Flat steel import markets in the United Arab Emirates and Saudi Arabia were slow during the week ended Tuesday November 2 because of uncertainty over the price direction, sources told Fastmarkets.The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.On the other hand, strong local demand in the Indian market prompted buyers to expect p...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Maree Robertson, chief financial officer at Rio Tinto's energy and minerals branch, will become senior vice president and chief financial officer at the international mining company Freeport-McMoRan, the company said on Tuesday November 2.The appointment will become effective on March 1, 2022.Robertson will assume responsibility for Freeport's accounting, finance and tax functions, including finan...Read More
Domestic steel rebar prices in Russia's Central Federal District around Moscow continued to rise during the week to Monday November 1 on depleted stocks and limited supply from the mills.Fastmarkets' assessment of the price for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 75,000-77,000 roubles ($1,053-1,081) per tonne cpt on Monday, including 20% value-added tax. This was up by...Read More
The north China steel production hub of Handan city in Hebei province has implemented stricter production cuts at steel mills from Monday November 1 to November 7.The move has been made is to mitigate weather-influenced air pollution over the period and comes just after the city finished implmenting steel production curbs in September and October to limit the crude steel output in line with China'...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Mining and metals companies say they're serious about transitioning to a sustainable economy, but whether they can afford to is another matter.Achieving decarbonization throughout the supply chain is going to require a huge amount of investment in technology to reimagine production processes and redesign existing sites.Last week, the International Aluminium Institute estimated that to decarbonize...Read More
Bearish macroeconomic indicators pushed prices to trade lower on the London Metal Exchange on Tuesday November 2.Chinese manufacturing purchasing managers' indices (PMI) in recent days have indicated slower growth month on month, which has helped to drive bearish sentiment in the metals market. "It does look as though some major parts of China's economy are struggling," Fastmarkets' head of...Read More
Replacing Section 232 tariffs on European aluminium products with tariff-rate quotas will result in even more trade distortions and create additional market instability for companies in both Europe and the United States, the head of industry association European Aluminium has said.The United States and the European Union (EU) reached an agreement over the weekend to replace the 10% tariff on...Read More
An overview of the chrome ore and alloy markets and their latest price moves in Asia, Europe and the United States on Tuesday November 2.China Alloy market sentiment strengthened after steel mill Tsingshan increased its November ferro-chrome tender prices by 500 yuan ($78) per tonne month on month. Prices of imported charge chrome rose, with some stainless steel mills needing to secure near-t...Read More
Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.The market was awaiting results of the United States Federal Market Open Committee meeting on November 3. The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday's close. Volu...Read More
Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.The market was awaiting results of the United States Federal Market Open Committee meeting on November 3. The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday's close. Volu...Read More
The north China steel production hub of Handan city in Hebei province has implemented stricter production cuts at steel mills from Monday November 1 to November 7.The move has been made is to mitigate weather-influenced air pollution over the period and comes just after the city finished implmenting steel production curbs in September and October to limit the crude steel output in line with China'...Read More
Turkish steel scrap import prices fell sharply on Tuesday November 2, in line with the the latest bookings and amid increasing freight costs and limited finished steel sales to Turkey's key export outlets, market participants told Fastmarkets. On Tuesday, a steel mill in the Marmara region booked a deep-sea cargo from Puerto Rico, comprising HMS 1&2 (80:20) at $494 per tonne and shredded scrap at...Read More
Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.The market was awaiting results of the United States Federal Market Open Committee meeting on November 3. The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday's close. Volu...Read More
Flat steel import markets in the United Arab Emirates and Saudi Arabia were slow during the week ended Tuesday November 2 because of uncertainty over the price direction, sources told Fastmarkets.The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.On the other hand, strong local demand in the Indian market prompted buyers to expect p...Read More
Russian steel mills have received a glut of orders for November deliveries of flat steel products, with active buying interest among stockists pushing up prices for hot-rolled steel in the country's Central Federal District around Moscow in the week to Monday November 1, sources have told Fastmarkets.The approaching expiry of the temporary export duty of $115 per tonne on hot-rolled (HR) sheet and...Read More
Seaborne coking coal prices were relatively stable on Tuesday November 2, with no trades heard in the market, although Chinese domestic coke prices in certain provinces started to fall due to rising inventories and reduced costs.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $600.25 per tonne, unchangedHard coking coal, cfr Jingtang: $525.23 per tonne, unchangedPremium hard coking coal...Read More
Rebar and billet prices decreased slightly in the United Arab Emirates because some mills discounted their prices, sources told Fastmarkets on Tuesday November 2.Demand for rebar has improved week on week because prices have now been announced, sources added.Domestic rebarLocal rebar mills announced new prices on October 24.Emirates Steel has been offering rebar at 2,490 dirhams ($678) per tonne e...Read More
Rebar and billet prices decreased slightly in the United Arab Emirates because some mills discounted their prices, sources told Fastmarkets on Tuesday November 2.Demand for rebar has improved week on week because prices have now been announced, sources added.Domestic rebarLocal rebar mills announced new prices on October 24.Emirates Steel has been offering rebar at 2,490 dirhams ($678) per tonne e...Read More