Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
Domestic hot-rolled coil prices were fairly stable across Europe on Monday August 2 due to the seasonal slowdown, market sources told Fastmarkets.In Northern Europe, buyers have been in "wait-and-see" mode while assessing price trends. They have booked sufficient volumes of coil and, therefore, were able to take a pause in their purchasing activity.Buyers also needed to evaluate effect on the mark...Read More
Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
Base metals prices on the London Metal Exchange were generally trending higher this morning, Monday August 2, with copper the metal that seems to be struggling the most. Base metals trading on the Shanghai Futures Exchange gave a mixed performance, however.Chinese equities rebound this morning after last week's weaknessUS Senate makes progress on $1 trillion infrastructure billChina's official man...Read More
The recent Covid-19 outbreak across southeast Asia is weighing on Thai aluminium billet demand in the region after five months of price rises, sources told Fastmarkets. On-site labor restrictions in Thailand and the related closure of several extruder facilities in both Thailand and Vietnam due to Covid-19 restrictions have caused orders to temporarily stall followed by stock inventories inching u...Read More
The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.China's National Health Commission said on Monday August 2 that there were 98 new cases reported a day earlier, including 40 cases in Jiangsu province alone. Jiangsu's capital city, Nanjing, has been reporting a hi...Read More
ArcelorMittal's forthcoming hot-strip mill in Mexico will change the profile of the steelmaker's Mexican flat steel business, the company's chief executive officer said during an investor call to discuss its second-quarter earnings on Thursday July 29.The new Mexican mill - which will add 2.5 million tonnes per year of hot-rolled coil production capacity to the current 4-million-tpy slab capacity...Read More
The price of lead reached a new year-to-date peak of $2,412.50 per tonne on Monday August 2, while nickel and copper faltered in trading on the London Metal Exchange.Lead's three-month price was at its highest on Monday for 37 months, since July 2, 2018. The metal's price was up by 0.8% from its price last Friday, hitting $2,402 per tonne at the close of trading. It had risen by 5.5% last month.Eu...Read More
China's cobalt sulfate market softened on Friday July 30 with competitive offers from scrap-fed materials; some traders began to give aggressive offers to generate sales, sources told Fastmarkets.Lower offers for cobalt sulfate produced from scrap emerged and brought downward pressure on the market, which halted buying for sulfate produced from cobalt hydroxide (regular-fed material) while buyers...Read More
China's cobalt sulfate market softened on Friday July 30 with competitive offers from scrap-fed materials; some traders began to give aggressive offers to generate sales, sources told Fastmarkets.Lower offers for cobalt sulfate produced from scrap emerged and brought downward pressure on the market, which halted buying for sulfate produced from cobalt hydroxide (regular-fed material) while buyers...Read More
The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.China's National Health Commission said on Monday August 2 that there were 98 new cases reported a day earlier, including 40 cases in Jiangsu province alone. Jiangsu's capital city, Nanjing, has been reporting a hi...Read More
Iron ore prices mostly went up on Monday August 2 with the Chinese government being urged to pull back its aggressive carbon-reduction measures. This resulted in improved expectations for iron ore demand, because the proposed cuts in steel production for the rest of 2021 may be eased, market sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $184.42 per tonne, up by $2.85 per tonn...Read More
Improved shipments and record-high hot band prices pushed US Steel's second-quarter net income to $1.012 billion, in contrast to a net loss of nearly $589 million in the equivalent quarter last year.The mini-mill segment generated $324 million in earnings before interest, taxes, depreciation, and amortization (Ebitda) and had a 36% margin in the quarter, the Pittsburgh-based steelmaker said in an&...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.Micron added $0.95 to $78.59 after announcing a $0.10 per share dividend paid quarterly.Take Two dropped $7.34 to $165.87 after the company offered guidance below consensus. Mosaic added $1.31 to US$31.23 after reporting higher than consensus second quarter earnings. Clorox dropped $17.20...Read More
Spot prices for rebar imports in Singapore fell further in the week to Monday August 2 on ample supply.At least two Indian rebar cargoes were offered by traders to Singapore, including one at $735-740 per tonne cfr Singapore and another one at $740-745 per tonne cfr Singapore, both on a theoretical weight basis.The first cargo had originally been bound for Hong Kong, but was later offered to Singa...Read More
Prices for domestic and imported merchant bar quality (MBQ) steel in the United States rose in July, when demand continued to outpace supply, extending lead times and depleting inventories across the supply chain.Fastmarkets' monthly assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US was $55.80 per cwt ($1,116 per ton) on Friday July 30, up by 3.72% from $53.80 per c...Read More
(Recasts with updated prices) By Eric Onstad LONDON, Aug 2 (Reuters) - Copper prices slipped on Monday,weighed down by worries about demand after weak factory datafrom the United States and top metals consumer China. A weaker dollar, hopes for more stimulus in China andprospects for a strike in top producer Chile cushioned thelosses. Three-month copper on the London Metal Exchange wasdown 0.5% at...Read More
A summary of Glencore's production results for the first half year of 2021, released on Friday July 30.In brief The company's own sourced zinc production rose year on year, mainly due to recovery from Covid-related suspensions in the second quarter of 2020, particularly in Peru. Its own sourced nickel production was lower compared to the corresponding period in 2020 due to major planned maintenanc...Read More
Here are five Fastmarkets stories you might have missed on Friday July 30 that are worth another look.A change in China's tax rebates for several steel products brought trade to a halt in the South American coil import market, while prices continued to rise.Nickel producer Talon Metals will collaborate with the United...Read More
Precious metals mining company Sibanye-Stillwater is going to buy the Sandouville nickel hydrometallurgical processing facility from French mining group Eramet SA in a move to build on its strategy to diversify into the battery metals supply chain, the company said.The current Sandouville facilities, located in Normandy, France, include a hydrometallurgical nickel refinery with a capacity of 12,00...Read More