The steel rebar and billet import market in the United Arab Emirates was slow after the country's biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.Emirates Steel, the biggest producer in the UAE, decreased its rebar price by 55 dirhams ($14.97) per tonne to 3,012 dirhams per tonne ex-works in effect from June 27.The new rebar price did not improve...Read More
Prices for steel billet exports from the Commonwealth of Independent States softened early in the week started Monday June 28 due to a lack of support from buyers.Russian suppliers mostly continued to stay away from the market, with no fresh offers placed yet following news last Friday of the planned introduction of an export duty on steel products from August 1.The duty's base rate will be 15%, w...Read More
Russia has adjusted existing export duties on ferrous scrap, setting duties at 5% with a minimum level of ?,?70 ($83) per tonne, according to the decree signed by the country's prime minister Mikhail Mishustin on June 23.The new regulations will come into force in the 30 days after the decree's publication and will remain in effect for a period of 180 days.Read More
Ferrous scrap prices in Mexico's steelmaking regions of Monterrey and Baj?-o were mostly stable week on week while demand remained high, according to several sources.Few changes were reported during the past week, with prices appearing to stabilize at currently high levels. There were reports of some buyers adjusting their prices upward for some grades in the region near the northeastern Monterrey...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 29 that are worth another look....Read More
The European steel association (Eurofer) has welcomed the extension of existing safeguard measures because they will continue to protect Europe's domestic steel industry from excessive imports.On June 25, the European Union confirmed there will be a three-year extension of the safeguarding measures on 26 steel products imported into the EU - lasting until June 30, 2024, with quota volumes increasi...Read More
The steel rebar and billet import market in the United Arab Emirates was slow after the country's biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.Emirates Steel, the biggest producer in the UAE, decreased its rebar price by 55 dirhams ($14.97) per tonne to 3,012 dirhams per tonne ex-works in effect from June 27.The new rebar price did not improve...Read More
Export prices for steel rebar and wire rod from the Commonwealth of Independent States softened in the week ended Tuesday June 29 with the market under pressure from the introduction of a duty on steel product exports from Russia, as well as the extension of safeguard duties in Europe."The introduction of an export duty in Russia is an unprecedented event, and it will now take time to understand w...Read More
Hot-rolled coil prices in China's domestic market inched lower on Tuesday June 29 while futures prices reversed earlier gains.DomesticEastern China (Shanghai): 5,390-5,450 yuan ($834-844) per tonne, widening downward by 10 yuan per tonne from 5,400-5,450 yuan. Spot prices edged lower after the most-traded HRC contract on the Shanghai Futures Exchange fell slightly from an earlier high of...Read More
Domestic prices for hot-rolled coil in Europe remained stable on Tuesday June 29 with trading activity still limited, sources told Fastmarkets.Buyers have been more cautious about making new deals because they have sufficient stocks for the next few months and delivery times from the EU mills for HRC are reaching late 2021. For downstream coil, several producers said they were now sold out for the...Read More
Flat steel prices for imports into the United Arab Emirates and Saudi Arabia decreased during the week ended Tuesday June 29, but demand was better because of low stock levels, Fastmarkets was told.Some market participants expected flat steel prices to increase because of Russia's recently proposed export duty.Russia will impose a base 15% export duty on 340 metal products, including hot-rolled co...Read More
Australia-listed Infinity Lithium Corp has entered into a non-binding memorandum of understanding (MOU) for the long-term supply of battery-grade lithium hydroxide with South Korean lithium-ion battery manufacturer LG Energy Solution, the Australian company said on Monday June 28. Under the agreement, the former will supply lithium hydroxide produced from its 75%-owned San Jos?(C) lithium project...Read More
Lithium carbonate chemical prices must remain in excess of $10 per kg to stimulate the creation of new capacity to match the exponentially growing demand, Wei Xiong, vice president of China's General Lithium, has said.Wei was speaking during a lithium market webinar hosted by investment bank Morgan Stanley on Friday June 25."Demand [for lithium] is very solid," he said, "but supply is flexible and...Read More
UK-based mineral processing company Green Lithium has secured ?1.6 million ($2.22 million) in seed-round funding to advance its plans to build and operate the first large-scale lithium refinery in the country, it said on Monday June 28.The funds were sourced from a range of high-net-worth individual investors, and the total was more than five times the initial targeted amount, Green Lithium said....Read More
Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were weaker across the board this morning, Tuesday June 29, with the spread of the Covid-19 Delta variant a worrisome development.While lockdowns can hit demand, there is also a risk to supply from mine closures or further logistical delaysBase metalsLME three-month base metals prices were down across the board...Read More
Turkish steel mills picked up their activity in the deep-sea scrap markets with a fresh UK cargo sold at fairly stable prices, market participants said on Tuesday June 29.A steel mill in the Marmara region booked the UK cargo, comprising 25,000 tonnes of HMS 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus at an average price of $505.50 per tonne cfr. The cargo is scheduled to be...Read More
Ferrous scrap prices in Mexico's steelmaking regions of Monterrey and Baj?-o were mostly stable week on week while demand remained high, according to several sources.Few changes were reported during the past week, with prices appearing to stabilize at currently high levels. There were reports of some buyers adjusting their prices upward for some grades in the region near the northeastern Monterrey...Read More
Iron ore prices fell amid Chinese emissions restrictions and depressed market sentiment on Tuesday June 29, with the ongoing rainy season in southern China also dampening demand, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $212.33 per tonne, down $6.29 per tonne62% Fe low-alumina fines, cfr Qingdao: $214.94 per tonne, down $5.83 per tonne58% Fe fines high-grade...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 29 that are worth another look....Read More
The European ferro-titanium and titanium scrap markets may be set to push higher in the coming months after news that Russia will impose an export tax on ferro-alloys between August 1 and December 31 this year, according to industry sources.Europe imported around 1,500 tonnes of ferro-titanium per month on average from Russia in the past three years, including Scandinavia and Turkey, with 1,700-1,...Read More