The prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have been stable over the past week, with buying activity for all such materials remaining limited, Fastmarkets heard on Tuesday March 12.But new offer prices, to be sent out next week, were expected to be higher because of rises in raw material prices, sources told Fastmarkets.Higher prices were unlikely to...Read More
Copper demand in the Middle East is lagging in comparison to the rest of world, panelists at Fastmarkets' International Copper Conference in Amsterdam said on Tuesday March 12.While global demand for copper is healthy, copper demand in the Middle East remains the laggard, Nexans' head of procurement Christophe Allain and Dubai Cable purchasing manager Laila Marafi agreed when speaking to delegates...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday March 12 that are worth another look.The development of the futures market in China has been a "double-edged sword" for the domestic ferro-silicon industry, leading to more flexibility for market participants and wilder price swings than prior to its existence, one speaker said at Fastmarkets' Asian Ferro-alloys Conference...Read More
Base metals prices on the London Metal Exchange traded higher across the board during afternoon trading on March 12, with zinc up by $100 per tonne at the close.Zinc prices remain well supported by signs of tightening supply, with LME inventories at the lowest level since 2007."The zinc price is zigzagging upward and nearing the $2,800-per-tonne mark. The price has been lent support by supply conc...Read More
Fastmarkets has amended its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. Following a one-month consultation period, Fastmarkets will change the publication date for LME warrant premiums to Wednesdays 3-4pm London time from Tuesdays 3-4pm, effective from March 12, while the frequency of the coverage will remain unchanged on a weekly basis. In add...Read More
A 229-day queue for aluminium has built up at London Metal Exchange-approved warehouses in Port Klang, Malaysia, operated by Istim, according to LME data released on Monday March 11.The wait is now over 100 days more than the queue registered at the end of February. In early February, nearly 100,000 tonnes was canceled in Port Klang - this followed cancelations of around 300,000 tonnes between Jan...Read More
Moves to enhance electronic trading on the London Metal Exchange are not a back-door attempt to close the ring, Europe's last open outcry trading floor, the exchange's chief executive officer said. Matthew Chamberlain said the introduction of Trade At Settlement (TAS) functionality last month and a three-month trial starting next week to calculate nickel prices using a weighted average price (VWAP...Read More
Base metals prices on the London Metal Exchange traded higher across the board during afternoon trading on March 12, with zinc up by $100 per tonne at the close.Zinc prices remain well supported by signs of tightening supply, with LME inventories at the lowest level since 2007."The zinc price is zigzagging upward and nearing the $2,800-per-tonne mark. The price has been lent support by supply conc...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday March 12 that are worth another look.The development of the futures market in China has been a "double-edged sword" for the domestic ferro-silicon industry, leading to more flexibility for market participants and wilder price swings than prior to its existence, one speaker said at Fastmarkets' Asian Ferro-alloys Conference...Read More
The London Metal Exchange is prepared for whatever outcome arises from the planned departure of the UK from the European Union, including a so-called "hard" Brexit, its chief executive officer said on Tuesday March 12.The two key requirements for the exchange to continue to operate as normal had already been achieved, or would be achieved, by the time of Brexit, Matthew Chamberlain said.Brexit, th...Read More
A power outage in Venezuela has forced local aluminium producers Venalum and Alcasa to temporarily stop operations at their smelters, the state-owned parent group of both companies, CVG, said on Saturday March 9.Venezuela's largest hydro power plant, Guri, was out of commission for most of the day on March 7 and many parts of the country were left with no electricity for more than 24 hours, accord...Read More
Fastmarkets has amended its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class. Following a one-month consultation period, Fastmarkets will change the publication date for LME warrant premiums to Wednesdays 3-4pm London time from Tuesdays 3-4pm, effective from March 12, while the frequency of the coverage will remain unchanged on a weekly basis. In add...Read More
Market participants do not expect significant declines in the volumes of steel billet imported in Egypt following their government's decree that denies traders the ability to import such material, Fastmarkets has learnt.On March 5, Egypt's ministry of trade and industry issued a directive permitting only entities with a manufacturing license to import billet.The country has capacity to produce aro...Read More
Offer prices for CIS-origin wire rod remained firm in the middle of March, supported by higher prices achieved in deals in previous weeks as well as increased scrap costs in the global market, Fastmarkets heard on Tuesday March 12.CIS wire rod was available to foreign customers at $515-525 per tonne fob Black Sea, with some sources even reporting offers as high as $540 per tonne fob...Read More
Price assessments for steel rebar and billet imported into the United Arab Emirates have increased slightly this week but demand remained moderate, sources told Fastmarkets on Tuesday March 12.New local rebar prices will probably be announced after March 20, after which buying activity may increase, sources said.Market participants expected rebar prices to go up because of rising raw material pric...Read More
Chinese steel plate export prices were unchanged over the past week on stable demand.Fastmarkets MB's weekly price assessment for April shipments of commercial-grade, chromium-added steel plate remained at $545-555 per tonne fob for the week to Tuesday March 12.Negotiation levels remained at $545-555 per tonne fob, with mills raising their plate offers to $555-560 per tonne fob...Read More
Export prices for Chinese cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) increased again over the past week, with mills continuing to raise their offers amid support from China's robust domestic market.Cold-rolled coilFastmarkets MB's weekly export price assessment for Chinese SPCC 1.0mm CRC was $555-565 per tonne fob China on Tuesday March 12, up $7-8 per tonne from $547-558 per tonn...Read More
Malaysia has imposed anti-dumping duties ranging from 2.66-16.13% on hot-dipped galvanized steel coils (HDG) and sheets imported from China and Vietnam, its Ministry of International Trade and Industry (MITI) announced on Friday March 8.The final affirmative duties will be effective for five years - from March 8, 2019 to March 7, 2024 - and should address unfair trade practices, the ministry state...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron ore Iron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, traded at $83.01 per tonne cfr China, laycan March 28-April 6.Vale, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of 65% Fe Iron Ore Carajas, trade...Read More
Physical iron ore prices improved on Tuesday March 12 following advances in China's futures and steel markets, as well as further uncertainty over Vale's supplies from Brazil.MB 62% Fe Iron Ore Index: $85.25 per tonne cfr Qingdao, up $1.46 per tonne. MB 62% Fe Pilbara Blend Fines Index: $84.37 per tonne cfr Qingdao, up $1.18 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $87.35 per tonne cfr Qin...Read More