Key data from Fastmarkets' pricing sessions in China, Europe and the United States on Friday October 22. China ?EUR?The price of ferro silicon in China continued to narrow downward following a correction in a previous rally, with many market participants taking a wait-and-see attitude toward the market and an expected steel mill tender in late October. ?EUR?Overall supply was still tight, howeve...Read More
Base metals prices on the London Metal Exchange were mainly stronger during morning trading on Friday October 22, but those on the Shanghai Futures Exchange were largely down - this follows significant losses on the LME on Thursday.Chinese property giant Evergrande Group makes a dollar bond interest payment.US treasury yields up sharply following better-than-expected US initial jobless claims data...Read More
The price of nickel sulfate in China was unmoved in a cautious market during the week to Friday October 22, amid fears of an oversupply of material and despite volatile nickel prices, sources told Fastmarkets.Nickel prices on the Shanghai Futures Exchange hit an all-time high on October 21, and closed at 155,880 yuan ($24,366) per tonne, on news of a possible export ban on raw materials from Indon...Read More
Vale has restarted a conveyor belt at its Salobo copper mine in Brazil following an 18-day stoppage due to a fire, the multi-metal producer said on Friday October 22.Activities at the site's processing plant resumed on Friday, and the company will subsequently ramp up copper concentrate output on Monday October 25.An estimated 8,000 tonnes of copper production was lost because of that downtime, Va...Read More
An overview of the new energy materials markets and their price moves in the week to Friday October 22.Susan Zou, Yingchi Yang and...Read More
Domestic hot-rolled coil prices across Europe were stable on Friday October 22, after declining earlier in the week, sources told Fastmarkets.Bearish sentiment among buyers in northern Europe and Italy was driven by reduced demand from the automotive industry caused by the ongoing global semiconductor shortage and competitive import offers from Central Europe. Automotive steel consumption is estim...Read More
Ferrous scrap prices in the global markets continued to strengthen in the week ended Friday October 22 amid firm demand and tight supply. Turkish steel mills continued to pay higher prices for deep-sea scrap cargoes, while buyers in Southeast Asia had to raise their bids because of limited supply.?EUR?Turkish steel mills end the week with five deep-sea cargo trades, prices up?EUR?Tight supply in t...Read More
The three-month copper contract is trading near record highs on the London Metal Exchange, cash prices are rising even faster, and inventories are descending toward zero. Try running a hedge book in those conditions.It's been a very real quandary facing the physical trade and industry, which awoke on Tuesday October 19 to find copper's cash to November spread had flared to a backwardation of more...Read More
The price for grade 18/8 alloy steel scrap increased due to higher nickel costs, while underlying market fundamentals remained stable, sources told Fastmarkets on Friday October 22.Fastmarkets' weekly price assessment for stainless steel scrap 18/8 solids domestic, delivered merchants UK was ?1,340-1,440 ($1,850-1,988) per tonne on Friday, up by ?10-40 per tonne from ?1,330-1,400 per tonne the...Read More
An overview of the new energy materials markets and their price moves in the week to Friday October 22.Susan Zou, Yingchi Yang and...Read More
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...Read More
A sharp drop in domestic billet and rebar prices over the past few days in China resulted in a change of mood in the Commonwealth of Independent States' export billet market, sources told Fastmarkets.Fastmarkets' price assessment of steel reinforcing bar (rebar) domestic, ex-whs Eastern China was 5,300-5,350 ($828.46-836.28) yuan per tonne on Friday October 22, down by 330 yuan per tonne day on da...Read More
Large volumes of steel billet position cargoes held by traders have been offered at lower prices to buyers in Southeast Asia in recent days amid China's continued price decline, sources told Fastmarkets.Closures at Chinese rerolling mills amid power rationing and environmental measures, together with spiraling ferrous futures markets, have badly damaged steel billet demand in the country this week...Read More
Key data from Fastmarkets' pricing sessions in India, Europe, China and the United States on Friday October 22.China Higher port prices and the likelihood of fewer shipments arriving in the coming months supported buying sentiment in the seaborne manganese ore market. Portside low- and high-grade manganese ore markets extended their rallies amid firm sentiment among suppliers, but buying appetites...Read More
The price for grade 18/8 alloy steel scrap increased due to higher nickel costs, while underlying market fundamentals remained stable, sources told Fastmarkets on Friday October 22.Fastmarkets' weekly price assessment for stainless steel scrap 18/8 solids domestic, delivered merchants UK was ?1,340-1,440 ($1,850-1,988) per tonne on Friday, up by ?10-40 per tonne from ?1,330-1,400 per tonne the...Read More
Fastmarkets has corrected its trioxide grade and standard grade antimony prices, in warehouse Rotterdam, which were incorrectly published on Friday October 22 due to a reporter error.The price for MB-SB-0001 Antimony, max 100 ppm Bi, in-whs Rotterdam, has been changed to $12,900-13,500 per tonne, from an incorrectly published price of $13,300-13,500 per tonne.And the price for MB-SB-0002 Antimony...Read More
Jindal Stainless (Hisar) Ltd (JSHL) has commissioned a new strip mill as part of the first phase of the latest brownfield expansion at its Specialty Products Division (SPD), the company said on Wednesday October 20.The new 26,000-tonnes-per-year precision strip mill takes JSHL's capacity to 48,000 tpy from 22,000 tpy previously, the company said.The capacity expansion further strengthens the compa...Read More
Rio Tinto will invest $7.5 billion to reduce emissions and meet its carbon targets earlier than planned, the company announced on Wednesday September 20.Following more ambitious climate targets by governments, Rio Tinto is revising its emissions reduction targets. Its new target is to reduce its Scope 1 & 2 carbon emissions of the greenhouse gas (GHG) Protocol by 50% by 2030, more than triple...Read More
Russia's Metalloinvest plans to construct the world's biggest hot-briquetted iron (HBI) facility, to help speed up the transition to green steel production, the company said this week.Technology provider Midrex Technologies and engineering company Primetals will supply the new HBI Plant (HBI-4) at Lebedinsky GOK (LGOK), Metalloinvest said. The plant will be built at Gubkin in west Russia, and will...Read More
An overview of the new energy materials markets and their price moves in the week to Friday October 22.Susan Zou, Yingchi Yang and...Read More