Here are five Fastmarkets MB stories you might have missed on Thursday May 23 that are worth another look.South32's decision to review the future of its manganese alloy assets comes as little surprise to fellow manganese alloy producers because they are likely to be considering similar options. The United States' reduction of tariffs on Turkish steel imports to 25% from 50% last week will only par...Read More
Crude steel production in Argentina dropped by 9.09% year on year in April, according to figures released by national steel association Acero Argentino on Wednesday May 22.Argentina produced 420,900 tonnes of crude steel in April, down from 463,000 tonnes in the same period a year earlier.Activity in most steel-consuming sectors in Argentina remained weak last month, but some signs of optimism are...Read More
Brazilian steel demand decreased further in April, demonstrated by lower volumes of flat-rolled products sold in the market and despite a recovery in the long-rolled market, national steel association Instituto A??o Brasil said on Thursday May 23. Steel demand has now fallen for two consecutive months, following a drop of 1.6% in March. Steel apparent consumption was 1.67 million tonnes in April,...Read More
The weakening of Turkey's lira against the US dollar has pushed up the domestic prices for rebar and wire rod despite sluggish demand over the past week, sources said on Thursday May 23.Fastmarkets' weekly price assessment for domestic rebar in Turkey on Thursday was TRY3,330-3,420 ($547-561) per tonne ex-works, up from last week's TRY3,250-3,350 per tonne ex-works.The mills in the Izmir region we...Read More
Seaborne iron ore prices went through corrections on Thursday May 23 after jumping to more than $105 per tonne cfr China a day earlier, but Chinese steelmakers' demand for the material remained robust.MB 62% Fe Iron Ore Index: $103.79 per tonne cfr Qingdao, down by $1.99 per tonne.MB 62% Fe Pilbara Blend Fines Index: $101.98 per tonne cfr Qingdao, down by $1.99 per tonne.MB 62% Fe Iron Ore Index-L...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreRio Tinto, Global Ore, three 170,000-tonne shipments of 62% Fe Pilbara...Read More
Ex-China seaborne coking coal spot prices fell further on the back of a lower offer, while in China bullish sentiment kept prices largely firm.In the ex-China market, a cargo of branded materials was offered at $207 per tonne fob Australia during the day on trading platform Global Coal, $1 per tonne down from a day earlier."The descent in the screen offer is in line with the market situation. Our...Read More
The continued consolidation of the Indian steel industry is a "right step" in restoring growth and credibility to the domestic markets, Nathani Group's Zain Nathani said at the BIR 2019's World Recycling Convention & Exhibition in Singapore this week.The vice-president of BIR's ferrous division said bankrupt mills such as Bhushan Steel, Monnet Ispat & Energy, Essar Steel and Usha Martin have all f...Read More
Base metals prices on the Shanghai Futures Exchange were mostly down during morning trading on Thursday May 23, with nickel leading the charge lower amid persistent macroeconomic uncertainty and strength in the dollar.Ongoing trade tensions between China and the United States and concerns that a prolonged spat between the two may hamper global economic growth continued to exert downward pressure o...Read More
The Chinese domestic cobalt sulfate price hit a fresh low for 2019 mid-week amid persistent selling pressure among producers who are mostly struggling to break even, sources said.Fastmarkets' assessment of the price for Chinese cobalt sulfate fell to 44,500-45,500 yuan ($6,444-6,589) per tonne on Wednesday May 22, down from 46,000-48,000 yuan per tonne previously. This placed the assessment at its...Read More
China's domestic stainless steel prices widened upward over the past week amid continued strong demand fromend users. The Fastmarkets MB domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,000-14,300 yuan ($2,027-2,070) per tonne including value-added tax for the week ended Wednesday May 22, widening up 200 yuan per tonne from a week earlier......Read More
The United States' reduction of tariffs on Turkish steel imports to 25% from 50% last week will only partially reopen the US market to Turkish mills, who should avoid raising prices if they are to successfully regain a share in that market, several sources told Fastmarkets this week. The US has lowered its tariffs on steel imports from Turkey to 25% effective Friday May 17. Duties had been at...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. Index futures were virtually unchanged following release of the April Durable Goods Orders report at 8:30 AM EDT. Consensus was a drop of 2.0% versus a revised gain of 1.7% in March. Actual was a drop of 2.1%. Excluding transportation orders, consensus was an increase of 0.2% versus a ga...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 22.Read More
The three-month copper's price on the London Metal Exchange fell by 1.3% at the close of trading on Wednesday May 22, with price pressure emerging from resurging trade tensions between the United States and China, while dollar strength is limiting commodity investment. Volumes were moderately high for the red metal by the close, totalling more than 18,000 lots traded, the most since May 13. Follow...Read More
Copper's fundamentals mean prices should be higher but much depends on the outcome of the US-China trade dispute, according to an executive at ED&F Man Capital Markets. Keith Gwozdz, vice president of metals at the LME brokerage firm, said that there are three potential outcomes when talks between the countries resume at the G20 summit of governments and central bank governors in Japan (June 28-29...Read More
The liquidation order issued by the government of Zambia, that would allow it to take control of the copper-producing assets held in the African country by global metals producer Vedanta, has sent shockwaves through the global industry.The order marked the first government takeover attempt in the country, which is Africa's second-largest copper-producing region.Customers of Konkola Copper Mines (K...Read More
Copper's fundamentals mean prices should be higher but much depends on the outcome of the US-China trade dispute, according to an executive at ED&F Man Capital Markets. Keith Gwozdz, vice president of metals at the LME brokerage firm, said that there are three potential outcomes when talks between the countries resume at the G20 summit of governments and central bank governors in Japan (June 28-29...Read More
Germany's Aurubis has agreed to acquire copper-tin recycler Metallo Group in a ?,?380 million ($424 million) share purchase deal, it said on Wednesday May 22.Fastmarkets reported in February that TowerBrook Capital Partners, Metallo's private equity owner, was close to agreeing a sale of the company, which operates plants in Belgium and...Read More
Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America's only primary cobalt refinery.Glencore will evaluate making a loan to fund the capital requirements to re...Read More