The price of rebar produced and delivered in Northern Europe fell by ?,?10-20 per tonne week on week after domestic mills lowered offers amid weak demand and import competition, market participants told Fastmarkets on Wednesday May 29. Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?505-535 ($565-598) per tonne delivered on May 29, down from ?,?525-545 per to...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for revised estimated U.S. first quarter real GDP is 3.0% versus the previous estimate at 3.2%. Actual was 3.1%. Consensus for Weekly Jobless Claims was 215,000 versus 211,000 last w...Read More
The London Metal Exchange three-month nickel price continued its decline to fall 1.9% since the close on Friday May 24 to end the afternoon kerb at $12,120 per tonne on Tuesday May 28.The LME three-month nickel price surged by 4% to a kerb close of $12,355 per tonne on May 24 with a spate of short covering in anticipation of the UK and US bank holidays on May 27 driving the price up to a $12,450-p...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More
Fastmarkets proposes to move the weekly publication day of five price assessments - two nickel pig iron (NPI) prices, two laterite nickel ore prices and one nickel sulfate price - from Tuesday to Friday.The proposed specifications are listed in full below:Assessment: Laterite nickel ore 1.8% cif China $/tonne Quality: Loose mud. 1.8% Ni, 15-20% Fe, Water content 30-35%, Si:Mg ratio <2Quantity:...Read More
Manganese ore prices have been sliding for seven consecutive weeks and fell to 18-month lows over the past week amid buyer caution in China. 37% and 44% ore hit lowest levels since late 2017Alloy prices flatline across Asia and EuropeFurther price cuts predicted in ores and alloysUS alloy markets dormant Manganese ore prices continued their seven-week slide on Friday May 24 amid increasingly caut...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More
Fastmarkets proposes to move the weekly publication day of five price assessments - two nickel pig iron (NPI) prices, two laterite nickel ore prices and one nickel sulfate price - from Tuesday to Friday.The proposed specifications are listed in full below:Assessment: Laterite nickel ore 1.8% cif China $/tonne Quality: Loose mud. 1.8% Ni, 15-20% Fe, Water content 30-35%, Si:Mg ratio <2Quantity:...Read More
Benchmark cobalt prices edged lower again at the end of last week after some sellers cut their offers to secure larger tonnage inquiries after an early start to the quieter summer period. Fastmarkets MB assessed the standard-grade cobalt price at $16-16.55 per lb, in-warehouse, on Friday May 24, down from $16.20-16.75 per lb on May 22. Buying from consumers has tailed off in the past few weeks, an...Read More
The Turkish steel mills have continued to book deep-sea scrap for June now that the United States has removed the extra import tariff for the country, sources said on Tuesday May 28.Three steel mills booked a total of 80,500 tonnes of deep-sea cargoes at the end of last week and the beginning of this week.A steel mill in the Izmir region booked a UK cargo, comprising 22,500 tonnes of HMS 1&2 (80:2...Read More
Turkish domestic ship scrap prices have inched up over the past week, while auto bundle scrap prices have remained largely stable, sources said on Tuesday May 28.Only one steel mill in the Izmir region raised its buy price for ship scrap last week, by $3 per tonne to $295 per tonne, in line with the increasing imported scrap values.So Fastmarkets' weekly price...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More
Markets are in semi-limbo while they wait for developments on US-China trade and Chinese stimulus; the release of Chinese purchasing managers' index (PMI) data on Friday May 31, if poor, may well prompt more stimulus.Asian equities firmer after poor Chinese industrial profits boost expectations for stimulus Markets likely to focus on Friday's Chinese PMI data Base metals Three-month base metals pr...Read More
China imported 14,259 tonnes of flake graphite in April, up 156% year on year, while exports fell due to cheaper available stocks from Mozambique, according to official but unconfirmed data seen by Fastmarkets. While rising significantly year on year, imports were down 15.7% from March. Shipments to China fell month on month due to an uptick in imports in March, according to market sources. China...Read More
Benchmark cobalt prices edged lower again at the end of last week after some sellers cut their offers to secure larger tonnage inquiries after an early start to the quieter summer period. Fastmarkets MB assessed the standard-grade cobalt price at $16-16.55 per lb, in-warehouse, on Friday May 24, down from $16.20-16.75 per lb on May 22. Buying from consumers has tailed off in the past few weeks, an...Read More
Export prices for hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States (CIS) went up in the week ended Tuesday May 28 on improved market sentiment.Fastmarkets' weekly price assessment for CIS-origin exports of HRC was $470-490 per tonne fob Black Sea on May 28. This was up by $10 per tonne week on week."Despite talk about low demand in Turkey, the domestic a...Read More
Revenues at Ukrainian steelmaker Metinvest were down in January-March 2019 mainly due to lower sales prices in the metallurgical sector, the company said on Friday May 24.In the first quarter of 2019, Metinvest's consolidated revenues decreased by 5% year-on-year to $2.86 billion, primarily due to the sales prices of steel products and pig iron being on a global downtrend, and to lower resale volu...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week due to limited demand amid the observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 28.The observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. Ramadan began earlier t...Read More
Prices for cold-heading quality (CHQ) and high-carbon wire rod declined in the United States after costs for raw materials fell and buyers grew more confident that they'll enjoy an abundance of supply from producers. Fastmarkets AMM's monthly pricing assessment for cold-heading quality wire rod dropped to $43.50 per hundredweight ($870 per short ton) North American delivered duty paid Great Lakes...Read More
CIS export rebar and wire rod prices increased at the end of May, supported by fresh bookings at higher levels, sources told Fastmarkets on Tuesday May 28. They said positive sentiment in the market, driven by the reduction in duties on Turkish steel in the United States, had led to the resumption in buying activity.Several cargoes of June-rolling Ukrainian rebar were sold to E...Read More