Fastmarkets is initiating a consultation on a proposed increase in the frequency of its benchmark prices for cobalt standard grade and cobalt alloy grade, in whs Rotterdam, to daily. Fastmarkets currently assesses both prices on Wednesday and Friday each week.Initial feedback suggests that daily pricing would be more responsive to price moves in the cobalt market, notably during times of volatilit...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been under pressure from limited market activity, sources told Fastmarkets on Wednesday October 9.Demand from end-users has been low, according to market participants. In addition, buyers believed that prices would go down and therefore they preferred to hold back from purchases until prices reached a market bottom.Domestic prices for hot-r...Read More
Steelmakers in Northern Europe have decreased their domestic prices for hot-rolled coil (HRC) because they need to secure orders in a slow market, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was ?,?440-445 ($483-488) per tonne on October 9, down by ?,?10 per tonne week on week from ?,?450-455 per tonne ex-works....Read More
China, the world's biggest steelmaker, is considering importing hot-rolled coil (HRC) on possible arbitrage opportunities with Russia and Iran, Fastmarkets understands. Russian and Iranian hot-rolled coil imports may soon become an attractive prospect for Chinese buyers due to their low offers to the country, market sources told Fastmarkets on Wednesday October 9. "Russian re-rolling grade HRC is...Read More
Domestic prices for steel wire rod across Europe remained unchanged this week, but market participants were keeping a close eye on the ferrous scrap sector to see if recent developments there would turn into a sustainable price recovery, sources told Fastmarkets on Wednesday October 9.Fastmarkets' index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, fell by 24% from the beg...Read More
The price of steel rebar in the Southern European domestic and export markets was slightly lower this week because limited export opportunities were creating an excess of supply, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?445-465 ($488-510) per tonne on Wednesday, widening downw...Read More
The price of steel rebar in the Northern European domestic market was unchanged this week amid signs that the downward trend in the ferrous scrap market may have finally come to an end, sources told Fastmarkets on Wednesday October 9Fastmarkets' weekly price assessment for steel rebar, domestic, delivered Northern Europe, was ?,?460-475 ($505-521) per tonne on Wednesday, unchanged week on week. "W...Read More
Turkish steel producers resumed booking deep-sea scrap for November shipment after a short break, sources said on Wednesday October 9, although prices have now increased compared with previous bookings due to a lack of supply.One Turkish steel producer booked a scrap cargo from the United States, comprising 23,000 tonnes of HMS 1&2 (80:20) at $233 per tonne and 17,000 tonnes of shredded at $2...Read More
Physical iron ore prices dropped on Wednesday October 9 amid soft steel markets and demand concerns over the potential for more steelmaking restrictions in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.06 per tonne, down $3.71 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.34 per tonne, down $3.71 per tonne.62% Fe low-alumina fines, cfr Qingdao: $89.75 per...Read More
Rebar prices in eastern China continued to weaken on Wednesday October 9 on inactivity and sustained pessimism, while those in the northern region were unchanged on steady demand. Domestic Eastern China (Shanghai): 3,720-3,750 yuan ($520-525) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,590-3,630 yuan per tonne, unchangedSellers in eastern China lowered their prices to stimulate...Read More
Chinese stainless steel export prices have increased, after producers returned from the Golden Week holiday to find production costs rising due to a surge in nickel prices, market sources told Fastmarkets this week.The three-month nickel contract on the London Metal Exchange has averaged $17,560 per tonne so far in October, compared with August's average of $15,661 per tonne. Market participants i...Read More
Prices for hollow steel sections in the Northern and Southern European domestic markets moved down this week following a drop in feedstock costs and weak demand, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-590 ($636-647) per tonne on Wednesday, down from ?,?585-600 per tonne one we...Read More
Vale expects Chinese demand for iron ore pellets and pellet feed to rise by 50 million tonnes per year with mills in China increasing the usage of pellets in their blast furnaces.It estimates that pellet consumption could increase its proportion of the total raw material mix in blast furnaces from 11% in 2015 to 19% in 2025, according to a presentation that the Brazilian miner showed to investors...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been under pressure from limited market activity, sources told Fastmarkets on Wednesday October 9.Demand from end-users has been low, according to market participants. In addition, buyers believed that prices would go down and therefore they preferred to hold back from purchases until prices reached a market bottom.Domestic prices for hot-r...Read More
Domestic prices for steel wire rod across Europe remained unchanged this week, but market participants were keeping a close eye on the ferrous scrap sector to see if recent developments there would turn into a sustainable price recovery, sources told Fastmarkets on Wednesday October 9.Fastmarkets' index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, fell by 24% from the beg...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday October 9, remaining below the $5,700 per tonne resistance level amid thin volumes, while forward spreads in nickel tightened over the afternoon.Copper's outright price closed at $5,684 per tonne in the afternoon, keeping below nearby resistance while volumes traded were moderately low at just...Read More
The price of steel rebar in the Southern European domestic and export markets was slightly lower this week because limited export opportunities were creating an excess of supply, sources told Fastmarkets on Wednesday October 9.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?445-465 ($488-510) per tonne on Wednesday, widening downw...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday October 9 that are worth another look.China, the world's biggest steelmaker, is considering importing hot-rolled coil on possible arbitrage opportunities with Russia and Iran, Fastmarkets understands. The alumina index on a fob Australia basis fell by 3.4% week on week, moving below $280 per tonne for the first time...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday October 9, remaining below the $5,700 per tonne resistance level amid thin volumes, while forward spreads in nickel tightened over the afternoon.Copper's outright price closed at $5,684 per tonne in the afternoon, keeping below nearby resistance while volumes traded were moderately low at just...Read More
The alumina index on a fob Australia basis is down by 3.4% week on week and below $280 per tonne for the first time since May 2017. Fastmarkets' daily alumina index, fob Australia fell to $279.29 per tonne on Wednesday October 9, from $280.64 per tonne the previous day and from $289.53 per tonne on October 2. The index is now down 29.5% from the start of the 2019. Key drivers: The...Read More