The ongoing consolidation of the Indian steel industry is a "right step" in bringing back 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...Read More
The reduction of Section 232 tariffs against Turkey was a "pivotal moment" for global ferrous scrap prices this year, market sources told Fastmarkets this week at the Bureau of International Recycling's 2019 World Recycling Convention & Exhibition in Singapore.Bearish market sentiment flipped straightaway overnight once United States president Donald Trump tweeted that the Section 232 tariffs...Read More
Global usage of electric-arc furnaces (EAF) by steelmakers was up 12% in 2018, largely due to China's ongoing drive to increase the quantity of ferrous scrap charged into blast furnaces (BF) to reduce pollution, statistics released by the Bureau of International Recycling this week at its 2019 World Recycling Convention & Exhibition in Singapore showed.EAFs accounted for 524 million tonnes of crud...Read More
The ongoing China-US trader war has battered the South Korean won, causing weaker demand for imports of Japanese scrap and dampening prices as a result."The bearish sentiment brought about by the China-US trade tensions has caused the South Korean won to depreciate because the South Korean economy is so dependent on Chinese demand," Hisatoshi Kojo of Japan's Metz Corporation said at the BIR 2019 W...Read More
Copper premiums in Shanghai dropped over the week ended on Tuesday May 21, with a slew of deals for SX-EW cathodes at low levels, while the spike in premiums in the United States may not last if key smelters return to the market.?EUR? Shanghai premiums drop down to two-year lows?EUR? US premiums pushed down while Comex copper trades at a small discount to the London Metal Exchange?EUR? European pr...Read More
London Metal Exchange base metals prices were suppressed in the morning session on Wednesday May 22, with macro-inspired bearish selling equating to thin trading volumes and a strengthened dollar exerting downward pressure."Base metals open in a sea of red amidst a stronger dollar [and] with low levels of general participation in our space we remain vulnerable to sharp price moves amidst lower liq...Read More
Base metals prices on the Shanghai Futures Exchange were down across the board during morning trading on Wednesday May 22, with a challenging macroeconomic backdrop and firm dollar weighing on the complex.Unresolved trade tensions between China and the United States, concerns over a slowdown in global economic growth and a strong dollar dented investors' appetite for commodity investment on Wednes...Read More
The following Fastmarkets minor metals prices changed on Wednesday May 22:Antimony MB free market regulus, $/tonne: $6,800-7,000 per tonne from $6,900-7,150Antimony MMTA standard grade II, $/tonne: $6,600-6,750 per tonne from $6,800-7,000Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 39,000-40,000 yuan per tonne from...Read More
Fastmarkets has amended the names and specifications of its China cobalt sulfate assessments, effective Wednesday May 22, 2019. Fastmarkets has assessed the price of cobalt sulfate, ex-works China, on a 20.5% Co basis since the assessment was launched in June 2018, but due to an error, the definition of cobalt purity for the assessment was incorrectly stated as "Co 20.5% min" instead of "Co 20.5%...Read More
Import prices for stainless steel in East Asia have declined over the week ended on May 22 because of limited buying interest amid the heightened trade tensions between China and the United States.China declared that it would impose duties on $60 billion worth of US goods from June 1 in retaliation to US president Donald Trump's announcement that the US would raise tariffs on $200 billion worth of...Read More
European Metal Recycling (EMR) has sold parts of specialty scrap recycler Metal & Waste Recycling (M&W) to UK-based Recycling Lives following a competition inquiry. As part of the transaction, the two London-based sites of M&W will be retained by EMR. The sale will complete on Thursday May 30, EMR said. The disposal comes following an intervention by...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday May 22:Aluminium scrapBaled old rolled: ?720-740 per tonne from ?730-750Commercial cast: ?750-780 per tonne from ?750-800Group 7 turnings: ?430-450 per tonne...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
A decline in output from the automotive market in Europe has negatively affected demand in the vanadium and ferro-chrome markets, with prices for both materials falling to multi-month lows.From January to April 2019, demand for new cars in the European Union decreased by 2.6% year on year to 5.3 million units registered in total, according to the European Automobile Manufacturers Association (ACEA...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 25 points in pre-opening trade.Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was an increase to 215,000 from 212,000 last week. Actual was 211,000Best Buy added $1.97 to $71.14 after reporting higher than consensus first quarter earnings. Target...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 21.Please click...Read More
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
News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did little to stop the recent increase in alumina prices.Fastmarkets' benchmark alumina price settled at $366.25 per tonne on May 21, up from $362.88 per tonne day on day and a 6% increase from $345.01 per tonne on May 10 when the index fell to its lowest since August 24, 2017. "Alun...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
A summary of base metals premiums from across the globe for the week to Tuesday May 21.Please click...Read More