Markets are nervous after US President Donald Trump opened up the possibility of another front in the trade wars, this time with Mexico. Today's manufacturing purchasing managers' index (PMI) data is likely to set the tone.Trade war rhetoric escalates with Mexico now in focus Equites continue to show weakness while haven assets shineChina's Caixin manufacturing PMI holds steady; more PMI data out...Read More
After briefly stabilizing at a recent high of $16.35-17.05 per lb following a rise since late March, the standard-grade cobalt benchmark price started to retreat in mid-May amid slowing consumer demand and sellers' profit-taking.Price moves Fastmarkets' standard-grade metal benchmark price fell 4.5% to $15.35-16.10 per lb on May 29, following several mild drops at the beginning of May after some s...Read More
It's beginning to look a lot like a steel market downturn. Fastmarkets examines whether that trend is confined to steel - or whether the broader global economy is in trouble.Hot-rolled coil prices have begun reflecting trends not seen since the 2008 global financial crisis and its aftermath - the Great Recession. Fastmarkets has taken the pulse of markets in the United States, Europe, China a...Read More
The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) was silent in the week to Monday June 3 ahead of Eid al Fitr celebrations in key destinations.Fastmarkets' weekly price assessment for HRC exports from the CIS was $475-490 per tonne fob Black Sea on June 3, narrowing upward from $470-490 per tonne fob a week earlier."The market w...Read More
Demand for flat steel in Turkey improved in May especially in the export market, after the United States halved its import tariffs for Turkish steel to 25%, market participants told Fastmarkets. And local producers have now filled their order books until August, they said on Friday May 31. Turkish steel prices also began to increase from May 17, when the US duties wer...Read More
Merchant bar quality (MBQ) steel prices in the United States have receded after late-April's mill cuts, while market sentiment overall remains weak for much of the country. Fastmarkets AMM assessed domestic 2- x 2- x 1/4-in angle merchant bar at a 12-month low of $35.80 per hundredweight ($716 per short ton) fob mill on Friday May 31, down by 3.4% from $37.05 per cwt previously and off by 5.9...Read More
Rebar suppliers have increased their prices for buyers in Russia's Central federal district, the major steel-consuming region in the country, on an improvement of the export billet market in late May.Fastmarkets' weekly price assessment for domestic 12mm A500C rebar in Russia, including 20% VAT, was 40,000-40,500 roubles ($611-618) per tonne cpt Moscow on Monday June 3. This was up from 39,000-39,...Read More
A 50:50 joint venture between Luxembourg-based trader/steel producer Duferco and United States steelmaker Nucor Corp has announced plans to build a ?,?150 million steel beam rolling mill in Brescia, Northern Italy.The Duferdofin-Nucor mill is expected to be fully operational by mid-2022 and will have an annual production of more than 1 million tonnes of...Read More
The Turkish deep-sea scrap markets started the week quietly with many market participants absent for the week-long post-Ramadan public holiday of Eid al-Fitr, sources said on Monday June 3.The market was expected to be almost inactive for the rest of the week. The holiday marks the end of the period of abstinence for Ramadan.The latest known trade was heard late on...Read More
Seaborne iron ore prices retreated below $100 per tonne cfr China on Monday June 3 amid declines in the futures and steel markets.MB 62% Fe Iron Ore Index: $99.12 per tonne cfr Qingdao, down $2.48 per tonne. MB 62% Fe Pilbara Blend Fines Index: $97.60 per tonne cfr Qingdao, down $2.48 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $102.57 per tonne cfr Qingdao, down $2.96 per tonne. MB 58% Fe Pr...Read More
Seaborne iron ore concentrate and pellet prices continued to increase last week but trading remained fairly inactive.ConcentrateThe weekly Fastmarkets MB 66% Fe Iron Ore Concentrate Index stood at $118.10 per tonne cfr China last Friday on May 31, up by $2.31 per tonne week on week.The daily Fastmarkets MB 65% Fe Iron Ore Index averaged $120.58 per tonne cfr China last week, compared with an avera...Read More
The optimism in the Commonwealth of Independent States (CIS) export billet market has faded after the news of the reduction in import duty for Turkish steel into the United States in May initially supported it, which dragged prices down.The removal of the extra import duty failed to revive demand for Turkish rebar in the US, leading to a decrease in prices for both long steel products and steel sc...Read More
Import prices for steel slab in Asia fell over the past week on sluggish demand in East Asia amid declining prices in the downstream hot-rolled coil market, while trading activity slowed in parts of Southeast Asia due to holidays to mark the end of the Islamic holy month of Ramadan.Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $455-460 per tonne cfr o...Read More
China's rebar prices largely softened on Monday June 3 amid a gradual drop in demand. Domestic Eastern China (Shanghai): 3,940-3,980 yuan ($570-576) per tonne, unchangedNorthern China (Beijing): 3,850-3,900 yuan per tonne, down 30-50 yuan per tonneWarmer weather in northern China led to demand for rebar in that region falling over the past few days.A price drop in Tangshan's billet market over the...Read More
Chrome ore and alloy prices dropped in various global regions in the week ended Friday May 31, with bearish sentiment in China deteriorating further after the release of lower tender prices for June. Chinese domestic spot prices follow tenders downwardImport prices for charge chrome and UG2 dropTurkish lumpy ore prices hold steadyAlloy prices slide in Japan, South KoreaAlloy prices weaken in Europ...Read More
A 50:50 joint venture between Luxembourg-based trader/steel producer Duferco and United States steelmaker Nucor Corp has announced plans to build a ?,?150 million steel beam rolling mill in Brescia, Northern Italy.The Duferdofin-Nucor mill is expected to be fully operational by mid-2022 and will have an annual production of more than 1 million tonnes of...Read More
Demand for flat steel in Turkey improved in May especially in the export market, after the United States halved its import tariffs for Turkish steel to 25%, market participants told Fastmarkets. And local producers have now filled their order books until August, they said on Friday May 31. Turkish steel prices also began to increase from May 17, when the US duties wer...Read More
German turnaround investor Mutares has completed the acquisition of TrefilUnion, the French wire products subsidiary of steelmaker ArcelorMittal, it said on Monday June 3.The value of the acquisition was not disclosed.TrefilUnion is comprised of two plants in Commercy and Sainte-Colombe-sur-Seine, both in Eastern France. It was a part of ArcelorMittal's WireSolutions business, which has three othe...Read More
It's beginning to look a lot like a steel market downturn. Fastmarkets examines whether that trend is confined to steel - or whether the broader global economy is in trouble.Hot-rolled coil prices have begun reflecting trends not seen since the 2008 global financial crisis and its aftermath - the Great Recession. Fastmarkets has taken the pulse of markets in the United States, Europe, China a...Read More
Zinc's three-month price on the London Metal Exchange continued to move downward at the close of trading on Monday June 3, with market participants indicating a corrective price move.At the same time, commodity investment remained subdued on the threat of new tariffs to be imposed on Mexico by the United States.Volumes traded in the galvanizing metal reached their highest level since April 16, wit...Read More