Ford Motor will invest $316 million to build electric car components at its Halewood factory in northern England, it said.The US automotive manufacturer expects power unit production to begin in mid-2024, with capacity planned to be around 250,000 units per year, it said in a release on Monday October 18.This vehicle transmission facility, which currently builds transmissions for several...Read More
There were no deep-sea bookings by Turkish steel mills on Tuesday October 19, but sources expect mills to book more cargoes for December amid strong demand for billet and rebar, market participants told Fastmarkets.The most recent deep-sea trade was recorded on Monday October 18, when a steel mill in the Iskenderun region booked a Baltic Sea cargo consisting of 6,500 tonnes HMS 1&2 (95:5) at $512...Read More
Here are five Fastmarkets stories you might have missed on Tuesday October 19 that are worth another look.Vietnam's Hoa Phat Steel is close to obtaining certification from the United Kingdom Certification Authority for Reinforcing Steels (Cares), which would allow it to sell its rebar to the key markets of Singapore...Read More
The Russian government has removed or reduced existing export duties on ferro-alloys, effective October 15, after responding to domestic industry concerns, trade sources said.Russia implemented its latest export tax changes on Friday October 15, a move which included scrapping the export taxon ferro-alloys such as ferro-titanium and ferro-tungsten.On Monday, Russia's Ministry of Economic Developme...Read More
Trading liquidity for Chinese steel cold-rolled coil and hot-dipped galvanized coil remained quiet in the week ended October 19 after growing fears of export policy changes ahead of the end of the year dented buying interest for Chinese material.Changes in export prices for Chinese CRC and HDG were moderate compared with the previous week, with domestic prices continuing to fluctuate amid supply r...Read More
Tokyo Steel has increased its domestic scrap purchase prices for the fourth time in October, keeping Japan's export offers for steel scrap well supported, sources told Fastmarkets on Tuesday October 19.?EUR?Tokyo Steel raises scrap buy prices?EUR?Japanese material unaffordable to buyers in China?EUR?Taiwanese buyers bid higherJapanTokyo Steel, Japan's largest operator of electric-arc furnaces, ann...Read More
Base metals on the London Metal Exchange closed lower day on day on Tuesday October 19 after a strong open.The LME zinc three-month price led the decline among the base metals, closing at $3,508 per tonne - down more than 5% from $3,696 per tonne at the open."Even though we believe the LME zinc price can remain elevated...Read More
Exporters of billet from the Commonwealth of Independent States aggressively increased offers on October 19, although no sales were heard at the higher levels.Fastmarkets' calculation of its daily steel billet index export, fob Black Sea, CIS was $650 per tonne on October 19, up by $1 per tonne...Read More
Export prices for flat steel product from the Commonwealth of Independent States rose during the week ended Monday October 18 on a stronger local market in Turkey - the key destination for flat steel exports from Russia and Ukraine.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $820-840 per tonne on Monday, up by $20 per tonne from $800-820 per...Read More
The Russian government has removed or reduced existing export duties on ferro-alloys, effective October 15, after responding to domestic industry concerns, trade sources said.Russia implemented its latest export tax changes on Friday October 15, a move which included scrapping the export taxon ferro-alloys such as ferro-titanium and ferro-tungsten.On Monday, Russia's Ministry of Economic Developme...Read More
European steel companies must scale up their decarbonization technologies within the coming decade or risk exhausting their allocated emissions allowances early, according to a report released on Tuesday September 14.The report, "Steeling for Net Zero," by climate researcher Industry Tracker, found that selected European steel companies have less than 26% of their carbon budget remaining and must...Read More
A summary of the operational results for Russian steelmaker Severstal for the third quarter (July-September) of 2021In brief Steel sales were up by 1% quarter on quarter to 2.69 million tonnes due to strong sales of pig iron and slabs. Sales of hot-rolled steel and plate increased by 1% quarter on quarter to 1.12 million tonnes. The total share of export sales volume, including sales of pig iron,...Read More
Trading liquidity for Chinese steel cold-rolled coil and hot-dipped galvanized coil remained quiet in the week ended October 19 after growing fears of export policy changes ahead of the end of the year dented buying interest for Chinese material.Changes in export prices for Chinese CRC and HDG were moderate compared with the previous week, with domestic prices continuing to fluctuate amid supply r...Read More
China's cobalt metal price strengthened after China's National Day holiday (October 1-7) amid the rally in international benchmark metal price and a shortage of spot units. While the price gap between China domestic market and the international market narrowed, it is unlikely that the former will match the latter in the near future, sources told Fastmarkets.Fastmarkets' price assessment for cobalt...Read More
Novelis will invest approximately $130 million to upgrade its operations in Oswego, New York, the global aluminum rolling and recycling firm said in a press release on October 18.The project will increase hot mill capacity by 124,000 tonnes at the plant, which serves the can, automotive and specialty products markets, Atlanta-based Novelis said. The investment, which will be between spring 2022 an...Read More
There were no deep-sea bookings by Turkish steel mills on Tuesday October 19, but sources expect mills to book more cargoes for December amid strong demand for billet and rebar, market participants told Fastmarkets.The most recent deep-sea trade was recorded on Monday October 18, when a steel mill in the Iskenderun region booked a Baltic Sea cargo consisting of 6,500 tonnes HMS 1&2 (95:5) at $512...Read More
Seaborne coking coal prices were relatively stable on Tuesday October 19, with no trading activity heard. And the seaborne premium fob price will likely remain steady for the rest of the year, several sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $612.12 per tonne, down by $0.44 per tonneHard coking coal, cfr Jingtang: $565.06 per tonne, unchangedPremium hard coking coal,...Read More
From supply chain disruptions to London Metal Exchange spreads, aluminium market participants discussed a wide variety of topics during LME Week, and what they could mean for the market in the months ahead.Fastmarkets breaks down the winners and losers across the various topics discussed during the week of October 11-15.Embedded supply chains - winnersWhile costs along the supply chain continue to...Read More
China's National Development & Reform Commission has urged coal miners to raise their operating rates and increase supply amid a power shortage in the country and high prices for natural gas in other parts of the world.Since September, 153 coal mines have been allowed to increase their production by a total of 220 million tonnes per year following stringent safety checks, the commission said on Mo...Read More
The London Metal Exchange has imposed a series of temporary measures to maintain an orderly copper market after wild outright and spread price moves and dwindling inventories in recent days, the exchange said.In a notice to members, the LME said its Special Committee had been monitoring the ongoing tightness in the copper market, with exchange inventories falling and nearby carries tightening. The...Read More