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
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
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
Reduced operations at steel rerolling mills in several key cities across China have hurt prices for steel billet in China's local and import markets, sources said on Thursday October 21.The northern Chinese steelmaking hub Tangshan ordered rerolling mills in its Fengrun district to suspend production from October 21 to 31 to improve air quality, market participants told Fastmarkets.The production...Read More
United States-listed lithium producer Albemarle has signed an investment agreement with the local government of Pengshan Economic Development Zone in Meishan city, Sichuan Province to invest in a new lithium-ion battery materials project, the local government said.Albemarle will invest $500 million in the new battery materials project.The project will have an annual capacity of 50,000 tonnes of li...Read More
Spot trading for hot-rolled coil in China stagnated in the afternoon of Thursday October 21 after the continued tumble in futures prices kept market participants cautious.DomesticEastern China (Shanghai): 5,710-5,750 yuan ($892-898) per tonne, narrowing by 10-30 yuan per tonneSpot HRC was traded at 5,710-5,750 yuan per tonne in Shanghai on Thursday morning, when the most-traded HRC contract on the...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US prices for hot-rolled coil moved in line with our forecasts in August, averaging $1,910 per ton, within 1% accuracy of our forecast of $1,925 per ton. The market has achieved much-needed stability in recent weeks, with prices fluctuating in the range of $1,900-1,94...Read More
A top European pension fund has sold its interest in Swiss commodity trader and miner Glencore, citing sustainability risks, including cobalt production in Africa. A major global pension fund, ABP announced that it has sold its shares in mining/trading firm Glencore on Friday October 15. "ABP has sold its interest in Glencore. The mining company faces...Read More
Prices in the Commonwealth of Independent States' export market for steel billet moved up on Thursday October 21 amid rising scrap and domestic billet prices in Turkey, which added to the positive expectations among sellers.Fastmarkets' calculation of its daily index for steel scrap HMS 1&2 (80:20 mix), north Europe origin, cfr Turkey, was $497.04 per tonne on Thursday, unchanged day on day but up...Read More
The government of the United Kingdom plans to set up an expert committee on critical minerals to provide independent advice on the scope and content of a critical minerals strategy to meet the country's net-zero carbon emissions targets, it said.In a move designed to guide investment decisions, the government also plans to update the country's critical minerals list, which details materials that a...Read More
Base metal prices on the London Metal Exchange were down across the board at the 5pm close of trading on Thursday October 21, with market participants beginning to sell off material following the recent price rally.The three-month aluminium price fell by 5.2% to $2,910 per tonne on Thursday, down from $3,069.50 per tonne at Wednesday's 5pm close after trading in large volumes and more than 34,180...Read More
Turkish domestic rebar and wire-rod prices have continued to rise over the past week due to higher scrap costs and a weaker lira, market sources said on Thursday October 21.Turkish steel mills have continued their deep-sea scrap purchases with prices exceeding $500 per tonne for HMS 1&2 (80:20).Fastmarkets' calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) United States origin, cf...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
China's domestic stainless steel prices were unchanged over the week ended Wednesday October 20, but market participants are expecting them to drop on increased supply.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,000-21,200 ($3,284-3,316) per tonne, unchanged from a week earlier. Demand for stainless steel was persistently week during the week, resulting in no change...Read More
Reduced operations at steel rerolling mills in several key cities across China have hurt prices for steel billet in China's local and import markets, sources said on Thursday October 21.The northern Chinese steelmaking hub Tangshan ordered rerolling mills in its Fengrun district to suspend production from October 21 to 31 to improve air quality, market participants told Fastmarkets.The production...Read More
Iron ore prices were largely down on Thursday October 21, following the bearish mood in terms of steel prices and demand, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $116.93 per tonne,down $7.14 per tonne62% Fe low-alumina fines, cfr Qingdao: $118.68 per tonne,down $6.53 per tonne58% Fe fines high-grade premium, cfr Qingdao: $88.98 per tonne,down $5.99 per tonn...Read More
The government of the United Kingdom plans to set up an expert committee on critical minerals to provide independent advice on the scope and content of a critical minerals strategy to meet the country's net-zero carbon emissions targets, it said.In a move designed to guide investment decisions, the government also plans to update the country's critical minerals list, which details materials that a...Read More
BMW Group is to source steel from Sweden's H2 Green Steel for its European plants from 2025, the German car manufacturer said this week.Announcing the move on Wednesday October 20, BMW said that the company was "systematically pursuing [a] goal of significantly reducing CO2 emissions at their source in the supply chain."BMW said that, from 2025, it will source steel produced with up to 95% fewer C...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
BMW Group is to source steel from Sweden's H2 Green Steel for its European plants from 2025, the German car manufacturer said this week.Announcing the move on Wednesday October 20, BMW said that the company was "systematically pursuing [a] goal of significantly reducing CO2 emissions at their source in the supply chain."BMW said that, from 2025, it will source steel produced with up to 95% fewer C...Read More