A wave of risk-on is flowing through broader markets this morning, Monday August 19, on expectations that central banks will provide stimulus going forward to cushion moves toward recession.The problem is that while this may provide some relief to markets, it is only being done because the global economy is slowing and that is bad for commodity demand.Asian equites are in positive territory, led b...Read More
Base metals prices on the Shanghai Futures Exchange were mostly down during morning trading on Monday August 19 while markets reacted to comments from US President Donald Trump over the weekend that the United States is "doing very well with China and talking" but suggested he was not ready to sign a deal.Aluminium was the lone metal in positive territory with a gain of 0.5%, while the rest were d...Read More
Brazilian apparent steel consumption fell in July on an annual basis, while weak economic performance pushed down domestic sales and imports alike, national steel association A??o Brasil said on Monday August 19.Consumption totaled 1.76 million tonnes in July, 7.1% lower than 1.89 million tonnes a year before, A??o Brasil data showed.Flat-rolled steel consumption was 1.03 million tonnes, down by 8...Read More
Steel plate prices in the United States held steady after most buyers did not immediately cooperate with price increases announced by producers.Plate prices have been unchanged for a month, despite not one but two $2-per-hundredweight ($40-per-short-ton) price increases attempted by domestic mills since late July. Service centers pointed to shorter-than-normal lead times - about three weeks -...Read More
High-carbon wire rod prices in the United States have fallen due to weaker market conditions, while cold-heading quality (CHQ) wire rod defied similar downward pressure to post gains alongside higher raw material costs. Fastmarkets assessed steel wire rod (high carbon), fob mill US, at $37 per hundredweight ($740 per short ton) on Friday August 16, down by 1.3% from $37.50 per cwt one month a...Read More
Egypt's Administrative Court has once again postponed its session to discuss the country's import safeguard duties, but did not indicate any reason for the delay, Egyptian sources told Fastmarkets on Sunday August 18.The session had originally been scheduled for August 4 but was postponed to August 17. It will now be held on August 24.In April, Egypt imposed a temporary additional import duty on r...Read More
Flat-rolled steel import prices were pressured further in South America during the week to August 19 on the continuing downtrend in Chinese flat steel prices and amid new discounted deals and offers in the region.There were reports of short selling in the market, while weak demand prompted more aggressive offers, according to sources. The Galvalume market was still the most dynamic in the flat-ste...Read More
Import prices for steel slab in Southeast Asia and East Asia tumbled over the past week after producers accepted lower prices amid a bearish sentiment in the downstream flat steel markets, sources said on August 19.For instance, a flurry of short-selling activity has applied downward pressure to hot-rolled coil prices in Vietnam, with India-origin HRC actively trading due to sluggish demand in its...Read More
China's hot-rolled coil prices gained some more strength on Monday August 19 on news of a revamp in interest rates as well as tighter steelmaking restrictions in the country's northern region.DomesticEastern China (Shanghai): 3,730-3,740 yuan ($530-531) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,730 yuan per tonne, up 10 yuan per tonnePrices in Shanghai rose as high as 3,740 yuan...Read More
Domestic auto bundle (DKP-grade) scrap prices in Turkey have fallen over the past seven days because of the weak finished steel market, sources said on Monday August 19.A number of steel mills in the country have reduced their buy prices for the material by TRY20-40 ($4-8) per tonne.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,550-1,...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 transaction: iron oreIron oreVale, Global Ore, 80,000 tonnes of 65% Fe Iron Ore Carajas, sold at $97 per tonne cfr China, bill of lading dated July 29. Vale,...Read More
Seaborne iron ore prices retreated on Monday August 19 amid lingering pessimism reflected by futures losses.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $88.40 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $88.78 per tonne, down by $1.17 per tonne. Fastmarkets' index for iron ore 62% Fe low-alumina fines, cfr Qingdao: $88...Read More
The seaborne coking coal market had a muted start to the week on Monday August 19 amid this month's steady price decline.A cargo of premium low-vol hard coking coal was heard to have been traded at around $162 per tonne cfr China. But not enough details of the trade could be confirmed at the time of writing.Prices for premium hard coking coal on a cfr China basis are down by about 7% from...Read More
Some discounts on index-linked seaborne iron ore concentrate cargoes began to shrink last week, sources told Fastmarkets, while activity in the spot pellet market remained limited.ConcentrateFastmarkets' weekly index for iron ore 66% Fe concentrate, cfr Qingdao, stood at $96.28 per tonne on Friday August 16, down $7.49 per tonne from a week earlier.The movement was based on visible market activity...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, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
China's domestic rebar prices increased on Monday August 19 amid rising futures stimulated by plans unveiled by the central Chinese government to lower borrowing costs for companies.Domestic Eastern China (Shanghai): 3,700-3,730 yuan ($525-530) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,620-3,640 yuan per tonne, up 10 yuan per tonneChina will implement "market-oriented reform measu...Read More
The United States has restated its opposition to an EU proposal to classify titanium dioxide and cobalt as possible carcinogens, asking the European Commission (EC) to consult with the World Trade Organization (WTO) before taking further action.In a statement in July 2019 to the WTO's Committee on Technical Barriers to Trade, the US said that it was "disappointed" that the EC was making the move w...Read More
Key data from the pricing sessions in London and Shanghai in the week ended Friday August 16. Europe Key drivers The European 5-5-3 silicon price dropped after two weeks of stability with one significant purchase reported at around ?,?1,500 ($1,664) per tonne. The silicon grade 4-4-1 quotation was unchanged due to reduced activity with no spot deals reported. In general, demand f...Read More
The price of antimony softened in both the European and Chinese markets in the week ended Friday August 16, while the markets reacted to the news that the last of the antimony materials held by the defunct Fanya Metal Exchange will be auctioned later this month.EuropeIn Europe, Fastmarkets assessed the price of antimony, MMTA standard grade II, in-whs Rotterdam, at $5,750-6,000 per tonne on Friday...Read More
Caution prevails Base metal prices have been undermined by an overall risk-off environment on growing recession fears following the inversion of the US yield curve last week, despite a slight de-escalation of US-China trade tensions. Aluminium: Modest rebound, but hard to be bullish Given the current macro backdrop and aluminium’s own micro-dynamics, we remain cautiously bearish in the very s...Read More