coil prices slid on Friday November 8 after trading activity thinned further.DomesticEastern China (Shanghai): 3,520-3,540 yuan ($500-503) per tonne, down 10-20 yuan per tonneNorthern China (Tangshan): 3,520 yuan per tonne, down 20 yuan per tonneA Shanghai-based trader said trading activity continued to thin during the day amid declining futures, which led to spot prices falling...Read More
The flip-flip nature of headlines surrounding trade talks between China and the United States is calling the tune in the markets; there was initial weakness on news that a signing of a partial trade deal would be delayed, but markets then turned higher after it was announced that progress had been made with both sides agreeing to remove some tariffs.This morning, Friday November 8, markets are giv...Read More
An overview of the minor metals markets and their latest price moves.Read More