The Covid-19 pandemic is likely to accelerate the use of technology in the metals and mining industry, the former chief executive officer of Norsk Hydro said.This makes it all the more important to continue corporate research and development (R&D) functions despite efforts to trim costs, Svein Richard Brandztaeg told Fastmarkets during a webinar interview. "We know from previous serious crises tha...Read More

End-use demand for nickel will be so badly affected by Covid-19 that the London Metal Exchange three-month nickel price will recover at the slowest pace among the base metals, Citi analyst Oliver Nugent told Fastmarkets. "We were struck by the effect of the Covid-19 pandemic on nickel - this has been a game changer for the market," Nugent said. "Nickel is going to be the worst-affected base metal...Read More

Broader markets were generally weaker this morning, Friday May 29, while they wait for what United States President Donald Trump’s response will be to China’s plans to impose national security laws in Hong Kong. The base metals were mixed, however. On the Shanghai Futures Exchange only the lead contract was showing price falls, while most of the base metals traded on the London Metal Exc...Read More

Hot-rolled coil prices in the United States have remained above $25 per hundredweight ($500 per short ton), but sources mostly agreed that the second price increase from domestic mills has not been well received by the market.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.18 per cwt ($503.60 per ton) on Friday May 29, slightly down from $25.21 per cwt o...Read More

The United States will continue its anti-dumping and countervailing duty investigations into imports of pre-stressed concrete steel wire strand from 14 countries and the island of Taiwan, according to an announcement by the US International Trade Commission (ITC)."The United States International Trade Commission... determined that there is a reasonable indication that a US industry is materia...Read More

Prices for galvanized steel sheet rose in the United States for the first time in four weeks after the latest round of price-increase notifications from producers. Prices for cold-rolled coil held steady.Market participants were cautiously optimistic about a rebound in industrial demand as pandemic-related closures subside in most regions. Cold roll will underperform until there is more evidence t...Read More

Both domestic and imported steel beam prices in the United States were unchanged in May on persistent lower demand. Fastmarkets' monthly price assessment for steel beams 8 x 8-inch, fob mill US held at $35.25 per hundredweight ($705 per short ton) on Thursday May 28; the price fell to that level on April 30 after remaining at $36.50 per cwt since January 30.Fastmarkets' monthly price assessment fo...Read More

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ArcelorMittal plans to restart production at its mill in Bosnia, while Italy's AFV Beltrame puts one plant on pause and Acciai Terni Speciali cuts output in the week ended Friday May 29.ArcelorMittal restarted operations in the hot zone at its Zenica plant in Bosnia this week, and plans to re-open the rolling mills in June.The company also said that its Omarska mine near Prijedor, which supplies t...Read More

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Investors are waiting for a comment by President Trump on his policy on China.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for April Personal Income was a drop of 5.6% versus a decline of 2.0% in March. Actual was an increase of 10....Read More

Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesThat is even more so when there is agreement on both sides that the potential acquisition is to be of the negative consideration type in that Vale is to continue funding a $500 million makeover of theRead More

The market for pig iron exports from Brazil continued to rise in the week to Friday May 29 on new sales to China and the United States. Fastmarkets' price assessment for pig iron, export, fob port of Vitoria/Rio, Brazil was $295-300 per tonne on Friday, up by $5 per tonne from $290-295 per tonne a week earlier.A...Read More

The market for pig iron in the United States improved during the week ended Friday May 29, with suppliers bullish amid continued demand and higher prices in China.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US was $310-312 per tonne on Friday, up from $305-310 per tonne a week before. "Our next deals will be at a higher level [than the previous purchase a...Read More

The price of shredded ferrous scrap imported into India in containers moved up on Friday May 29, on growing interest from mills returning to the market for the first time since the Covid-19 lockdown, sources told Fastmarkets.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $275.21 per tonne on Friday, up from $266.67 per tonne a week earlier. Many market...Read More

The inter-merchant spot price for light iron scrap in the UK has moved higher by ?5 ($6) per tonne in the week to Friday May 29, the first price movement in May. Reduced arisings from scrap generation amid a slump in manufacturing and construction is outweighing slow demand from steelmakers.The price move may extend into monthly steel scrap delivery prices to consumers in the UK steel sector, wit...Read More

Turkish steel producers continued their deep-sea scrap purchases on Friday May 29, with prices increasing slightly, sources said.A steel mill in the Iskenderun region booked a 42,000-tonne UK cargo comprising 3,000-8,000 tonnes of bonus at $262.50 per tonne, 10,000-15,000 tonnes of shredded at $257.50 per tonne and the balance HMS 1&2 (80:20) at $252.50 per tonne cfr. The latest shipment date for...Read More

Seaborne iron ore prices increased rapidly on Friday May 29 on growing concerns over supplies from Brazil. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $102.39 per tonne, up $5.30 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $105 per tonne, up $6.11 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $87.30 per tonne, up $1.76 per tonne. 65% Fe Brazil-origi...Read More

Premium hard coking coal prices slumped after lower transaction prices emerged on Friday May 29, amid concerns that quota restrictions in China will be tightened.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.59 per tonne, down $2.64 per tonne Premium hard coking coal, cfr Jingtang: $116.45 per tonne, down $3.32 per tonneHard coking coal, fob DBCT: $90.56 per tonne, up...Read More

Deliverable stocks of base metals in Shanghai Futures Exchange-approved warehouses moved in different directions in the week to Friday May 29, with copper posting the biggest decline, while lead saw the biggest gains. SHFE copper stocks stood at 144,988 tonnes on Friday, down by 30,837 tonnes, or 17.5%, from 175,825 tonnes the previous week. Copper inventories fell for the second straigh...Read More

The London Metal Exchange three-month copper price held on to the previous day's gains during morning trading on Friday May 29, while a second consecutive day of fresh cancellations of metal offered support to LME copper futures. The LME three-month copper price was recently trading at $1,541 per tonne, up $9 per tonne on the previous day's close.Gains were broadly capped across the majority of th...Read More