The prices for domestic mesh-quality wire rod in both Northern Europe and Southern Europe were unchanged over the past week due to the summer slowdown, sources told Fastmarkets on Wednesday August 7.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?495-500 ($555-560) per tonne on Wednesday, unchanged week on week.Many market partici...Read More
The price paid for steel billet exported from Iran weakened in the first week of August following the drop in the global iron ore market.Iranian producers were offering billet scheduled for October shipment at $400-405 per tonne fob Iranian ports, sources told Fastmarkets, but this price was rejected by customers in the major sales outlets in Asia and the Middle East."The slump in iron ore prices...Read More
Domestic market activity for hot-rolled coil (HRC) in the EU has remained slow over the past week, with no change in prices, sources told Fastmarkets on Wednesday August 7.Demand was expected to be almost nil in August due to the seasonal slowdown.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was stable at...Read More
Pessimism continued to dominate the CIS export market for steel billet in the first week of August amid the weakening of the finished long steel markets both in the CIS and in customers' domestic territories.Another reason for the dullness of sentiment was the recent sharp drop in global iron ore prices, following the lack of demand from China, which is the largest global iron ore importer. This p...Read More
Steel H-beam prices in Northern and Southern Europe were flat week on week ahead of the expected seasonal slowdown in August, sources told Fastmarkets on Wednesday August 7.Fastmarkets assessed the price for steel beams, domestic, delivered Northern Europe, at ?,?570-600 ($639-672) per tonne on August 7, unchanged from the previous week.Prices and demand have remained firm with the market heading...Read More
Stainless steel scrap prices in the United States have continued to rise, with the London Metal Exchange cash nickel value moving closer toward the $7-per-lb mark."If you told me two months ago that stainless steel scrap would be the shining light of hope in the scrap market in the late summer, I would have laughed in disbelief," one large domestic scrap dealer said."With LME nickel maintaining he...Read More
Bulk cargo sales to Turkey, Bangladesh and Vietnam have infused some energy into the US ferrous scrap export market, showing signs of stability in prices.A scrap broker sold a cargo to Turkey out of Florida on Tuesday August 6 - consisting of a 90:10 mix of No1 and No2 heavy melting scrap and shredded scrap - at an average price of $294 per tonne.The sale was relatively comparable...Read More
Activity returned to the Turkish deep-sea scrap import market in the middle of the week with a fresh cargo sold at lower prices than earlier deals, sources said on Wednesday August 7.A steel mill in the Iskenderun region booked a US cargo, comprising 20,000 tonnes of HMS 1&2 (90:10) and 20,000 tonnes of shredded at an average price of $294 per tonne cfr.The price for the shredded portion of the ca...Read More
Seaborne premium hard coking coal prices appeared to have stabilized on Wednesday August 7, with buyers continuing to take positions.Top Australian brands have been reported changing hands at $161 per tonne fob Australia since last Friday, on steady buying interest, according to sources.A premium mid-volatility cargo traded for a price just above $157 per tonne fob, up from transaction levels of $...Read More
Cargill has closed its base metals risk management business with the departure of staff across the United States, including Minneapolis-based Federico Stiegwardt, global head of the unit. Other departures include Cesar Canali and Justin King in New York, Cart Bechtel in Chicago, and associated support teams, people familiar with the matter told Fastmarkets. David Arteaga had already indicated to C...Read More
Seaborne iron ore prices continued to fall on Wednesday August 7 amid very limited buying interest among steel mills.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $93.31 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $91.81 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $9...Read More
Gerald Group subsidiary SL Mining will re-evaluate its plan to increase iron ore production to 6 million tonnes per year after the export ban put in place by the government of Sierra Leone late last month.It had also suspended operations at its Marampa mine on July 3 this year after the country's Minister of Mines and Mineral Resources, Foday Rado Yokie, issued...Read More
A slight increase in trading activity in northern China led to prices for hot-rolled coil edging up on Wednesday August 7, while those in the eastern region were supported by a trading spurt in the latter half of the day.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($524-525) per tonne, unchangedNorthern China (Tangshan): 3,740 yuan per tonne, up 10 yuan per tonneA Shanghai-based trader said...Read More
China's domestic rebar prices were unchanged on Wednesday August 7 amid a fluctuating futures market clouded by a lot of pessimism generated by trade tensions between the country and the United States.Domestic Eastern China (Shanghai): 3,770-3,800 yuan ($536-540) per tonne, unchangedNorthern China (Beijing): 3,730-3,760 yuan per tonne, unchangedEarly gains in the futures market led some buyers to...Read More
Three-month base metals prices on the London Metal Exchange were mostly down during morning trading on Wednesday August 7, with nickel down by 1.2%.The three-month nickel price was most recently trading at $14,765 per tonne, down by $180 per tonne from Tuesday's closing price of $14,945 per tonne. "[On Tuesday] nickel peaked at just over $15,000 per tonne on continued fears over Indonesian exports...Read More
Cobalt market participants expect a further uptick in cobalt hydroxide payables, following the news that Glencore intends to temporarily shut down its Mutanda project in Democratic Republic of Congo (DRC), Fastmarkets learned at Antaike's Battery Materials Conference in Guiyang, southwest China, being held August 7-8.But the slow response of the downstream battery sector may hinder any immediate s...Read More
A growing trade spat in East Asia could disrupt the trade in lithium cobalt batteries, flurochemicals, and minor metals. Rising trade tensions between Japan and South Korea threaten to disrupt the lithium cobalt battery market in East Asia in a rapidly developing sideshow to the United States-China face-off. By removing each other from import white lists, the Japan and South Korea threaten supply...Read More
Cobalt prices in the Chinese market, including cobalt metal and sulfate, rose quickly on Wednesday August 7, with sentiment strengthening after concerns of near-term supply surplus eased to a large extent.Earlier in the day on August 7, Glencore announced it will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 for care and maintenance, mainly as...Read More
The publication of Fastmarkets' alloy grade and standard grade cobalt price assessments for August 7 were delayed because of extenuating circumstances - namely, an unusually high level of market activity related to industry developments.Glencore's decision on Wednesday 7 to shut its Mutanda copper-cobalt mine by the end of 2019 in the Democratic Republic of the Congo (DRC) triggered an unusually h...Read More
Key data from Fastmarkets' Wednesday August 7 pricing session in Europe:Key drivers Ferro-titanium suppliers increase offer prices, with the range moving slightly higher at the top end, although overall business conditions are quiet given the time of year. At present there is tight availability on a spot basis and an increase in buying inquiries for August and September, although consumer demand i...Read More