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
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
Key data from Fastmarkets' pricing session in Europe on Wednesday August 18.Key driversThe titanium alloy market narrowed higher in its price range in the reported week as higher-priced deals done for fourth quarter delivery strengthened spot market sentiment. Industry sources reported fourth quarter deals at $8.30 per kg basis ddp and expect renewed spot demand around the end of August and into S...Read More
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
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
Tight aluminum supplies and high logistics costs pushed the US Midwest premium to a record high in the week to Tuesday August 17 and kept Rotterdam premiums firm despite a spread backwardation on the LME - although that combined with slow demand to put downward pressure on Asian premiums.The United States Midwest market sets another record high on tight suppliesIn Europe, Rotterdam premiums remain...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
Here are five Fastmarkets stories you might have missed on Tuesday August 17 that are worth another look.New Brazilian service center Centro de Cortes de Pr?(C)-Pintados (CPP), which focuses on pre-painted steel products, started operational activity in the southern state of Santa Catarina on August 11, the company told...Read More
A third trade union representing workers at Codelco's Andina copper mine has gone on strike after rejecting the company's latest labor offer, the Chilean state-owned miner said.A third trade union representing workers at Codelco's Andina copper mine have gone on strike after rejecting the company's latest labor offer, the Chilean state-owned miner said. Suplant joined Industrial Integration Labor...Read More
A summary of China-headquartered Huayou Cobalt's results for the six months ended June 30, 2021, as released by the company on Monday August 16.January-June 2021 results(year-on-year change)Revenue 14.29 billion yuan ($2.21 billion), up by 57.91%Net profit 1.42 billion yuan,...Read More
The downward trend in China's domestic rebar market was snapped on Tuesday August 17 amid stronger demand from the construction sector. DomesticEastern China (Shanghai): 5,190-5,220 yuan ($801-805) per tonne, unchangedEnd-user demand in eastern China has increased gradually over the past two days on good weather and an improving Covid-19 situation. The number of infections in...Read More
Seaborne iron ore prices fell on Tuesday August 17, with crude steel production cuts in China leading to thin trading and depressing market sentiment.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $160.75 per tonne, down $2.77 per tonne62% Fe low-alumina fines, cfr Qingdao: $161.65 per tonne, down $2.38 per tonne58% Fe fines high-grade premium, cfr Qingdao: $129.54 per t...Read More
A spike in the US Dollar Index in the afternoon of Tuesday August 17 brought down the prices for all base metals except tin and lead by the 5pm close of trading on the London Metal Exchange, with copper and nickel down respectively by 2% and 1.6%.The dollar index hit an intraday high of 93.14 on Tuesday, the highest since Thursday last week, when it reached 93.19."We've had two days of macro uncer...Read More
Seaborne iron ore prices fell on Tuesday August 17, with crude steel production cuts in China leading to thin trading and depressing market sentiment.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $160.75 per tonne, down $2.77 per tonne62% Fe low-alumina fines, cfr Qingdao: $161.65 per tonne, down $2.38 per tonne58% Fe fines high-grade premium, cfr Qingdao: $129.54 per t...Read More
Robust domestic prices in the Japanese steel scrap market were keeping prices for material from the East Asian country strong despite tepid demand from major importers, sources told Fastmarkets on Tuesday August 17.Japanese local scrap prices remain firmBuying interest for imported HS limited in ChinaTaiwan scrap import prices inch higher amid strong offers.JapanContinued robust demand in Japan's...Read More
South Korean lithium-ion battery manufacturer LG Energy Solution (LGES) has entered into an offtake agreement with Australian Mines Ltd for battery-grade nickel and cobalt materials produced by the latter.Under the agreement, the Korean company will have access to 71,000 tonnes of nickel and 7,000 tonnes of cobalt in the form of mixed hydroxide precipitate for six years starting from the end of 20...Read More
A summary of China-headquartered Huayou Cobalt's results for the six months ended June 30, 2021, as released by the company on Monday August 16.January-June 2021 results(year-on-year change)Revenue 14.29 billion yuan ($2.21 billion), up by 57.91%Net profit 1.42 billion yuan,...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb 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 standard...Read More
Operations have been temporarily halted in Alashankou Port in Bortala Mongol autonomous prefecture, Northwest China's Xinjiang Uygur autonomous region, following reports of three new COVID-19 cases in the region on August 15.Commodities that have already arrived there, including copper cathodes, copper concentrates, refined zinc and zinc concentrates, are being held, and deliveries will be delayed...Read More
Turkish steel producers are continuing with deep-sea scrap purchases for September shipment, but at a slow pace, market participants told Fastmarkets on Tuesday August 17.A steel mill in the Izmir region booked a Venezuelan cargo consisting of 25,000 tonnes of HMS 1&2 (80:20) at $449 per tonne cfr late on Monday August 16.The cargo was scheduled to be shipped in the second half...Read More