Here are five Fastmarkets stories you might have missed on Thursday September 3 that are worth another look.A month ago, Eric, a steel importer based in eastern China, was pricing hot-rolled coil imports 20-30 yuan ($3-4) per tonne below the market average to secure orders. Now, he...Read More
Extreme tightness of duty-unpaid aluminium units in Rotterdam has pushed the P1020 duty-unpaid premium to its highest since March. With a lack of imports and material in tight hands, participants are concerned the tightness will not ease in the near term. "There is no unpaid material, simple as that. There is nothing new coming in and those holding the material are not willing to let it go at low...Read More
A month ago, Eric, a steel importer based in eastern China, was pricing hot-rolled coil imports 20-30 yuan ($3-4) per tonne below the market average to secure orders.Now, he is clearing his stock at prices that are "higher than expected.""This is thanks to rising domestic demand, which saved scores of importers from losing money," he said.Rough startIn the first seven months of 2020, China importe...Read More
Three-month prices for base metals on the London Metal Exchange were mostly lower at the close of trading on Thursday September 3, with positive unemployment data and services data from the United States doing little to stop an equities-led decline across the complex.A 4% downturn in LME nickel futures led that decline, and nickel's outright price on the LME was the laggard over Thursday afternoon...Read More
Seaborne iron ore prices were up on Thursday September 3 amid market anticipation of a healthy demand outlook for steel, trade sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $129.92 per tonne, up $2.61 per tonne.62% Fe low-alumina fines, cfr Qingdao: $130.17 per tonne, up $2.27 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $115.23 per tonne, up $4.01 per...Read More
Seaborne coking coal prices remained relatively stable on Thursday September 3 amid a lull in transactions, while Indian demand for seaborne materials in the spot market will increase after monsoon season, a source said. Fastmarkets indicesPremium hard coking coal, fob DBCT: $106.22 per tonne, up $0.12 per tonne Premium hard coking coal, cfr Jingtang: $114.43 per tonne, down $0.01 per tonneHard co...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.These include an increase in our copper mine disruption estimates, upgrades to our production outlook for Indonesian nickel pig iron (NPI), a smaller refined zinc surplus, and an upgrade to our zinc price forecasts.Aluminium: Big disconnect between price and fundamentalsAluminium has extended its uptrend on the London Metal...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. We also review our price forecasting accuracy for the second quarter 2020.Q2 2020 price forecast performance review According to the results of Fastmarkets' Apex for the second quarter of 2020 published this week, Fastmarkets' base metals research team was the second most accurate price forecaster for nickel (99.06%), lead...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Comfortable consolidationAluminium appears comfortable consolidating for the moment, and this will leave prices in a stronger position to challenge overhanging long-term trend-line resistance from the May 2018 high, which stands at $1,670 per tonne currently.Copper: Consolidation unlikely to lastCopper reached its...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US market under pressureUS prices for welded pipe products were under pressure because market participants, especially distributors, have started to take steps to generate cash and were moving material if they were able to do so, even if it meant selling at low prices.We expect more such "fire sales" in the coming months, bu...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.August 2020 has seen the prices of most steel products move up in tandem around the world, in contrast to recent months when steel prices have moved in different directions depending on the market.This dynamic has been seen in most coated steel markets as well, with the prices for hot-dipped galvanized coil (HDG), pre-painted...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US market at risk of slidingPrices for pipe products were at a floor in the United States in mid-August, and have been broadly stable at that level since the start of the second quarter, but they are at risk of declining further in the coming months.Drilling rig counts have yet to find a floor and have fallen below most esti...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US domestic prices for hot-rolled coil moved down in line with our expectations, averaging $461 per ton in July versus our forecast price of $460 per ton. Although domestic HRC prices slipped to less than $450 per ton in late July/early August, we maintain the view th...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:Prices across most ferro-alloy markets trended stable to lower in August as demand remained subdued in major markets, apart from China where steel output continues to rise at a rapid pace, supporting demand for ferro-alloys. As alloy makers seek to remedy supply/demand imbalan...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:Numerous ore and alloy markets enjoyed upward pricing momentum in the first half 2020, with supply-side constraints supporting prices despite collapsing demand from steelmakers and other key end users. While supply side issues related to Covid-19 lockdowns have been resolved,...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In the year 2020 to date in late August, the Fastmarkets 62% Fe iron ore benchmark has powered along and reached six-year highs, supported by Chinese demand, and despite the global economic uncertainty created by the Covid-19 pandemic. Iron ore demand has weakened almost everywhere except in China, where it has continued to...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.There has been an increasing bullishness in Chinese steel market sentiment recently, with rising post-Covid-19 optimism about the country's economy for the second half of 2020, especially after the government announced an infrastructure spending boost. Although we believe that high prices are justified, they remain far from...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Heavy rains in China, which can negatively affect iron ore supplies and pig iron production, and bolster demand for scrap, continued in July 2020. Although this was more an upside risk to our bearish base case one month ago, Chinese scrap prices remained strong. The firm prices gained support from the rains and from a more g...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This year has come with several unexpected events which increased the bullish case for iron ore prices, while the Chinese government's spending on infrastructure is likely to boost iron ore demand and add upside support to prices. But supply disruptions and a demand surge which caused price spikes are now easing. We do not e...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. A look at stainless steel price movements through August reveals the ongoing battle being faced by stainless steelmakers in Europe and the United States while they try to pass on rising costs to consumers. In these regions, prices on most grades of stainless steel are little changed from July, rising by around 2% at most -...Read More