Steel billet import prices in the United Arab Emirates increased over the past week, but demand remained weak after curfews were introduced in several Gulf Co-operation Council (GCC) countries, sources said on Tuesday April 14.Saudi Arabia announced a 24-hour curfew in the cities of Riyadh, Tabuk, Dammam, Dharan and Hofuf, and in the provinces of Jeddah, Taif, Qatif and Khobar, commencing on the n...Read More
China's domestic rebar prices edged up further on Tuesday April 14 amid what was described by market participants as "good and steady" demand. Eastern China (Shanghai): 3,470-3,500 yuan ($492-496) per tonne, up by 10 yuan per tonneNorthern China (Beijing): 3,410-3,440 yuan per tonne, up by 10 yuan per tonne Buyers actively procured cargoes during the day, which gave prices a slight upward pus...Read More
Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.Three units in S??o Paulo state are scheduled to resume activities by June 22, while another plant in a nearby region will reopen on June 24, Toyota said....Read More
India will extend the lockdown intended to control the spread of the Covid-19 pandemic until May 3, instead of the original end-date of April 15, Prime Minister Narendra Modi announced on Tuesday April 14.In his address, Modi added that each district would be evaluated in a week's time to see if restrictions could be eased."Until April 20, every town, every police station, every district, every st...Read More
Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.Three units in S??o Paulo state are scheduled to resume activities by June 22, while another plant in a nearby region will reopen on June 24, Toyota said....Read More
The Egyptian Ministry of Trade and Industry has postponed a duty reduction on billet and rebar for a period of six months until October 12, 2020, Egyptian sources informed Fastmarkets on Sunday April 12.The duty was supposed to be reduced on April 12.The Egyptian Ministry of Trade and Industry announced a definitive safeguard duty of 16% of the cif price and a minimum of $74 per tonne for steel bi...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 14 that are worth another look.Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.The Covid-19 pandemic has inevitably drawn comparis...Read More
Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.Three units in S??o Paulo state are scheduled to resume activities by June 22, while another plant in a nearby region will reopen on June 24, Toyota said....Read More
By Craig HemkeThese are dark times for The Bullion Banks. Their Fractional Reserve and Digital Derivative Pricing Scheme is in great peril as refineries, miners, and mints all shut down in response to the coronavirus pandemic. Will these Banks be able to scrounge up enough physical metal to keep their scheme afloat through June? That remains an open question. You may recall that we've been warni...Read More
Gold and gold stocks are among the highest performing assets of 2020 so far as investors seek a haven amid the coronavirus-fueled rout, and as central banks and governments around the world roll out unprecedented monetary and fiscal measures in an effort to mitigate the economic impact of the "Great Lockdown." That's the name the International Monetary Fund (IMF) has given this uncertain period,...Read More
By Ira EpsteinRead More
Ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o were mostly unchanged week on week, but market participants anticipated a series of price cuts after the United States' monthly domestic scrap settlement for April.Some steel producers in Mexico's Baj?-o region announced a price cut of 200 pesos per tonne in scrap purchases for the ongoing week, after it became known t...Read More
Aluminium premiums fell across the globe during the past week, on weakened demand due to Covid-19 lockdowns and a wider contango spread between cash and three-month contracts on the London Metal Exchange which is supportive to traders holding the metal.Rotterdam down amid smelters focusing on P1020A ingotsMJP premium steady on lower market liquidityUS Midwest hits lowest level since January 2018Eu...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 14 that are worth another look.Toyota Motor Corp has decided to again postpone the reopening of its automaking plants in Brazil by two months amid plunging demand and in order to prevent the Covid-19 virus from spreading among its workers, the company said on Monday April 13.The Covid-19 pandemic has inevitably drawn comparis...Read More
The Covid-19 pandemic has inevitably drawn comparison with the global financial crisis of 2008-09. But while there are similarities, the differences are greater, meaning the remedy needs to be different too.Perhaps the biggest uniting factor between the two events is uncertainty.Ask the head of a major commodities company in 2008, and they would have told you their biggest task was staying liquid,...Read More
The uncertainties surrounding cobalt supply and demand in the near term amid the continuing Covid-19 pandemic has led more Chinese salts smelters to take on tolling business to mitigate risk.The virus has had an unprecedented effect on the global economy with manufacturing sectors around the world forced to slow in attempts to halt its spread, a dynamic which eventually dented buying interest for...Read More
London Metal Exchange three-month base metals prices, with the exception of lead, continued their upward momentum at the close on Tuesday April 14, buoyed by positive China customs data and ebbing virus concerns in other regions, including the United States. China's trade balance figures for March, which measure the difference in value between imported and exported goods month on month, were annou...Read More
Seaborne iron ore prices inched upward on Tuesday April 14, during an active day of trading at Chinese ports amid persistent worries about supply and an improving steel demand outlook.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $87.02 per tonne, up by $1.42 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.74 per tonne, up by $1.48 per tonne.58% Fe fines high-grade premium, cfr Qingd...Read More
China's domestic rebar prices edged up further on Tuesday April 14 amid what was described by market participants as "good and steady" demand. Eastern China (Shanghai): 3,470-3,500 yuan ($492-496) per tonne, up by 10 yuan per tonneNorthern China (Beijing): 3,410-3,440 yuan per tonne, up by 10 yuan per tonne Buyers actively procured cargoes during the day, which gave prices a slight upward pus...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Despite these unprecedented times, US sheet prices moved in line with our expectations over the past month. While we maintain our view on the direction of pricing during 2020 and the length of the pricing downturn, as the Covid-19 crisis deepens we have increased the magnitude of the price declines through the second quarter...Read More