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
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
Here are five Fastmarkets MB stories you might have missed on Monday June 3 that are worth another look.In copper, Chile's state-owned producer Codelco halted part of its operation at the El Teniente mine following an accident on Sunday June 2. Separately, Aurubis has entered into a long-term supply contract with Teck Resources to source concentrates over a 10-year period from the s...Read More
Troubled UK long steel producer British Steel entered compulsory liquidation on May 22. Fastmarkets examines the reasons behind the company's recent struggles, from uncertainty about Brexit and a slump in orders, to rising costs for raw materials.Brexit uncertaintyThe future of British Steel remains uncertain, with the UK's Insolvency Service approaching "more than 80 potential trade purchasers" t...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
The seaborne coking coal market softened further on Monday June 3 after a series of cargoes were sold to China.Two cargoes of premium low-vol hard coking coal, with laycan scheduled for June and July, were traded at $206 per tonne cfr China and $203 per tonne cfr China respectively, according to various market sources.A June-loading shipment of premium mid-vol materials was also traded at $203.18...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
The seaborne and port prices for low-grade manganese ore weakened over the pricing week, with inventories reaching a new record high and poor demand in the week to Friday May 31. Ore prices in China fall China alloy prices increase Alloys stable in Europe, United States Silico-manganese falls in IndiaMarket negativity stemmed from the high inventories and a cautious stance among buyers, which cont...Read More
Fastmarkets will roll over its Turkey domestic ferrous scrap prices on Monday June 3 because the country extended the Eid al-Fitr public holiday to last the entire week of Monday June 3 to Friday June 7. The holiday had originally been scheduled to begin on Tuesday June 4 this year. The prices affected are Turkish domestic auto bundle scrap in lira per tonne delivered and Turkish domestic mel...Read More
Here are five Fastmarkets MB stories you might have missed on Monday June 3 that are worth another look.In copper, Chile's state-owned producer Codelco halted part of its operation at the El Teniente mine following an accident on Sunday June 2. Separately, Aurubis has entered into a long-term supply contract with Teck Resources to source concentrates over a 10-year period from the s...Read More
Key data from the June 3 pricing session in London and Shanghai. Key drivers: Fastmarkets' daily fob Australia alumina index stabilized just above $360 per tonne amid recent steady buying interest from China, where buyers have been covering units required as...Read More
The lead import arbitrage in China re-opened in May causing lead concentrate imports to rise and lead concentrate treatment charges (TCs) to tumble, while spot terms for zinc concentrates stabilized. Fastmarkets' TCs index for low-silver lead concentrates dropped to a 19-month low of $5-15 per tonne on a cif China basis on Friday May 31, from $15-35 per tonne at the end of April. Several deal...Read More
Aurubis has entered into a long-term supply contract with Teck Resources to source copper concentrates over a 10-year period from the second phase of Teck's Quebrada Blanca (QB2) open-pit project in the Tarapac?? Region of Chile, Fastmarkets learned.German copper producer Aurubis will garner a 'significant amount' of copper concentrates over the period, while the QB2 mine is set to initiate mining...Read More
Employees at the Chuquicamata division of Codelco have continued to work while trying to secure a deal with the company, despite having voted for industrial action, the three workers' trade unions involved said on Saturday June 1.The unions began negotiating with Chilean state-owned copper producer Codelco's representatives on May 31, with Chilean labor authorities mediating the talks. The strike...Read More
Copper stocks in Shanghai-bonded warehouses fell in May from the prior month after it became profitable to import the red metal into China amid a brief opening of the London-Shanghai import arbitrage window. Aluminium and nickel stocks in the bonded zone fell last month while zinc inventories recorded their seventh consecutive monthly increase owing to a closed arbitrage window and lackluster dema...Read More
Chile's state-owned copper producer Codelco has halted part of its operation at the El Teniente mine following an accident on Sunday June 2.An operator was fatally wounded when working in the Pilar Norte sector of the mine, the company's statement said. "As soon as the event occurred, the work in...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
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
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