Pig iron export prices from the south of Brazil have gone down slightly this week on lower sales to Asia, Fastmarkets heard on Friday May 17.Fastmarkets' weekly price assessment for pig iron exports from the southeastern Minas Gerais region of the country was $320-322 per tonne fob on May 17, down from $325 per tonne a week before.One cargo of 40,000 tonnes of pig iron was booked by a trader for t...Read More
European and UK austenitic and chrome steel alloy scrap prices decreased over the past week because of declining demand and lower ferrous scrap costs, sources told Fastmarkets on Friday May 17.Fastmarkets' assessment of the price for 18/8 stainless steel scrap solids in the UK domestic market was ?800-900 ($1,025-1,154) per tonne delivered on Friday, down by ?50 per tonne week on week.The corres...Read More
The domestic price for secondary steel billet in India has gone down by at least 200 rupees ($3) per tonne in the past week, in line with falling prices for finished long steel products such as rebar.The Indian domestic secondary billet price was assessed by Fastmarkets on Friday May 17 at 31,000-31,200 rupees ($441-444) per tonne ex-mill, down from last week's assessment at 31,200-31,400 rupees p...Read More
Export prices for Brazil-origin slab went down for a second consecutive week in the period ended Friday May 17, with buyers in the United States heard to be declining offers on fears that their country's annual quota for semi-finished steel imports will be almost completely taken up by July or early August.Fastmarkets' weekly assessment of the price for Brazil export slab dropped to $510-520 per t...Read More
Trading activity in the CIS export billet market slowed down at the end of this week when market participants took a wait-and-see position on whether the reduction in US import duty on Turkey-origin steel products would have a positive effect on prices.The United States lowered its tariff on steel imports from Turkey to 25%, from the previous 50%, with effect from Friday May 17."The Turkey import...Read More
The United States has lowered its tariffs on steel imports from Turkey to 25%, from the previous 50%, effective Friday May 17.The move reverses a decision by US President Donald Trump in August last year to impose higher tariffs on US imports of Turkish aluminium and steel amid an escalation in tensions between the two countries.Turkey exported 6 tonnes of hot-rolled coil under HS code 7208 to the...Read More
Swedish state-owned iron-ore producer LKAB is to appoint Markus Pet??j??niemi to the role of senior vice president, where he will lead the newly formed market and technology unit, the company said on Thursday May 16.Pet??j??niemi, who will take up the role on June 1, was previously acting senior vice president and led the technology and process development team, which will now fall under the marke...Read More
Feralpi Stahl will raise capacity at its rebar and wire rod rolling mill in Riesa in the Saxony region of Germany to 1.3 million tonnes per year, the German division of Italy-based steelmaker Feralpi Group said.The company will invest ?,?60 million ($67.33 million) over a two-year period to increase capacity at Riesa, it said on Wednesday May 15."The investment will strengthen the current producti...Read More
The global ferrous scrap markets continued to move downward during the week ended Friday May 17, except in Turkey, but a recovery was expected for most markets following the cut to the US import tariff on Turkey-origin steel. Prices begin recovery after US reduces Turkey tariff US export prices down on earlier Turkish sales Taiwan prices down on lower bids; Vietnam prices stable Indian market cont...Read More
The import prices of flat steel in South America have largely fallen over the past week, reflecting the recent drop in Chinese prices and the higher market share taken by some exporters from the Commonwealth of Independent States (CIS) region.Fastmarkets assessed the hot-rolled coil (HRC) import price in the region at $535-550 cfr on May 17, down from $540-560 per tonne a week earlier.Russian and...Read More
The swing back into contango in the nearby aluminium forward curve on the London Metal Exchange moving triggered the cancelation of more than 90,000 tonnes of aluminium in LME-bonded warehouses this week.Almost 45,000 tonnes of material were freshly canceled on Friday May 17, predominantly out of registered warehouses in Johor and Singapore. More than 30,000 tonnes were canceled across the same lo...Read More
The domestic price for secondary steel billet in India has gone down by at least 200 rupees ($3) per tonne in the past week, in line with falling prices for finished long steel products such as rebar.The Indian domestic secondary billet price was assessed by Fastmarkets on Friday May 17 at 31,000-31,200 rupees ($441-444) per tonne ex-mill, down from last week's assessment at 31,200-31,400 rupees p...Read More
The swing back into contango in the nearby aluminium forward curve on the London Metal Exchange moving triggered the cancelation of more than 90,000 tonnes of aluminium in LME-bonded warehouses this week.Almost 45,000 tonnes of material were freshly canceled on Friday May 17, predominantly out of registered warehouses in Johor and Singapore. More than 30,000 tonnes were canceled across the same lo...Read More
Indonesian steelmakers are facing increased headwinds with political tensions in the country rising ahead of the presidential election result, due to be announced on May 22, and adding to the bearish sentiment in the Southeast Asian billet market.Presidential candidate and former military general Prabowo Subianto has threatened to rally his supporters to conduct protests after alleging that voting...Read More
The swing back into contango in the nearby aluminium forward curve on the London Metal Exchange moving triggered the cancelation of more than 90,000 tonnes of aluminium in LME-bonded warehouses this week.Almost 45,000 tonnes of material were freshly canceled on Friday May 17, predominantly out of registered warehouses in Johor and Singapore. More than 30,000 tonnes were canceled across the same lo...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Friday May 17, with broad strength in the US dollar index pressuring commodity prices while trade tensions continue to deter investment.Trading volumes were thin over the day, with copper volumes leading the complex at just over 10,000 lots exchanged. Low liquidity conditions continue to typify the ba...Read More
Lead stocks held in Shanghai Futures Exchange-approved warehouses leapt by approximately 15% week on week on Friday May 17 due to weak demand. SHFE lead stocks totaled 36,993 tonnes on May 17, up 4,799 tonnes from 32,194 tonnes on May 17, reflecting a weak domestic market while the import window was closed, according to market participants. The largest inflow this week was registered at Zhejiang T...Read More
Offer prices for hot-rolled coil (HRC) in India have dropped by at least $10 per tonne after South Korea-origin HRC was offered to Indian importers this week at $545-550 per tonne cfr Mumbai, Fastmarkets heard on Friday May 17.Indian importers had last booked Japanese or South Korean HRC about two weeks ago, at $555-560 per tonne cfr Mumbai for shipment in June.Importers said, however, that the...Read More
Export prices for Brazil-origin slab went down for a second consecutive week in the period ended Friday May 17, with buyers in the United States heard to be declining offers on fears that their country's annual quota for semi-finished steel imports will be almost completely taken up by July or early August.Fastmarkets' weekly assessment of the price for Brazil export slab dropped to $510-520 per t...Read More
Representatives of Chilean state-owned copper producer Codelco will make their final wage and bonus offer to three workers' trade unions for the Chuquicamata mine division by May 24, the unions said on Friday May 17.The unions will have up to five days to schedule a vote on the proposal, the unions added.Workers are demanding active participation in the company's transformation plans; better healt...Read More