The price of steel hollow sections in Europe moved downward in the week to Wednesday October 20, due to recent imports and falling feedstock costs, sources have told Fastmarkets.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?1,230-1,275 ($1,432-1,484) per tonne on October 20, down from ?,?1,275-1,330 per tonne on October 13.Domestic hollow se...Read More
Wire rod prices in the United States rose by $40 per short ton ($2.00 per cwt) in October, to hit record highs for domestic and imported low-carbon wire rod, high-carbon wire rod and cold-heading quality wire rod.Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $59.50-62.50 per hundredweight ($1,190-1.250 per short ton) on Tuesday October 19, up 3...Read More
China's domestic rebar prices decreased on Wednesday October 20 amid weak demand following a sharp decrease in coal futures. Domestic Eastern China (Shanghai): 5,700-5,740 yuan ($891-897) per tonne, down by 30 yuan per tonneChina's National Development & Reform Commission (NDRC) plans to address the issue of high coal prices to ensure sufficient supply of the material ahead of the country's heatin...Read More
Taiwan's import prices for containers of steel scrap were expected to continue to rise because of a huge premium for bulk import prices over material arriving in containers, market sources told Fastmarkets on Wednesday October 20.?EUR?Taiwanese buyers continue to book containerized cargoes?EUR?Chinese market muted by wide bid-offer gaps?EUR?China's ferrous scrap import volumes down by 49% month on...Read More
Seaborne coking coal prices remained relatively stable on Wednesday October 20 with no trading activity. In China, market participants were cautious after the National Development and Reform Commission (NDRC) held meetings on thermal coal price controls on Tuesday.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $612.12 per tonne, unchangedHard coking coal, cfr Jingtang: $563.37 per tonn...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday October 20.Please click...Read More
Japanese local and export buyers have been locked in a fight for steel scrap in the week to Wednesday October 20, pushing up prices across the board, sources told Fastmarkets.Major electric arc furnace (EAF) mill Tokyo Steel on Wednesday announced it would raise its scrap buy prices by ?500-1,000 ($4.38-8.75) per tonne at some of its works starting Thursday October 21. This marks the second price...Read More
Lead's three-month price set a new year-to-date peak of $2,427 per tonne on the afternoon of Wednesday October 20, together with nickel, which rose by almost 6% to more than $21,000 per tonne, with sentiment on the London Metal Exchange still bullish.Lead's three-month price closed at $2,417 per tonne on Wednesday, a 1.7% increase from its Tuesday closing price of $2,376 per tonne. "We envisage a...Read More
A summary of Brazilian miner Vale's iron ore results for the third quarter of 2021, as stated in its latest production and sales report published on Tuesday October 19.In brief?EUR? Vale produced 89.4 million tonnes of iron ore fines in July-September, up by 0.8% year on year and 18.1% higher compared with April-June. ?EUR? It attributed the increases to high production at its Serra Norte and S11D...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
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
Base metals prices continued to soar higher this morning, Tuesday October 19, with cash prices rising at an even faster pace while shorts are squeezed. Cash copper prices on the London Metal Exchange were evaluated on Monday evening at $1,103.50 per tonne.All of the LME base metals' cash/three-month spreads, except that for aluminium, are in backwardation.Risk appetite is fairly upbeat despite gen...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
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
An overview of the chrome ore and alloy markets in Asia, Europe and the United States on Tuesday October 19 and their latest price moves.China Lower-than-expected October tender prices from major stainless steel mills and weakened demand outlook following production cuts in the stainless steel sector weighed on market sentiment.The domestic spot ferro-chrome market softened with lower offers heard...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
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
Steel scrap prices in the main Mexican markets of Monterrey and Bajio continued their downward trend in the week ended Friday October 15, but prices diverged widely between buyers.Price cuts of 300-700 pesos ($14-34) per tonne were common last week, with some scrap buyers seeing comfortable inventory levels and steady supply.Fastmarkets' assessment of the steel scrap No1 heavy melt, consu...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
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