The London Metal Exchange will give members incentives to trade cash-settled futures contracts as well as those for precious and ferrous metals. With the aim of encouraging burgeoning futures markets for the likes of cobalt, alumina and steel scrap, the exchange has devoted a pot of $2 million to subsidize category I and II members trading the contracts that were launched over the last five years,...Read More
The price of steel rebar in the Northern European domestic market was unchanged this week but pressure came from low ferrous scrap costs, and market participants expected to see reduced rebar prices in the coming weeks, Fastmarkets heard on Wednesday September 18.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?475-490 ($524-541) p...Read More
Steel hollow sections prices in the European domestic market remained unchanged this week, with many market participants uncertain about whether to order now or wait until there is more clarity, sources told Fastmarkets on Wednesday September 18.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?585-610 ($646-673) per tonne on Wednesday, u...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday September 18 that are worth another look.The global nickel supply deficit will shrink in 2020 despite the implementation of the latest Indonesian ore export ban, according to Denis Sharypin, head of commodity market research for Russian multi-metal miner Nornickel.The London Metal Exchange will give members incentives to trade...Read More
The global nickel supply deficit will shrink in 2020 despite the implementation of the latest Indonesian ore export ban, according to Denis Sharypin, head of commodity market research for Russian multi-metal miner Nornickel.Sharypin was speaking at the 18th International Stainless and Special Steel Summit in Seville, Spain, on Wednesday September 18.While Nornickel, the world's largest producer of...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday September 18.Please click...Read More
Nickel premiums fell in Europe and Asia while in the United States the 4x4 rate held steady, reflecting a lack of trade, but the premium on briquette - the more liquid form - fell. Europe briquettes, full-plate and cut-cathode premiums fall while stocks balloon at LME-listed warehousesChinese premiums weaken against backdrop of LME backwardation, lack of arbitrage opportunities US buyers remain on...Read More
The London Metal Exchange will give members incentives to trade cash-settled futures contracts as well as those for precious and ferrous metals. With the aim of encouraging burgeoning futures markets for the likes of cobalt, alumina and steel scrap, the exchange has devoted a pot of $2 million to subsidize category I and II members trading the contracts that were launched over the last five years,...Read More
A steady uptick in the London Metal Exchange lead price prompted a move lower for Indian lead premiums in the week ended Tuesday September 17, while global zinc premiums held steady amid continued demand concerns in Europe, with strong production and tight spot availability doing little to move premiums in the United States and Shanghai. Climbing LME lead price pressures Indian premiumsUS premium...Read More
Prices for industrial-quality, low-carbon wire rod tumbled in the United States for the eighth consecutive month after input costs fell and distributors avoided buying for stock. Fastmarkets' price assessment for steel wire rod (low carbon) industrial quality, fob mill US fell to $30-31 per hundredweight ($600-620 per short ton) on Tuesday September 17 from $31.50-32.50 per cwt on Tuesday Aug...Read More
Brazilian import volumes of flat and long steel displayed opposite tendencies in August, according to figures from the country's economy ministry published last week.Import volumes of flat steel declined year on year by 11.29% to 95,116 tonnes in the month, from 107,216 tonnes, mostly because of lower volumes imported from China.Imports of flat steel from China fell to 41,950 tonnes in August 2019...Read More
Steel H-beam prices in Europe were unchanged this week but recent feedstock price falls have put the market under pressure, sources told Fastmarkets on Wednesday September 18.Fastmarkets' price assessment for steel beams, domestic, delivered Northern Europe, was ?,?560-600 ($618-662) per tonne on September 18, unchanged week on week.Falling scrap values continued to put pressure on beam prices dur...Read More
The United States' stainless steel scrap market took cues from nickel prices this week, with the 300-series grades posting big reductions after the London Metal Exchange cash nickel contract fell by 48.2 cents per lb compared with the previous week."We are short on demand and long on inventory," one major processor said, adding that there is very little optimism for a in demand for the balance of...Read More
The United States' ferrous scrap export market shows no signs of recovery, with sales from the East and West Coast over the past week concluded at discounts to the prior week.At the same time, Turkey returned to the deep-sea ferrous scrap market, buying from the United Kingdom at a discount.Two sales were reported from the US West Coast. One exporter sold 45,000 tonnes of No1 h...Read More
Scrap suppliers succumbed to lower bids from Turkish steel mills and deep-sea scrap import prices have fallen by almost $10 per tonne in the latest transactions as a result, sources said on Wednesday September 18.A UK supplier sold two cargoes of HMS 1&2 (80:20) to two Turkish steel mills in the Iskenderun region at $228 per tonne cfr - one of 17,000 tonnes and the other 20,000 tonn...Read More
Seaborne iron ore prices softened further on Wednesday September 18 amid a roller-coaster ride in the futures market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $96.42 per tonne, down by $0.75 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $96.81 per tonne, down by $0.75 per tonne.62% Fe low-alumina fines, cfr Qingdao: $94.43 per tonne, down by $1.70 per tonne.58% Fe fines high-prem...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreVale, Global Ore, 140,000 tonnes of 65% Fe Iron Ore Carajas, sold at the...Read More
Trading activity in the seaborne coking coal market this week is showing how brand-conscious Chinese mills are, with the price gap across different products widening to about $20 per tonne.Premium hard coking coal, fob DBCT: $144.08 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $163.81 per tonne, up $3.18 per tonne Hard coking coal, fob DBCT: $131.75 per tonne, unchangedHard coking c...Read More
India has given the go-ahead to the state-owned Steel Authority of India (SAIL), to sell up to 7 million tonnes of iron ore annually , to maintain security of raw material supplies ahead of the expiration of 31 mining leases in the country next year. "The Ministry of Mines has allowed SAIL to offload in a year up to a quantity equivalent to [a] maximum [of] 25% of [the] total iron ore production i...Read More
There are no signs of ferrous scrap import prices bottoming out in Asia any time soon, sources told Fastmarkets this week."Ferrous scrap prices in Asia are trapped in a bottomless pit," a source at a Japanese scrapyard said on Wednesday September 18. "It seems like there is no end to the price falls."Sellers have continued to offer lower prices this week into major import markets, with key pr...Read More