Prices in the UK and mainland Europe alloy steel scrap markets were unchanged this week because of an almost complete lack of buying interest, sources told Fastmarkets on Friday October 4. Demand from European stainless steel mills is extremely low, traders said, because of weak demand globally for stainless steel that has led mills to reduce their production rates. With mills producing less stain...Read More
The CIS export billet market started to show signs of a rebound by the end of the first week of this month, with producers unwilling to cut prices any further because they were on the verge of making losses, Fastmarkets heard on Friday October 4.Some mills have already announced that they plan to stop, or to continue to idle, some of their capacities because of the market conditions.In particular,...Read More
An uptick in Turkish scrap import prices, coupled with a week-long holiday in China to mark the country's 70th anniversary, provided support for steel billet prices in Southeast Asia over the past week, sources told Fastmarkets on Friday October 4.Market participants were cautiously optimistic that billet prices had bottomed out."Ferrous scrap prices [in Turkey] moved up slightly this week and we...Read More
The price of stainless steel sheet in Europe was unchanged this week because low demand had prevented mills from implementing higher monthly alloy surcharges for October, sources told Fastmarkets on Friday October 4.Although not all major mills have yet announced their October surcharges, others have done so, with increases of ?,?150-170 ($164-186) per tonne from September levels, with respect to...Read More
Demand for flat steel products in Turkey was weak in September 2019 because of global price falls, market participants have told Fastmarkets.And local producers have now filled their order books until late November, they said on Wednesday October 2.Turkish steel prices increased on May 17 after the import duty into the United States, which had been applied at a rate of 50% in September 2018, was c...Read More
Taiwan will defer the imposition of anti-dumping and countervailing duties on five Chinese steel and stainless steel products, the island's customs administration said last week. The decision to delay the tariffs was made after considering the recommendation of Taiwan's International Trade Commission (ITC), the impact on Taiwan's economic interests and the global economic situation, Taiwan's Custo...Read More
Adjustments to EU safeguard measures will "stabilize trade flows by containing import concentrations from certain exporting countries," the European steel association Eurofer said on Tuesday October 1.Although the changes will result in improvements, "the result is still not sufficient for a large part of the sector, especially given that it is facing depressed domestic steel demand," Eurofer said...Read More
Ferrous scrap prices continued on a downtrend in the week ended Friday October 4 on pervasive weak sentiment throughout key markets. The global demand for downstream finished steel remained poor, and steel mills continued to buy scrap cargoes at lower prices. Turkey prices drop toward end of week US sellers offload two cargoes to Turkey Asian buyers get cargoes via bargain-hunting India import pri...Read More
The three-month price of lead on the London Metal Exchange was the standout performer at the close of trading on Friday October 4, settling at its highest level in 13 months despite low turnover, while nickel continued to trend higher over the afternoon.Lead futures closed at $2,160 per tonne on Friday, gaining by 1.6% over the afternoon while some 3,200 lots were exchanged by the close, lower tha...Read More
The price of stainless steel sheet in Europe was unchanged this week because low demand had prevented mills from implementing higher monthly alloy surcharges for October, sources told Fastmarkets on Friday October 4.Although not all major mills have yet announced their October surcharges, others have done so, with increases of ?,?150-170 ($164-186) per tonne from September levels, with respect to...Read More
The CIS export billet market started to show signs of a rebound by the end of the first week of this month, with producers unwilling to cut prices any further because they were on the verge of making losses, Fastmarkets heard on Friday October 4.Some mills have already announced that they plan to stop, or to continue to idle, some of their capacities because of the market conditions.In particular,...Read More
Following a flip in global steel and ferrous trade flow trends last year caused by economic jitters in Turkey, trade defenses by the United States and production cuts in China, this year it is steel prices that are turning upside down. Hot-rolled coil (HRC) prices are now below rebar prices in a phenomenon rarely seen outside of the Chinese domestic markets. HRC import prices in Vietnam have...Read More
The whole battery supply chain will benefit from lithium benchmark pricing, Fastmarkets head of battery raw materials research William Adams says as he explores what is driving auto manufacturers to support this pricing mechanism. The auto industry is going through a period of unprecedented change due to companies introducing electric vehicles (EV) into their portfolios alongside internal combusti...Read More
The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least. The saga of Tethyan Copper Co's (TCC) efforts to develop the Reko Diq mine found resolution last week with an International Centre for Settlement of Investment Disputes (ICSID) ruling in favor of TCC following a dispute that has rumbled on for years.TCC,...Read More
The complexities of international iron ore supply and Chinese steel mill demand have encouraged market participants to increase use of derivative contracts. As the one-year anniversary approaches of the launch of Singapore Exchange's (SGX) 65% Fe iron ore derivative contract, it is clear that the contract is fulfilling its purpose of providing the market with a seamless price risk management tool....Read More
Chinese spot copper premiums hit 10-month highs in September, but market participants doubt the uptrend can last and expect a drop in the annual benchmark premium for 2020. Fastmarkets' copper grade A cathode premium, cif Shanghai reached a peak of $65-82 per tonne on September 5 during the Antaike conference in the Chinese city of Qiqihar, the highest since November 2018. The premium stood at $65...Read More
Low refined nickel stocks and a looming ban on exports of nickel ore from Indonesia are two factors creating a bullish nickel market, according to participants at the seventh Asian Nickel Conference held in Jakarta in mid-September. Low refined nickel stocks at exchange-listed warehouses and the unlikelihood that huge amounts of nickel ore will be stockpiled at Chinese ports ahead of a ban on expo...Read More
The three-month price of lead on the London Metal Exchange was the standout performer at the close of trading on Friday October 4, settling at its highest level in 13 months despite low turnover, while nickel continued to trend higher over the afternoon.Lead futures closed at $2,160 per tonne on Friday, gaining by 1.6% over the afternoon while some 3,200 lots were exchanged by the close, lower tha...Read More
Trading activity in the seaborne coking coal market remained muted on Friday October 4, the fourth day of China's Golden Week to mark its 70th National Day.Premium 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: $123.13 per tonne, unchangedHard coking coal, cfr...Read More
A very simplistic summary of the LME's approach to responsible sourcing is that it uses the Organization for Economic Co-operation & Development(OECD) red flag scheme and a phased introduction of transparency, but Matthew Chamberlain is keen to explain the "two big philosophical pillars behind it."The first is about establishing the LME's role in delivering responsible sourcing. "There are some in...Read More