Turkish steel producers stayed out of the deep-sea scrap market on Thursday July 25 and are expected to remain absent until the end of the week, sources told Fastmarkets.Market participants reported "silence" in the market since a steel mill in the Marmara region of Turkey, bought a mixed cargo from the United States...Read More
There is some optimism in the markets because US-China trade talks are on the agenda again and expectations are running high for dovish talk from the European Central Bank (ECB) at its meeting later on Thursday July 25.Manufacturing purchasing managers' index (PMI) data out on Wednesday was generally negative, apart from a pick-up in Japan's figure.Asian equities are showing strength with China's...Read More
Key data from the Wednesday July 24 pricing session in Shanghai. Key driversThe price of cobalt metal in China is steady so far this week after narrowing upward on July 19 against a backdrop of aggressive speculative buying. But the number of spot trades fell despite active inquiries after investors took a more cautious stance following the increase in prices. Spot availability...Read More
Domestic prices for heavy steel plate have been largely stable across Europe over the past week in the slow market, sources told Fastmarkets this week.Demand will decline further in August due to the traditional market slowdown over the summer period."The market is slow, which is normal at this time of the year," an Italian source said."Mills will try to increase offers [for plate] in Se...Read More
China's hot-rolled coil prices rebounded on Thursday July 25 in line with rising futures bolstered by expectations of stricter production curbs toward the end of the month.DomesticEastern China (Shanghai): 3,840-3,860 yuan ($558-561) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10 yuan per tonnePrices rebounded amid an increase in trading activity in the...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday July 25 that are worth another look.The United States' non-ferrous scrap export market was mixed through May, with year-to-date shipments of aluminium scrap rising while those of copper scrap fell versus the same period last year. Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turki...Read More
Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turkish steel back to 25%, rebar shipments from that country are unlikely to make a splash in the US market, given declining domestic prices and ongoing geopolitical tensions, Fastmarkets understands. When the decision to cut the previously doubled tariffs in half was announced in late May, sources anticip...Read More
The Brazilian steel association, A??o Brasil, has slashed its forecasts for steel production and consumption in 2019, because of a weak performance in the first half of the year, it said on Thursday July 25.Steel output was now expected to reach 35.55 million tonnes this year, growth of only 0.40% from the 35.41 million tonnes produced in 2018.This compared with the previous expectation for growth...Read More
Turkish steel producers stayed out of the deep-sea scrap market on Thursday July 25 and are expected to remain absent until the end of the week, sources told Fastmarkets.Market participants reported "silence" in the market since a steel mill in the Marmara region of Turkey, bought a mixed cargo from the United States...Read More
Seaborne iron ore prices pushed up on Thursday July 25, with firmer spot trades supporting the increases, sources told Fastmarkets. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $117 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $116.92 per tonne, up $2.03 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr...Read More
The CIS export billet market has softened through the past week amid a lack of interest among customers in the major outlet regions, Fastmarkets heard on Thursday July 25.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $415 per tonne on July 25, down by $2 per tonne day on day.Offers of CIS-origin billet from mills and traders were heard around $415-425 per tonne fob Black S...Read More
The headwinds created by political uncertainties, on-and-off trade negotiations and the enactment of tariffs hurt mergers and acquisitions (M&A) activity in the metals sector during the second quarter of this year, according to a quarterly report by consultancy group PwC. While overall deal volume remained relatively consistent with the trailing 12-month average, overall disclosed deal volume decl...Read More
Import prices for stainless steel in East Asia picked up some strength over the past week after a fire broke out at the Indonesia subsidiary of Chinese stainless steelmaker Tsingshan Holding Group, which has been supplying cargoes - often at a discount - to the region.The weekly Fastmarkets import price assessment for stainless steel cold-rolled coil, Asia grade 304 (2mm 2B), cif East Asian port w...Read More
Domestic stainless steel prices in China strengthened over the past week, though the past few days saw some of those gains being shed amid fluctuating nickel futures.Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,900-15,400 yuan ($2,166-2,239) per tonne including value-added tax for the week ended...Read More
The Brazilian steel association, A??o Brasil, has slashed its forecasts for steel production and consumption in 2019, because of a weak performance in the first half of the year, it said on Thursday July 25.Steel output was now expected to reach 35.55 million tonnes this year, growth of only 0.40% from the 35.41 million tonnes produced in 2018.This compared with the previous expectation for growth...Read More
The headwinds created by political uncertainties, on-and-off trade negotiations and the enactment of tariffs hurt mergers and acquisitions (M&A) activity in the metals sector during the second quarter of this year, according to a quarterly report by consultancy group PwC. While overall deal volume remained relatively consistent with the trailing 12-month average, overall disclosed deal volume decl...Read More
Turkey produced 16.994 million tonnes of crude steel in January-June 2019, down 10.14% on the 18.912 million tonnes produced in the first six months of 2018.According to the Turkish Steel Producers Association (T???oeD), the fall in output was largely due to the negative sentiment that has been dominating Turkey's domestic steel market since August 2018 when the country's lira lost significan...Read More
German steelmaker ThyssenKrupp approved investment funds to build a 230,000 tonne per year chromium coating line for packaging steel at its Rasselstein site in Andernach, western Germany, it said late in the week ending on July 19.The new coating line will be a replacement for the current line, following a change in European Union (EU) regulations, with production capacity remaining approximately...Read More
Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turkish steel back to 25%, rebar shipments from that country are unlikely to make a splash in the US market, given declining domestic prices and ongoing geopolitical tensions, Fastmarkets understands. When the decision to cut the previously doubled tariffs in half was announced in late May, sources anticip...Read More
The three-month price of nickel on the London Metal Exchange continued its descent at the close of trading on Thursday July 25, falling by some 3.4% to close just above the $14,000 per tonne threshold, while lead futures climbed by 1.5% to breach nearby resistance levels.Three-month nickel futures closed at $14,075 per tonne in the afternoon, tumbling from an intraday high of $14,545 per tonne des...Read More