The majority of London Metal Exchange base metals prices continued to trade up during the afternoon session on Tuesday May 21, with the complex largely following the equities markets on their upward trajectory.LME base metals prices largely ignored relatively thin trading volumes, shrugging off the potential suppressing influence of a strengthening US dollar, with the Dow Jones index climbed...Read More
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday May 21, ignoring an uptick in the dollar index, while trade war concerns continue to keep liquidity levels low. The three-month nickel price climbed by 0.5% this morning to edge back above the nearby $12,000 per tonne resistance level after settling below the mark at Monday's close. The pric...Read More
Physical iron ore markets continued to strengthen on Friday May 17, with the seaborne price breaching $100 per tonne cfr China for the first time in five years amid bullish futures.MB 62% Fe Iron Ore Index: $101.71 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Pilbara Blend Fines Index: $99.90 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $104.48 per t...Read More
The import price for steel billet in the United Arab Emirates has widened upward in new deals over the past week, but the price of rebar has decreased, sources told Fastmarkets on Tuesday May 21.Domestic rebarLocal demand was weak in the country because of the Islamic holy month of Ramadan, which started earlier in May, and the expectation that prices could fall further.The observance of Ramadan i...Read More
The Turkish deep-sea scrap market remained quiet on Tuesday May 21, while steel mills continued to negotiate rebar sales to the United States and scrap merchants awaited signs of a clearer market direction.The US reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, bringing the country back in line with other prospective suppliers to the US market.F...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 21 that are worth another look.The United States' removal of Section 232 tariffs on Mexican steel products is likely to underpin a slow recovery in Mexico's ferrous scrap market, market participants said. News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did l...Read More
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday May 21, ignoring an uptick in the dollar index, while trade war concerns continue to keep liquidity levels low. The three-month nickel price climbed by 0.5% this morning to edge back above the nearby $12,000 per tonne resistance level after settling below the mark at Monday's close. The pric...Read More
The global refined copper market recorded a surplus of 74,000 tonnes in February 2019, compared with a deficit of 33,000 tonnes in the prior month, according to preliminary data released by the International Copper Study Group (ICSG). World refined copper production totaled 1.83 million tonnes in February, down by 9.4% from 2.02 million tonnes in January, while usage amounted to 1.76 million tonne...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths during morning trading on Tuesday May 21, with the resumption of operations at the Alunorte refinery in Brazil putting pressure on aluminium prices, while nickel climbed after London Metal Exchange spreads moved into backwardation.Aluminium was amongst the underperformers on Tuesday morning, with its most-traded July contr...Read More
Companhia Sider??rgica Nacional (CSN) will increase its prices for steel by around 10% in June and other Brazilian flat steel producers are likely to follow its lead, the president of national distributors' association (Inda), Carlos Loureiro, said on Tuesday May 21.Domestic steel is being sold at a discount in comparison with imports, he added, while cost inflation has been hurting steelmakers' m...Read More
UK steel trade unions have renewed their calls for the government and British Steel's owners Greybull Capital to reach an agreement to save the troubled long steel producer."It is vital now that cool heads prevail and Greybull and the [British] government continue to focus on finding a solution that maintains employment and keeps the business trading," Alasdair McDiarmid, operations director for U...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were down during the week to Tuesday May 21 after Chinese producers adjusted their offers to remain competitively priced amid declining domestic demand and the weakening Chinese currency, market sources said.The Chinese currency slid to 6.91 yuan to $1 on Tuesday May 21, compared with 6.73 yuan per $1 on Sunday May 6, one da...Read More
China's hot-rolled coil prices rose on Tuesday May 21 after trading turned more active following gains in the futures market.DomesticEastern China (Shanghai): 4,000-4,040 yuan ($578-584) per tonne, widening upward 30 yuan per tonneNorthern China (Tianjin): 3,900-3,920 yuan per tonne, widening upward 10 yuan per tonneWhile sellers started with prices of around 4,000 yuan per tonne in Shan...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: hot-rolled coilHot-rolled coilEast China, domestic,...Read More
Seaborne iron ore prices continued to strengthen on Tuesday May 21 after exceeding $100 per tonne cfr last Friday, thanks to gains in the futures and spot steel markets.MB 62% Fe Iron Ore Index: $102.03 per tonne cfr Qingdao, up by $0.32 per tonne.MB 62% Fe Pilbara Blend Fines Index: $100.22 per tonne cfr Qingdao, up by $0.32 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $105.76 per tonne cfr Qi...Read More
Seaborne coking coal spot prices were mostly lower on Tuesday May 21 despite a third round of increases in metallurgical coke prices in China.Eastern China-based Rizhao Iron & Steel - a major coke buyer in the country - increased its purchase price for coke on Tuesday for a third time since April 26, sources said.It is now paying a delivered price of 2,140 yuan ($309.40) per tonne for materia...Read More
Physical iron ore markets continued to strengthen on Friday May 17, with the seaborne price breaching $100 per tonne cfr China for the first time in five years amid bullish futures.MB 62% Fe Iron Ore Index: $101.71 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Pilbara Blend Fines Index: $99.90 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $104.48 per t...Read More
The recent downtrend in Chinese domestic ferro-silicon prices continued in the week ended Friday May 17 amid an abundance of the material, while sentiment remained bearish due to weak demand from the country's steel and magnesium markets. Chinese market extends losses amid ample supply. Sluggish demand compounds weakness in China. European market steady, further cements price floor. US market flat...Read More
Fastmarkets MB is proposing to discontinue the stainless steel 304 Europe raw materials index. Fastmarkets is seeking feedback on its proposal to discontinue the EU domestic stainless steel 304 Europe raw materials index.This index, which aims to represent the costs of the raw materials needed to produce grade-304 stainless steel, is updated weekly on a $ per tonne basis. The consultation per...Read More
Stainless steel mills and ferro-chrome smelters in China are likely to curtail their production in June, should domestic stainless steel and ferro-chrome prices continue to weaken amid lingering poor demand and prevailing bearish sentiment, sources told Fastmarkets. Some Chinese stainless steel mills, which are already suffering losses, may have to curtail part of their production next month if do...Read More