Here are five Fastmarkets MB stories you might have missed on Tuesday May 14 that are worth another look.German steelmaker ThyssenKrupp remains open to consolidation in the European steel sector, chief executive officer Guido Kerkhoff said in a conference call with analysts on Tuesday May 14.Increased hydroxide supply over the past year has meant diverging fundamentals between cobalt int...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
German steelmaker ThyssenKrupp remains open to consolidation in the European steel sector, chief executive officer Guido Kerkhoff said in a conference call with analysts on Tuesday May 14.The statement came after news of the expected failure of its European flat steel joint venture with Tata Steel Europe because of opposition from the European Commission (EC)."If there are opportunities for consol...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
Long steel producer British Steel is in discussions with the UK government about "a package of additional support to assist the company to address broader Brexit-related issues, while continuing with its investment plans," a company spokeswoman told Fastmarkets on Tuesday May 14."As we have previously commented, the uncertainties around Brexit are posing challenges for all businesses including Bri...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
Physical iron ore prices dropped on Tuesday May 14 amid losses in the steel and futures markets, as well as the continued appreciation of the United States dollar against the Chinese yuan.MB 62% Fe Iron Ore Index: $94.34 per tonne cfr Qingdao, down by $1.76 per tonne.MB 62% Fe Pilbara Blend Fines Index: $93.02 per tonne cfr Qingdao, down by $1.76 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $97...Read More
Fastmarkets presents a round-up of several of the key takeaway points from Iron Ore Week 2019 in Singapore.Steel mill margins still keyHigh-grade iron ore demand was healthy last year while the Chinese government focused on its Blue Sky project and supply-side reforms, in turn prompting steel mills to consume more high-grade iron ore, assistant general manager Ji Chao of Baoshan Iron & Steel said...Read More
Trading activity in the seaborne coking coal market slowed down on Tuesday May 14 with participants staying on the sidelines after prices rose by around 3% within the span of a week.The Fastmarkets MB fob Australia Premium Hard Coking Coal Index stood at $212.67 per tonne during the day, up 3.2% from $206.11 per tonne a week earlier."There is still demand from India but I'm not sure if the buyers...Read More
China's National Development & Reform Commission (NDRC) is encouraging steelmakers in the country to set up their own scrap recycling and processing centers in its latest guidelines to the steel industry."Steel mills are encouraged to build their own large-scale ferrous scrap collection and processing centers and increase the rate at which ferrous scrap is utilized," the commission, China's econom...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's hot-rolled coil exporters lowered their offer prices on Tuesday May 14 amid a further weakening of the domestic market for the flat steel product.DomesticEastern China (Shanghai): 3,990-4,000 yuan ($581-582) per tonne, down 30 yuan per tonneNorthern China (Tianjin): 3,860-3,890 yuan per tonne, down 10-30 yuan per tonneDomestic prices experienced a fifth day of losses during the day.Mills l...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
Increased hydroxide supply over the past year has meant diverging fundamentals between cobalt intermediates and cobalt metal. Chinese buyers moved to the spot market to purchase raw materials at the end of 2018, and both sides of the market are looking to embed changes to the way contracts are structured, market sources told Fastmarkets on the sidelines of the Cobalt Institute's annual conference...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
Antimony prices in China fell sharply last week amid an abundance of cheaper ore from abroad, market sources told Fastmarkets MB. Fastmarkets MB's price assessment for MMTA standard-grade II antimony, delivered duty-paid in China, stood at 42,000-43,000 yuan ($6,114-6,260) per tonne on Wednesday May 8, down by 1,500 yuan per tonne or 3.4% from 43,500-44,500 yuan per tonne a week earlier. A large v...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
U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points in pre-opening trade. Index futures moved lower following release of economic news at 8:30 AM EDT. Consensus for April Retail Sales was an increase of 0.2% versus a gain of 1.7% in March. Actual was a decline of 0.2%. Excluding auto sales, consensus for April Retail Sales was an increase of 0.7% versus a gai...Read More
China will implement import tariffs on over 5,000 types of United States' goods starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on May 13.Last August, China said it would apply import tariffs of 25% on a series of US metal products including zinc and copper concentrates. Yet, at that time no timetable was confirmed. Starting ne...Read More