Russian aluminium producer Rusal said it will focus on restoring its market position after its first-quarter revenues plunged by 20.9% year on year in a period "challenged by the past year's events". Rusal reported revenue in the first quarter of 2019 of $2.17 billion, a fall of 20.9% year on year from $2.744 billion. The company said the fall in revenue was due to the decrease in the London Metal...Read More
Ferro-vanadium prices continued to fall globally in the week ended Friday May 10 with vanadium pentoxide (V2O5) markets following the downtrend. Chinese ferro-vanadium export prices fall on weak demandEuropean ferro-vanadium price continues downtrend on aggressive offers, oversupply European V2O5 price falls again on weak buying, Chinese export price under pressureThe export price for ferro-vanadi...Read More
China will implement import tariffs on over 5,000 types of US goods, including ferro-vanadium, vanadium pentoxide and silicon, starting June 1, 2019, amid an escalating trade war between the two countries. From the start of next month, a 25% tariff will apply to vanadium pentoxide, vanadium oxides and hydroxides and ferro-vanadium containing 75% or more vanadium by weight from the United States. T...Read More
The Chinese bismuth price fell by 4.8% on Friday May 10 after suppliers cut their selling prices in an attempt to stem declining export demand after the United States raised import tariffs on $200 billion worth of Chinese products, including bismuth, to 25% on the same day. The increase to the import tariffs from 10% previously followed a threat earlier by US President Donald Trump that he would r...Read More
The Turkish steel producers went quiet again in the scrap import markets on Tuesday May 14 due to the continuing low demand for finished long steel in the export and domestic markets.A steel producer in the Izmir region booked a Baltic Sea cargo on Monday, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296...Read More
Markets were consolidating during morning trading on Tuesday May 14 after the previous day's weakness that saw prices adjust to an escalation in the US-China trade war, with China retaliating by increasing tariffs on $60 billion worth of US imports. This saw risk-off and money move into haven assets, including gold.Investment money flows into gold, the yen and treasuries......while flowing out of...Read More
As cobalt market participants head to Hong Kong for the Cobalt Institutes' annual conference on May 15-16, Fastmarkets summarizes the key talking points that are likely to dominate discussions at this year's event.How will cobalt prices fare over the summer? As it stands, standard-grade cobalt prices are up 22% since the end of March, but the rally has stalled over the past couple of weeks and the...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased over the past week due to demand being limited by observance of the Islamic holy month of Ramadan, which started last week, sources told Fastmarkets on Tuesday May 14.Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials.End-user...Read More
German steelmaker ThyssenKrupp expects the global steel market environment to remain challenging in 2019, amid "continuing global overcapacities, ongoing risks from trade uncertainties, [and] sharply rising iron ore prices," the company said on May 14.Fastmarkets' 62% Fe iron ore index averaged $82.41 per tonne cfr Qingdao over the first quarter of 2019, compared with $74.39 per tonne cfr in the f...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
Egypt's use of selective anti-dumping duties helped the country's biggest steelmaker, Ezz Steel, to report a 23% increase in earnings in 2018, the company said last week.Ezz Steel enjoyed strong demand for long and flat steel products in both the domestic and export markets, it said. This enabled it to show consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) of E ?...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
Domestic and import prices for rebar have remained stable in the United Arab Emirates over the past week, but the import price for steel billet has increased by $3 per tonne, sources told Fastmarkets on Tuesday May 14.Domestic rebarLocal rebar producers in the UAE kept their prices unchanged for May production material, with demand subdued by the start of the Islamic holy month of Ramadan this wee...Read More
German steelmaker ThyssenKrupp expects the global steel market environment to remain challenging in 2019, amid "continuing global overcapacities, ongoing risks from trade uncertainties, [and] sharply rising iron ore prices," the company said on May 14.Fastmarkets' 62% Fe iron ore index averaged $82.41 per tonne cfr Qingdao over the first quarter of 2019, compared with $74.39 per tonne cfr in the f...Read More
Brazilian miner Vale is considering whether to increase the production capacity at its Caraj??s Serra Sul iron-ore complex over the next decade to 150 million tonnes per year from 90 million tpy currently, the company said in a presentation on Tuesday May 14.The goals of the project include working more with dry processing, improving the operational and logistic flexibility of premium products and...Read More
The Turkish steel producers went quiet again in the scrap import markets on Tuesday May 14 due to the continuing low demand for finished long steel in the export and domestic markets.A steel producer in the Izmir region booked a Baltic Sea cargo on Monday, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296...Read More
Domestic and import prices for rebar have remained stable in the United Arab Emirates over the past week, but the import price for steel billet has increased by $3 per tonne, sources told Fastmarkets on Tuesday May 14.Domestic rebarLocal rebar producers in the UAE kept their prices unchanged for May production material, with demand subdued by the start of the Islamic holy month of Ramadan this wee...Read More
Sentiment in China's spot rebar market worsened on Tuesday May 14 after China responded to the United States' tariff increase with one of its own, resulting in buyers cutting their procurement rates.Domestic Eastern China (Shanghai): 3,990-4,040 yuan ($581-588) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,910-3,960 yuan per tonne, unchangedChina will raise its tariffs on over 5,...Read More
China will impose tariffs of up to 25% on carbon and stainless steel imports from the United States beginning in June amid escalating trade tensions between the two countries.These form part of $60 billion worth of US products that China imports. The bulk of the steel products listed by China's Ministry of Finance face the heftiest tariffs of 20-25% from June 1. These include billet, hot-rolled co...Read More
The Chinese domestic ferro-silicon price fell again in the week ended Friday May 10 under the weight of plentiful supplies and weaker monthly tender prices, while the European market was steady for the second consecutive week, although downward pressure looms ahead of the traditionally slower summer months. Chinese market buckles under weight of supply but support seen in upstream prices Eur...Read More