Comex copper prices rebounded on Wednesday morning in the US ahead of the Federal Reserve's decision on whether to raise or maintain interest rates.The copper price for March settlement on the Comex division of the New York Mercantile Exchange gained 2.40 cents to $2.6885 per lb. Earlier, the contract hit a low of $2.6930 per lb, its weakest since November 14.While the...Read More
Years ago, the idea that machines would replace humans on the trading floor seemed far-fetched and the suggestion that algorithms might replace humans entirely ridiculous.But both have happened in some shape or form, making the advent of blockchain - now being vaunted as the next game-changer in technology - a lot more realistic than naysayers might initially think.Dozens of trials and projec...Read More
A requirement for a higher energy density for new EV battery projects has been removed from the official regulations on automobile industry investment published by the country's National Development and Reform Commission (NDRC) on its website. The energy density threshold was removed from the final version of the regulations on Tuesday December 18 owing to the fact that current technology is not d...Read More
Domestic prices for hot-rolled coil (HRC) in the European Union are expected to continue their gradual decline after the market recovers from the Christmas holiday period lull, sources told Fastmarkets on Wednesday December 19. The prices are expected to stabilize for a couple of weeks due to the lack of market activity over the Christmas holiday period in Europe, according to market par...Read More
The knock-on effect of Section 232 tariffs imposed by the United States in March this year on imports of steel and aluminium has been swift and dramatic.In retaliation, the European Union, Canada and Turkey swiftly imposed their own safeguard measures; the Eurasian economic zone is set to do so soon.But this trade war poses in particular a threat to the Middle East-North Africa region, which is cu...Read More
Domestic prices for heavy steel plate in Europe have been largely stable due to the seasonal market slowdown ahead of Christmas, sources told Fastmarkets on Wednesday December 19.Yet, prices are expected to move down in January after market participants return to the market after holidays. "Demand was not good in December and it is unlikely to significantly recover in January, apart from some seas...Read More
The knock-on effect of Section 232 tariffs imposed by the United States in March this year on imports of steel and aluminium has been swift and dramatic.In retaliation, the European Union, Canada and Turkey swiftly imposed their own safeguard measures; the Eurasian economic zone is set to do so soon.But this trade war poses in particular a threat to the Middle East-North Africa region, which is cu...Read More
European prices for mesh-quality wire rod stayed flat across the Northern and Southern parts of the continent on Wednesday December 19, with questions over the future of the region's import quotas continuing.Fastmarkets MB's weekly domestic price assessment for mesh-quality wire rod in both Southern and Northern Europe was at ?,?540-560 ($614-636) per tonne delivered on Wednesday, unchanged from l...Read More
The price for rebar produced and delivered in Southern Europe fell slightly on the low end on Wednesday December 19, with some low offers from Spain carrying into the year-end period.Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe slipped to ?,?520-540 ($591-614) per tonne delivered on Wednesday, but there is very little activity predicted ahead of the New Year and t...Read More
Ferrous scrap export prices continued to lose ground despite the lack of bulk trades from the United States, with East Coast exporters located South of New England again reducing prices at the port while price expectations for the next bulk sale to Turkey soured further. No cargoes were sold off either US coast in the past seven days. Still, the increasingly gloomy global scrap market outlook caus...Read More
German steelmakers have settled their monthly scrap contracts for December with a decline for E3 and E40 grades, reflecting the decline in the international market, sources told Fastmarkets.Fastmarkets' monthly price assessment for domestic grade-E3 scrap in Germany was at ?,?270-280 ($307-318) per tonne delivered in December, compared with ?,?275-290 per tonne delivered in November.Deals that had...Read More
Turkish scrap import prices fell again Wednesday December 19, following news of a fresh deep-sea cargo booking, sources told Fastmarkets MB.Details of a steel producer in the Iskenderun region booking a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25), 7,000 tonnes of a mixture of bonus and shredded and 3,000 tonnes of busheling, at an average price of $285 per tonne cfr, came to light...Read More
China's domestic rebar prices were largely flat on Wednesday December 19 amid fluctuations in the billet and futures markets. Domestic Eastern China (Shanghai): 3,780-3,820 yuan ($548-554) per tonne, unchangedNorthern China (Beijing): 3,580-3,600 yuan per tonne, narrowed upward by 10 yuan per tonneThe price of billet rose 10 yuan per tonne in the morning after declining by the same amount late on...Read More
Hollow steel sections prices in Europe were unchanged this week, which reflects doubts about the ability of mills to push through proposed price increases, market participants told Fastmarkets MB on Wednesday December 19.Fastmarkets MB's domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?635-650 ($721-738) per to...Read More
A steel trade group argued that the statute under which the US Section 232 tariffs on steel and aluminum imports were issued was unconstitutional, according to oral arguments during a US Court of International Trade (CIT) hearing on Wednesday December 19. The American Institute for International Steel (AIIS) alleged that the statute violates the constitutional prohibition against Congress delegati...Read More
A steel trade group argued that the statute under which the US Section 232 tariffs on steel and aluminum imports were issued was unconstitutional, according to oral arguments during a US Court of International Trade (CIT) hearing on Wednesday December 19. The American Institute for International Steel (AIIS) alleged that the statute violates the constitutional prohibition against Congress delegati...Read More
Ferrous scrap export prices continued to lose ground despite the lack of bulk trades from the United States, with East Coast exporters located South of New England again reducing prices at the port while price expectations for the next bulk sale to Turkey soured further. No cargoes were sold off either US coast in the past seven days. Still, the increasingly gloomy global scrap market outlook caus...Read More
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) plans to remove sanctions against UC Rusal and En+ Group in 30 days due to significant restructuring and corporate governance changes, it said in a notice.Russian oligarch Oleg Deripaska will remain sanctioned, however, and his property will remain blocked."Treasury sanctioned these companies because of their ownership and...Read More
Domestic prices for hot-rolled coil (HRC) in the European Union are expected to continue their gradual decline after the market recovers from the Christmas holiday period lull, sources told Fastmarkets on Wednesday December 19. The prices are expected to stabilize for a couple of weeks due to the lack of market activity over the Christmas holiday period in Europe, according to market par...Read More
The latest news and price moves to start the Asian day on Thursday December 20.Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday December 19, reflecting a continued retreat in the dollar index. Read more in our live futures report.Here are how prices looked at the close of trading:Leading pig iron exporter Metalloinvest is to modernize two of i...Read More