Turkish steel mills booked no new cargoes on Tuesday August 10, keeping prices stable, but older cargoes have been reported, sources told Fastmarkets.Despite a lack of new bookings on Tuesday, cargoes booked the previous week were reported by the market.A United Kingdom booking comprised of 25,000 tonnes of HMS 1&2 (80:20) at $460 per tonne cfr was traded late in the week to August 6....Read More
Russia's Metalloinvest is investing 2 billion roubles ($27.18 million) in increasing iron ore pellet output at its Oskol Electrometallurgical Plant (OEMK) in Russia's Central Federal District. The company will reconstruct its pelletizing plant at OEMK, replacing the existing equipment and adding a sixth pelletizing line. It expects the work to be complete in the fourth quarter of 2022.The changes...Read More
Iron ore prices fell significantly on Tuesday August 10 due to continuing weak demand, with production cuts and pollution-control measures in China's Tangshan city, in preparation for February's 2022 Winter Olympics, further depressing market sentiment.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $162.44 per tonne, down $10.07 per tonne62% Fe low-alumina fines, cfr Qingdao: $162.75 per...Read More
Seaborne coking coal prices in China rose on Tuesday August 10, reflecting the strength in domestic coking coal prices where supply remains tight.The fob coking coal market stayed largely stable on the same day because major buyers adopted a wait-and-see approach in light of high offers, market sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $333.75 per tonne, up by $4.16 p...Read More
Vietnamese steelmakers are planning to return to importing deep sea cargoes after limited recent buying activity in the country, sources told Fastmarkets on Tuesday August 10. Vietnamese buyers are looking closely at deep-sea cargoesMajor Chinese steel mills lower domestic scrap purchase prices for the second time in five daysTaiwan secures containerized scrap at lower pricesVietnamBuyers are seek...Read More
China's customs will no longer accept port transfer applications during inspections of imported recycled steel raw materials, according to an official statement on Monday August 9.The recently implemented "Regulations for the Inspection of Imported Recycled Steel Raw Materials" details the inspection requirements for imported recycled steel raw materials.It specifies the place of inspection for th...Read More
Prices of hot-rolled coil in China's domestic market rose on Tuesday August 10, reflecting growing expectations that output will drop following the release of Tangshan's new production curb plan to ensure good air quality for the forthcoming Winter Olympics in Beijing.DomesticEastern China (Shanghai): 5,760-5,820 yuan ($889-898) per tonne, up by 40 yuan per tonneTangshan, China's main steelmaking...Read More
Rebar futures on the Shanghai Futures Exchange increased on Tuesday August 10 and spot prices quickly followed suit, with production cuts widely expected for the rest of 2021, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($802-807) per tonne, up by 10-20 yuan per tonneAccording to a report by a local information provider on Monday, Hebei province plans to cut 21.71 m...Read More
If any member was going to leave the London Metal Exchange ring trading floor, the exchange was probably hoping it wouldn't be Triland Metals Ltd.The company, a wholly owned subsidiary of Japanese conglomerate Mitsubishi, is one of the exchange's longest serving Category 1 members, having joined in 1972 after being founded in the prior year. Having a unit of Japan's largest trading company as a ri...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 grade, in-whs Rotterdam, $/lb at 24.25-25.00 on...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 assessed Cobalt alloy grade, in-whs Rotterdam,...Read More
The silicon price has been on an upward trend since 2021 and has now hit an all-time high.Fastmarkets' assessment of the price for silicon export 98.5% Si min, fob China rose to $2,350-2,450 per tonne on August 6, up by 10.4% from $2,150-2,200 per tonne on July 30. The rainy season in southern China usually signals the start of a downtrend in the Chinese silicon price because of rising...Read More
Base metals prices on the London Metal Exchange were up across the board this morning, Tuesday August 10, this after a day of weakness on Monday - once again it looks like dips are being seen as a buying opportunity.Markets focused on when central bank will start to tighten monetary policy, and to what degree will the Delta variant of Covid-19 will slow the reflation trade Base metalsLME three-mon...Read More
Increased offer prices for silico-manganese in India in the week to August 10 may stop the downward trend in the Indian silico-manganese export market, sources told Fastmarkets.Offer prices for domestic silico-manganese (60% Mn min/min 14% Si) increased to 95,000-96,000 rupees ($1,278-1,292) per tonne on Friday, from 93,000-94,000 rupees at the start of August, against renewed demand from Indian s...Read More
A summary of Finland-based stainless steel producer Outokumpu's results for the second quarter of 2021.In brief The company managed to increase steel deliveries by 20% year-on-year thanks to the improved market fundamentals in all business areas, considering that the reference period in 2020 was much weaker due to the demand slump created by the Covid-19 pandemic. Increased stainless steel prices...Read More
Triland Metals Ltd has resigned as a Category 1 member of the London Metal Exchange, ending almost 50 years as a ring dealing member of the exchange, the company said in a letter to its customers seen by Fastmarkets. Company chief executive officer Martin Pratt said in the letter that Triland - a 100%-owned subsidiary of Japanese conglomerate Mitsubishi set up in 1971 to hedge against price moveme...Read More
Base metals prices on the LME were mainly weaker this morning, Wednesday August 11, after average rebound gains of 1.4% on Tuesday, while SHFE base metals prices were mainly stronger in reaction to yesterday's LME gains.* US Senate passes $1 trillion infrastructure bill, focused on the transport system* Wall Street set fresh record highs on Tuesday* US dollar strong and climbing and US treasury yi...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...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