China's hot-rolled coil prices weakened on Tuesday October 8 after the market resumed trading following the country's Golden Week amid expectations of rising supply.DomesticEastern China (Shanghai): 3,610-3,620 yuan ($505-506) per tonne, down 10 yuan per tonneNorthern China (Tangshan): 3,560 yuan per tonne, down 20 yuan per tonneSellers lowered their prices in response to a declining futures marke...Read More
The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More
Poor demand continues to weigh on Indian silico-manganese prices. Indian silico-manganese prices now down for six weeks runningEuropean alloy prices hold steady in thin tradingManganese ore prices keep sliding on poor demand, plentiful supplyUS prices remain flat in inactive market. Indian silico-manganese export prices dropped for a sixth consecutive week due to persistent weak demand domesticall...Read More
The import price for steel billet in the United Arab Emirates has narrowed over the past week and both import and domestic prices for rebar have fallen slightly, with demand for products only moderate, sources said on Tuesday October 8.New domestic prices for rebar for the month were announced by the country's producers on September 26. Both Emirates Steel and Conares reduced their prices.Billet i...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday October 8 that are worth another look.The world's largest copper producer, Codelco, has offered customers in Asia 2020 copper cathode supply with premium levels unchanged from current levels, three informed sources told Fastmarkets.Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were unchanged duri...Read More
In a series of complaints, US steel and aluminium companies - among others - have alleged that four rail-service providers fixed their prices, overcharging customers by billions of dollars over a five-year period."In 2003, the four largest United States-based Class I railroads engaged in an extraordinary series of meetings, phone calls and email communications through which they embarked on a cons...Read More
Zijin Mining Group's share of Canadian company Ivanhoe Mines will increase to 13.88% following the completion of a private share purchase and sale transaction, positioning Zijin Mining and Citic Metal as the two largest shareholders, Ivanhoe said on Tuesday October 8.Citic Metal Africa and Robert Friedland, currently the two main shareholders in Ivanhoe, have agreed to sell a portion of their shar...Read More
The Rotterdam in-warehouse premiums for nickel cathode and briquette have continued to decline in the week ending Tuesday October 8.Short position holders were reported to be eager to avoid the elevated holding costs associated with the persistent, wide backwardation in the London Metal Exchange cash/three-month nickel spread, which was around $101 per tonne on Tuesday, by delivering material back...Read More
A consortium including commodities brokerage Marex Spectron has launched a product monitoring the up-to-date operational status of up to 90% of the world's copper smelters using satellite technology. The SAVANT Global Copper Smelting Index is a partnership between Marex Spectron and geospatial intelligence company Earth-i, with development partly funded by the UK Space Agency via the European Spac...Read More
Flat steel import prices into the United Arab Emirates and Saudi Arabia were stable this week on limited demand, sources told Fastmarkets on Tuesday October 8.Buyers were reluctant to book large tonnages before prices hit a market bottom and end-user demand begins to improve, they said. UAE Offer prices for hot-rolled coil (HRC) from China were heard at $450-460 per tonne cfr this week, with offer...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were unchanged during the week to Tuesday October 8 due to Golden Week - the week-long holiday to mark the country's 70th anniversary. Cold rolled coil Fastmarkets' weekly price assessment for steel cold-rolled coil (CRC), export, fob China, was $500-505 per tonne on Tuesday October 8, unchanged from September 24. No of...Read More
China's hot-rolled coil prices weakened on Tuesday October 8 after the market resumed trading following the country's Golden Week amid expectations of rising supply.DomesticEastern China (Shanghai): 3,610-3,620 yuan ($505-506) per tonne, down 10 yuan per tonneNorthern China (Tangshan): 3,560 yuan per tonne, down 20 yuan per tonneSellers lowered their prices in response to a declining futures marke...Read More
China's domestic rebar prices moved down on Tuesday October 8 on heightened selling interest and weak futures on the first working day after the country's Golden Week. Domestic Eastern China (Shanghai): 3,740-3,780 yuan ($525-530) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,590-3,630 yuan per tonne, down 10 yuan per tonneStockists who built up their inventories late in Septembe...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, plate, sheet and other flat steel products.Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic,...Read More
Mexican scrap prices were largely stable this week, with buyers trying to apply previously announced price cuts while waiting for further movements.Market participants were holding off on committing to additional price adjustments until October settlements were completed in the United States' main markets.News of $40-per-gross-ton reductions in prime scrap prices in Chicago for...Read More
Physical iron ore prices rose on Tuesday October 8 on likely easing production restrictions in north China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $94.77 per tonne, up $1.39 per tonne. 62% Fe Pilbara Blend Fines, cfr Qingdao: $94.05 per tonne, up $1.14 per tonne.62% Fe low-alumina fines, cfr Qingdao: $93.50 per tonne, up $1.78 per tonne. 58% Fe fines high-premium, cfr Qingdao...Read More
Seaborne coking coal prices remained steady on Tuesday October 8 despite the return of Chinese buyers after the country's Golden Week, with most of them waiting for offers to emerge to gauge the direction of the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $146.08 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $159.70 per tonne, unchanged Hard coking coal, fob DBCT: $...Read More
Shanghai-bonded copper stocks fell to a four-year low at the start of October as higher in-warehouse premiums in Shanghai and a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants.Zinc inventories in the Shanghai bonded zone were lower due to higher customs clearance volumes during the busy September and October period, while nickel stocks rose on th...Read More
The three-month copper price on the London Metal Exchange was higher during morning trading on Tuesday October 8, holding above nearby support levels amid high turnover, while nickel futures shed 1.1% despite continued stock outflows.Copper's outright price was recently seen trading at $5,710 per tonne, maintaining support above its nearby $5,700-per-tonne support level. Turnover was high over the...Read More
Participants were expecting a stronger performance by the base metals on Tuesday October 8 following the reopening of Chinese markets, but futures prices on both the London Metal Exchange and Shanghai Futures Exchange have been mixed.On the LME, three-month copper, zinc and lead prices were firmer by an average of 0.5%, while nickel, tin and aluminium were down by an average of 1.1% - led by a 2.1...Read More