Here are five Fastmarkets stories you might have missed on Friday October 23 that are worth another look....Read More
Now is not the time for Freeport-McMoRan to be thinking about mergers and acquisitions, the mining company's chief executive officer says.According to Richard Adkerson, the company - which is just over half-way through a mega-project to transform its giant Grasberg copper-gold mine in Indonesia from an open-pit to an underground operation - is on the verge of creating huge shareholder value."I jus...Read More
Oracle (ORCL), an S&P 100 stock moved below $58.05 completing a double top pattern.Turkey iShares (TUR) moved below $19.12 extending an intermediate uptrend. Dow Jones Industrial Average moved below its 20 day moving average at28221.63 and its 50 day moving average at 28021.11.Cenovus (CVE), a TSX 60 stock moved below Cdn$4.59 extending an intermediate downtrend. Cenovus offered to acquire Hus...Read More
Liberty Steel, part of the GFG Alliance, has restarted Adhunik Steel in India six months after it acquired the plant, the company said on Thursday October 22. The company said that it had restarted the first phase of production at Adhunik Metaliks Ltd and Zion Steel following the acquisition of the steel businesses in February 2020. The acquisition of the Indian site is a strategic investment in o...Read More
Demand for rebar and billet in Egypt failed to improve in the week to Thursday, October 22, despite the authorities reducing safeguard duties on the products, sources told Fastmarkets.Steel billet and rebar prices in Egypt were unchanged as a result, they added. The duty for imported billet was cut to 13% for the cif market last week, with a $60-per-tonne minimum, compared with ...Read More
The European Commission (EC) has opened an anti-dumping (AD) probe into imports of steel wind towers originating in China, the commission said on Wednesday October 21.The investigation started after the European Wind Tower Association lodged a complaint on behalf of European producers on March 17 - the association represents more than 25% of the total European production of steel wind towers.The p...Read More
Now is not the time for Freeport-McMoRan to be thinking about mergers and acquisitions, the mining company's chief executive officer says.According to Richard Adkerson, the company - which is just over half-way through a mega-project to transform its giant Grasberg copper-gold mine in Indonesia from an open-pit to an underground operation - is on the verge of creating huge shareholder value."I jus...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US ERW OCTG edges higher, seamless could followRising substrate costs helped support US ERW OCTG prices this month, especially at the upper end of the range of offers. Seamless OCTG and linepipe prices, meanwhile, held firm compared with September prices. The fundamentals remain weak, with rig counts going up...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron ore remains the most bullish commodity of the year, with prices fuelled by Chinese demand and supply disruptions in Brazil, along with bullish sentiment. But prices are expected to come down because Brazilian exports have begun to recover, and have reached their highest level since the Brumadinho dam disaster in 2019. W...Read More
Three-month prices for all base metals on the London Metal Exchange lost momentum before the close on Friday October 23, falling in tandem with a drop in the US stock markets.The LME three-month copper price lost 0.5% to close at $6,876 per tonne, after seeing a low turnover of just over 9,900 lots on Friday.The LME three-month lead and zinc prices dipped by 1% and 0.6%, respectively, and the...Read More
Now is not the time for Freeport-McMoRan to be thinking about mergers and acquisitions, the mining company's chief executive officer says.According to Richard Adkerson, the company - which is just over half-way through a mega-project to transform its giant Grasberg copper-gold mine in Indonesia from an open-pit to an underground operation - is on the verge of creating huge shareholder value."I jus...Read More
Post-pandemic market dynamics for base metals will be defined by global economies' ability to recover from the fallout of Covid-19, panelists said during LME Week's China session on Thursday October 22. Panel consensus deemed China's economic growth responsible for the current recovery in the metals market, with London Metal Exchange China head Yang Liu alluding to the region's "very beautiful v-s...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ending Friday October 23.Europe The market was unchanged over the week after fourth-quarter delivery contracts were settled, while suppliers reporedt deals done for several hundred tonnes of standard-grade material within range. ...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ending Friday October 23.China Seaborne 37% and 44% manganese port indices both slid after market sentiment weakened further amid falls in the portside ore and futures alloy markets amid growing port inventories.Portside manganese ore prices for both grades weakened further after some ore traders slashed the...Read More
A summary of aluminium producer Hydro's third-quarter results. In brief Underlying earnings before financial items and tax (EBIT) for the third quarter was at NOK 1,407 million compared with NOK 1,366 million in the same quarter last year, but up 3% from the second quarter. Hydro's net debt position decreased from NOK 13.2 billion to NOK 9.9 billion at the end of the quarter. Hydro held NOK 17.5 b...Read More
The United States silicon metal price reached $1.03 per lb on the high end on Thursday October 22, further surpassing domestic producers' $1 per lb cost of production and attaining its highest price since September 2019. The high end broke the psychological price barrier of $1 per tonne last week and rose for the third consecutive week in this Thursday's assessment because of recent widesprea...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves. Read More
Global steel scrap prices have risen over the week to Friday October 23, following Turkey's re-entry into the market and a sharp rise in the prices of Japan-origin material.Turkish mills rejoin scrap market for higher-priced cargoesSentiment positive in US East Coast market despite no fresh dealsVietnamese mills' appetite grows for US material following spike in Japanese pricesTaiwanese scrap impo...Read More
The price of shredded scrap imported into India moved up on Friday October 23 on a rise in the international market and tight material availability, sources told Fastmarkets.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $316.16 per tonne on Friday, up from $308.62 per tonne a week ago.Deals heard this week ranged from $315 to $316 per tonne, compared wi...Read More
Turkish steel mills look set to book further deep-sea scrap cargoes following a recent rise in rebar sales, sources told Fastmarkets on Friday October 23.Although there were no confirmed bookings for deep-sea cargo purchases on Friday, there was enough talk in the market to suggest possible further cargoes, following recent rebar sales and Turkish mills confirming their or...Read More