Prices for steel rebar and billet in the United Arab Emirates were again unchanged this week as a result of continuing moderate demand, sources told Fastmarkets on Tuesday March 26.Local rebar producers rolled over their domestic prices for rebar on March 13 and have not announced any changes since then.Rebar importsOman was offering rebar to the UAE at $530-540 per tonne cpt, but no new...Read More
Export prices for Chinese cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) were little changed in the week to Tuesday March 26 amid limited trading activity ahead of a reduction in China's value-added tax (VAT) next month. Both CRC and HDG export prices had increased for the past six consecutive weeks up to March 19. China will reduce its VAT to 13% on April 1 from the current 16% for t...Read More
Exporters of Chinese hot-rolled coil lowered their prices slightly on Tuesday March 26 on sparse trading, while those in China's domestic market were remained largely steady amid slowing downstream demand.DomesticEastern China (Shanghai): 3,850-3,870 yuan ($573-576) per tonne, unchangedNorthern China (Tianjin): 3,800-3,810 yuan per tonne, narrowing downward 10 yuan per tonneWhile prices have been...Read More
China's domestic rebar prices resumed their downward trend on Tuesday March 26 after holding steady for a day, with bearish sentiment brought about by the upcoming decrease of value-added tax in the country weighing on the market. Domestic Eastern China (Shanghai): 3,800-3,850 yuan ($566-573) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,820-3,860 yuan per tonne, down 10-20 yuan...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic,...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. ...Read More
Vale's output of metallurgical coal dropped by 11.40% year-on-year in 2018, after bad weather affected its operations in Mozambique early last year, the company said on Tuesday March 26.Production totaled 6.16 million tonnes last year, compared with 6.95 million tonnes in 2017, it added.Coal output was affected by heavy rainfall during the first quarter of 2018, as well as other bottlenecks in com...Read More
Iron ore fines production from Brazilian miner Vale increased during 2018 but just fell short of the earlier guidance of 390 million tonnes, according to a production report published by the company on Tuesday March 26.Vale's iron ore output in 2018 was 384.6 million tonnes, 4.95% above the 366.5 million tonnes of 2017. In October last year, the company had confirmed its annual production guidance...Read More
Physical iron ore prices stayed rangebound for a second day on Tuesday March 26 as market participants waited on news of the full impact of Cyclone Veronica on Australian iron ore operations.MB 62% Fe Iron Ore Index: $85.23 per tonne cfr Qingdao, down $0.58 per tonne. MB 62% Fe Pilbara Blend Fines Index: $84.35 per tonne cfr Qingdao, down $0.58 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $87....Read More
Prices for seaborne premium hard coking coal were mostly stable on Tuesday March 26, although the emergence of a lower offer for second-tier products put some pressure on the segment.An April-loading cargo of a top Australian brand sold at a 4% premium against an index to an end user in eastern China while a shipment of premium mid-vol hard coking coal was traded at $203 per tonne cfr China, sourc...Read More
China imported 1.16 million tonnes of coking coal from Australia in February, down 25% on the year amid port restrictions that emerged at the end of January. The country imported 1.54 million tonnes of Australian coking coal in February a year earlier, according to Chinese customs data.Customs authorities in China had issued verbal directives to end users that Australian coking coal would undergo...Read More
The United States' copper market was modestly lower on Tuesday March 26 morning amid a lack of trading action and industry participants seeking fresh market catalysts. The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down 0.30 cents to $2.8535 per lb. Copper trading has been fairly quiet over the past several weeks, with modest global growth...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday March 26*Copper -$132.83 (-893.62 yuan) Aluminium -$266.47 (-1,792.59 yuan) Zinc -$147 (-988.88 yuan) Nickel -$309.55 (-2,082.41 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE...Read More
Zinc's three-month price on the London Metal Exchange was higher during morning trading on Tuesday March 26, with price action keeping firmly above $2,800 per tonne, while the rest of the complex consolidates lower amid dampened investor sentiment. Contributing to the slump in price action, weaker than expected manufacturing data last week from both the United States and Europe continue to indicat...Read More
Northwest China's non-ferrous metals producer-Baiyin Nonferrous Group will suspend one third of its zinc production lines from March 26 for a 20-day planned maintenance period, market sources told Fastmarkets MB.The company runs six, zinc operation lines and will halt two from today until the middle of April. "About 2,500 tonnes of zinc will be removed in Baiyin during March 26-31 [because of the...Read More
Three-month base metals prices on the London Metal Exchange had a mixed start to trading on Tuesday March 26 while recessionary fears subsided. The US 10-year bond yield has rebounded off the 2017 lows reached on Monday, providing global markets with some relief and allowing Asian equity indexes to trade confidently higher on the back of improved risk sentiment.In terms of volume, a total of 4,497...Read More
The high-grade manganese ore index fell on Friday March 22 after sellers re-entered the market offering at a price stable with last month; in alloys, the Chinese ferro-manganese price rose following the recent recovery in the country's silico-manganese market. 44% manganese ore index retreats after previous climbDeals for 37% material concluded at higher levelsSilico-manganese prices rise in China...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade. Index futures were virtually unchanged following release of the January trade deficit report. Consensus was $57.50 billion versus $59.80 billion in December. Actual was $51.1 billion.The Canadian Dollar was virtually unchanged following release of Canada's January trade deficit report. C...Read More
Martin Riesen, head of trading at storied metals merchants MRI, left the company on Monday March 25, Fastmarkets understands.Riesen was promoted into the role in March 2017. His departure follows that of head of copper concentrates trading...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday March 25, capped by low-volumes trading while risk appetite continues to falter in the wake of last week's US Federal Reserve policy meeting. Volumes traded were low over the day's trading, with copper leading the complex at just over 12,000 lots changing hands by the close, down from 26,065 lots on...Read More