Copper's price fell to its lowest level since June 21 during trading on Wednesday August 18, pushing all metals on the London Metal Exchange to a decline and causing some to drop below their support levels, while backwardations spread across the complex on cash-to-three month spreads. Risk-off sentiment prevailed on the LME during trading, in part due to a United States dollar index of 93.26 on We...Read More
China's domestic rebar prices decreased on Wednesday August 18 amid sharp losses in the futures market and subdued restocking demand. DomesticEastern China (Shanghai): 5,140-5,170 yuan ($793-798) per tonne, down by 50 yuan per tonneRebar futures plunged during the day on market participants' pessimistic outlook for demand in the next few months. Housing investments in the first seven...Read More
Copper's price fell to its lowest level since June 21 during trading on Wednesday August 18, pushing all metals on the London Metal Exchange to a decline and causing some to drop below their support levels, while backwardations spread across the complex on cash-to-three month spreads. Risk-off sentiment prevailed on the LME during trading, in part due to a United States dollar index of 93.26 on We...Read More
July imports of steel scrap to South Korea increased both on a month-on-month and year-on-year basis following another strong month in June, according to data from the Korea International Trade Association.Steel scrap imports were 462,729 tonnes in July, up 11.9% month on month from June's 413,567 tonnes and up by 49% year on year from 310,620 tonnes in July 2020.But a comparatively sluggish start...Read More
Here are five Fastmarkets stories you might have missed on Wednesday August 18 that are worth another look.The chief executive officer of steel group Techint, Paolo Rocca, was acquitted of all charges in the "notebooks case," an investigation in Argentina into alleged payments made by the company to government officials in 2008.Read More
Iron ore prices fell on Wednesday August 18 amid growing concerns about supply outweighing demand and weaker steel prices, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $153.39 per tonne, down $7.36 per tonne62% Fe low-alumina fines, cfr Qingdao: $154.07 per tonne, down $7.58 per tonne58% Fe fines high-grade premium, cfr Qingdao: $123.48 per tonne, down $6.06 per tonne65% Fe...Read More
The prices of steel hollow sections in Europe remained unchanged on Wednesday August 18 with the market still going through its seasonal slow spell, sources have told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?1,400-1,430 ($1,644-1,679) per tonne on Wednesday, unchanged week on week.There was almost no trading in the market wh...Read More
The domestic price for steel wire rod in Southern Europe was unchanged in the week to Wednesday August 18 amid quiet trading, while falling raw material prices weigh on market outlook, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was unchanged at ?,?830-850 ($975-998) per tonne on August 18.Steel producers and...Read More
A six-week price rally in the UG2 chrome ore market since late June was reversed in the week to Tuesday August 17, mainly due to falling demand for material from both the seaborne and portside markets.Fastmarkets' calculation of the chrome ore, South Africa UG2 concentrates index, basis 42%, cif China, nudged down by $2 per tonne to $182 per tonne on August 17, from $184 per tonne one week earlier...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Dalila Ouerghi and...Read More
Short supply of nickel products in the United States pushed the cut cathode premium up by more than that for briquette in the week to Tuesday August 17, while trade was still subdued in other regions, Fastmarkets has heard.US 4x4 cut cathode premium up by 11.1%Continued arbitrage losses, Covid-19 problems worry Chinese tradersEuropean premiums flat in summer holiday lull.Both US premiums rise in b...Read More
Export prices for CIS-origin steel billet from the Black Sea basin continued to decrease in the week to Wednesday August 18 amid bearish sentiment in the major outlet markets.After concluding several sales to customers in Latin America late last week, mills in the Commonwealth of Independent States had covered the demand in this market, which appeared to be the highest-paying at the moment.Other m...Read More
The United States remained the bright spot for the physical trading of lead in the week to Wednesday August 18 amid a massive backwardation, while appetite for zinc was weak in Europe and China, Fastmarkets has heard.Wide backwardation in lead spread reduces spot trading interest in Asia, USLondon Metal Exchange lead inventory at low level, while Shanghai Futures Exchange lead inventory runs highP...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More
The Cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end) trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt hydroxide p...Read More
The Cobalt sulfate 20.5% Co basis, exw China, yuan/tonne trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets...Read More
A summary of BHP's financial results for the year ended June 30, as published on Tuesday August 17. Record free cash flow of $19.4 billion generated during 2021 financial year.Return on capital employed strengthened to 32.5%. Net debt at $4.1 billion on June 30. Final dividend of $2 per share, which brought BHP's returns to shareholders...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 36 points in pre-opening trade.Equity index futures were waiting for release of the August Philly Fed Index at 8:30 AM EDT. Consensus is an increase to 28.0 from 21.9 in July.Cisco slipped $0.65 to $54.50 despite reporting higher than consensus second quarter revenues and earnings. Nvidia added $4.18 to $194.58 after...Read More
The United States Department of Commerce ordered a final anti-dumping duty rate on sales of certain steel and alloy wire rod from Mexico shipped to US that were made at a less-than-normal value from October 1, 2018 through September 30, 2019, according to a notice in the Federal Register on Wednesday August 18.The order is a result of the agency's investigation into wire rod shipments to the US fr...Read More