Turkish steel producers have continued to book deep-sea scrap with prices going down further, sources said on Tuesday May 7.A steel mill in the Iskenderun region booked a US cargo, comprising 23,000 tonnes of HMS 1&2 (80:20) at $300 per tonne and 5,000 tonnes of bonus at $310 per tonne...Read More
Turkish domestic ship scrap prices went down in line with the weakening of the country's lira during the week ended May 6, while auto bundle scrap prices remained largely stable, sources said on Tuesday May 7.Three steel mills lowered their buy prices for ship scrap to $305 per tonne delivered, while a fourth mill kept its buy price flat at $310 per tonne delivered.As a result, Fastmarkets' weekly...Read More
Global battery-grade lithium spot market prices moved sideways week on week while China, Japan and other countries were away from the market for public holidays.The market was slow this week amid a lack of market activity and national holidays that have added to the decelerated activity of some companies across the European and US market, most market participants that spoke to Fastmarkets said. Fa...Read More
The market for exports of hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States (CIS) was quiet during the week ended Tuesday May 7 because of the start of the Islamic holy month of Ramadan in the key outlet markets.Fastmarkets' weekly price assessment for CIS-origin exports of HRC was $465-480 per tonne fob Black Sea on May 7, declining from $470-495 per ton...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week due to demand being limited by the start of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 7.End-user demand has been poor recently, with buyers unwilling to book material because the market was not expected to improve any time soon.And Ramadan...Read More
The market for flat steel products in Russia's Central Federal District around Moscow was under pressure from low-priced imports in the week to Tuesday May 7, Fastmarkets understands.Fastmarkets' weekly price assessment for Russia-origin 4mm hot-rolled (HR) sheet was was unchanged for the second week in a row on May 7 at 43,000-44,500 roubles ($660-683) per tonne cpt Moscow, in...Read More
The global long steel market was mostly unstable despite a balance between supply and demand, the International Rebar Producers & Exporters Association (Irepas) said in its most recent short-range outlook document for the long steel sector.This was a change of sentiment from the positive outlook Irepas offered in March.Although the balance of supply and demand has been maintained in the global lon...Read More
Domestic rebar producers in the UAE maintained their prices this week despite the cost of rebar and billet imports falling due to weak demand, sources told Fastmarkets on Tuesday May 7.Domestic rebar Local rebar producers in the UAE kept their prices unchanged for May production material, with demand remaining poor due to the Islamic holy month of Ramadan that started this week.The observance of R...Read More
EU long steel market participants are preparing for a deluge of Turkey-origin material to hit European shores in July when buyers race to fill up new quotas, sources told Fastmarkets. That means the European Commission's year-long quotas for Turkish rebar and wire rod - which begin on July 1 - are likely to be filled up within the same month, the Fastmarkets MB research team believes. Turkey-...Read More
The temporary truce on tariffs between China and the United States could be over, injecting a new round of uncertainty into the global financial markets and suspending hopes that a resolution to the countries' trade impasse was likely.US President Donald Trump has threatened to raise the tariff on $200 billion-worth of Chinese imports to 25% from 10% by Friday May 10. He also said that the US may...Read More
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?The main Japan ports (MJP) aluminium premium typically rises during the peak demand season seen during the second quarter of each year, Fastmarkets MB data indi...Read More
Comex copper remained in a fixed range to open the week, with European market participants sidelined for a public holiday.Comex copper remained in a fixed range to open the week, with European market participants sidelined for a public holiday.The copper price for July settlement on the Comex division of the New York Mercantile Exchange inched up 0.95 cents to $2.8285 per lb.In a post overnight on...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
From Monday May 13, Fastmarkets MB will publish the assessment of manganese ore inventories at the main Chinese ports of Tianjin and Qinzhou on Mondays, instead of Wednesdays previously. The change was initially meant to take effect on Monday May 6 following a one-month consultation over the whole of April, taking into account the May 1-3 Labor Day break in China. But this was postponed for anothe...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
Prices for flat steel products in the Brazilian domestic market remained largely unchanged this month as local steelmakers successfully applied a price increase for distributors.Fastmarkets' monthly price assessment for Brazilian domestic hot-rolled coil was at 2,560-2,610 Reais ($650-662) per tonne ex-works on Friday May 3, unchanged from April's assessment. Fastmarkets' monthly price assessment...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
Russian billet and rebar producer Abinsk Electic Steel Works (Abinsk) has entered into a definitive agreement with compatriot Severstal to buy its long-products mini-mill in Balakovo in the Volga federal district.The transaction, worth $215 million, is expected to be completed by the end of June, following the receipt of approvals and other standard conditions."Following the sale of mini-mill Bala...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
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