Namzinc's Skorpion zinc refinery in Namibia, a subsidiary of India's Vedanta Resources, is set to go into care and maintenance just two weeks after resuming operations. According to a joint statement issued by both the mine and the Mine Workers Union of Namibia, cited by national newspaper the Namibian, several failures had compromised a significant portion of its open cast mine. The decision to c...Read More
Prices for hot-rolled coil in the United States dropped sharply despite production cuts by domestic flat-rolled mills, with market participants pessimistic about the future of the industry and doubtful that the supply cut would be enough to restore the virus-dampened demand.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $27.08 per hundredweight ($541.60 per shor...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 cold-rolled and galvanized steel sheet in the United States declined after automotive plants suspended production during the Covid-19 pandemic while most mills emphasized that their output continued unabated.Fastmarkets' weekly price assessment for steel cold-rolled coil, fob mill US weakened to $37 per hundredweight ($740 per short ton) on Thursday March 26, from $38 per cwt ($760 per...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
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
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
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
Export prices for pig iron from Brazil moved lower during the week ended Friday March 27 on sales to China.Fastmarkets' weekly price assessment for pig iron, export, fob port of Vitoria/Rio, Brazil, was $297-300 per tonne on Friday compared with $315-320 per tonne a week earlier."China was the only market where demand on pig iron...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
The effects of the Covid-19 pandemic kept Turkish steel mills away from the deep-sea scrap market at the end of the week, while several mills and re-rollers shut down or cut production, sources told Fastmarkets on Friday March 27.The coronavirus outbreak has brought domestic steel trade to a near halt in Turkey, which led some mills to stop buying scrap from both local and overseas suppliers."I he...Read More
Import prices for ferrous scrap in Taiwan have fallen to a three-and-a-half-year low amid the spread of the Covid-19 coronavirus across all parts of the United States, the key supplier, where sellers have been trying to offload material to Asia quickly ahead of further price falls.Talk of prices plunging in the major Turkish import market also caused many buyers to hold back from trading in the we...Read More
Seaborne iron ore prices dipped on Friday March 27 amid mounting concerns that steel production cuts outside China and the subsequent drop in demand for raw materials will lead to the diversion of cargoes to Chinese ports.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $86.36 per tonne, down $0.41 per tonne 62% Fe low-alumina fines, cfr Qingdao: $87.02 per tonne, down $0.62 per t...Read More
Seaborne coking coal prices saw limited movement on Friday March 27, with market participant sentiment outside China decidedly bearish while those in China took a different view. Fastmarkets IndicesPremium hard coking coal, fob DBCT: $153.44 per tonne, up $0.41 per tonnePremium hard coking coal, cfr Jingtang: $158.03 per tonne, down $0.22 per tonneHard coking coal, fob DBCT: $139.89 per tonne, dow...Read More
Eastern China's hot-rolled coil prices continued to fall on Friday March 27 on thin trading. Exporters too reported thin trading amid the availability of cheaper cargoes from other countries such as India.DomesticEastern China (Shanghai): 3,330-3,350 yuan ($470-473) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,280 yuan per tonne, unchangedA Shanghai-based trader said sellers in th...Read More
Base metals' stocks in Shanghai Futures Exchange-approved warehouses all fell over the week to Friday March 27, with lead, in particular, registering the biggest outflows. Lead stocks in Shanghai Futures Exchange-approved warehouses slumped by 38% to 13,969 tonnes in the week to Friday March 20. The outflow mainly came from the Guangdong...Read More
The three-month tin price on the London Metal Exchange was higher during morning trading on Friday March 27, with prices supported by a cancellation of 700 tonnes out of LME-registered warehouses in Port Klang, while zinc futures showed signs of improvement. Tin's underlying price on the LME was recently seen at $14,310 per tonne, up from a morning low of $13,970 per tonne. Turnover was moderate a...Read More
Rebar importers outside China have been asking lower prices due to the decrease in billet prices in the international market, while China's domestic rebar prices were flat on Friday March 27 amid steady trading.Eastern China (Shanghai): 3,470-3,500 yuan ($490-495) per tonne, unchanged Northern China (Beijing): 3,380-3,400 yuan per tonne, unchangedThe weak futures led to lower buying interest in sp...Read More