The price for rebar produced and delivered in Southern Europe was flat on Wednesday December 12, with no buying ahead of the holidays and while the EC's import quotas run dry.Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe stayed at ?,?530-540 ($602-613) per tonne delivered on Wednesday, with no new business now expected before the New Year and little before the Febr...Read More
Turkish steel producers extended their absence in the deep-sea scrap markets into Wednesday December 12 because of limited demand for finished steel products, sources told Fastmarkets MB.Mills in the country have been refraining from scrap purchases for more than two weeks now - only a single cargo has been booked since November 23.Demand for steel products, especially rebar, has been and remains...Read More
Seaborne iron ore prices increased moderately on Wednesday December 12 following a pick-up in China's spot steel prices. MB 62% Fe Iron Ore Index: $66.73 per tonne cfr Qingdao, up $0.76 per tonne. MB 62% Fe Pilbara Blend Fines Index: $66 per tonne cfr Qingdao, up $0.76 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $71 per tonne cfr Qingdao, up $1.32 per tonne. MB 58% Fe Premium Index: $59.92 pe...Read More
The launch of a high-grade iron ore derivative by the Singapore Exchange last week represents a "leap forward for the [ferrous] industry, particularly those that are exposed to the high-grade product," according to Andrew Glass, head of iron ore trading at Anglo American.SGX launched the world's first high-grade iron ore derivative contract, settled against the daily MB 65% Fe Iron Ore Index publi...Read More
Iranian export billet and slab prices continued to fall this week, with sanctions leading suppliers to cut offers, but with little success.Billet offers from Iran were heard at $395-405 per tonne fob, depending on the producer, down from $405-412 per tonne fob last week.However, most customers have held back from purchasing Iranian material."It is too risky to buy Iranian steel...Read More
CIS export billet price dropped further on Wednesday December 12 with negative sentiment in the market curbing trading activity."People are just scared to buy because they know that tomorrow they will be able to get a lower price," a trader said.Most market...Read More
China's domestic rebar prices increased mildly on Wednesday December 12 following higher billet and futures prices. Domestic Eastern China (Shanghai): 3,780-3,820 yuan ($548-553) per tonne, up 10-20 yuan per tonneNorthern China (Beijing): 3,490-3,520 yuan per tonne, up 20 yuan per tonneBillet prices picked up late on Tuesday and on Wednesday morning. Meanwhile, futures prices rose from Tuesday's n...Read More
The European ferro-molybdenum market, which climbed almost 2.5% in trading a week ago, has pared gains since Friday in line with a drop in demand.Suppliers said there is plenty of alloy available if needed amid negligible levels of consumer demand and they have cut their offer prices as a result.The ferro-molybdenum, basis 65%, in-warehouse Rotterdam price has dropped 20 cents to $29.20-29.40 per...Read More
Key data from the Wednesday December 12 pricing session in Europe. Key drivers European suppliers booked several sales in the past week, narrowing the price range to 50 cents.European market sources said there was downward market pressure from Russian suppliers, but those suppliers have reported doing deals around the middle of the current European price range.European market expected to be stabl...Read More
Hollow steel sections prices in Europe remained flat this week while the market mulled the implications of reaching the import quota limit, market participants said.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 tonne delivered on Wednesday December 12.The hollow sectio...Read More
Turkish pipe export prices continued to weaken over the past week largely due to trade barriers and limited demand, sources told Fastmarkets on Wednesday December 12.Steel pipe producers in Turkey reduced their offer prices for 2mm wall thickness EN10219-standard, grade-S235 tube to $590-600 per tonne fob, down from last month's $610-620 per tonne.Fastmarkets' monthly export...Read More
Saudi Arabia has not imported rebar in 2018 and cannot utilize its full production capacity due to weak domestic demand, Ahmed Al-Hussain, rebar director of Saudi National Committee for Steel Industry said at Fastmarkets MB's Middle East Iron and Steel Conference in Dubai on Tuesday December 11.Saudi Arabia has a combined rebar and wire-rod production capacity of 13.5 million tonnes per year, yet...Read More
The outlook for the steel market in the Middle East is improving because of improved oil prices, Abu Bucker Husain, chief executive officer of United Arab Emirates-based Al Ghurair Iron and Steel (AGIS) said in his presentation on Tuesday December 11 in Dubai.2017 had been the worst year for contracts being awarded in the Middle East since 2012 but now investment in construction, infrastructure pr...Read More
Demand for flat steel in Turkey is expected to remain slow throughout December, and export demand was not strong because of seasonal reasons, but prices are not expected to fall because they did so in November, market participants told Fastmarkets on Thursday December 6.Local producers have filled their order books until late January, they said.The price falls in November resulted in part from wea...Read More
As Fastmarkets begins a series on the use of blockchain in commodities, we take a look at the basic concepts in a guide for beginners. What is blockchain?Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets. In other words, it is a record of deals and data that can be shared among members of a network and that cannot be changed.Wait, s...Read More
Timely access to reliable data has been a key factor hindering the success of trade finance for years. Fastmarkets looks at what the problem is and how blockchain has set out to overcome it.Trade finance, the complex management of capital required for international trade to flow, has made huge strides in developing blockchain networks designed to ultimately replace more traditional methods.It is a...Read More
Iranian export billet and slab prices continued to fall this week, with sanctions leading suppliers to cut offers, but with little success.Billet offers from Iran were heard at $395-405 per tonne fob, depending on the producer, down from $405-412 per tonne fob last week.However, most customers have held back from purchasing Iranian material."It is too risky to buy Iranian steel...Read More
CIS export billet price dropped further on Wednesday December 12 with negative sentiment in the market curbing trading activity."People are just scared to buy because they know that tomorrow they will be able to get a lower price," a trader said.Most market...Read More
The latest news and price moves to start the Asian day on Thursday December 13.Base metal prices on the London Metal Exchange had mostly drifted lower by the close on Wednesday December 12 but were confined to tight ranges throughout what was an unexceptional trading day. Read more in our live futures report.Here are how prices looked at the close of trading:A historic backwardation in zinc forwar...Read More
The latest metal markets news and price moves to start the North American day on Wednesday December 12.London Metal Exchange base metal prices have made a typically tentative start to trading on Wednesday December 12, with copper, aluminium and zinc all trading down against yesterday's close. Here is how the LME base metals complex looked at 11.40am London...Read More