Turkish steel mills stepped back from the deep-sea markets on Tuesday November 5, following the purchase of several cargoes the previous day, sources told Fastmarkets.Yesterday, three newly booked cargoes - two of US origin and one of Baltic Sea origin - ended a week-long hiatus since the previous booking. All three bookings were of similar composition and pricing, with HMS 1&2...Read More
Seaborne iron ore prices were rangebound on Tuesday November 5, with market participants remaining jittery over high inventories and the upcoming demand lull over the winter season.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.30 per tonne, up $0.03 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.12 per tonne, up $0.03 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.70 per...Read More
Demand for flat steel products in Turkey remained weak in October because of the decline in global prices, market participants told Fastmarkets on Tuesday, November 5.Nonetheless, they added that local producers have now filled their order books until late December.Local demand was already weak in Turkey in September, and political uncertainty in October led to a further fall in&nbs...Read More
Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources told Fastmarkets.Global billet prices have picked up over the past month on soaring scrap prices and reduced availability in some markets, particularly the CIS. At the same time, the domestic billet price in China is largely stable, which has narrowed the gap b...Read More
Import prices for steel billet and rebar in the United Arab Emirates have decreased over the past week, but domestic rebar prices remained stable, market sources said on Tuesday November 5.Demand for long steel was still moderate in the country, and buyers preferred to buy small quantities in order to avoid holding high stocks at the end of the year.Billet importsBillet was offered from Oman at ab...Read More
Demand for flat steel products in Turkey remained weak in October because of the decline in global prices, market participants told Fastmarkets on Tuesday, November 5.Nonetheless, they added that local producers have now filled their order books until late December.Local demand was already weak in Turkey in September, and political uncertainty in October led to a further fall in&nbs...Read More
Turkish exports of flat steel products declined by 21.8% year-on-year to 393,716 tonnes in September 2019, according to the Turkish Statistical Institute (TUIK).This compares with a volume of 503,524 tonnes in the corresponding period of 2018, the institute said.The reason for decrease in exports was the lackluster demand for Turkish flat steel...Read More
A summary of base metals premiums from across the globe for the week to Tuesday November 5.Please click...Read More
Prices for ferrous scrap in Mexico increased slightly in the northern steelmaking region of Monterrey in the week to Tuesday November 5, while prices were flat in the central steelmaking region of Bajio.Market participants are more optimistic about prices, with indications that scrap prices in the United States could see a modest recovery in November.In Monterrey, word circulated that at least one...Read More
Demand for flat steel products in Turkey remained weak in October because of the decline in global prices, market participants told Fastmarkets on Tuesday, November 5.Nonetheless, they added that local producers have now filled their order books until late December.Local demand was already weak in Turkey in September, and political uncertainty in October led to a further fall in&nbs...Read More
Turkish steel mills stepped back from the deep-sea markets on Tuesday November 5, following the purchase of several cargoes the previous day, sources told Fastmarkets.Yesterday, three newly booked cargoes - two of US origin and one of Baltic Sea origin - ended a week-long hiatus since the previous booking. All three bookings were of similar composition and pricing, with HMS 1&2...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 5 that are worth another look.Most major aluminium producers agree that tackling the carbon intensity of the smelting process is one of the biggest challenges facing their industry.Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources t...Read More
Most major aluminium producers agree that tackling the carbon intensity of the smelting process is one of the biggest challenges facing their industry. What they cannot agree on is how to deal with the situation, as a lively panel hosted by Fastmarkets during LME Week at the end of October showed. Aluminium smelting is an energy-intensive business and the market is starting to differentiate b...Read More
The three-month copper price traded on the London Metal Exchange almost closed the gap on its psychological $6,000 per tonne level, with growing supply concerns bolstering consumption and precipitating a significantly higher turnover on Tuesday November 5. The red metal's three-month price closed 1.1% higher at $5,946.50 per tonne compared with the previous day's $5,877 per tonne close. The price...Read More
The London Metal Exchange's plans to launch a new trading platform in 2021 could bring a host of new functionality enhancements to its electronic and inter-office market, from variable tick sizes to additional order types and greater self-service user management.Yet with the LME also targeting the eventual decommissioning of its current LMEselect electronic trading system - which was first introdu...Read More
Seaborne iron ore prices were rangebound on Tuesday November 5, with market participants remaining jittery over high inventories and the upcoming demand lull over the winter season.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.30 per tonne, up $0.03 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.12 per tonne, up $0.03 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.70 per...Read More
The three-month copper price traded on the London Metal Exchange almost closed the gap on its psychological $6,000 per tonne level, with growing supply concerns bolstering consumption and precipitating a significantly higher turnover on Tuesday November 5. The red metal's three-month price closed 1.1% higher at $5,946.50 per tonne compared with the previous day's $5,877 per tonne close. The price...Read More
Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources told Fastmarkets.Global billet prices have picked up over the past month on soaring scrap prices and reduced availability in some markets, particularly the CIS. At the same time, the domestic billet price in China is largely stable, which has narrowed the gap b...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 5 that are worth another look.Most major aluminium producers agree that tackling the carbon intensity of the smelting process is one of the biggest challenges facing their industry.Chinese re-rollers' interest in imported billet has waned in recent weeks following a surge in prices in the major global markets, sources t...Read More
Discounts for nickel full plate cathodes in the Chinese import market flipped to premiums on Tuesday November 5 following a sudden opening of the import window over the week. "The intermittent opening of the import window this week was due to technical squeezing on China's future exchanges rather than supply tightness. [Nickel full plate cathodes are] normal premiums now," a Shanghai-based trader...Read More