Here are five Fastmarkets stories you might have missed on Tuesday September 15 that are worth another look.BHP has flagged inconsistent profits caused by volatile commodity prices as a key risk to its business.Rio Tinto is to launch its first closed-loop recycling program, offering customers in North...Read More
The Section 232 tariffs applied to US aluminium imports from Canada have again been removed - just 40 days after the reintroduction of those duties was announced, the Office of the United States Trade Representative (USTR) said on Tuesday September 15."The United States will resume duty-free treatment of non-alloyed, unwrought aluminium, retrospective to September 1," the Office of the USTR said.T...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable day on day on Tuesday September 15, with sentiment in the market remaining positive, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?476.98 ($565.72) per tonne on Tuesday, up by ?,?0.53 per tonne from ?,?476.45 per tonne on Monday.The index was...Read More
Recent gains in London Metal Exchange three-month base metals prices stalled at the close on Tuesday September 15 after consumer jitters set in ahead of the following day's United States Federal Reserve meeting. A slew of better industrial data from China failed to offer price support while a stronger dollar index, trading up 0.19% at around $93.12 during the afternoon session was an effective hea...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 15 that are worth another look.BHP has flagged inconsistent profits caused by volatile commodity prices as a key risk to its business.Rio Tinto is to launch its first closed-loop recycling program, offering customers in North...Read More
Recent gains in London Metal Exchange three-month base metals prices stalled at the close on Tuesday September 15 after consumer jitters set in ahead of the following day's United States Federal Reserve meeting. A slew of better industrial data from China failed to offer price support while a stronger dollar index, trading up 0.19% at around $93.12 during the afternoon session was an effective hea...Read More
Seaborne iron ore prices eased on Tuesday September 15 amid a market-driven price correction from the previous day's sky-high prices, according to trade sources.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $128.52 per tonne, down by $1.65 per tonne.62% Fe low-alumina fines, cfr Qingdao: $128.90 per tonne, down by $1.32 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $118.02 per t...Read More
The seaborne premium hard coking coal fob index jumped on Tuesday September 15 following a transaction of premium mid-volatility hard coking coal in the fob market, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $119.54 per tonne, up $6.31 per tonne Premium hard coking coal, cfr Jingtang: $126.60 per tonne, up $0.12 per tonneHard coking coal, fob DBCT: $95.26 per tonne, up $2....Read More
Steel slab exporters in the Commonwealth of Independent States (CIS) continued to enjoy higher prices in mid-September with support from strong demand for finished flat steel products in some customers' markets, Fastmarkets heard on Tuesday September 15.A cargo of slab from major Russian supplier Novolipetsk Steel (NLMK) was sold to Turkey at a price slightly above $470 per tonne cfr, sources told...Read More
The Turkish steel mills continued to hold back from deep-sea scrap purchases on the second working day of this week amid softening demand for finished long steel products, sources said on Tuesday September 15.Mills in Turkey booked seven deep-sea cargoes, totalling around 230,000 tonnes, early last week before withdrawing from the market on September 10.The most recent deep-sea bookings put scrap...Read More
Chilean copper producer Codelco has agreed a 36-month labor deal with the union representing supervisors at the El Teniente copper mine, the state-owned company said on Monday September 14.Codelco said the 36-month labor contract renewal deal includes no pay rises to enable the company to secure unit profitability and to generate resources for Chile to tackle social and health issue...Read More
Rio Tinto is to launch its first closed-loop recycling program, offering customers in North America a new scrap take-back solution and the production of high-quality alloys made with recycled content. The service, which will be available from next year, complements the company's production of low-carbon aluminium and is designed to give its customers greater choice while they look to meet increasi...Read More
Low liquidity has added more pressure to the domestic alumina market in China, which has gone into a downtrend because of oversupply, several sources told Fastmarkets on the sidelines of the Qianhai Mercantile Exchange alumina seminar on Tuesday September 15."We were well covered by long-term contracts and have no need to buy from the spot [alumina] market," one alumina consumer based in Henan pro...Read More
The London Metal Exchange three-month zinc price increased marginally during the morning on Tuesday September 15, with a fresh cancelation of some 6,275 tonnes keeping its price above nearby support while thin volumes traded in Asia, despite better than expected economic data out of China.LME zinc's outright price was recentl at $2,516.50 per tonne on Tuesday, holding above the nearby $2,500-per-t...Read More
Base metals prices were for the most part firmer this morning, Tuesday September 15, supported by some good Chinese economic data. China's industrial production climbed by 5.6% year on year in August, after a 4.8% rise in July, while retail sales rose by 0.5% year on year in August, after a 1.1% fall in July.Asian-Pacific equities were mixed, however, with gains in China, Hong Kong and South Korea...Read More
The US Department of Commerce has announced an affirmative preliminary countervailing duty (CVD) determination on prestressed concrete steel wire strand from Turkey, according to a Tuesday September 15 statement. "Today, US Secretary of Commerce Wilbur Ross announced the affirmative preliminary determination in the countervailing duty investigation of imports of prestressed concrete steel wire str...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia remained stable in the seven days to Tuesday September 15 due to a combination of limited demand and relatively high raw material prices. Most market participants said they believe prices will remain stable or increase further in the coming days, supported by the raw material costs. Fastmarkets' daily index for iron ore 65%...Read More
The prices for steel rebar in the United Arab Emirates (UAE) local market increased this week, while market sources expecting imported rebar prices to follow, Fastmarkets heard on Tuesday September 15.Domestic rebarThe country's biggest producer Emirates Steel was offering rebar at 1,936 dirhams ($527) per tonne ex-works for October-production orders in effect from September 15, up from 1,830 dirh...Read More
ArcelorMittal plans to restart production at its Sestao steel plant in Spain at the end of this month, the company told Fastmarkets on Tuesday September 15."Signs of a tentative recovery in demand have made it possible to restart the facility, which was idled in March this year following the drastic fall in demand as a consequence of the Covid-19 pandemic," ArcelorMittal said.ArcelorMittal Sestao....Read More
Al Ghurair Iron & Steel, based in Abu Dhabi, in the United Arab Emirates, has appealed to the United States Court of International Trade on the US Department of Commerce's affirmative circumvention determinations on anti-dumping and countervailing duty orders for certain Chinese corrosion-resistant steel products (Core). Abu Bucker Husain, the chief executive officer of Al Ghurair Iron & Steel, to...Read More