Zinc's three-month price on the London Metal Exchange was higher at the close of trading on Tuesday August 13, appreciating by around 2.6% and settling above the $2,300 per tonne level in a continuing recovery, while strong buying in nickel saw its outright price closed in on the $16,000 per tonne resistance level. Volumes traded in zinc were low over the day's trading, with 7,700 lots exchanged b...Read More
Seaborne coking coal prices were steady on Tuesday August 13, though Chinese market participants remained bearish about the market.Buyer and trader sources in the country cited weak downstream markets, ample supply and import restrictions on coal at Chinese ports as the main reasons for their pessimistic outlook for prices over the next few weeks."The margins for steel mills in China have narrowed...Read More
China's hot-rolled coil prices rose on Tuesday August 13 after trading picked up a day earlier, though some mills lowered their export offers in an attempt to secure sales.DomesticEastern China (Shanghai): 3,700-3,710 yuan ($525-526) per tonne, up 40 yuan per tonneNorthern China (Tangshan): 3,700 yuan per tonne, up 30-50 yuan per tonneMills in northern China raised their ex-works offers by around...Read More
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
CIS steel billet export prices fell this week after a lack of trading activity, caused by the summer lull in most key destinations, combined with a general downtrend in scrap values, sources told Fastmarkets on Tuesday August 13.Some CIS mills were offering billet at about $410 per tonne fob Black Sea on Tuesday, but other producers preferred to take wait-and-see position befor...Read More
Import prices for steel slab in Southeast Asia and East Asia remained stable over the past week despite weaker currencies in some markets following a flare-up in trade tensions between China and the United States.The Taiwanese dollar was trading at NT$31.41 to $1 on August 13, compared with NT$31.05 to $1 a month earlier, while Indonesia's currency moved to 14,245 rupiah per $1 on August...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday August 13 that are worth another look.Glencore trader Hu Qiang has been released without charge 15 months after being arrested in a crackdown on illegal imports of secondary lead waste in China, Fastmarkets has learned.Miner-smelter Nyrstar expects the most recent outage at its Port Pirie lead smelter in Australia to last for 12...Read More
Zinc's three-month price on the London Metal Exchange continued its ascent during morning trading on Tuesday August 13, appreciating by over 1% to steadily approach the $2,300-per-tonne level, while lead was the only metal across the complex to trade lower. Volumes traded over the morning were low however, indicating a lack of liquidity across the exchange. Some 1,386 lots of zinc have traded so f...Read More
The economic and geopolitical clouds are getting more widespread and darker with unrest in Hong Kong and debt default concerns in Argentina adding to market concerns that are already stressed by the continuing US-China trade dispute, poor global economic data, stalemate over Iran and the potential for a hard Brexit. Gold has pushed up to another fresh multi-year high on Tuesday August 13, but some...Read More
With the exception of nickel, base metals prices on the Shanghai Futures Exchange were little changed during morning trading on Tuesday August 13 after market participants' appetite for commodity investment was dampened by continuing geopolitical and trade tensions. "Hong Kong tensions took the limelight from trade tensions overnight, with a risk-off tone to markets as protestors in Hong Kong mana...Read More
Here are five Fastmarkets MB stories you might have missed on Monday August 12 that are worth another look.The main works at China Hongqiao Group were reported to have suffered from severe flooding caused by Super Typhoon Lekima, Fastmarkets learned, but the company has denied claims that it has been forced to stop production.Nyrstar's Port Pirie lead smelter in South Australia has incurred anothe...Read More
The export market for Commonwealth of Independent (CIS)-origin hot-rolled coil and cold-rolled coil were slow on pessimistic buyers' mood, sources told Fastmarkets on Monday August 12.Fastmarkets' price assessment for steel HRC, export, fob Black Sea, CIS was $470-485 per tonne on Monday, unchanged week on week."Local markets in the key outlets are weak, in such conditions import price should go d...Read More
China exported 2,807 tonne of ferro-vanadium (basis 75% vanadium) in the first half of 2019, a drop of 17.9% from 3,419 tonnes over the same period in 2018, according to official but unconfirmed data seen by Fastmarkets. The pronounced year-on-year dip in the export of ferro-vanadium was mainly due to a higher Chinese price compared with its European counterpart for most of the first half of the y...Read More
China's hot-rolled coil prices rose on Tuesday August 13 after trading picked up a day earlier, though some mills lowered their export offers in an attempt to secure sales.DomesticEastern China (Shanghai): 3,700-3,710 yuan ($525-526) per tonne, up 40 yuan per tonneNorthern China (Tangshan): 3,700 yuan per tonne, up 30-50 yuan per tonneMills in northern China raised their ex-works offers by around...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
Prices for hot-rolled coil in Asia maintained their downward trend in the past week amid rampant short-selling and a weakening raw materials market upstream.Fastmarkets' price assessment for steel HRC, import, cfr Vietnam - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $495-497 per tonne on Tuesday August 13, down by $5-18 per tonn...Read More
The Turkish deep-sea scrap markets were unchanged today while trading paused in the country due to the Eid al-Adha religious holiday, sources told Fastmarkets on Tuesday August 13.The Turkish market and those in other Middle Eastern territories will be closed until August 15 for Eid al-Adha; no new cargoes are expected...Read More
The UK ferrous scrap market for deliveries to domestic consumers in August has settled with prices unchanged for the third month in a row, balanced between relatively tight supply and low key demand, Fastmarkets heard on Tuesday August 13.The uncertainty about underlying consumption in the UK and Europe, because of weaker manufacturing, helped to confirm the downward trend. And the weakness of ste...Read More
Seaborne iron ore prices continued to retreat on Tuesday August 13 below the $90-per-tonne-cfr mark.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $89.25 per tonne, down $4.87 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $87.75 per tonne, down $4.87 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $89.52 per tonne,...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, 170,000 tonnes of 62% Fe Brazilian...Read More