Brazilian steel producer Gerdau took a stronger stance in negotiations with pig iron and ferrous scrap suppliers in the second quarter to keep its metal spread from falling, chief executive officer Gustavo Werneck said in a conference call on Wednesday August 7."It has been difficult to pass on higher production costs in a low-demand scenario [by way of higher product prices], so we needed to take...Read More
The prices of steel billet and rebar in Egypt were stable in the week ended Thursday August 8 on demand that remained weak due to the continuing uncertainty over the country's import duties."Most of next week will be Eid al-Adha [religious] holiday, so there was no buying this week," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and bill...Read More
Domestic prices for steel rebar and wire rod in Turkey have continued to fall over the past week due to the strengthening of the country's lira and limited demand, sources said on Thursday August 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY2,920-2,970 ($530-540) per tonne on Thursday, down from last week's TRY2,980-3,020 per tonne ex-works...Read More
Turkish long steel export prices have gone down over the past week because of persistent weak demand, sources said on Thursday August 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $445-455 per tonne on an actual weight basis on Thursday, down from last week's $450-460 per tonne fob.Turkish mills were offering the material at around $455...Read More
The Turkish deep-sea scrap markets went quiet again one day after the sale of a US-origin cargo because the mills were expecting lower prices, sources said on Thursday August 8.A steel mill in the Iskenderun region booked a US cargo of HMS 1&2 (90:10) and shredded at an average price of $294 per tonne cfr on August 7, which sent the daily indices down by almost $4 per tonne on the day.But the mill...Read More
Seaborne coking coal prices largely leveled off on Thursday August 8 after some volatility and relatively active trading earlier this week.A Chinese steelmaker is heard to have bought a Panamax cargo of top brand premium hard coking coal at $171-172 per tonne cfr China, compared with a traded level of $173 per tonne cfr late last week.A lower ranked brand of hard coking coal changed hands at about...Read More
The seaborne iron ore market halted its downward spiral on Thursday August 8, with the return of some buying interest keeping prices from falling for a seventh consecutive trading day. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $94.12 per tonne, up $0.81 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $92.62 per tonne, up $0.81 per tonne.Fastmarke...Read More
Worsening political tensions between Japan and South Korea could result in a supply surge of ferrous scrap in the rest of Asia if Japanese materials are diverted elsewhere in the region as expected."More cargoes of Japanese scrap are expected to be diverted to Vietnam in the near term because South Korea has stepped up radiation checks on inbound cargoes, causing demand from South Korean mills to...Read More
Eastern China's hot-rolled coil prices recovered some losses on Thursday August 8, building on a pick-up in trading activity on Wednesday afternoon.DomesticEastern China (Shanghai): 3,710-3,730 yuan ($526-529) per tonne, up 20-30 yuan per tonneNorthern China (Tangshan): 3,740 yuan per tonne, unchangedA Shanghai-based trader said sellers in the city raised prices to 3,730 yuan per tonne in the morn...Read More
China's rebar futures fell on Thursday August 8 amid downward-spiraling iron ore prices. Spot prices for the long steel product were unchanged during the day, however, with buyers putting off their purchases amid the uncertainties in the market.Domestic Eastern China (Shanghai): 3,770-3,800 yuan ($535-539) per tonne, unchangedNorthern China (Beijing): 3,730-3,760 yuan per tonne, unchangedDeclining...Read More
Export prices for Chinese stainless steel experienced an uptick in the past week after the nickel contract on the London Metal Exchange rose above $15,000 per tonne for the first time this year on Tuesday August 6.Concerns in recent days over the possibility that Indonesia's export ban on unprocessed nickel ore would be brought forward from 2022, and disruptions to mining operations in the country...Read More
The latest selenium transactions, bids, offers and assessments in Europe reported to Fastmarkets.Unless otherwise stated, all prices are per lb and on an in-warehouse Rotterdam basis. Delivered prices are netted back.To view the latest price assessment for selenium, 99.5% Se min, in-whs...Read More
The cobalt price will increase to more than $15 per lb in the near term following Glencore's announcement that it will shut its Mutanda operation by the end of the year, according to BMO Capital Markets managing director of commodities research Colin Hamilton. The cobalt market reacted swiftly to the announcement of the closure on Wednesday August 7 when the trader-miner said Mutanda would be...Read More
The spot price for gallium in China's domestic market edged up on Wednesday August 7 after suppliers were unwilling to sell cargoes below 1,000 yuan ($142) per kg in response to announced production halts by major producers in the country.Fastmarkets assessed the price of gallium 99.99% Ga min, in-whs China at 1,000-1,020 yuan per kg on Wednesday, narrowing upward by 10 yuan per tonne from 990-1,0...Read More
South Korea has stepped up radiation checks on Japanese ferrous scrap imports amid rising political and economic tensions, increasing the likelihood of weaker demand and port congestion in South Korea."South Korean inspectors have been boarding every single vessel transporting Japanese ferrous scrap and taking long periods of time to carry out very strict radiation checks," a source at a Japanese...Read More
U.S. equity index futures moved lower this morning. S&P 500 futures were down 16 points in pre-opening trade. Index futures responded to continuing weakness to the Chinese Yuan.Index futures moved slightly lower following release of the U.S. July Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.1% in June. Actual was an increase of 0.2%. Excluding food...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 7.Please click...Read More
Nickel's three-month price on the London Metal Exchange rallied by around 3% after the close of trading on Wednesday August 7, reaching a year-to-date high of $15,500 per tonne in what market participants labelled a broadly technical move.The metal's three-month price settled at $14,810 per tonne by the 5pm close on Wednesday, but was subject to a sudden bout of fresh buying at 5:30pm London time,...Read More
The weaker aluminium premium in the US Midwest reduced the arbitrage opportunities between Southeast Asian warehouses over July, Fastmarkets learned.The aluminium premium in the United States continued to dip into August as well, hitting its lowest since last March.Fastmarkets' assessment of the monthly average midpoint for the aluminium P1020A premium, ddp Midwest US was at $401.02 per tonne...Read More
Glencore has further cut its copper guidance for 2019 amid a slide in the red metal price, citing a slower-than-expected ramp-up in African copper operations, the trader-miner said on Wednesday August 7. Glencore has reduced its 2019 full-year copper guidance to 1.4 million tonnes, according to its half-year results report released on Wednesday. The reduction comes from a 50,000-tonne cut in the o...Read More