The price for billet imported into Turkey remained stable in the past week despite the demand for import material showing some revival, sources told Fastmarkets on Thursday March 21.Fastmarkets' weekly price assessment for billet imported into Turkey was at $450-470 per tonne cfr on March 21, unchanged week on week.Suppliers in the Commonwealth of Independent States (CIS) region were offering bill...Read More
China's domestic rebar market regained some upward momentum on Thursday March 21 after mills announced higher ex-works prices, while a drop in spot supply and early-hour futures gains provided additional support.Domestic Eastern China (Shanghai): 3,890-3,920 yuan ($580-585) per tonne, up 20 yuan per tonneNorthern China (Beijing): 3,860-3,890 yuan per tonne, narrowed up by 10 yuan per tonneRebar fu...Read More
Brazil's Vale has issued a warning over another potential iron ore production impact of as much as 10 million tonnes per year due to the suspension of operations at its Alegria mine in Minas Gerais state.The mine was suspended "on a preventive basis", because the results of a preliminary analysis of its structures were inconclusive under stress conditions, and as such, were unable to confirm its s...Read More
Domestic prices for heavy steel plate in Southern Europe have been largely stable over the past week despite a slowdown in market activity, sources told Fastmarkets on Thursday March 21.Fastmarkets' weekly price assessment for domestic grade-S235JR heavy steel plate in Southern Europe was ?,?555-570 ($631-648) per tonne ex-works on March 20, compared with ?,?550-570 per tonne ex-works last week.Th...Read More
The outlook for EU domestic prices for hot-rolled coil (HRC) remained gloomy due to slow buying activity, sources told Fastmarkets on Thursday March 21.But despite the lack of activity, European steelmakers have been trying to keep prices steady, according to market participants."There is a tremendous fight between the big service centers because the automotive industry is taking less material and...Read More
Nickel's three-month price on the London Metal Exchange fell by more than 3% at the close of trading on Thursday March 21, with risk-averse United States investment prompting a sharp sell-off across the complex while participants question details of the recent US Federal Reserve policy meeting. Falling the furthest over the afternoon, nickel futures dropped a total of $470 per tonne to close below...Read More
The price for billet imported into Turkey remained stable in the past week despite the demand for import material showing some revival, sources told Fastmarkets on Thursday March 21.Fastmarkets' weekly price assessment for billet imported into Turkey was at $450-470 per tonne cfr on March 21, unchanged week on week.Suppliers in the Commonwealth of Independent States (CIS) region were offering bill...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday March 21 that are worth another look.Non-ferrous scrap market participants in the United States are bracing for massive trade disruptions as a result of impending Chinese import restrictions - and a rumored quota system - set to take effect on Monday July 1. The use of Fastmarkets MB's iron ore indices in physical contract...Read More
Nickel's three-month price on the London Metal Exchange fell by more than 3% at the close of trading on Thursday March 21, with risk-averse United States investment prompting a sharp sell-off across the complex while participants question details of the recent US Federal Reserve policy meeting. Falling the furthest over the afternoon, nickel futures dropped a total of $470 per tonne to close below...Read More
Comex copper prices sprang upward in morning trading on Thursday March 21 amid a dovish tone from the Federal Reserve, easing speculation of a near-term rate hike. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.65 cents to $2.9275 per lb. As anticipated by the overall marketplace, the US Fed decided not to lift rates and signaled that they ex...Read More
China's domestic hot-rolled coil market edged up further on Thursday March 21 even though trading activity has started to decline, while export prices are expecting to weaken on inactivity.DomesticEastern China (Shanghai): 3,870-3,890 yuan ($577-580) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,830-3,850 yuan per tonne, up 20 yuan per tonneDemand for HRC sold at the existing 16% valu...Read More
The European molybdenum markets fell this week after suppliers cut their offer prices amid resistance from consumers and muted buyer appetite in the region. Both the alloy and oxide markets fell this week from their multi-month highs reached a week ago, with an abundance of ferro-molybdenum in the spot market pulling prices down, market sources said. Fastmarkets assessed the price of European...Read More
The Turkish deep-sea scrap import prices inched up on Thursday March 21 with news of a fresh deep-sea cargo trade.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $321 per tonne cfr, late on March 20.This compared with the previous Baltic Sea cargo sold on...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday March 21 that are worth another look.Non-ferrous scrap market participants in the United States are bracing for massive trade disruptions as a result of impending Chinese import restrictions - and a rumored quota system - set to take effect on Monday July 1. The use of Fastmarkets MB's iron ore indices in physical contract...Read More
Deliveries of copper concentrate from Mongolia's Erdenet mine were disrupted in early March after several top managers were dismissed in a restructuring program ordered by the country's government, although production continued as normal, Fastmarkets has learned.The Erdenet mine produces 530,000 tonnes per year of ores and is one of Asia's biggest copper and molybdenum mines.Erdenet is known as 't...Read More
The Zambian Revenue Authority (ZRA) is now awaiting further instructions from the government on the implementation of the new sales tax, while industry sources are raising doubts on the likelihood of a April 1 launch date citing lack of infrastructure support for the nationwide measure. The ZRA had targeted a launch date for its sales tax of April 1, 2019, it told Fastmarkets in an emailed stateme...Read More
Sluggish demand from domestic aluminium smelters in China, along with the VAT cut from 16% to 13% on April 1, led to a further drop in alumina prices this week.Fastmarkets' price assessment for Chinese free market Metallurgical grade alumina, delivered duty paid, was 2,680-2,700 yuan ($400-403) per tonne on Thursday March 21, down from 2,690-2,710 yuan per tonne a week ago. The...Read More
Comex copper prices sprang upward in morning trading on Thursday March 21 amid a dovish tone from the Federal Reserve, easing speculation of a near-term rate hike. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.65 cents to $2.9275 per lb. As anticipated by the overall marketplace, the US Fed decided not to lift rates and signaled that they ex...Read More
The Democratic Republic of Congo (DRC) has lifted a ban on the export of cobalt and copper concentrates imposed in February but maintained the threat of its future enforcement. In a letter to the National Federation of Enterprises (FEC) seen by Fastmarkets and dated March 20, Minister of Mines Henri Yav Mulang said the government will review every six months whether to reimpose the ban. "I would l...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday March 21* Copper -$159.94 (-1,070.61 yuan) Aluminium -$299.04 (-2,001.68 yuan) Zinc -$200.4 (-1,339.65 yuan) Nickel -$273.72 (-1,832.21 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE...Read More