Markets were stronger across the board this morning, Tuesday June 16, reversing the weakness seen at the end of last week and during early trading on Monday.The Federal Reserve’s action to extend buying to a wider base of corporate debt suggests the central bank will “do whatever it takes” to support market sentiment, and indeed markets, if it can. * Base metals prices on both the L...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 68 points in pre-opening trade. Index futures responded to news that the Trump Administration is planning a 1 trillion infrastructure package to stimulate the U.S. economy. U.S. construction stocks were notably stronger. Gains accelerated on news of a new steroid coronavirus treatment.Index futures moved higher followi...Read More
Here are five Fastmarkets stories you might have missed on Friday June 12 that are worth another look.The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on June 12.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $60 per tonne cif main Japanese ports (MJP), sources told Fastmarkets on...Read More
Here are five Fastmarkets stories you might have missed on Friday June 12 that are worth another look.The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on June 12.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $60 per tonne cif main Japanese ports (MJP), sources told Fastmarkets on...Read More
Here are five Fastmarkets stories you might have missed on Friday June 12 that are worth another look.The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on June 12.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $60 per tonne cif main Japanese ports (MJP), sources told Fastmarkets on...Read More
Here are five Fastmarkets stories you might have missed on Friday June 12 that are worth another look.The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on June 12.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $60 per tonne cif main Japanese ports (MJP), sources told Fastmarkets on...Read More
The proposed changes to existing EU safeguard measures for hot-rolled coil would result in a drop in import volumes and consequently injure independent distribution in Europe, Italian steel distributors' association Assofermet said in a letter to the European Commission (EC).In late May, the EC presented a draft of the new safeguard measures to the World Trade Organization, which will go into effe...Read More
The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on Friday June 12.The EC concluded that the European steel association, Eurofer, had provided sufficient evidence that Turkish HRC producers have been benefiting from a number of subsidies. Eurofer lodged a complaint to the EC on April 30 this year."The alleged subsidy pr...Read More
GFG Alliance will cut jobs following a drop in demand for steel due to the pandemic which has had a significant, lasting impact on the economies of the countries in which it operates, it said on Thursday June 11. The company announced the headcount reduction alongside an "accelerated investment program" and is implementing a global efficiency drive to help adjust to a new post-pandemic market envi...Read More
Here are five Fastmarkets stories you might have missed on Friday June 12 that are worth another look.The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on June 12.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $60 per tonne cif main Japanese ports (MJP), sources told Fastmarkets on...Read More
Here are five Fastmarkets stories you might have missed on Friday June 12 that are worth another look.The European Commission (EC) has initiated an anti-subsidy investigation into hot-rolled coil imports from Turkey, it said on June 12.A deal for third-quarter aluminium ingot supply to Japan has been concluded at a premium of $60 per tonne cif main Japanese ports (MJP), sources told Fastmarkets on...Read More
The London Metal Exchange recently reiterated its willingness to facilitate spot trading of low carbon aluminium. While not a new concept for the exchange, it would serve two important purposes. First, it would provide more transparent, digitalized data on the specification of its aluminium brands and determine whether people are actually paying more for low carbon metal. Second, it would pro...Read More
Just over a year ago, US Section 232 tariffs against imports of aluminium from Canada were removed. Now there are calls to reintroduce them.The American Primary Aluminum Association (APAA), which represents US producers Century Aluminum and Magnitude 7, says that Canadian imports have "surged" since the tariffs were removed and are threatening the viability of the US primary aluminium industry.&nb...Read More
An expected shortfall in Brazilian supply of high-grade iron ore will likely result in 2020 becoming a boom year for Australian miners.While Brazilian miner Vale, a key producer of high-grade iron ore fines and pellets, is maintaining its production guidance despite a suspension of operations at its Itabira mining complex, many market participants in Asia are expecting a shortage of Brazil-origin...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Short-term upside targets achievedLME aluminium's price recovery to $1,600 per tonne has been driven by macro forces acting on all metals, and amplified for aluminium by technical factors after prices became so oversold at the double-bottom lows in April and May. With a 4-million-tonne supply surplus this year, al...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Consolidation needed after technical gainsDespite structural oversupply, the London Metal Exchange aluminium price has enjoyed a technical rebound since the mid-May lows, which was in line with our short-term forecasts. But technical indicators now look overbought and the price must consolidate its recent gai...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Early signs of post-lockdown demand recoveryWith major economies outside China reopening after the easing of their Covid-19-related restrictions on movement and industrial activity, last week's jump in the number of cancelled aluminium warrants on the London Metal Exchange may be an early sign that the post-lockdo...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.As we anticipated, rebar prices in Eastern China (ex-warehouse basis) rose in May, coming within 0.6% of our forecast. Strong demand at home meant that Chinese producers were largely absent from the export market, maintaining their offers near $450 per tonne, while import prices into Singapore were set near $400 per tonne cf...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.US demand shrinksDemand projections call for a continued retreat in US electric-resistance welded (ERW) line pipe and oil country tubular goods (OCTG) consumption as drill rigs and the number of wells drilled per rig are cut. Project demand in the large-diameter line pipe market is also shrinking with deferred or canceled pro...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.A couple of months into the global Covid-19 pandemic, the sell-off in steel markets appears to be abating.In parts of Asia, where the outbreak first occurred, steel prices - including those for coated steels - have rebounded since late April. The same is true of the US market as well. As we detail in our Americas analysis thi...Read More