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
Demand for flat steel products in Turkey was weak in August because of the seasonal summer slowdown as well as falling prices, market participants have told Fastmarkets.And local producers have now filled their order books until late October, they said on Thursday September 5.Turkish steel prices increased on May 17 after the import duty into the United States, which was applied at a rate of 50% i...Read More
The import price for steel billet in Egypt fell in the week ended Thursday September 5, with market activity limited by buyers who were waiting until a court decides on the imposition of an import safeguard duty on the expectation that prices will subsequently fall. Egypt's Administrative Court suspended temporary safeguarding duties on billet and rebar in July, prompting a flurry of legal activit...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday September 5 that are worth another look.Aluminium prices on the London Metal Exchange remain at historically low levels despite low stock levels, high premiums and sustained elevated raw materials costs.While US interest in flat steel imports picked up somewhat in August, spurred by expectations of price increases for domestic...Read More
The three-month tin price on the London Metal Exchange has rebounded by more than 14% during morning trading on Thursday September 5, prompted by the announcement of planned refined tin smelter production cuts by a group of 14 smelters in China. Tin's outright price reached an intraday high of $17,740 per tonne this morning, its highest level since July 26 and up by more than 12% from the end of A...Read More
Tin's three-month price on the London Metal Exchange was up by more than 2% during morning trading on Thursday September 5, climbing to its highest level since late-July amid news of planned smelter production cuts in China, while a 2.5% downturn in nickel has prompted another switch between the two metals. Three-month tin futures were recently seen trading at $17.460 per tonne, while an intra-mor...Read More
The markets have been under steady pressure for so long that the combination of good news about Hong Kong, with the withdrawal of the extradition bill, and reports that high level US-China trade talks will resume in October, have been enough to lead a relief rally. This saw the three-month base metals prices on the London Metal Exchange rise by an average of 2.4% on Wednesday September 4.The rally...Read More
Export prices for Chinese stainless steel rose over the past week after Indonesia said it would bring forward a ban on nickel ore exports to the end of this year.Indonesia's plan to expedite the ban, which was initially scheduled for 2022, will only be finalized once re-elected president Joko Widodo is sworn into office for a second term in October.The price of nickel on the London Metal Exchange...Read More
With the exception of nickel and lead, base metals prices on the Shanghai Futures Exchange were up during the morning trading session on Thursday September 5, with the complex buoyed by improved risk sentiment following an easing of geopolitical tensions and softer dollar.Investors' appetite for risk has grown following favorable geopolitical events overnight that saw Hong Kong withdraw a controve...Read More
While US interest in flat steel imports picked up somewhat in August, spurred by expectations of price increases for domestic flat-rolled products in early 2020, prices for imported flat steel remained unchanged amid increased uncertainty in the overall market outlook."Interestingly, imports have come back last week, probably [because] customers are looking at something for January," one Midwest t...Read More
Brazilian vehicle production fell by 7.3% year-on-year in August 2019, with export volumes to Argentina continuing to decline and the domestic market weakening, automotive manufacturers' association Anfavea said on Thursday September 5.The country produced 269,809 units during the month, compared with 291,099 units in August last year, when there was one more working day in the month. Volumes rose...Read More
Prices in Southeast Asia's steel billet market fell to their lowest level since June 2017 on Thursday September 5, in response to plunging ferrous scrap prices in the bellwether Turkish market.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was $250.21 per tonne on September 4, its lowest since February 2017. The index was down by $12.30 per tonne da...Read More
China's domestic hot-rolled coil prices continued to rise on Thursday September 5 on declining inventory levels, which encouraged mills to raise their export offers.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($516-517) per tonne, up 10-20 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, narrowing upward 10 yuan per tonneA domestic steel consultancy said that spot markets arou...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, commercial-grade...Read More
Seaborne iron ore prices stayed rangebound around $90 per tonne cfr on Thursday September 5 after holding above that mark earlier in the week, while increased trading activity was heard for Brazilian Blend fines (BRBF).Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.18 per tonne, down by $1.14 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.57 per tonne, down by $1.14 per tonne.6...Read More
Seaborne coking coal prices fell on Thursday September 5, with the quantum of decline leaving some market participants stunned.Fastmarkets indicesPremium hard coking coal, fob DBCT: $149.09 per tonne, down $6.18 per tonne Premium hard coking coal, cfr Jingtang: $169.26 per tonne, down $0.08 per tonneHard coking coal, fob DBCT: $134.01 per tonne, unchangedHard coking coal, cfr Jingtang: $153.26 per...Read More
Trading activity in China's domestic rebar market picked up on Thursday September 5 due to an open arbitrage window between physical and futures prices. Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($510-514) per tonne, up 20 yuan per tonneNorthern China (Beijing): 3,640-3,660 yuan per tonne, up 30-40 yuan per tonneA gap of about 200 yuan per tonne between spot prices in eastern China and t...Read More
Prices for cobalt metal, salts and intermediates rebounded in August, sparked by lower prices that encouraged restocking and momentum stemming from anticipated tightness after Glencore announced it will close its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of this year.Price movesBenchmark cobalt prices rebounded firmly in August amid expectat...Read More
China's leading stainless steel mills - Taiyuan Iron & Steel (Tisco), Tsingshan Group and Baosteel - have taken diverse approaches to their September tender prices for high-carbon ferro-chrome, Fastmarkets heard on Thursday September 5.Tisco has raised its tender price by 50 yuan ($7) per tonne month-on-month to 6,100 yuan ($852) per tonne, while Tsingshan and Baosteel have rolled over their price...Read More
Domestic stainless steel prices in China rebounded over the past week on news that Indonesia would expedite a ban on the export of nickel ore. Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 15,200-15,800 yuan ($2,131-2,216) per tonne including value-added tax for the week ended Wednesday September 4,...Read More