Swedish steelmaker SSAB has produced and delivered the world's first fossil-free steel, it said on Wednesday August 18.At a ceremony at SSAB Oxel??sund, the company announced that it has produced what it says is steel made with iron produced using HYBRIT technology, meaning the iron is reduced by 100% hydrogen instead of coal and coke.The technology was developed through a partnership between SSAB...Read More
A gradual increase in end-user demand kept domestic stainless steel prices in China from falling further in the week ended Wednesday August 18. Nickel and stainless steel futures also experienced small changes during the week, which helped to keep spot stainless steel prices stable. The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $19,...Read More
The United States' domestic steel reinforcing bar prices were steady over the past week, with sources trying to absorb the mixed market signals of increased rebar demand and dropping prices for shredded scrap - rebar's key feedstock material.Fastmarkets' assessment for steel rebar, fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday August 18, unchanged from the previou...Read More
Brazilian apparent steel consumption rose by 23.85% year on year in July following the resumption of capacity that was idled early in the Covid-19 pandemic, national steelmaker association Instituto A??o Brasil said on Thursday August 19.Steel demand climbed to 2.36 million tonnes in July, up from 1.91 million tonnes a year before, data from A??o Brasil showed. Volumes, however, were down by 5.11%...Read More
Here are five Fastmarkets stories you might have missed on Thursday August 19 that are worth another look.Brazil's Vale and Luxembourg-based steel producer Ternium signed a memorandum of understanding (MoU) to seek low-carbon steelmaking solutions in an attempt to cut emissions, the Brazilian mining company said on...Read More
Iron ore prices continued to fall on Thursday August 19, with sentiment turning negative due to the bearish demand outlook, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $132.66 per tonne,down $20.73 per tonne62% Fe low-alumina fines, cfr Qingdao: $133.30 per tonne,down $20.77 per tonne58% Fe fines high-grade premium, cfr Qingdao: $103.46 per tonne,down $20.02 per tonne65% F...Read More
The United States' domestic steel reinforcing bar prices were steady over the past week, with sources trying to absorb the mixed market signals of increased rebar demand and dropping prices for shredded scrap - rebar's key feedstock material.Fastmarkets' assessment for steel rebar, fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday August 18, unchanged from the previou...Read More
Domestic long steel prices in Turkey have continued to go down over the past week, in line with the falling deep-sea scrap import costs, market participants told Fastmarkets on Thursday August 19.Turkish deep-sea scrap import prices have been falling over the week while the country's producers were limiting their purchases.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, c...Read More
The premium on copper cathodes imported into China shot up on Thursday August 19 to its highest level since May 2020, buoyed by the opening of an arbitrage window between London and Shanghai.Fastmarkets assessed the benchmark copper grade A cathode premium, cif Shanghai, at $75-100 per tonne on Thursday, up by $10-20 per tonne from $65-80 per tonne on Wednesday, and the highest since late May last...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade.Volume on U.S. equity markets is expected to be higher than average today due to "Triple Witching" activity.The Canadian Dollar was unchanged at US77.50 cents following release of Canada's June Retail Sales report at 8:30 AM EDT. Consensus was a gain of 4.5% versus a decline of 2.2% in M...Read More
German industrial group Thyssenkrupp has resumed steelmaking operations at its largest mill in Duisburg after scheduled maintenance, Fastmarkets heard on Thursday August 19.The company put blast-oxygen furnace No2 at the Duisburg steelworks, with capacity for 5.4 million tonnes per year of pig iron, back into operation on August 17, according to a press release seen by Fastmarkets.The meltshop...Read More
Brazil's Vale and Luxembourg-based steel producer Ternium signed a memorandum of understanding (MoU) to seek low-carbon steelmaking solutions in an attempt to cut emissions, the Brazilian mining company said on Thursday August 19.Plans include potentially installing an iron ore briquetting plant at Ternium Brasil, the steelmakers' slab mill in Brazil's southeastern state of Rio de Janeiro. Ot...Read More
The Turkish deep-sea scrap import market was quiet on Thursday August 19, with the mills keeping their purchases limited for September-shipment cargoes, Fastmarkets was told.The most recent trade was recorded on Wednesday August 18, when a steel producer in northern Turkey booked a European cargo comprising 25,000 tonnes of heavy melting scrap 1&2 (80:20), 7,500 tonnes of shredded and 7,500 tonnes...Read More
Domestic rebar prices in China dropped sharply on Thursday August 19 on falling futures, but restocking demand picked up amid the decreases. DomesticEastern China (Shanghai): 5,010-5,040 yuan ($773-777) per tonne, down by 130 yuan per tonneThe most-traded January rebar futures contract dropped to a low of 4,925 yuan per tonne during Wednesday's night trading session - down by 219 yuan per tonne fr...Read More
Tin was the most affected metal on Thursday's sell-off on the London Metal Exchange, while all metals fell further with risk-off sentiment spreading across commodities and exchanges while Covid-19 continues to dent demand expectations. Tin's three-month price fell 6.4% at the 5pm close to $33,118 per tonne, despite falling by as much as 11% during early trading to $31,500 per tonne on Thursday for...Read More
European ferro-titanium suppliers are set to push up their offer prices for the remaining months of 2021 with steel mills returning to the market after the summer slowdown, industry sources told Fastmarkets.Suppliers have reported deals done above $8 per kg basis ddp for ferro-titanium for delivery in the fourth quarter, as well as deals done approaching $8 per kg for prompt shipment in Europe.The...Read More
Seaborne coking coal prices inched higher in the cfr China market amid positive market sentiment, while fob Austrialia prices remained largely unchanged, sources told Fastmarkets on Thursday August 19.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $366.41 per tonne, up $0.93 per tonneHard coking coal, cfr Jingtang: $323.83 per tonne, up $1.16 per tonnePremium hard coking coal, fob DBCT...Read More
Antofagasta recorded a 68% rise in its revenues for the first half of 2021 compared with last year's earnings, despite lower copper sales. It cut its copper production guidance, however, due to a lack of rainfall in central Chile, the company said on Wednesday August 18.Financial results - in brief: Antofagasta's revenue rose by 67.9% to $3.6 billion in the first half of this year, compared with e...Read More
The cities of Al Ain and Abu Dhabi in the United Arab Emirates have issued decrees saying that only locally produced steel may be used in government-funded construction projects from Wednesday August 18 onward.The notices will apply to all projects approved after August 18. The move was intended to support the local steel industry, sources told Fastmarkets.The government projects to which...Read More
First Solar, which claims to be the world's largest producer of solar power modules, has begun construction of a manufacturing facility in the eastern US state of Ohio, the company said on Tuesday August 17.The company, which is based in the state of Arizona in the western US, will invest $680 million in the Ohio facility, which will have capacity for 3.3GW-worth of modules.The plant will focus on...Read More