The Zambian government will remove the 5% import duty on metal concentrates to ease the pressure on copper and cobalt producers during global lockdowns imposed to halt the spread of the Covid-19 virus and and sharp declines in commodity prices. This is among a series of relief measures announced by the country's finance minister, Bwalya Ng'andu, on Friday March 27, in an official statement which a...Read More
The price of austenitic alloy steel scrap in Europe plunged this week because of a sharp drop in demand, despite a lack of availability, sources told Fastmarkets on Friday March 27.The low demand has stemmed from a mixture of closures and reduced output rates at stainless steel mills, meaning a reduction in their feedstock requirements. In Italy, all mills have suspended operations following a gov...Read More
The price of ferrous scrap imported into India plummeted this week after the announcement of a 21-day lockdown across the country, sources told Fastmarkets on Friday March 27.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $247 per tonne on Friday. This was down by $44 per tonne from $291 per tonne one week earlier and at its lowest since October 24, 201...Read More
The inter-merchant spot market for light iron scrap in the UK dropped by more than 23% in the week to Friday March 27, after a fall of almost 19% the previous week, and now stands at its lowest level since September 2016.The slump follows a collapse in demand for steel from car makers in the UK and Europe, with many car makers suspending output until further notice. Much of the UK's steel producti...Read More
Markets are looking quite mixed this morning, Friday March 27, with most Asian-Pacific equity indices up, the pre-market Dow Jones Industrial Average (DJIA) down by 1.1%, while base metals prices on the London Metal Exchange and Shanghai Futures Exchange are up and gold is down from recent highs.It is not surprising the markets are mixed as it is confusing that the DJIA rallied by 6.4% on Thursday...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Fastmarkets is proposing to increase the pricing frequency of its cobalt hydroxide payable indicator, min 30% Co, cif China, to twice weekly from weekly.The cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end), is currently published weekly, on Wednesdays.Following an initial consultation with the market, and a review of typical...Read More
Key data from the Friday March 27 pricing session in Shanghai.Key drivers The cobalt metal price took a break from its persistent downturn amid the supply disruptions following the 21-day lockdown in South Africa, which started midnight on Thursday March 26. Producers have attempted to raise offers while traders continued to destock...Read More
ArcelorMittal will idle the No3 blast furnace at its integrated slab and flat steel Tubar??o facility, in the country's southeastern Esp?-rito Santo state, because of impacts from the spread of the novel coronavirus, the company said on Friday March 27.The blast furnace at the Tubar??o unit, which has capacity to produce 2.8 million tonnes of crude steel per year, will be halted in early April for...Read More
European domestic prices for hot-rolled coil have not changed despite the decline in import offers, sources told Fastmarkets on Friday March 27.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was unchanged day on day at ?,?473.00 ($518.70) per tonne on March 27.Friday's index was calculated based on offer prices heard at ?,?470-480 per tonne ex-works as well as "work...Read More
The price of hot-rolled coil exported from India plunged by $60 per tonne in the week ended Friday March 27, with the country going into compete lockdown on the Wednesday to try to contain the spread of the Covid-19 pandemic.Fastmarkets assessed the price of steel HRC, export, fob main port India, at $390-395 per tonne on Friday, down from last week's assessment at $450-455 per tonne."The domestic...Read More
European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.All the major steel coil producers in Northern Europe - including ArcelorMittal, Thyssenkrupp, Salzgitter and Tata Steel - have taken steps to cut...Read More
Prices for domestic and imported steel beams remained unchanged in the United States in March, even as demand faltered and new orders sagged.With precautions taken to limit the spread of Covid-19 creating delays in the supply chain in some areas, market participants expressed heightened uncertainty about the outlook for this market. Fastmarkets' monthly price assessment for steel beams 8 x 8-...Read More
Algerian steelmakers Algerian Qatari Steel (AQS) and El-Hadjar Iron & Steel Complex have stopped crude steel production because of the Covid-19 pandemic, market sources told Fastmarkets on Friday March 27.The country's authorities have issued a decree calling on companies to reduce their non-essential workforces by at least 50% to limit the spread of the virus. The decree came into force on...Read More
The pig iron market in the United States dropped again in the week to Friday March 27, but not as much as buyers anticipated because material availability fell considerably due to heavy sales to China.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $320-325 per tonne on Friday compared with $330-340 per tonne one week prior."Scrap is falling in April by $3...Read More
The price of austenitic alloy steel scrap in Europe plunged this week because of a sharp drop in demand, despite a lack of availability, sources told Fastmarkets on Friday March 27.The low demand has stemmed from a mixture of closures and reduced output rates at stainless steel mills, meaning a reduction in their feedstock requirements. In Italy, all mills have suspended operations following a gov...Read More
The price of ferrous scrap imported into India plummeted this week after the announcement of a 21-day lockdown across the country, sources told Fastmarkets on Friday March 27.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $247 per tonne on Friday. This was down by $44 per tonne from $291 per tonne one week earlier and at its lowest since October 24, 201...Read More
ArcelorMittal will idle the No3 blast furnace at its integrated slab and flat steel Tubar??o facility, in the country's southeastern Esp?-rito Santo state, because of impacts from the spread of the novel coronavirus, the company said on Friday March 27.The blast furnace at the Tubar??o unit, which has capacity to produce 2.8 million tonnes of crude steel per year, will be halted in early April for...Read More
Prices in the export billet market in the Commonwealth of Independent States continued to weaken in the week to Friday March 27 on declining scrap prices in Turkey and a lack of demand.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $340 per tonne, down by $1 from $341 per tonne on Thursday, and by $13 per tonne week on week.The majority of traditional outlets for CIS billet...Read More
To Watch Update #58, CLICK HEREIt's amazing that people are still being chided for taking steps to protect themselves from the coronavirus, when anyone with eyes can see that the spread of the disease is fast overwhelming authorities' ability to deal with it. Regular people are being told not only that they don't need masks, but that "masks don't work". Hospital workers are dangerously short on PP...Read More