The Comex copper price continued to drift on Thursday March 7 with uncertainty around US-China trade talks forcing market participants to retreat and delay any serious price action. The copper price for May settlement on the Comex division of the New York Mercantile Exchange declined 1.15 cents to $2.9070 per lb. Additionally, European buying was lackluster ahead of the European Central Bank's pol...Read More
UC Rusal's net profit rose by 39% year on year in 2018, despite the aluminium producer operating under trading sanctions imposed by the United States for the majority of the year, Rusal said in its results statement on Thursday March 7. Rusal recorded a net profit of $1.689 billion compared with $1.222 billion in 2017. The company's revenue increased by 3.1% to $10.28 billion from $9.969 billion f...Read More
UC Rusal's net profit rose by 39% year on year in 2018, despite the aluminium producer operating under trading sanctions imposed by the United States for the majority of the year, Rusal said in its results statement on Thursday March 7. Rusal recorded a net profit of $1.689 billion compared with $1.222 billion in 2017. The company's revenue increased by 3.1% to $10.28 billion from $9.969 billion f...Read More
Stagnant spot activity continued to weigh on the cobalt sulfate price in China, with spot offer prices marching lower in the mid-week assessment on Wednesday March 6 amid persistent selling pressure. Fastmarkets assessed the Chinese cobalt sulfate, basis 20.5% Co market price at 57,000-60,000 yuan ($8,491-8,938) per tonne on March 6, down by 3,000-4,000 yuan per tonne or 5.6% from 60,000-64,000 yu...Read More
European aluminium ingot is trading at its lowest level in three years, sparking a significant decline in scrap prices on Wednesday March 6. Fastmarkets assessed the price of aluminium scrap and foundry ingots LM24 gravity diecasting ingot in the United Kingdom at ?1,370-1,420 ($1,801-1,867) per tonne on Wednesday, down from ?1,380-1,440 per tonne the week before and at its lowest level sin...Read More
Turkish steel producers continued to replenish low stock levels by booking more deep-sea scrap at firm prices, sources told Fastmarkets on Thursday March 7.A steel mill in the Marmara region booked a US cargo comprising 32,000 tonnes of HMS 1&2 (80:20) at $322 per tonne, 5,000 tonnes of shredded at $327 per tonne and 3,000 tonnes of bonus at $332 per tonne cfr.This was...Read More
The Comex copper price continued to drift on Thursday March 7 with uncertainty around US-China trade talks forcing market participants to retreat and delay any serious price action. The copper price for May settlement on the Comex division of the New York Mercantile Exchange declined 1.15 cents to $2.9070 per lb. Additionally, European buying was lackluster ahead of the European Central Bank's pol...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker again this morning, Thursday March 7.With the exception of tin that was up by 0.5% and aluminium that was little changed, the rest of the complex were down between 0.2% for lead and 1.4% for nickel.Copper was off by 0.4% at $6,428 per tonne, compared with $6,455 per tonne at Wednesday's close, while nickel ha...Read More
Stagnant spot activity continued to weigh on the cobalt sulfate price in China, with spot offer prices marching lower in the mid-week assessment on Wednesday March 6 amid persistent selling pressure. Fastmarkets assessed the Chinese cobalt sulfate, basis 20.5% Co market price at 57,000-60,000 yuan ($8,491-8,938) per tonne on March 6, down by 3,000-4,000 yuan per tonne or 5.6% from 60,000-64,000 yu...Read More
Domestic prices for hot-rolled coil (HRC) in Europe have been largely stable over the past week, although steelmakers were targeting increases, sources told Fastmarkets on Thursday March 7.Prices in the domestic market have been stable due to largely unchanged import offers and resistance among end-users to a price rise, according to market sources.Northern EuropeThe outlook on further price chang...Read More
China's hot-rolled coil exporters were insisting on higher offer prices on Thursday March 7 despite the slight drop in the domestic spot market, with most sellers feeling little need to export.DomesticEastern China (Shanghai): 3,820-3,840 yuan ($569-572) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,750-3,770 yuan per tonne, down 20 yuan per tonneShanghai sellers began the...Read More
China's major mills continued to raise their daily output rates for crude steel in mid-February, while their finished steel inventories also rose.Members of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 1.95 million tonnes per day during the second 10 days of February, up 1.6% from 1.92 million tpd in early February, according to data released by the industry...Read More
Reinforcing bar (rebar) steel prices have risen in the United States following late-February's mill hikes, while import prices have fallen following confirmed offers for Italian material. Fastmarkets' assessment for domestic rebar increased to $35.25-36.50 per hundredweight ($705-730 per short ton) fob mill on Wednesday March 6, up by 2.6% from $34.25-35.75 per cwt previously. At the same time, th...Read More
Domestic Turkish rebar and wire rod prices increased over the past week, mainly in as a result of the Turkish lira losing value against the US dollar, sources said on Thursday March 7.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,100-3,150 ($573-583) per tonne ex-works on Thursday, up from the TRY2,950-3,050 per tonne of last week, including 18% VAT.The local rebar pri...Read More
The Turkish long steel export market remained weak over the past seven days on sluggish demand, while increasing raw materials costs continued to squeeze mill margins, sources told Fastmarkets on Thursday March 7.Fastmarkets' weekly price assessment for rebar exports out of Turkey remained unchanged at $470-480 per tonne fob on an actual weight basis.Steel producers in Turkey continued to offer re...Read More
Sentiment in the market for pig iron exports from the Commonwealth of Independent States (CIS) has improved because of higher scrap prices in the United States, which is the key outlet, and lower material availability, Fastmarkets learned during the week ended Thursday March 7.Fastmarkets' price assessment for CIS exports of high-manganese pig iron was $340-345 per tonne fob Black Sea on March 7,...Read More
Turkish steel producers continued to replenish low stock levels by booking more deep-sea scrap at firm prices, sources told Fastmarkets on Thursday March 7.A steel mill in the Marmara region booked a US cargo comprising 32,000 tonnes of HMS 1&2 (80:20) at $322 per tonne, 5,000 tonnes of shredded at $327 per tonne and 3,000 tonnes of bonus at $332 per tonne cfr.This was...Read More
Iron ore prices rose on Thursday March 7 in line with futures market gains following data releases showing a decline in steel inventories in the market. MB 62% Fe Iron Ore Index: $87.61 per tonne cfr Qingdao, up $0.56 per tonne. MB 62% Fe Pilbara Blend Fines Index: $87.01 per tonne cfr Qingdao, up $0.56 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $90.01 per tonne cfr Qingdao, up $0.93 per ton...Read More
Turkish billet prices have remained firm over the past week with moderate demand in the export markets. But the domestic and import markets were comparatively weaker, sources said on Thursday March 7.Fastmarkets' weekly price assessment for billet exports was unchanged week on week at $450-460 per tonne fob on Thursday.The Turkish mills were heard to sell a number of billet cargoes for export this...Read More
Steel billet import prices in Egypt have increased over the past seven days with higher offers and deal prices, sources told Fastmarkets on Thursday March 7.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $470-475 per tonne cfr on Thursday, rising from $465-470 per tonne cfr last week.The rise can be attributed partly to a decree issued by Egypt's ministry of trade an...Read More