The export market for steel hot-rolled coil from the Commonwealth of Independent States went down during the week ended Monday September 6 on low demand because buyers were cautious about possible further price drops.Fastmarkets' weekly assessment of the price for steel HRC, export, fob Black Sea, CIS, was $865-885 per tonne on Monday, down from $880-900 per tonne a week earlier.Sales of Ukraine-o...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 7 that are worth another look....Read More
Zinc was the main exception to an otherwise falling London Metal Exchange complex on September 7, which was a day of very quiet trading conditions - just over 10,000 lots of copper were traded by 5pm. The three-month price of zinc was at $3,044 per tonne on Tuesday at the close, a 1.2% increase from Monday's price at the same time of $3,007.50 per tonne.It set an intraday high of $3,059 per tonne...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt...Read More
China imported 97.49 million tonnes of iron ore in August, down by 3% from 100.36 million tonnes one year earlier but 10% higher month on month after a four-month decline, Chinese customs data showed on Tuesday September 7.Last month's imports are 8.99 million tonnes higher compared with July's 88.5 million tonnes.August's import levels also mark the third high point...Read More
The downturn in prices for flat steel imports to the United Arab Emirates and Saudi Arabia has made buyers refrain from bookings because of their uncertainty about the market during the week ending Tuesday September 7, sources told Fastmarkets.Buyers wanted to see prices hit a market bottom before placing more orders.Saudi ArabiaChina was offering hot-rolled coil at $1,020-1,040 per tonne cfr Saud...Read More
The European Union is considering imposing tariff-rate quotas on steel and aluminium exports to the United States in a bid to reach an agreement with the US on its plans to exempt the EU from its Section 232 measures, sources told Fastmarkets on Tuesday September 7.The US and EU are widely expected to reach an agreement by November 1 on an exemption from Section 232 for European steel an...Read More
Seaborne iron ore prices rebounded on Tuesday September 7, although buying activity remained sluggish for mainstream iron ore fines, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $137.97 per tonne, up by $5.59 per tonne62% Fe low-alumina fines, cfr Qingdao: $138.10 per tonne, up by $5.08 per tonne58% Fe fines high-grade premium, cfr Qingdao: $110.69 per tonne, up by $5.99 per...Read More
Mexican light vehicle production decreased by 21.44% year on year in August, according to figures released by national statistics agency Inegi on Monday September 6. Vehicle output reached 237,040 units last month, compared with 301,739 in August 2020.The country's automotive output has been limited, with...Read More
Zinc was the main exception to an otherwise falling London Metal Exchange complex on September 7, which was a day of very quiet trading conditions - just over 10,000 lots of copper were traded by 5pm. The three-month price of zinc was at $3,044 per tonne on Tuesday at the close, a 1.2% increase from Monday's price at the same time of $3,007.50 per tonne.It set an intraday high of $3,059 per tonne...Read More
Turkish steel mills have resumed their deep-sea scrap bookings at fairly stable prices after a short break, market participants told Fastmarkets on Tuesday September 7.Three steel producers booked four deep-sea cargoes from various locations.A steel mill in the Marmara region booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $445 per tonne and 27,000 tonnes of shredded at $460 per...Read More
Excess supplies of rebar in Russia's Central Federal District around Moscow led to a decline in prices in the week to Monday September 6, after domestic producers that usually trade elsewhere redirected supplies to the country's key steel-consuming region.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 58,000-62,000 roubles ($795-850) per t...Read More
Base metals prices on the London Metal Exchange were mainly weaker on the morning of Tuesday September 7, while all but aluminium on the Shanghai Futures Exchange were down. China's imports and exports growth accelerated in August, compared with July's increases... ...this despite Covid-19 disruptions and container shortagesBase metalsThree-month base metals prices on the LME were mainly weaker th...Read More
Base metals prices on the London Metal Exchange were mainly weaker on the morning of Tuesday September 7, while all but aluminium on the Shanghai Futures Exchange were down. China's imports and exports growth accelerated in August, compared with July's increases... ...this despite Covid-19 disruptions and container shortagesBase metalsThree-month base metals prices on the LME were mainly weaker th...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.The Canadian Dollar was virtually unchanged at US78.97 cents prior to the Bank of Canada's update on Canada's monetary policy at 10:00 AM EDT. Consensus expects no change in Canada's overnight lending rate to major Canadian Banks.PayPal added $4.13 to $297.39 after announcing purchase of a Ja...Read More
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday September 7 and their latest price moves.China UG2 chrome ore offer prices dropped following a softening in the alloy market and reports of electricity production restrictions on consumers. The imported charge chrome market fell following early weakness in the domestic spot market and likely production...Read More
Market participants told Fastmarkets on Tuesday September 7 that bauxite production in Guinea has been unaffected so far, despite a coup in the West African country.The coup began on Sunday September 5 when soldiers detained President Alpha Cond?(C), and then announced on state television that the government had been dissolved. Despite the political uncertainties, the operations of mining projects...Read More
Steel billet buyers in China have continued to make import purchases in recent days amid expectations that further domestic production cuts will be imposed at the start of next year, sources told Fastmarkets on Tuesday September 7.Major Chinese market participants received word on Monday that steel production cuts in the nation would be extended beyond December into early 2022. This led to a plung...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 7 that are worth another look....Read More
An upcoming spate of steel mill outages in the United States could support domestic hot-rolled coil prices over the crucial contract negotiation period despite weaker demand from the automotive industry, according to market participants. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $97.33 per hundredweight ($1,946.60 per short ton) on Friday September 3, setti...Read More