Strong domestic demand in China and India meant that there were reduced numbers of offers of flat steel products made to the United Arab Emirates and Saudi Arabia in the week ending Tuesday March 30, sources told Fastmarkets.Some of the import offer prices did also go down, however.China and India are two of the principal exporters of flat steel to the Middle East, and an additional factor was the...Read More
Rebar producers in the United Arab Emirates sold material at reduced prices in the week to Tuesday, March 30, to encourage sales despite limited demand, sources told Fastmarkets. Rebar producers in the UAE rolled over their offer prices on March 22 and are officially offering rebar at 2,530-2,545 dirhams ($689-693) per tonne ex-works.However, deals were heard at 2,300-2,435 dirhams per tonne...Read More
CIS billet producers rushed to increase their export offer prices on Tuesday March 30, after a sharp rise in import scrap costs in Turkey on Monday.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $418.27 per tonne on Tuesday, up by $1.40 per tonne day on day and by $12.27 on Monday.In...Read More
The export market for flat steel products from the Commonwealth of Independent States (CIS) went up again during the week to Monday March 29 on further sales to Turkey and an overall shortage in the global market, sources said.Fastmarkets' weekly price assessment for steel hot-rolled coil (HRC), export, fob Black Sea, CIS was $830-855 per tonne on Monday, up from $815-830 per tonne a week earlier....Read More
Turkish deep-sea scrap import prices edged up on Tuesday after firm offers from the Baltic Sea region, although many mills were looking to achieve further rebar sales in the export and domestic markets before purchasing more scrap, sources said on March 30.The most recent deep-sea transaction was done on Friday March 26, when a steel mill in the Iskenderun region booked a United States-origin carg...Read More
A 13-day strike at Shougang Hierro Per??'s Marcona city iron ore mine in southwest Peru has ended, after mediation overseen by the labor authority of the Ica region, the company said this week.A deal was reached after the company agreed to some of the union requests, Shougang Hierro Per?? said in a filing with the Peruvian securities and exchange authority, SMV on Monday March 29. The company said...Read More
Seaborne imports of ferrous scrap into China remained scarce on Tuesday March 30, with a lack of vessels and low bids from Chinese steel mills keeping market liquidity low.Traders are still finding it hard to source vessels to carry bulk shipments of ferrous scrap to China from Japan or other parts of Asia, resulting in a lack of offers from sellers. And high freight costs have exacerbated the log...Read More
Iron ore prices fell on Tuesday March 30, sources told Fastmarkets, due to the downtrend in rebar prices and reduced trading activity at Chinese ports.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $166.58 per tonne,down $1.30 per tonne62% Fe low-alumina fines, cfr Qingdao: $167.22 per tonne,down $1.66 per tonne58% Fe fines high-grade premium, cfr Qingdao: $147.50 per tonne,down $1.96 per...Read More
The seaborne premium hard coking coal price in the fob market inched higher on Tuesday March 30 amid increasing buying interest, while the price was largely stable in the cfr China market despite China's falling metallurgical coke prices, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $114.47 per tonne, up $1.00 per tonnePremium hard coking coal, cfr Jingtang: $213.56 per tonn...Read More
London Metal Exchange futures prices were mixed this morning, with tin, lead and nickel posting small gains and the rest of metals falling slightly below their Monday prices on Tuesday March 30 morning, with broader markets acting as headwinds.LME lead made the biggest gains on Tuesday morning of 0.7% to $1,970 per tonne, from a Monday price of $1,956.50 per tonne, when it was the only metal to cl...Read More
Apart from aluminium, base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were firmer this morning, Tuesday March 30, with broader markets also firmer having partially shook off, for now, contagion worries from last week's hedge fund troubles. US Treasury 10-year yields jump higher againWeakness in gold prices and stronger bond yields suggest market is not lookin...Read More
Seaborne premium hard coking coal prices reversed down in the cfr market and inched higher in the fob market on Friday March 26 amid a positive outlook on the demand side in the fob market, sources said.The seaborne low-volatility pulverized coal injection price increased in the fob market amid more procurement activity while falling down in the cfr market due to weak demand and sufficient local s...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...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...Read More
Teck Resources has agreed to supply China's largest zinc smelter with zinc concentrates from its Red Dog mine this year, diversifying the market for what is one of the world's biggest exporters of the metal.Hechi Nanfang, which produces 400,000 tonnes of refined zinc annually, will receive up to 30,000 tonnes of Red Dog zinc concentrates this year, three sources source with knowledge of the matter...Read More
Strengthening market sentiment has been the driving force behind the recent robust performance in China's selenium market, according to sources.Fastmarkets' weekly price assessment for selenium 99.9% Se min, in-whs China was 155-190 yuan ($24-29) per kg on Friday March 26, up by 10-25 yuan per kg (11.3%) from 130-180 yuan per kg a week earlier. The low end of the range represents prices for domest...Read More
A summary of China-headquartered Huayou Cobalt's 2020 annual report, released by the company on Tuesday March 30.In briefRevenue: 21.19 billion yuan ($3.23 billion), up by 12.38% year on yearNet profit: 1.12 billion yuan, up by 1,549.03% year on yearRevenue for battery materials sector: 7.76 billion yuan, up by 11% year on yearRevenue for non-ferrous...Read More
Structural bull market or flash in the pan? One copper miner isn't taking its chances.Canada's Taseko is expanding a copper hedging strategy to cover 41 million lbs (18,597 tonnes) at a price of $3.75 per lb ($8,267 per tonne), throughout the second half of 2021, it said late on March 29."With the...Read More
Base metals prices on the Shanghai Futures Exchange were weaker on Wednesday March 31, while they track the movement of three-month prices on the London Metal Exchange on Tuesday, but LME prices have found support this morning.* Enthusiasm over economic recovery sent United States treasury 10-year yields higher on Tuesday* China’s manufacturing purchasing managers’ index (PMI) climbs mor...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Investors are waiting for news later today on President Biden's infrastructure bill with an estimated cost of $2.25 trillion.The Canadian Dollar was virtually unchanged at US79.33 cents following release of Canada's January GDP report. Consensus was an increase of 0.5% versus a gain of 0....Read More