China's spot hot-rolled coil prices rebounded on Thursday August 22 after the release of statistics showing a drop in inventory levels for the flat steel product.DomesticEastern China (Shanghai): 3,700-3,720 yuan ($524-527) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,700 yuan per tonne, unchangedSellers were only to sell at around 3,700 yuan per tonne in the morning in Shanghai, wh...Read More
Prices for imported steel reinforcing bar in the United States have continued to decline amid reports of confirmed material purchases from Spain, Turkey and Algeria, with the domestic market steady. Fastmarkets assessed steel rebar, import, cfr Houston, at $580-590 per short ton on Wednesday August 21, down by 2.5% from $590-610 per short ton two weeks earlier.Prices for imported rebar have b...Read More
Daily PDFs will be downloadable until Monday August 26. After that, because of the UK's Summer Bank Holiday, the next daily PDF will be downloadable on Wednesday August 28Read More
The steel billet import price in Egypt fell in the week to Thursday August 22, with market activity limited because buyers want to wait until the court makes a decision on safeguard duties. Egypt's Administrative Court suspended the temporary duties in July, prompting a flurry of court activity, which eventually led to the final session to discuss the matter being scheduled for...Read More
The export market for pig iron from the Commonwealth of Independent States (CIS) was quiet during the week ended Thursday August 22, on holiday absences and the competitive cost of scrap as an alternative.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $330-340 per tonne on Thursday, down from $335-343 per tonne a week before.The Italian...Read More
News of a fresh cargo traded out of Europe has broken the silence in the Turkish deep-sea scrap market and confirmed the latest assessments of price levels, sources said on Thursday August 22.A steel mill in Turkey booked a European cargo, comprising 16,000 tonnes of HMS 1&2 (80:20) at $275 per tonne and 4,000 tonnes of bonus at $285 per tonne cfr.This compared with the previous European cargo sol...Read More
Seaborne iron ore prices bounced up on Thursday August 22 after a major plunge to almost a seven-month low a day earlier.Fastmarkets indicesIron ore 62% Fe fines, cfr Qingdao: $84.42 per tonne, up by $2.04 per tonne. Iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $84.80 per tonne, up by $2.04 per tonne. Iron ore 62% Fe low-alumina fines, cfr Qingdao: $83.13 per tonne, up by $2.56 per tonne. Iro...Read More
CIS suppliers are to reduce their export billet offers by the end of the week, due to a lack of trading activity in most sales outlets, sources told Fastmarkets on Thursday August 22.A Russian producer was offering August rolling billet at $405 per tonne fob Black Sea, but there were no takers ready to accept this price.A Ukrainian mill, shipping material from Azov Sea ports was offering bill...Read More
The steel billet import price in Egypt fell in the week to Thursday August 22, with market activity limited because buyers want to wait until the court makes a decision on safeguard duties. Egypt's Administrative Court suspended the temporary duties in July, prompting a flurry of court activity, which eventually led to the final session to discuss the matter being scheduled for...Read More
Eastern China's rebar prices edged up on Thursday August 22 amid a recovery in the futures market, while those in the northern region were stable amid weak demand. Domestic Eastern China (Shanghai): 3,660-3,690 yuan ($518-523) per tonne, up 10 yuan per tonneNorthern China (Beijing): 3,600-3,630 yuan per tonne, unchangedRebar futures charted a recovery in the afternoon after trending downward in th...Read More
Yildirim Group will close three high carbon ferro-chrome furnaces for at least three months for maintenance, removing 10,000 tonnes per month of ferro-chrome from the market. The Turkish industrial group will close two ferro-chrome furnaces at its Eti Krom subsidiary in Turkey for three months and a third furnace at its Tikhvin ferro-alloy plant in Russia, the company said on Thursday August 22. T...Read More
Chinese steel mills are banking on infrastructure projects to beat the 2019 bear market, although the remaining months of the year are not expected to be as rosy as January-June due to the country's slowing growth rate. "Some sectors have been growing fast enough to bolster demand for some steel producers in the first half of 2019, especially those which supply steel to the infrastructure and heav...Read More
Chinese steel mills are banking on infrastructure projects to beat the 2019 bear market, although the remaining months of the year are not expected to be as rosy as January-June due to the country's slowing growth rate. "Some sectors have been growing fast enough to bolster demand for some steel producers in the first half of 2019, especially those which supply steel to the infrastructure and heav...Read More
The steel billet import price in Egypt fell in the week to Thursday August 22, with market activity limited because buyers want to wait until the court makes a decision on safeguard duties. Egypt's Administrative Court suspended the temporary duties in July, prompting a flurry of court activity, which eventually led to the final session to discuss the matter being scheduled for...Read More
European flat steel producers have increased their official offer prices for hot-rolled coil (HRC), but buyers doubt that transaction prices will increase, sources told Fastmarkets on Thursday August 22.Market activity has been slow this week due to the seasonal slowdown. Although market activity traditionally starts to recover in late August-early September, buyers doubt that the rebound in deman...Read More
The London Metal Exchange three-month zinc price was lower at the close of trading on Thursday August 22, a day in which trading ranged $2,230-2,290 per tonne, while the backwardation in the nickel forward spread widened to its highest since 2015. The galvanizing metal closed trading at $2,245 per tonne, falling some 1.8% from an intraday high of $2,287 per tonne and from $2,285 per tonne at Wedne...Read More
Yildirim Group will close three high carbon ferro-chrome furnaces for at least three months for maintenance, removing 10,000 tonnes per month of ferro-chrome from the market. The Turkish industrial group will close two ferro-chrome furnaces at its Eti Krom subsidiary in Turkey for three months and a third furnace at its Tikhvin ferro-alloy plant in Russia, the company said on Thursday August 22. T...Read More
Switzerland-based AfriMet Resources has launched the world's newest tin book, targeting tin trading and project investment with the support of steel specialist Vanomet Holding AG. Trading house AfriMet plans to target long-term tin projects in Africa, which has long been a large tin resource. A recent drive of production in the region, such as Alphamin Resources' Bisie tin mine in the Democratic R...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 22 that are worth another look.In March of this year, Norwegian aluminium producer Norsk Hydro was the victim of a cyberattack. Fastmarkets goes behind the scenes to find out how events unfolded, and what has happened since.The Qingdao Intermediate People's Court has put up for sale a significant quantity of aluminium in...Read More
Shon Loth - former global head of metals, minerals and freight at London commodities merchant Engelhart Commodities Trading Partners (ECTP) - will join Grafton Commodity Trading in October in a return to base metals, Fastmarkets learned.Loth will join Grafton, part of Lugano-based DXT Commodities, to help build out a base metals book with...Read More