Turkish steel mills continued to book deep-sea scrap for August shipment at slightly higher prices, market sources said on Thursday July 8.A steel mill in the Iskenderun region booked a US cargo, comprising HMS 1&2 (90:10) at $498 per tonne, shredded and plate & structural (P&S) at $516. The composition of the cargo was not shared by the parties involved. This compares with deep-sea bookings heard...Read More
Demand for steel scrap imports into Bangladesh was being limited by the country's extended Covid-19-related lockdown, market participants told Fastmarkets on Thursday July 8.The strict lockdown, which has been extended until at least July 14, has led to a complete shutdown of the country's steel retail market and has led to an exodus of laborers from the capital city, Dhaka."They are not admitting...Read More
The price gap between higher and lower grades of steel scrap continued to widen in the Japan export market over the past week, sources told Fastmarkets on Thursday July 8.Rising demand for heavy scrap (HS) and Shindachi busheling, both from blast-furnace (BF) mills in Japan and buyers in South Korea, has continued to propel prices for these materials upward.On the other hand, limited demand for lo...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 8 that are worth another look.Iran's steel output will be negatively affected by severe power shortages that started in June and still remain an issue, market participants said.Kamoa Copper's 3.8-million-tonne-per-year concentrator in the...Read More
Base metals prices on the London Metal Exchange showed mixed directions at the 5pm close of trading on Thursday July 8, with copper and aluminium down on a slowing Chinese economy and talks of tapering from the United States."The takeaway from last night's FOMC [meeting] appears to be that this month... should see the ramping-up of more formal talks on tapering, with the line that the conditions f...Read More
Seaborne iron ore prices dropped across the board on Thursday July 8, due to a weakening demand outlook caused by the growing potential for steel production cuts in the second half of the year, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $218.04 per tonne, down $4.35 per tonne62% Fe low-alumina fines, cfr Qingdao: $222.00 per tonne, down $3.70 per tonne58% Fe fines high-gr...Read More
Coking coal prices were largely stable on Thursday July 8, with sellers and buyers in China's cfr market assessing the potential impact of the government's desire to limit steel production.Fastmarkets indicesPremium hard coking coal, fob DBCT: $202.33 per tonne, up $0.08 per tonnePremium hard coking coal, cfr Jingtang: $308 per tonne, down $0.35 per tonneHard coking coal, fob DBCT: $173.58 per ton...Read More
Steel reinforcing bar prices in the United States' domestic market were steady again this week, with market sentiment mixed regarding what might come next.Fastmarkets' weekly assessment for steel rebar, fob mill US was at $48 per hundredweight ($960 per short ton) on Wednesday July 7, unchanged since June 16 but up by 9.09%% from $44 per cwt on June 2.US marketSupply remains tight, marke...Read More
There was little activity in Egypt's steel rebar and billet markets in the week to Thursday, July 8, with market participants awaiting confirmation of changes to the country's import duties, sources told Fastmarkets.Egypt's Ministry of Trade & Industry is currently considering whether to remove or reduce import duties on steel because of the current high prices for long steel products and a shorta...Read More
Turkey's import and domestic billet prices have increased over the past week due to stronger demand, market participants told Fastmarkets on Thursday July 8.Suppliers in the Commonwealth of Independent States region have increased their offers to Turkey ahead of the introduction of Russia's export duty on August 1.The Russian government has approved temporary export duties on 340 steel and no...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 7.Please click...Read More
China's domestic rebar prices continued to rise on Thursday July 8 due to market participant concerns over lower supplies after the government called on mills to keep production below 2020 levels.DomesticEastern China (Shanghai): 5,020-5,050 yuan ($775-780) per tonne, up by 60 yuan per tonneMore steel mills were said to be reducing production over the next six months to ensure annual production is...Read More
The European ferro-tungsten market rose over the week to Thursday July 8, with offer prices increasing rapidly on reduced spot availability in Europe and the prospect of Russia imposing an export tax from August 1.Fastmarkets assessed the price of ferro-tungsten, basis 75% W, in-whs dup Rotterdam, at $37.75-38.50 per kg on July 7, up from the previous assessment of $35.60-37.00 per kg. The market...Read More
Prices for steel hollow sections in Europe were flat on Wednesday July 7 due to a replenishing in stocks following the renewed import quota, sources told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?1,370-1,420 ($1,631-1,690) per tonne on July 7, unchanged week on week.Hot-rolled coil, the feedstock for hollow sections, rema...Read More
All the world's major coking coal importers reduced their purchases in 2020 amid steel production cuts and lockdowns caused by the Covid-19 pandemic.China, Japan, South Korea, the European Union and India imported a total of 217.76 million tonnes of coking coal last year, down by 10.1% from 2019....Read More
Steel producer Feralpi Group has increased its investments into decarbonisation projects and plans to improve production processes as part of its industrial development strategy, the company said.Technical investments for its 2020 year rose to ?,?55.6 million ($65.6m), as part of its industrial plan, which is aimed at achieving maximum efficiency of operations, reducing consumption and emissions.T...Read More
Europe's third-quarter steel import quotas opened on Thursday July 1, but already some suppliers have absorbed a large proportion of the long steel allocation, repeating a similar scenario from the previous quarter.As a result, European independent traders and downstream steel users are once again left with no alternative to domestically produced steel and surging prices, sources told Fastmarkets....Read More
Here are five Fastmarkets stories you might have missed on Thursday July 8 that are worth another look.Iran's steel output will be negatively affected by severe power shortages that started in June and still remain an issue, market participants said.Kamoa Copper's 3.8-million-tonne-per-year concentrator in the...Read More
The European ferro-tungsten market rose over the week to Thursday July 8, with offer prices increasing rapidly on reduced spot availability in Europe and the prospect of Russia imposing an export tax from August 1.Fastmarkets assessed the price of ferro-tungsten, basis 75% W, in-whs dup Rotterdam, at $37.75-38.50 per kg on July 7, up from the previous assessment of $35.60-37.00 per kg. The market...Read More
Ferro-chrome prices in Asia and Europe have been trending upward since mid-May amid strong demand, with tightened supply from India fueling the bullish sentiment further in those markets, according to industry sources.India - ranked as the world's fourth-largest producer of ferro-chrome - produced around 1.28 million tonnes of the ferro-alloy in 2019, but last year it produced just 970,000 tonnes...Read More