Prices in Southeast Asia's steel billet market drifted lower on Friday June 14 because market participants in the Philippines were cautious about making any bookings ahead of the forthcoming rainy season, while trading activity in Indonesia had yet to resume fully after the Eid al-Fitr religious holiday.Market participants in Southeast Asia were also concerned about the bearish outlook for prices...Read More

European and UK alloy steel scrap prices have decreased this week because of soft demand and aggressive negotiations by mills, Fastmarkets heard on Friday June 14.Demand for alloy steel scrap was weak because of similarly poor demand for finished stainless steel products.Scrap traders have reported selling lower volumes than usual in the first half of June, and this situation was only likely to ge...Read More

The light iron market has been steady in the UK over the past week, tracking unchanged prices in the consumer monthly delivery market against steady demand for British steel scrap exports to Turkey and India, sources told Fastmarkets on Friday June 14.Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?85-105 ($108-133) per tonne on June 14, flat wee...Read More

Fastmarkets has amended the specifications for its south Brazil, Baltic Sea export and Italy import pig iron price assessments, based on market observations and feedback.Following a month-long market consultation, Fastmarkets has decided to amend the payment conditions for the south Brazilian export pig iron price from payment on-delivery to partial prepayment upon readiness, while the Commonwealt...Read More

The price of shredded ferrous scrap imported into India fell further this week, reflecting continued poor demand, sources told Fastmarkets.Fastmarkets' weekly index for containerized imports of shredded scrap into India fell to $318.38 per tonne cfr Nhava Sheva on Friday June 14 from $324 per tonne cfr Nhava Sheva on June 7. This is the third consecutive week-on-week drop. There were no deals hear...Read More

The UK ferrous scrap market for deliveries to domestic consumers in June has settled at prices unchanged from the previous month, with export prices holding up high enough to support the British market, trade sources told Fastmarkets on Friday June 14.The UK market has seen enough demand for material to be imported into Turkey from Europe to resist attempts by British consumers to negotiate a dome...Read More

Turkish deep-sea scrap import prices continued to fall at the end of the week amid growing supplies, sources said on Friday June 14.Steel mills in Turkey booked a number of deep-sea cargoes of HMS 1&2 (80:20) earlier in the week at around $292-293 per tonne cfr. On Friday, however, a steel mill in the Izmir region booked a Baltic Sea cargo out of Russia, comprising HMS 1&2 (80:20) a...Read More

The queue for aluminium at London Metal Exchange-approved warehouses at Port Klang, Malaysia, operated by Istim, edged down to 109 days at the end of May, according to the latest LME data.This is slightly down from the 113-day queue at the end of April, the LME said on June 10, but it is significantly lower than the 229-day queue registered at the end of February.Queues for copper,...Read More

Eastern China's hot-rolled coil prices weakened further on Friday June 14, with rising inventory levels putting pressure on sellers.DomesticEastern China (Shanghai): 3,800-3,810 yuan ($549-550) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,780-3,790 yuan per tonne, unchangedThe domestic market remained inactive despite sellers making price cuts.A Tianjin-based trader pointed out tha...Read More

Seaborne coking coal prices were largely stable on Friday June 14 following a series of transactions a day earlier.A transaction involving a cargo of premium mid-vol hard coking coal was heard to be under negotiation at around $201-203 per tonne cfr China. There was no word of the transaction being concluded at the time of writing."The price sounds too high for the current market but the seller is...Read More

China's domestic rebar market resumed its downtrend on Friday June 14 on declining futures, with prices expected to fall further on mills' higher steel output. Domestic Eastern China (Shanghai): 3,870-3,900 yuan ($559-563) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,780-3,830 yuan per tonne, down 10 yuan per tonneWhile rebar futures moved upward in the first half of the day, th...Read More

Nickel's three-month price on the London Metal Exchange was higher during morning trading on Friday June 14, climbing by just under 1% while the rest of the complex edged lower. The metal's futures price has improved throughout the week, but has failed to break above $12,000 per tonne. Supporting the uptrend however, LME nickel stocks continue to drift lower at 163,122 tonnes on Friday, their lowe...Read More

Key data from the June 14 pricing session in London Key drivers- Cobalt prices continue to drift lower, with sellers open to cheaper bids to achieve sales early in what is expected to be a quiet few months for buying. Demand is slow and potential buyers are happy to hold out for expected lower prices in the coming weeks. Some sources have reported receiving minimum call-offs...Read More

An overview of the minor metals markets and the reasons for any price moves.Read More

The following Fastmarkets minor metals prices changed on Friday June 14:Minor metalsBismuth MB China domestic, yuan/tonne: 41,500-43,500 yuan per tonne from 40,500-42,000 yuanChromium MB free market alumino-thermic, $/tonne: $7,580-7,850 per tonne from $7,750-7,950Cobalt...Read More

An overview of the minor metals markets and the reasons for any price moves. Read More

Three-month base metals prices on the London Metal Exchange were mixed so far on Friday June 14, reflecting deteriorating sentiment in broader risk markets amid the recent uptick in tensions in the Middle East and while global trade tensions overhang.Military officials from the United States have released a video of what they say shows Iran's Revolutionary Guard removing an unexploded limpet mine...Read More

European stainless steel prices have been largely stable this week despite coming under pressure from a number of market factors, with mills seeming determined to avoid any erosion of their production margins, sources told Fastmarkets on Friday June 14.Fastmarkets assessed the price of grade-304 cold-rolled (CR) stainless steel sheets at ?,?2,190-2,250 ($2,472-2,539) per tonne delivered in Norther...Read More

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David Stockman is a former Republican congressman from Michigan and was President Reagan's budget director from 1981 to 1985. After leaving the White House, Stockman became a managing director at Salomon Brothers, and he later founded a private equity fund. David is the founder of David Stockman's Contra Corner, and he is the author of The Great Deformation: The Corruption of Capitalism in America...Read More