Sentiment in China's spot rebar market worsened on Tuesday May 14 after China responded to the United States' tariff increase with one of its own, resulting in buyers cutting their procurement rates.Domestic Eastern China (Shanghai): 3,990-4,040 yuan ($581-588) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,910-3,960 yuan per tonne, unchangedChina will raise its tariffs on over 5,...Read More
China will impose tariffs of up to 25% on carbon and stainless steel imports from the United States beginning in June amid escalating trade tensions between the two countries.These form part of $60 billion worth of US products that China imports. The bulk of the steel products listed by China's Ministry of Finance face the heftiest tariffs of 20-25% from June 1. These include billet, hot-rolled co...Read More
The Chinese domestic ferro-silicon price fell again in the week ended Friday May 10 under the weight of plentiful supplies and weaker monthly tender prices, while the European market was steady for the second consecutive week, although downward pressure looms ahead of the traditionally slower summer months. Chinese market buckles under weight of supply but support seen in upstream prices Eur...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
German steelmaker ThyssenKrupp expects the global steel market environment to remain challenging in 2019, amid "continuing global overcapacities, ongoing risks from trade uncertainties, [and] sharply rising iron ore prices," the company said on May 14.Fastmarkets' 62% Fe iron ore index averaged $82.41 per tonne cfr Qingdao over the first quarter of 2019, compared with $74.39 per tonne cfr in the f...Read More
Brazilian miner Vale is considering whether to increase the production capacity at its Caraj??s Serra Sul iron-ore complex over the next decade to 150 million tonnes per year from 90 million tpy currently, the company said in a presentation on Tuesday May 14.The goals of the project include working more with dry processing, improving the operational and logistic flexibility of premium products and...Read More
China will impose tariffs of up to 25% on carbon and stainless steel imports from the United States beginning in June amid escalating trade tensions between the two countries.These form part of $60 billion worth of US products that China imports. The bulk of the steel products listed by China's Ministry of Finance face the heftiest tariffs of 20-25% from June 1. These include billet, hot-rolled co...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 14.Click on...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased over the past week due to demand being limited by observance of the Islamic holy month of Ramadan, which started last week, sources told Fastmarkets on Tuesday May 14.Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials.End-user...Read More
German steelmaker ThyssenKrupp expects the global steel market environment to remain challenging in 2019, amid "continuing global overcapacities, ongoing risks from trade uncertainties, [and] sharply rising iron ore prices," the company said on May 14.Fastmarkets' 62% Fe iron ore index averaged $82.41 per tonne cfr Qingdao over the first quarter of 2019, compared with $74.39 per tonne cfr in the f...Read More
Prices in the London Metal Exchange base metals complex became firmer on Tuesday May 14 when it was realized that the effects of proposed Chinese tariffs side-stepped the base metals to focus on imports of minor metals and ferro-alloys.The duties would be imposed by China on materials from the United States from June 1, in retaliation for increased US import duties on Chinese goods in the two coun...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 14 that are worth another look.German steelmaker ThyssenKrupp remains open to consolidation in the European steel sector, chief executive officer Guido Kerkhoff said in a conference call with analysts on Tuesday May 14.Increased hydroxide supply over the past year has meant diverging fundamentals between cobalt int...Read More
Investing.com - Prices of safe-haven gold dipped below the psychologically important $1,300 level on Tuesday in Asia despite escalating trade tensions between the U.S. and China.Gold Futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.1% to $1,299.95 by 1:28 AM ET (05:28 GMT).The move lower in gold prices came even as the trade war between China...Read More
Fastmarkets reporters present 12 key things we learned at LME Asia Week 2019 in Hong Kong during May 6-9. 1. LME is in talks with Guangdong local authority to establish warehouses in China Charles Li, chief executive officer of Hong Kong Exchanges & Clearing (HKEX), said the London Metals Exchange is in talks with the Guangdong government to pilot establishing LME warehouses in mainland China. Li...Read More
Prices in the London Metal Exchange base metals complex became firmer on Tuesday May 14 when it was realized that the effects of proposed Chinese tariffs side-stepped the base metals to focus on imports of minor metals and ferro-alloys.The duties would be imposed by China on materials from the United States from June 1, in retaliation for increased US import duties on Chinese goods in the two coun...Read More
Fastmarkets presents a round-up of several of the key takeaway points from Iron Ore Week 2019 in Singapore.Steel mill margins still keyHigh-grade iron ore demand was healthy last year while the Chinese government focused on its Blue Sky project and supply-side reforms, in turn prompting steel mills to consume more high-grade iron ore, assistant general manager Ji Chao of Baoshan Iron & Steel said...Read More
Trading activity in the seaborne coking coal market slowed down on Tuesday May 14 with participants staying on the sidelines after prices rose by around 3% within the span of a week.The Fastmarkets MB fob Australia Premium Hard Coking Coal Index stood at $212.67 per tonne during the day, up 3.2% from $206.11 per tonne a week earlier."There is still demand from India but I'm not sure if the buyers...Read More
Brazilian miner Vale is considering whether to increase the production capacity at its Caraj??s Serra Sul iron-ore complex over the next decade to 150 million tonnes per year from 90 million tpy currently, the company said in a presentation on Tuesday May 14.The goals of the project include working more with dry processing, improving the operational and logistic flexibility of premium products and...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
Russian aluminium producer Rusal said it will focus on restoring its market position after its first-quarter revenues plunged by 20.9% year on year in a period "challenged by the past year's events". Rusal reported revenue in the first quarter of 2019 of $2.17 billion, a fall of 20.9% year on year from $2.744 billion. The company said the fall in revenue was due to the decrease in the London Metal...Read More