Physical iron ore prices shot up further above the $90-per-tonne-cfr mark on Wednesday April 3 amid bullish sentiment reflected in derivatives markets. MB 62% Fe Iron Ore Index: $93.08 per tonne cfr Qingdao, up $3.19 per tonne. MB 62% Fe Pilbara Blend Fines Index: $92.20 per tonne cfr Qingdao, up $3.19 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $95.60 per tonne cfr Qingdao, up $3.46 per tonn...Read More
Trading activity was subdued in Iran in the week ended Wednesday April 3, due to national and religious holidays in the country to celebrate the Iranian new year on March 21.Most producers were expected to return to the market on March 30, sources told Fastmarkets, adding that prices were expected to fall in line with the downtrend in the major global markets.A cargo of Iranian slab was heard book...Read More
Demand for flat steel in Turkey failed to improve in March and most prices went downward, with demand unlikely to improve significantly in April, market participants told Fastmarkets on Wednesday April 3.Local producers have filled their order books until late May, they added.The price decreases in March were because of the weak demand in both local and export markets.Mayoral elections were held a...Read More
China's rebar prices moved up on Wednesday April 3 in both its domestic and export markets in response to heightened expectations of a drop in iron ore supply upstream.Domestic Eastern China (Shanghai): 3,900-3,950 yuan ($580-588) per tonne, up 50 yuan per tonneNorthern China (Beijing): 3,900-3,940 yuan per tonne, up 40 yuan per tonneFerrous futures, including the rebar contract, rose across the b...Read More
Import prices for stainless steel in East Asia softened slightly over the past week due to weak regional demand, despite the recovery in the London Metal Exchange nickel price.Fastmarkets' weekly import price assessment for benchmark-304 stainless 2mm trimmed cold-rolled coil (CRC) in East Asia was $2,030-2,110 per tonne cif on Wednesday April 3, down by $10-20 per tonne from a week earlier.Fastma...Read More
Steel H-beam prices in Southern Europe went down over the past week due to weaker demand, higher stock levels and falling feedstock costs, sources told Fastmarkets on Wednesday March 27.Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beams in the Southern European domestic market went down by ?,?5 per tonne on Wednesday to ?,?625-640 ($700-717) per tonne deliv...Read More
Domestic prices for hollow steel sections in both Northern and Southern Europe moved down this week, with feedstock prices continuing to fall and an expected seasonal pickup in demand failing to arrive, sources told Fastmarkets on Wednesday April 3.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe went down by ?,?5-10 per tonne to...Read More
The European domestic price of mesh-quality wire rod remained flat week on week, while European imports prices held steady amid concerns regarding tariff-quota monitoring, market participants told Fastmarkets on Wednesday April 3.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was at ?,?535-550 ($599-616) per tonne delivered on Wednesday, unchanged week o...Read More
Demand for flat steel in Turkey failed to improve in March and most prices went downward, with demand unlikely to improve significantly in April, market participants told Fastmarkets on Wednesday April 3.Local producers have filled their order books until late May, they added.The price decreases in March were because of the weak demand in both local and export markets.Mayoral elections were held a...Read More
The price range for rebar produced and delivered in Northern Europe widened downward by ?,?5 per tonne amid sluggish demand and cautious buying activity, sources told Fastmarkets on Wednesday April 3.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?535-550 ($599-616) per tonne delivered on Wednesday, down from ?,?540-550 per tonne delivered on March 27."There has n...Read More
The price for rebar produced and delivered in Southern Europe has fallen by ?,?5-30 per tonne over the past week due to softer demand, market participants told Fastmarkets on Wednesday April 3.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe fell to ?,?485-515 ($543-577) per tonne delivered on Wednesday, down from ?,?515-520 per tonne delivered on March 27."The Spanish ma...Read More
A crimp in London Metal Exchange zinc supply continues to fuel price action above $2,900 per tonne on Wednesday April 3, while a small contango in the copper nearby spread is contributing to increased buying. The three-month zinc price continues to trade near the $3,000 per tonne mark. The metal's cash/three-month spread was recently in a backwardation of $70 per tonne, with the current spread hea...Read More
Trading activity was subdued in Iran in the week ended Wednesday April 3, due to national and religious holidays in the country to celebrate the Iranian new year on March 21.Most producers were expected to return to the market on March 30, sources told Fastmarkets, adding that prices were expected to fall in line with the downtrend in the major global markets.A cargo of Iranian slab was heard book...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday April 3 that are worth another look.The United States' non-ferrous scrap export market was mixed in January, with shipments of aluminium scrap rising while those of copper scrap fell slightly compared with the same month last year.In base metals, the estimated arbitrage for shipping aluminium from warehouses in Asia...Read More
James Hyerczyk21 hours ago (Apr 03, 2019 4:16 AM GMT)Gold is trading higher on Wednesday after forming a potentially bullish technical closing price reversal bottom the previous session. Buyers also successfully defended an attempt to break through the low of the year at $1287.50 after the market closed lower for the year on Monday.Helping to boost demand for the dollar-denominated asset is a weak...Read More
A crimp in London Metal Exchange zinc supply continues to fuel price action above $2,900 per tonne on Wednesday April 3, while a small contango in the copper nearby spread is contributing to increased buying. The three-month zinc price continues to trade near the $3,000 per tonne mark. The metal's cash/three-month spread was recently in a backwardation of $70 per tonne, with the current spread hea...Read More
The US copper price rebounded during midweek trading on Wednesday April 3 with optimism of a resolution to the US-China trade conflict boosting the base metals complex. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 2.30 cents to $2.9285 per lb. In macro news, progress following US-China trade talks held last Friday in Beijing continues to impr...Read More
The seaborne coking coal spot market weakened again on Wednesday April 3, and ample supply is expected to weigh on prices further.A cargo of a top Australian brand premium hard coking coal, which is scheduled for loading between end-April and early May, was traded at $200.11 per tonne cfr China, various sources told Fastmarkets during the day. The same brand changed hands at $201.66 per tonne cfr...Read More
The European domestic price of mesh-quality wire rod remained flat week on week, while European imports prices held steady amid concerns regarding tariff-quota monitoring, market participants told Fastmarkets on Wednesday April 3.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was at ?,?535-550 ($599-616) per tonne delivered on Wednesday, unchanged week o...Read More
Steel H-beam prices in Southern Europe went down over the past week due to weaker demand, higher stock levels and falling feedstock costs, sources told Fastmarkets on Wednesday March 27.Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beams in the Southern European domestic market went down by ?,?5 per tonne on Wednesday to ?,?625-640 ($700-717) per tonne deliv...Read More