Seaborne iron ore prices fell on Thursday August 1, tracking a downtrend in the futures market.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $115.68 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $114.18 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $115.88 per tonne, d...Read More
The prices of steel billet and rebar in Egypt were stable in the week ended Thursday August 1 on weak demand, due to continuing uncertainty over the country's import duties."Offer prices are high, but nobody wants to book [material] before the duty situation is finalized," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and billet in respo...Read More
Weakening demand coupled with declining futures weighed on China's rebar prices on Thursday August 1. Domestic Eastern China (Shanghai): 3,880-3,920 yuan ($562-568) per tonne, down 20-40 yuan per tonneNorthern China (Beijing): 3,820-3,850 yuan per tonne, widened downward by 10 yuan per tonneRebar demand in the construction sector continued to drop due to bad weather. Rain has been forecast over la...Read More
Stainless steel prices in East Asia declined over the past week with demand remaining sluggish after producers raised their offers in response to a strengthening nickel market.For instance, Yieh United Steel Corp (Yusco) and Tang Eng Iron Works - two major mills in Taiwan - announced at the end of July that they would increase their offers for grade 304 stainless hot-rolled and cold-rolled product...Read More
The energy sector will play a major role in bolstering steel plate prices in the remaining months of 2019, a source close to a leading Japanese steelmaker told Fastmarkets this week. "There has been a surge in demand from end users in the energy sector, including major oil and gas companies," the source said. The demand for steel plates is coming from oil and gas projects in the Sea of Mexico, Aus...Read More
The iron ore market continued to trend upward in July, with prices for 62% Fe materials rising to $120-per-tonne levels, which have not been seen since February 2014. Steady demand for steel products sustained prices for iron ore, and even production curbs in China's steelmaking hub of Tangshan implemented last month to improve air quality did not reverse the direction of the market, several sourc...Read More
Zinc was lower at the close of trading on the London Metal Exchange on Thursday August 1, falling by some 1.3%, although nickel eked out some gains above $14,500 per tonne. Zinc and lead futures were the day's underperformers, closing at $2,404 per tonne while and below resistance at $2,000 per tonne respectively. The zinc-lead price differential, or switch, continues to narrow from earlier this y...Read More
Shanghai-bonded copper stocks hit an eight-month low at the end of July due to a fall in refined copper imports so far this year, while nickel and aluminium inventory rose due to arbitrage losses that are discouraging traders from delivering materials out of the bonded zone. Copper stocks hit their lowest level since mid-November Zinc stocks declined amid long-contract clearance, transshipme...Read More
Steel mills in Turkey continued to stay out of the deep-sea scrap markets because of limited trading activity in the finished long steel and billet markets, sources said on Thursday August 1.Despite offers for Baltic Sea- and US-origin HMS 1&2 (80:20) at around $290-295 per tonne cfr levels, mills have been unwilling to pay those prices before selling some of their own products. "There are Baltic...Read More
The prices of steel billet and rebar in Egypt were stable in the week ended Thursday August 1 on weak demand, due to continuing uncertainty over the country's import duties."Offer prices are high, but nobody wants to book [material] before the duty situation is finalized," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and billet in respo...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 1 that are worth another look.Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. Zinc was lower at the close...Read More
London-based Appian Capital Advisory, investment advisor to metals and mining focused private equity fund Appian Natural Resources Fund, has appointed Paulo Castellari, a former Anglo American Brasil chief executive officer, to lead the firm's Brazilian operations. Appian owns Minera????o Vale Verde in Brazil, a company developing the copper-gold Serrote da Laje project, and Atlantic Nickel, opera...Read More
A 10% month-on-month drop in Shanghai-bonded copper stocks in July has been more than offset by climbing exchange stocks, which have dampened any supportive effect on copper prices in China. Shanghai-bonded copper stocks fell to an eight-month low in July, reflecting much less refined copper imports so far this year. Nonetheless, increasing copper stocks in London Metal Exchange and Shanghai Futur...Read More
Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. "I have got inquiries for blister copper from eight refineries in just a week. I haven't seen anything like that before. It's such a shame th...Read More
Zinc was lower at the close of trading on the London Metal Exchange on Thursday August 1, falling by some 1.3%, although nickel eked out some gains above $14,500 per tonne. Zinc and lead futures were the day's underperformers, closing at $2,404 per tonne while and below resistance at $2,000 per tonne respectively. The zinc-lead price differential, or switch, continues to narrow from earlier this y...Read More
Seaborne iron ore prices fell on Thursday August 1, tracking a downtrend in the futures market.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $115.68 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $114.18 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $115.88 per tonne, d...Read More
Stainless steel prices in East Asia declined over the past week with demand remaining sluggish after producers raised their offers in response to a strengthening nickel market.For instance, Yieh United Steel Corp (Yusco) and Tang Eng Iron Works - two major mills in Taiwan - announced at the end of July that they would increase their offers for grade 304 stainless hot-rolled and cold-rolled product...Read More
A summary of ArcelorMittal's financial results for the second quarter of 2019.In briefSecond-quarter earnings dropped due to combination of declining steel prices and higher raw material costs, the world's largest steelmaker said on Thursday August 1.Fastmarkets' price assessment of steel HRC, domestic, exw Northern Europe averaged ?,?492.69 ($548.34) per tonne in the second quarter of 2019...Read More
A 10% month-on-month drop in Shanghai-bonded copper stocks in July has been more than offset by climbing exchange stocks, which have dampened any supportive effect on copper prices in China. Shanghai-bonded copper stocks fell to an eight-month low in July, reflecting much less refined copper imports so far this year. Nonetheless, increasing copper stocks in London Metal Exchange and Shanghai Futur...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 1 that are worth another look.Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. Zinc was lower at the close...Read More