China's finished steel exports continued to fall on a year-on-year basis in July, but imports maintained an upward trend, according to customs data released on Friday August 7.July exports: 4.18 million tonnes, down by 25% from July 2019,...Read More
The aluminium industry neither deserves nor can afford the shock that would come from the United States' reintroduction of Section 232 tariffs on imports from Canada, according to Aluminum Association president and chief executive officer Tom Dobbins. Citing the latest government data from the US Census Bureau, Dobbins noted that US imports of primary aluminium from Canada were nearly 5% lower in...Read More
Brazil-based steelmaker Gerdau expects the metal spread in its North America division to remain stable in the coming months after the company was able to secure ferrous scrap at competitive prices, chief executive officer Gustavo Werneck said on Wednesday August 5.The company's metal spread - the premium between finished steel prices and scrap costs - averaged $415 per short ton in North America d...Read More
The Midwest aluminium premium soared by 5 cents on Friday August 7, logging its largest increase since Fastmarkets began assessing this premium in January 2003, with traders boosting offers on replacement cost considerations after the US reintroduced Section 232 tariffs on Canadian aluminium.Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 16-17 cents per lb on August 7, up by...Read More
Brazilian slab export prices increased in the week ended Friday August 7, with recent deals closed at higher levels and producers trying to push for new price increases in the next few weeks.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, reached $405-410 per tonne on Friday, up by $10-15 per tonne from $390-400 per tonne a week before.Recent deals for Brazilian...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday August 7.China Seaborne 37% manganese ore prices rose again after some miners increased their offers on a steady appetite among buyers looking to average their purchasing costs at relatively lower levels. The seaborne 44% price moved up as well, partly buoyed by the rising portside prices. Portside...Read More
No negotiations were again reported in the United States' spot pig iron market during the week ended Friday August 7, because steel mills' utilization rates remained low, Fastmarkets understands.But one deal was heard under long-term agreement at $340 per tonne cfr from Brazil. That would be "more or less in line with the spot market level," one buyer said. Meanwhile, other sources estimated that...Read More
Sometimes it is better to let a situation speak for itself. Alcoa, Rio Tinto Aluminium, Novelis, Constellium, Arconic, Kaiser Aluminum, Tri-Arrows Aluminum, American Metal Chemical Corp, Hydro Extrusion North America, JW Aluminum, Real Alloy, Reynolds Consumer Products, Scepter, Silberline Manufacturing Co, Smelter Service Corp and Wagstaff. The US Aluminum Association, which represents more than...Read More
The London Metal Exchange is looking for ways to boost its options market, which has been struggling for some years to replicate the growth seen in the same sector among its peers.The exchange has launched a consultation, scheduled to end on July 29, on developing electronic options via a new trading platform while retaining its current inter-office options trading structure.Items up for discussio...Read More
Joshua Olmsted, currently senior vice president, will take the role of president and chief operating officer for the Americas region at Freeport-McMoRan on September 1 this year, when Harry Conger retires, the company said on Friday August 7. Working for Freeport for 28 years, Olmsted has been senior vice president for the North American copper division since late 2015. He previously took manageri...Read More
The three-month copper price on the London Metal Exchange was the laggard at the close of trading on Friday August 7, with news of planned restarts at several of Chilean producer Codelco's operating facilities suppressing buying momentum.Meanwhile, lead futures declined by more than 2% but stayed above nearby support levels into the close.Copper's outright price on the LME closed at $6,308 per ton...Read More
Iron ore prices decreased on Friday August 7, with China's strong iron ore imports data for July potentially easing the uptrend and bullish sentiment, resulting in a correction in prices, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $119.21 per tonne, down $2.06 per tonne62% Fe low-alumina fines, cfr Qingdao: $119.16 per tonne, down $2.02 per tonne58% Fe fines high-grade pr...Read More
Seaborne premium hard coking coal prices went down slightly on Friday August 7 following the latest transactions, while market participants analyzed the possible reasons for the price decrease, Fastmarkets heard.Fastmarkets indicesPremium hard coking coal, fob DBCT: $104.56 per tonne, down $1.35 per tonne Premium hard coking coal, cfr Jingtang: $115.88 per tonne, down $0.50 per tonneHard coking co...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.Aluminium: Upside breakout last weekThe price of aluminium on the London Metal Exchange surprised us with a break to the upside in the week ended July 10, when prices on the Shanghai Futures Exchange raced to three-and-a-half-year highs. While we think there is more short-term upside potential if technical and liquidity fact...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Capped by oversupplyA lack of a meaningful supply adjustment to the Covid-19 demand hit is keeping the aluminium physical market oversupplied and weighing on prices, limiting the success of more buoyant macro and technical forces on prices. Our premium forecasts are under review in light of threats from the U...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.?EUR? US domestic prices for hot-rolled coil have moved down in line with our expectations, averaging $508 per tonne in July compared with our forecast price of $519 per tonne. While we are forecasting coil price increases in August, we have revised our expectations downward. Although steelmakers are reporting improving dema...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The price for steel scrap in China has risen recently, amid high mill operating rates and at a time of heavy rain, but it remains at a premium to hot metal, we estimate. Heavy rains in China tend to increase the moisture content of iron ore stockpiles, which can cause issues during the sintering process, and this may have en...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Trading activity at a minimumWelded pipe trading activity has been slow globally over July 2020, and while the holiday-period slowdown is partly to blame in several countries, disruptions to projects caused by the Covid-19 pandemic were obviously the main cause. In this context, substrate costs were driving much of the prici...Read More