Here are five Fastmarkets MB stories you might have missed on Monday May 6 that are worth another look.With LME Asia Week now in full swing, Fastmarkets MB takes an in-depth look at one of the topics likely to dominate discussions at this year's event: How will aluminium premiums in Japan and South Korea likely fare for the rest of the year?Nearly 1,500 delegates will descend upon Singapore this w...Read More
Copper stocks in Shanghai-bonded warehouses rose slightly in April compared with March, while muted trading activity last month pushed the bonded warrant premium for the red metal to a 13-month low.Despite the slight increase, market participants expect copper inventories to decline in the coming weeks and months because the second quarter of the year is traditionally associated with high metal co...Read More
Base metals prices on the Shanghai Futures Exchange were all down heavily during morning trading on Monday May 6, after US President Donald Trump threatened to raise tariffs on $200 billion of Chinese goods because US-China trade negotiations are moving "too slowly".In a post on social media platform Twitter overnight, Trump said that tariffs of 10% on certain Chinese goods would increase to 25% o...Read More
ArcelorMittal plans to temporarily idle production at its steelmaking facilities in Poland, reduce production in Spain and adjust shipments at ArcelorMittal Italia, temporarily reducing annualized production by 3 million tonnes, the company announced on Monday May 6.The company credited high energy costs, low demand and rising imports for the decision."These actions reflect the weak demand environ...Read More
China's hot-rolled coil market appeared to have held up against threats of higher import tariffs in the United States on Monday May 6, though sentiment took a beating, which could result in some downside for prices.DomesticEastern China (Shanghai): 4,060-4,070 yuan ($603-604) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,930-3,940 yuan per tonne, unchangedSpot prices were largely stab...Read More
Import prices for steel slab in Southeast Asia and East Asia were unchanged over the past week amid quiet market conditions ahead of the start of the Islamic holy month of Ramadan.Re-rollers in Indonesia remain well-stocked and are in no rush to replenish supplies due to an expected reduction in business activity during Ramadan, a trader in Southeast Asia said.Ramadan starts on May 5 and ends on J...Read More
The threat of higher import tariffs in the United States failed to have much of an effect on China's rebar market, with domestic prices holding steady on Monday May 6 despite tumbling futures.Domestic Eastern China (Shanghai): 4,090-4,140 yuan ($607-615) per tonne, unchangedNorthern China (Beijing): 3,990-4,030 yuan per tonne, unchangedWhile rebar futures experienced a big decline during the day a...Read More
Cheaper hot-rolled coil cargoes from Russia and Turkey dampened import prices for the flat steel product in Vietnam over the past week, market sources told Fastmarkets MB.The Fastmarkets MB weekly import price assessment for HRC in Southeast Asia - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $530-540 per tonne cfr for the week en...Read More
Trading activity in the Singapore rebar import market was tin in the past week due to an absence of Chinese participants for most of the period due to a holiday.Fastmarkets MB's weekly import price assessment for rebar into Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $505 per tonne cfr for the week to Monday May 6, unchanged from a week ea...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 transaction: iron oreIron oreVale, Beijing Iron Ore Trading Center (Corex), 70,000 tonnes of 65% Fe Iron Ore Carajas, traded at $109.65 per tonne cfr China, laycan May 21-30.BHP, Corex, joint cargo, 110,000 tonnes...Read More
Brazil's iron ore exports fell by 29.1% in April compared with the same period in 2018, with several of Vale's operations remaining suspended in the wake of a tailings dam breach, data released by the country's economy ministry last week showed.Brazil exported 18.34 million tonnes of iron ore last month, compared with 25.88 million tonnes a year earlier. Last month's shipments are also 17.3% lower...Read More
The seaborne iron ore pellet and concentrate markets regained some strength last week, and prices are expected to rise further this week after participants return from a break for Labor Day in China.PelletsThe weekly Fastmarkets MB 65% Fe Blast Furnace Pellet Index was at $128.18 per tonne cfr China last Friday May 3, up by $1.27 per tonne from a week earlier.Some traders received word that a carg...Read More
Nearly 1,500 delegates will descend upon Singapore this week to attend the seventh edition of Singapore Exchange's (SGX) annual Singapore Iron Ore Week.Much of the conversation at last year's event revolved around the need for suitable risk mitigation tools in the iron ore market amid wide and volatile grade differentials due to the Chinese government's environmental protection policy and robust m...Read More
Ferrous scrap will be the "next big thing" for commodity-based derivatives in Asia, according to the Singapore Exchange (SGX).It is one key commodity that the SGX is looking at to expand its slew of ferrous derivatives under the "virtual steel mill" concept, in addition to the iron ore and coking coal contracts that are already trading well on its platform, the exchange's head of commodities, Will...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade. Investors remain concerned about trade negotiation between the U.S. and China.Canadian Pacific (CP $298.86) is expected to open higher after increasing its dividend by 27.5%.WestJet (WJA $18.84) is expected to open higher after reporting higher than consensus first quarter earnings.Boei...Read More
Global steel billet prices were stable or continued downward in most regions following weak demand and lower scrap prices during the week ended Friday May 3.Global ferrous scrap prices trended downward due to low demand and high inventories held by steel mills.Fastmarkets daily index of North Europe-origin HMS 1&2 (80:20), reached $296.04 per tonne cfr Turkey on Friday, down from $303.55 per tonne...Read More
Global steel billet prices were stable or continued downward in most regions following weak demand and lower scrap prices during the week ended Friday May 3.Global ferrous scrap prices trended downward due to low demand and high inventories held by steel mills.Fastmarkets daily index of North Europe-origin HMS 1&2 (80:20), reached $296.04 per tonne cfr Turkey on Friday, down from $303.55 per tonne...Read More
Here are five Fastmarkets MB stories you might have missed on Friday May 3 that are worth another look.An agreement in next week's labor negotiations at Codelco's Chuquicamata mining and smelting division could prove tough to secure, Fastmarkets learned on Friday May 3. Codelco has invited unions No 1, 2 and 3 of the Chuquicamata division to hold talks about work contracts in Calama in northern Ch...Read More
Here are five Fastmarkets MB stories you might have missed on Friday May 3 that are worth another look.An agreement in next week's labor negotiations at Codelco's Chuquicamata mining and smelting division could prove tough to secure, Fastmarkets learned on Friday May 3. Codelco has invited unions No 1, 2 and 3 of the Chuquicamata division to hold talks about work contracts in Calama in northern Ch...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 44 points in pre-opening trade. Index futures responded to a twitter comment by President Donald Trump that the tariff rate will increase next week from 10% to 25% on $200 billion Chinese goods. In addition, Trump threatened to impose a 25% tariff on additional Chinese goods valued at $325 billion. The Shanghai Compos...Read More