Monthly European alloy surcharges for July deliveries of stainless steel products will be lower than the June surcharge after the price of nickel continued to fall.Fastmarkets' alloy surcharge for July deliveries of grade-304 cold-rolled stainless sheet is set to fall to ?,?1,318-1,362 ($1,498-1,548) per tonne, down ?,?18-21 per tonne from June's surcharge levels, according to calcu...Read More
European steelmakers voiced their concerns over the future viability of the UK steel industry, should the UK leave the European Union on October 31 without a deal, at the European Steel association's (Eurofer) European Steel Day in Brussels on Wednesday June 26.A "no deal" Brexit would mean the UK would leave the EU, and all related agreements and bodies, without a transition period. No preferenti...Read More
The G20 Summit, which takes place in Osaka, Japan, this weekend has cast a shadow over the Asian ferrous metals markets.Market participants are hoping a quick resolution to the trade war between China and the United States will provide much-needed relief both for steelmakers and downstream buyers at a time of squeezed margins and weak demand.One of the key themes at t...Read More
European steel mills could further reduce steel production should the volume of steel imported into the European Union continue to increase, market participants said at the European Steel Day in Brussels, Belgium, on Wednesday June 26."The markets for many steel products in Europe are rather weak. So nearly every steel company is forced in one way or another to cut production," Heinz J??rg Fuhrman...Read More
Henrik Adam, who has been chief commercial officer at Tata Steel Europe since 2011, will replace Hans Fischer as ceo when he retires on July 1, the company said on Thursday June 27.Fischer will continue to serve on the board of Tata Steel Europe as a non-executive director, and will continue to act as an adviser to global ceo and managing director TV Narendran."During his tenure as ceo and be...Read More
The G20 Summit, which takes place in Osaka, Japan, this weekend has cast a shadow over the Asian ferrous metals markets.Market participants are hoping a quick resolution to the trade war between China and the United States will provide much-needed relief both for steelmakers and downstream buyers at a time of squeezed margins and weak demand.One of the key themes at t...Read More
European steel mills could further reduce steel production should the volume of steel imported into the European Union continue to increase, market participants said at the European Steel Day in Brussels, Belgium, on Wednesday June 26."The markets for many steel products in Europe are rather weak. So nearly every steel company is forced in one way or another to cut production," Heinz J??rg Fuhrman...Read More
Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Thursday June 27, up by about 2% amid continued buying momentum, with positive US GDP figures shoring up commodity investments. Three-month nickel futures closed at their highest level since April at $12,710 per tonne in the afternoon, improving by just under 9% from a June-low of $11,605 per tonne o...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday June 27 that are worth another look.European steelmakers are concerned about the future viability of the steel industry in the United Kingdom should it leave the European Union at the end of October without a deal, they said at European Steel association Eurofer's European Steel Day in Brussels on Wednesday June 26. A ...Read More
The London Metal Exchange has just finished its trial to calculate nickel prices using a volume weighted average price (VWAP) method on the exchange's electronic trading platform. If early indications are anything to go by, metals market participants did not embrace this method of price discovery in the way some had anticipated. For three months since Monday March 18, closing prices for nickel car...Read More
The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect. His view is being echoed by a number of...Read More
A decade ago, the Shanghai Futures Exchange launched its steel rebar futures contract. In the years that followed it has become the gold standard for steel derivatives, achieving a success that other exchanges aspire to emulate. And they are definitely trying, with a total of 11 steel derivatives contracts launched by the main trading exchanges since. SHFE, which launched a wire rod futures contra...Read More
Henrik Adam, who has been chief commercial officer at Tata Steel Europe since 2011, will replace Hans Fischer as ceo when he retires on July 1, the company said on Thursday June 27.Fischer will continue to serve on the board of Tata Steel Europe as a non-executive director, and will continue to act as an adviser to global ceo and managing director TV Narendran."During his tenure as ceo and be...Read More
The G20 Summit, which takes place in Osaka, Japan, this weekend has cast a shadow over the Asian ferrous metals markets.Market participants are hoping a quick resolution to the trade war between China and the United States will provide much-needed relief both for steelmakers and downstream buyers at a time of squeezed margins and weak demand.One of the key themes at t...Read More
Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Thursday June 27, up by about 2% amid continued buying momentum, with positive US GDP figures shoring up commodity investments. Three-month nickel futures closed at their highest level since April at $12,710 per tonne in the afternoon, improving by just under 9% from a June-low of $11,605 per tonne o...Read More
Seaborne iron ore prices strengthened further on Thursday June 27, with trading activity on the Singapore Exchange's (SGX) 65% Fe iron ore derivative contract also picking up. By 5.45pm Singapore time, 125,000 tonnes of the contract had been traded and cleared, according to SGX data. This compares with 175,000 tonnes traded in the whole of last week. MB 62% Fe Iron Ore Index: $118.02 per tonne cfr...Read More
Weakness persisted in the seaborne coking coal market on Thursday June 27 despite news of a suspension of mining activity at a mine in Queensland, Australia.An August-loading cargo of a top Australian brand was sold to an end user in southern China at $200 per tonne cfr China, according to various sources.A shipment of premium low-vol hard coking coal was heard offered at $198 per tonne cfr China,...Read More
Chris Vermeulen19 hours ago (Jun 27, 2019 6:10 AM GMT)Silver will likely find resistance near $15.60 and move slightly lower before another upside price leg takes place. Both gold and silver have begun incredible price rallies over the past 10+ days and we believe this is just the start of a much bigger price trend.DAILY SILVER CHART ANALYSISThe $15.60 to $15.75 resistance level can be seen...Read More
A gallery collapse at Glencore's Kamoto Copper Company in the Democratic Republic of Congo has killed 19 people, the company said in a filing on the London Stock Exchange on June 27.The miners were working illegally at a project, which has had on average 2,000 illegal incursions onto its jurisdiction per day, the company said adding that further casualties were a possibility."The incident has no i...Read More
Henrik Adam, who has been chief commercial officer at Tata Steel Europe since 2011, will replace Hans Fischer as ceo when he retires on July 1, the company said on Thursday June 27.Fischer will continue to serve on the board of Tata Steel Europe as a non-executive director, and will continue to act as an adviser to global ceo and managing director TV Narendran."During his tenure as ceo and be...Read More