Key data from the Friday July 2 pricing session in China.Key driversChina's spot domestic cobalt metal price maintained its upward momentum on Friday July 2, driven by continuing bullish sentiment and rising local future prices. Sellers succeeded in concluding small-volume deals at higher levels because some buyers with immediate needs started to restock to avoid further price increases.The rising...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
The bullish momentum in China's stainless steel market in the first half of 2021 will likely extend into the third quarter, which would underpin prices for upstream products such as nickel pig iron (NPI) and ferro-chrome, market participants say.But several mills' plan to put new capacity into operation could weigh on prices in the fourth quarter, which would affect the upstream market for these r...Read More
Gerald Group's subsidiary SL Mining resumed loading iron ore for export in the Port of Freetown, Sierra Leone, West Africa, on Sunday July 4 2021, the London-based metals trader said this week.The company's first exports since June 2019, the "Marampa Blue" brand iron ore concentrate being shipped is more than 65% iron content and the unspecified volumes being transported will be taken from SL Mini...Read More
China bucked the trend among major iron ore importers by continuing to increase its purchases of the steelmaking raw material from abroad in 2020.The country imported 1.17 billion tonnes of the iron ore last year, an increase of 9.4% compared with 2019.European Union countries collectively accounted for the largest decrease among major iron ore importers, with purchases tumbling 20.8% year on year...Read More
Export prices for steel slab from the Commonwealth of Independent States dropped in the week to Monday July 5 amid decreasing finished flat steel values in the region, as well as a possible increase in supply through July before Russia imposes an export duty on metal products in August."The price trend in hot-rolled coil has affected the slab sector. MMK [Magnitogorsk Iron & Steel Works] scared ev...Read More
CIS export billet prices fell on Monday July 5, with customers pushing for lower rates because Russian mills are now looking to sell volumes ahead the introduction of an export duty in August.On Friday June 25 the Russian government approved a temporary export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU). The duties will apply from August 1 through to...Read More
Brazilian slab prices remained stable for the fourth consecutive assessment period in the week ended Friday July 2, with buyers and sellers continuing to dispute the price level.Fastmarkets' weekly assessment for steel slab, export, fob main port Brazil, was $980-1,000 per tonne fob on July 2, unchanged since June 4.A little activity was seen during the week, with the market beginning to transitio...Read More
Stainless steel prices continue to register new highs around the end of the first half of 2021 and steelmakers continue to enjoy outsized margins.They have responded in recent months by increasing their output, which has now pushed above pre-pandemic levels and will eventually restore balance to the market.For now, though, supply gaps are still being filled and buyers find themselves competing aga...Read More
Export prices for steel slab from the Commonwealth of Independent States dropped in the week to Monday July 5 amid decreasing finished flat steel values in the region, as well as a possible increase in supply through July before Russia imposes an export duty on metal products in August."The price trend in hot-rolled coil has affected the slab sector. MMK [Magnitogorsk Iron & Steel Works] scared ev...Read More
Russia-origin aluminium will carry an export duty of 15% with a minimum rate of $254 per tonne from August 1 until December 31 this year, according to the Russian government.Export duties have been approved on 340 non-ferrous and steel products, after Russian Prime Minister Mikhail Mishustin signed an official decree on Friday June 25.Primary aluminium, under harmonized system code 760110, will al...Read More
Domestic prices for steel rebar in Russia's Central Federal District around Moscow were largely stable in the week to Monday July 5, aided by solid demand from construction.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was 72,500-75,000 ($990-1,024) roubles per tonne on Monday, including 20% value-added tax, unchanged from last week.High const...Read More
U.S. equity index futures were slightly lower this morning. S&P 500 futures were down 2 points in pre-opening trade.Gold gained $27.50 to $1,810.70 per ounce in response to U.S. Dollar weakness.Apple gained $0.29 to $140.25 after JP Morgan raised its target price from $165 to $170.Nvidia advanced $11.19 to $830.67 after KeyBanc Capital raised its target price from $775 to $950 American Express...Read More
Here are five Fastmarkets stories you might have missed on Friday July 2 that are worth another look.Prices for flat-rolled steel products imported into South America were down in the week ended July 2 because of lower prices on an fob basis in China, and with fewer offers in the market while mills prepared for September-shipment negotiations.Read More
Here are five Fastmarkets stories you might have missed on Friday July 2 that are worth another look.Prices for flat-rolled steel products imported into South America were down in the week ended July 2 because of lower prices on an fob basis in China, and with fewer offers in the market while mills prepared for September-shipment negotiations.Read More
Here are five Fastmarkets stories you might have missed on Friday July 2 that are worth another look.Prices for flat-rolled steel products imported into South America were down in the week ended July 2 because of lower prices on an fob basis in China, and with fewer offers in the market while mills prepared for September-shipment negotiations.Read More
Here are five Fastmarkets stories you might have missed on Friday July 2 that are worth another look.Prices for flat-rolled steel products imported into South America were down in the week ended July 2 because of lower prices on an fob basis in China, and with fewer offers in the market while mills prepared for September-shipment negotiations.Read More
Here are five Fastmarkets stories you might have missed on Friday July 2 that are worth another look.Prices for flat-rolled steel products imported into South America were down in the week ended July 2 because of lower prices on an fob basis in China, and with fewer offers in the market while mills prepared for September-shipment negotiations.Read More
July 3rd 2021The following notes were developed prior to my interview on Michael Campbell's Money Talks radio show on CKNW on Saturday. Trader's outlook for North American equity marketsSeasonal influences for North American equity markets are positive in the month of July (particularly in a Post-U.S. Presidential Election year). Strength is Post-U.S. Presidential Election years is related to...Read More
Base metals, iron ore, rebar and precious metal prices on the Shanghai Futures Exchange were up across the board this morning, Monday July 5, with all the base metals, apart from lead, also higher on the London Metal Exchange.Markets taking comfort from Friday’s US employment report. But markets likely to be quiet today with the United States celebrating Sunday’s Independence Day.Base me...Read More