The United States' copper market was at a standstill during trading on Wednesday March 20 morning, with a stronger dollar adding pressure to the complex. The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down 0.15 cents to $2.9215 per lb.The dollar index was trading at 96.46, up 0.07%. Over the past few sessions, the market has entered a consolida...Read More
Trading in the seaborne coking coal spot market remained largely muted on Wednesday March 20 despite the emergence of slightly lower offers.A top Australian brand with a laycan of April 20-29 was sold to an end user in northern China at $212 per tonne cfr China, sources told Fastmarkets. The transaction was heard after the cut-off time for Fastmarkets' indices, and as such was not included in the...Read More
The European price of mesh-quality wire rod stayed flat on Wednesday March 20, with trading remaining subdued although the fundamental picture has improved.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod for both Northern and Southern Europe stayed at ?,?535-550 ($607-624) per tonne delivered on Wednesday, after narrowing upward last week from $530-550 per tonne.Consumers.....Read More
Appetite for US material improved on increased demand from the US steel sector in the week to Tuesday March 19, while Chinese and European premiums traded flat in light of a closed import window and a dearth of demand from the European stainless steel sector respectively. US spot premiums for cut and briquette material narrowed upward. China's closed import window continues to preclude any p...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday March 20 that are worth another look.The Democratic Republic of the Congo, the world's top producer of cobalt and a key copper producer, has re-enacted an export ban on copper and cobalt concentrates, official documents obtained by Fastmarkets show.China's strict restrictions on scrap metal imports from the United States...Read More
Estimated global production of primary aluminium in February 2019 decreased by 9% month-on-month, according to figures published on the International Aluminium Institute (IAI) website on Wednesday March 20.An estimated 49 million tonnes of primary aluminium were produced in February this year, compared with the estimated 54 million tonnes produced in January.Output figures were depressed for almos...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday March 20.The new LME warrant premiums table...Read More
Zinc premiums crept up in Northern Europe on Tuesday March 19 after buyers were enticed by a price retreat earlier this week; lead markets were largely stable except in India where there were further drops due to a temporary surge in Iranian supply. Northern European zinc buyers are active in the spot market this week, causing premiums to narrow up. China's zinc premium softened amid a close...Read More
Tin premiums were flat across the board on Tuesday March 19, with US tin premiums continuing to face downward pressure from new market entrants, while European market participants await tangible inflows against a backdrop of Indonesian political elections and Chinese premiums keep firm amid a closed import window. US market receives discounted premiums amid slow demand Spot inactivity, supp...Read More
Norsk Hydro will restart certain rolling and extrusion operations to allow for continued deliveries to customers, a day after a cyber attack caused temporary halts on its operations, chief financial officer Eivind Kallevik said in a press release on Wednesday March 20.In an earlier press release on Tuesday, Kallevik said every unit was isolated from the company's global network to prevent the atta...Read More
Slow demand and continued negative sentiment have caused wire rod prices in the United States to edge lower while the cost of imported material remains steady, Fastmarkets AMM has learned. Fastmarkets' assessment for industrial quality (IQ) low-carbon wire rod widened downward to $38-40 per hundredweight ($760-800 per short ton) fob mill on Tuesday March 19, down from $38.25-40 per cwt previously....Read More
Crude steel production in Argentina fell by 23.75% year-on-year in February, according to figures released by national steel association Acero Argentino on Wednesday March 20.Production came to 318,200 tonnes, compared with 417,300 tonnes in the corresponding period a year earlier.February's crude steel output also declined by 14.21% from the previous month's level of 370,900 tonnes.Due to...Read More
Indian steelmakers represented by the Indian Steel Association (ISA) have urged the country's government to take immediate action to ban imports of steel products that originate in Iran, Fastmarkets has heard.According to the ISA, India imported around 65,000 tonnes of flat steel products of Iranian origin in the first two months of 2019. The material was said to have been transshipped through the...Read More
Domestic prices for hollow steel sections in Southern Europe edged up on Wednesday March 20, but are expected to match the stability seen in Northern Europe in the next few weeks, market sources told Fastmarkets.Fastmarkets' weekly domestic price assessment for commodity-size, grade-S235 square hollow sections made in Southern Europe widened upward by ?,?5 per tonne this week, to ?,?630-650 per to...Read More
Steel beam prices in the Northern European market have fallen this week following a halt in the growth of feedstock prices, sources told Fastmarkets on Wednesday March 20.Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe went down by ?,?5 per tonne to ?,?610-635 ($692-721) per tonne delivered on March 20, from ?,?610-640 per tonne deliver...Read More
The price for rebar produced and delivered in Southern Europe remained flat on Wednesday March 20, after narrowing upward last week while producers continued to put pressure on prices.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?515-520 ($584-590) per tonne delivered on Wednesday, after climbing from ?,?510-520 per tonne a week ago.Prices have...Read More
The price range for rebar produced and delivered in Northern Europe stayed flat on Wednesday March 20, although higher scrap prices were adding to the pressure that suppliers exerted in negotiations.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe remained at ?,?540-550 ($613-624) per tonne delivered on Wednesday, while buying activity remained modest against the current...Read More
Stainless steel scrap prices in the United States hit a wall this week as recent growth in the London Metal Exchange's nickel cash contract cooled off, sources told Fastmarkets AMM."I have my doubts that prices will continue their upward trend, and I am not as concerned about a quick retreat to the downside either," one dealer source said. "Demand is steady, supply is not excessive and export buyi...Read More
The United States' ferrous scrap export market has continued to show resilience, with some docks raising buying prices along the East and West Coasts while container prices held steady.On the West Coast, docks raised prices by $10 per gross ton, sources confirmed, while the containerized price for an 80:20 mix of No1 and No2 heavy melting scrap (HMS) was steady at $285 per tonne fas Los Ange...Read More
Turkish steel producers have continued to stay back from the deep-sea scrap markets due to sluggish demand for finished steel and the firmness of the offers from scrap merchants, sources said on Wednesday March 20.Offers for HMS 1&2 (80:20) grade material from the United States remained at $330 per tonne cfr, but mills were not willing to pay such high prices, Fastmarkets was told.Besides, the wea...Read More