A summary of base metals premiums from across the globe for the week to Tuesday May 21.Please click...Read More
News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did little to stop the recent increase in alumina prices.Fastmarkets' benchmark alumina price settled at $366.25 per tonne on May 21, up from $362.88 per tonne day on day and a 6% increase from $345.01 per tonne on May 10 when the index fell to its lowest since August 24, 2017. "Alun...Read More
The recent downtrend in Chinese domestic ferro-silicon prices continued in the week ended Friday May 17 amid an abundance of the material, while sentiment remained bearish due to weak demand from the country's steel and magnesium markets. Chinese market extends losses amid ample supply. Sluggish demand compounds weakness in China. European market steady, further cements price floor. US market flat...Read More
The Turkish deep-sea scrap market remained quiet on Tuesday May 21, while steel mills continued to negotiate rebar sales to the United States and scrap merchants awaited signs of a clearer market direction.The US reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, bringing the country back in line with other prospective suppliers to the US market.F...Read More
The Tuesday Market Minute Global stocks rebound following a move by the Commerce Department to ease restrictions on China's Huawei Technologies.Tech stocks gain on temporary reprieve for world's biggest equipment maker, but China's hit at reprisals, as well as the ongoing supply chain disruption, caps equity market gains.Oil edges higher amid ongoing concern over the escalating U.S. rhetoric tow...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased again over the past week, due to demand being limited by observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 21.Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. The month began this year...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were down during the week to Tuesday May 21 after Chinese producers adjusted their offers to remain competitively priced amid declining domestic demand and the weakening Chinese currency, market sources said.The Chinese currency slid to 6.91 yuan to $1 on Tuesday May 21, compared with 6.73 yuan per $1 on Sunday May 6, one da...Read More
China's hot-rolled coil prices rose on Tuesday May 21 after trading turned more active following gains in the futures market.DomesticEastern China (Shanghai): 4,000-4,040 yuan ($578-584) per tonne, widening upward 30 yuan per tonneNorthern China (Tianjin): 3,900-3,920 yuan per tonne, widening upward 10 yuan per tonneWhile sellers started with prices of around 4,000 yuan per tonne in Shan...Read More
The import price for steel billet in the United Arab Emirates has widened upward in new deals over the past week, but the price of rebar has decreased, sources told Fastmarkets on Tuesday May 21.Domestic rebarLocal demand was weak in the country because of the Islamic holy month of Ramadan, which started earlier in May, and the expectation that prices could fall further.The observance of Ramadan i...Read More
UK steel trade unions have renewed their calls for the government and British Steel's owners Greybull Capital to reach an agreement to save the troubled long steel producer."It is vital now that cool heads prevail and Greybull and the [British] government continue to focus on finding a solution that maintains employment and keeps the business trading," Alasdair McDiarmid, operations director for U...Read More
China's domestic rebar prices moved up on Tuesday May 21 following futures gains, but demand was far from strong. Domestic Eastern China (Shanghai): 4,040-4,080 yuan ($584-590) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,950-4,000 yuan per tonne, narrowed up 10 yuan per tonneRebar futures increased steadily during the course of the day, leading to bullish sentiment am...Read More
The Turkish deep-sea scrap market remained quiet on Tuesday May 21, while steel mills continued to negotiate rebar sales to the United States and scrap merchants awaited signs of a clearer market direction.The US reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, bringing the country back in line with other prospective suppliers to the US market.F...Read More
Seaborne iron ore prices continued to strengthen on Tuesday May 21 after exceeding $100 per tonne cfr last Friday, thanks to gains in the futures and spot steel markets.MB 62% Fe Iron Ore Index: $102.03 per tonne cfr Qingdao, up by $0.32 per tonne.MB 62% Fe Pilbara Blend Fines Index: $100.22 per tonne cfr Qingdao, up by $0.32 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $105.76 per tonne cfr Qi...Read More
Physical iron ore markets continued to strengthen on Friday May 17, with the seaborne price breaching $100 per tonne cfr China for the first time in five years amid bullish futures.MB 62% Fe Iron Ore Index: $101.71 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Pilbara Blend Fines Index: $99.90 per tonne cfr Qingdao, up by $2.50 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $104.48 per t...Read More
The import price for steel billet in the United Arab Emirates has widened upward in new deals over the past week, but the price of rebar has decreased, sources told Fastmarkets on Tuesday May 21.Domestic rebarLocal demand was weak in the country because of the Islamic holy month of Ramadan, which started earlier in May, and the expectation that prices could fall further.The observance of Ramadan i...Read More
China's domestic rebar prices moved up on Tuesday May 21 following futures gains, but demand was far from strong. Domestic Eastern China (Shanghai): 4,040-4,080 yuan ($584-590) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,950-4,000 yuan per tonne, narrowed up 10 yuan per tonneRebar futures increased steadily during the course of the day, leading to bullish sentiment am...Read More
Fastmarkets MB is proposing to discontinue the stainless steel 304 Europe raw materials index. Fastmarkets is seeking feedback on its proposal to discontinue the EU domestic stainless steel 304 Europe raw materials index.This index, which aims to represent the costs of the raw materials needed to produce grade-304 stainless steel, is updated weekly on a $ per tonne basis. The consultation per...Read More
The recent downtrend in Chinese domestic ferro-silicon prices continued in the week ended Friday May 17 amid an abundance of the material, while sentiment remained bearish due to weak demand from the country's steel and magnesium markets. Chinese market extends losses amid ample supply. Sluggish demand compounds weakness in China. European market steady, further cements price floor. US market flat...Read More
Stainless steel mills and ferro-chrome smelters in China are likely to curtail their production in June, should domestic stainless steel and ferro-chrome prices continue to weaken amid lingering poor demand and prevailing bearish sentiment, sources told Fastmarkets. Some Chinese stainless steel mills, which are already suffering losses, may have to curtail part of their production next month if do...Read More
UK steel trade unions have renewed their calls for the government and British Steel's owners Greybull Capital to reach an agreement to save the troubled long steel producer."It is vital now that cool heads prevail and Greybull and the [British] government continue to focus on finding a solution that maintains employment and keeps the business trading," Alasdair McDiarmid, operations director for U...Read More