China's domestic rebar prices picked up some strength on Tuesday July 16 on early gains in the futures market, but the export segment continued to soften on weak demand. Domestic Eastern China (Shanghai): 3,970-4,000 yuan ($577-582) per tonne, widened upward by 10 yuan per tonneNorthern China (Beijing): 3,890-3,920 yuan per tonne, up 20 yuan per tonneTraders raised prices during the day in respons...Read More
Prices for flat steel imports to the United Arab Emirates and Saudi Arabia fell this week, with demand remaining weak because of the seasonal summer lull.UAE Offers for hot-rolled coil imports from China to the UAE came in at $510-520 per tonne cfr, while buyers were bidding $500 per tonne cfr.No major deal was heard.Working hours in the UAE are limited from June 15 until September because of...Read More
Recylex' listing on Euronext Paris resumed at the opening of the stock exchange on Tuesday July 16 after the lead and zinc recycler announced its projected cash requirements for 2019, 2020 and 2021. Trading in European zinc and lead producer Recylex' shares was suspended on Monday July 8 at the company's own request following an unexplained 40% increase in the share price during the prior two days...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday July 16 that are worth another look.United States President Donald Trump signed an executive order on Monday July 15 aimed at maximizing the use of American-made products and materials, the third pillar of his "Buy American, Hire American" plans.The London Metal Exchange will list Huayou's cobalt cut cathodes with imme...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose 1.4% month on month in June, data released by major Japanese trading house Marubeni Corp on Tuesday July 16 showed. Total aluminium stocks at the three ports totaled 300,000 tonnes at the end of June, compared with 296,000 tonnes at the end of May, reversing the fall seen from April to May this year....Read More
Rio Tinto's mined copper production fell by 13% year on year in April-June 2019 due to lower production from its Escondida and Kennecott projects reflective of lower grades, the company said on Tuesday July 16. Mined copper production totaled 137,100 tonnes in the second quarter. Production was also down by 5% from 143,900 tonnes in the first quarter of this year. Mined production at Kennecott in...Read More
The global market for refined zinc metal was in a deficit of 123,000 tonnes over the first five months of 2019, marking a 19.41% annual increase from 103,000 tonnes a year ago, the International Lead & Zinc Study Group (ILZSG) said. Refined zinc metal production contracted by 1% to 5.39 million tonnes in the first five months of the year compared with the same period of 2018. ILZSG reported produc...Read More
Turkish suppliers had already used up 70.43% of the annual EU steel import quota for Turkey-origin rebar by Monday July 15, just two weeks after the annual quota period began on July 1.Only 89,178 tonnes of the annual quota volume of 301,538 tonnes for Turkish rebar remains to be allocated. The current quota period will run until June 30, 2020.As of July 15, no further tonnes were awaiting allocat...Read More
Egypt's Administrative Court has refused an appeal against the suspension of a safeguard duty on imports of steel billet and rebar, sources in the country told Fastmarkets on Tuesday July 16.Some Egyptian steel mills appealed on July 7 against the decision by the Administrative Court, taken on July 4, to suspend the safeguard duties on steel billet...Read More
Prices for imported and domestic rebar in the United Arab Emirates have increased over the past seven days, but billet import prices have decreased, sources said on Tuesday July 16.The reason behind the higher price for rebar was that local prices have been low in the UAE since late May but demand has now become stronger in the country.Domestic rebarThe domestic rebar market in the UAE has improve...Read More
Reduced availability of materials for August shipments of hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) was supporting the prices for the commodities, sources told Fastmarkets on Monday July 15.Fastmarkets' weekly price assessment for steel HRC, export, fob Black Sea, CIS, was $485-500 per tonne on July 15, up by $5 per tonne week on week.Ukraini...Read More
Sales of semi-finished steel products at Russia's largest steelmaker, Novolipetsk Steel (NLMK), dropped by 8% year on year in the second quarter of 2019 to 1.52 million tonnes, the company said this week.Slab sales totaled 1.51 million tonnes in the April-June period, down by 14% compared with the second quarter of 2018.Of this figure 577,000 tonnes were sold to third parties, down by 8,7% ye...Read More
Export prices for China-origin cold-rolled coil were stable during the week ended Tuesday July 16 despite sluggish demand in the export markets because of environmental restrictions imposed on blast furnace production in the East Asian country, market sources said.The continued supply tightness in the iron ore market was also expected to provide additional support to steel prices, a trader in Tian...Read More
Brazilian miner Vale expected its second-quarter results to be affected by adjustments in provisions it made for compensation payments related to the disaster at a tailings dam in Brumadinho, in the country's southeastern Minas Gerais state.The adjustments will include a deposit of 400 million Reais ($107 million) in compensation for collective moral damages to be made on August 6.The company repo...Read More
Turkish steel producers remained quiet in the deep-sea scrap markets, awaiting some signs of recovery in the finished steel sector, sources said on Tuesday July 16.The last verified scrap deal was on July 9 when a steel mill in the Iskenderun region booked a UK cargo at $288 per tonne cfr for HMS 1&2 (80:20).Since then, Turkish steel mills have stayed away from the deep-sea markets...Read More
Anglo-Australian miner Rio Tinto shipped 85.4 million tonnes of iron ore in the April-June quarter of 2019, but this volume was down by around 3% year on year, according to the company's second-quarter operations review published on Tuesday July 16.The lower shipments of 100% basis iron ore were due to disruptions to its operations when Western Australia was hit by Tropical Cyclone Veronica at the...Read More
The Turkish domestic scrap markets remained mostly quiet last week due to the subdued finished steel markets and the seasonal summer slowdown, sources said on Tuesday July 16.Steel mills have kept their buy prices for auto bundle scrap flat, but ship scrap prices increased slightly due to expectations of a rebound in the price...Read More
Export pig iron prices from the south of Brazil remained weak on uncertainty in both the scrap and iron ore markets, sources told Fastmarkets.Fastmarkets' weekly price assessment for pig iron exported from the south-eastern Minas Gerais region of Brazil was down $5 at $310-315 per tonne fob on Friday July 12. After the assessment was published two sales were heard done at $315 per tonne...Read More
Seaborne iron ore lump premiums fell on Tuesday July 16, because cheaper alternatives were available at Chinese ports, market participants told Fastmarkets.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $122.15 per tonne, up $0.74 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $122.07 per tonne, up $0.74 per tonne. Fastmarkets' index for iron ore 62...Read More
Concerns about widening restrictions on imported coal at Chinese ports took center stage on Tuesday July 16, even as trading activity in the spot market remained subdued. A branded cargo changed hands at $180 per tonne fob Australia on the Global Coal platform, sources said during the day. The trade was not included in the calculation of Fastmarkets' fob DBCT index as it fell outside the eight-wee...Read More