Copper-zinc miner Hudbay has appointed former Nevsun chief executive Peter Kukielski its interim chief executive officer after longstanding executive Alan Hair stood down from the post.Hair had been president and CEO of the company since 2016, having been at Hudbay for more than...Read More
Flat steel producer ArcelorMittal Italia, formerly known as Ilva in Taranto, Italy, received an order from the Taranto Public Prosecutor on Tuesday July 9 to shut down the No2 blast furnace at its plant, the company said on Wednesday.Authorities' demands are related to a fatal accident at the plant in 2015, "when the Taranto public prosecutor ordered the seizure of the blast furnace," the com...Read More
Russia has initiated a dispute at the World Trade Organization against the United States' anti-dumping duties on Russian hot-rolled coil products, according to notice from the WTO's website dated Tuesday July 9. "The [anti-dumping] measures at issue appear to be inconsistent with the WTO obligations of the United States," a WTO document states. "The measures appear to null...Read More
Iranian steel billet and slab prices pushed up in the week to Wednesday July 10 after customers in Asia accepted higher prices following generally positive sentiment in global finished steel markets. Fastmarkets weekly price assessment for Iranian export billet price was $385-390 per tonne fob on Wednesday July 10, up from $375-385 per tonne...Read More
Stainless steel scrap prices in the United States were unchanged this week, but sources indicated that the market outlook could change dramatically if nickel prices on the London Metal Exchange breach the $6-per-lb threshold."LME keeps moving up," one dealer said. "Sooner or later, [price or demand] has to break, and either the market gets slaughtered or demand and prices start to perk up."While t...Read More
Ferrous scrap prices appear to have reached a bottom in the United States and many market participants believe that while August will unlikely bring a meaningful increase, the tightness in shredded scrap hints that a recovery could be closer than initially expected. Shredded scrap supply is currently tight, with several mills still in the market for material for July, sources said.A...Read More
Turkish steel producers paused their deep-sea scrap bookings again to take in the latest downturn in steel prices, sources told Fastmarkets on Wednesday July 10.After a steel mill in the Iskenderun region paid $288 per tonne cfr for UK-origin HMS 1&2 (80:20), on Tuesday July 9, the daily scrap indices went down by $14.78 per tonne.The drop was...Read More
Seaborne iron ore prices fell back on Wednesday July 10, after buyers appeared to adopt a wait-and-see stance in response to rising steel product inventories.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $120.96 per tonne, down $0.61 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $120.88 per tonne, down $0.61 per tonne. Fastmarkets' index for iron...Read More
The seaborne hard coking coal market regained some strength on Wednesday July 10, with a term-contract shipment being agreed at a higher price than some participants had expected. A cargo of top-quality materials in the second-tier segment was heard to have been traded at $174.10 per tonne fob Australia, sources told Fastmarkets during the day. The sale is believed to be part of a long-term contra...Read More
China will allow another 5,550 tonnes of ferrous scrap imports in the second half of this year, according to a notice seen by Fastmarkets today.The China Solid Waste & Chemicals Management Center listed another four companies in northern and southern China that have been awarded quotas to import ferrous scrap through Xingang, Nanhai and Nansha ports in the cities of Tianjin, Foshan and Sihui.The c...Read More
In a rare move, Japan has started selling steel billet to Southeast Asia amid diving scrap prices in the country's domestic market.Steel mills in the Tokyo area have started channeling shipments of the semi-finished product to Southeast Asia, where buyers are prepared to pay higher prices than Japanese re-rollers, market sources said.While the sale of Japanese billet to Southeast Asia is not unpre...Read More
Market participants seem to be waiting for something to provide direction and that impetus is likely to come from the testimony of the United States Federal Reserve chairman later today.Market participants are counting on Fed chairman Jerome Powell to remain accommodating when testifying to Congress, with high odds that the 'insurance cut' of 25 basis points will be implemented in its July Federal...Read More
China's hot-rolled coil prices fell amid weakening futures, with traders agreeing to sell cargoes with shorter lead times at a discount to those being offered by mills. DomesticEastern China (Shanghai): 3,890-3,900 yuan ($565-566) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,830-3,840 yuan per tonne, down 10-20 yuan per tonneTransaction prices fell across the country even though...Read More
China's rebar prices were flat on Wednesday July 10, but pessimism was the order of the day during what is considered a weak time of the year for the country's steel market.Domestic Eastern China (Shanghai): 3,980-4,000 yuan ($578-581) per tonne, unchangedNorthern China (Beijing): 3,880-3,910 yuan per tonne, unchangedTraders in the spot market kept prices unchanged, at least for the time being, am...Read More
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Wednesday July 10, with copper and zinc the strongest performers.The LME three-month copper price was up 1%, rebounding after a sharp sell-off yesterday. It was most recently trading at $5,883 per tonne, $60 per tonne higher than Tuesday's close price."Copper has managed to strengthen itself again above th...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths in morning trading on Wednesday July 10 amid US dollar strength and macroeconomic uncertainties.The dollar index rose by 0.02 to 97.53 as at 9.40am Shanghai time, posing sell-off risk among investors. "Markets are less hopeful of a sharp interest rate cut this month, and trade war and Brexit concerns are back on the rise,"...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Wednesday July 10:Antimony max 100ppm Bi, in-whs Rotterdam $/tonne: $6,000-6,200 per tonne from $6,000-6,250Antimony MMTA standard grade II, in-whs Rotterdam, $/tonne: $5,950-6,150 per tonne from $6,000-6,200Cadmium 99.95% Bi min, cif global ports, cents/lb: 110-120 cents per lb from 112-122Cadmium 99.99%...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday July 10:Titanium scrapTurnings, unprocessed type 90/6/4, 0.5% Sn max, cif Europe, $/lb:...Read More
The Chinese central government has toned down its ambitious plan to ban all solid waste imports, including metal scrap, by the end of 2020 in its recently proposed revisions to the regulation on solid waste management. The country's National People's Congress announced on July 5 a proposed revision to the Law of the People's Republic of China on the Prevention and Control of Environmental Pollutio...Read More