Base metals prices were down on the morning of Friday October 1, extending the weakness that started to accelerate on Thursday, when the LME base metals closed down by an average of 2.3%, with tin dropping by 6.2%. The weakness was broad based with equities retreating, too.* Asia-Pacific equities weaker this morning.* Gold and the yen rallied on Thursday, and US treasury yields are weaker this mor...Read More
UK metals scrap trader and processor Ward Recycling has opened a new rail-connected metal processing site in Barking, East London.The company said in a news release that the site will facilitate the movement of bulk material from southern England to its other facilities across the country for processing and export.The site is a long-term partnership with DB Cargo UK and marks the next stage in the...Read More
China's domestic rebar prices gained more strength on Thursday September 30 amid tight supply, ending the month with a sharp increase of around 13% in the eastern region and 14% in the north. Domestic Eastern China (Shanghai): 5,900-5,930 yuan ($902-908) per tonne, up by 60-70 yuan per tonneNorthern China (Beijing) weekly assessment: 5,700-5,740 yuan per tonne, up by 220 yuan per tonnePrices in ea...Read More
Base metals prices were mostly slightly up on the LME but weaker on the SHFE this morning, Thursday September 30, but overall the markets seem to be consolidating while they await big-picture developments.China's power rationing weighs on the official manufacturing purchasing managers index (PMI)The Thursday economic agenda is busyUS dollar rallying stronglyBase metalsAfter price weakness on Wedne...Read More
London Metal Exchange prices were largely unchanged on the morning of Thursday September 30, with tin and aluminium the standout performers for the month. A strong US Dollar Index, which was at its highest level since September 2020 on Wednesday at 94.43 and just slightly lower on Thursday morning, has been one of the factors keeping metal prices steady. "And increased uncertainty in China ab...Read More
The European market for steel hot-rolled coil remained quiet on Thursday September 30, with buyers continuing to hold back from trading in expectation of more substantial price declines amid slower end-user demand, sources told Fastmarkets.Buyers in Europe have been waiting for the new quota period to begin on October 1before assessing the "real volumes that will enter the market," they said."The...Read More
Low generation of Shindachi busheling is forcing some Japanese blast furnace (BF)-based mills to procure more shredded scrap instead of the high-grade new production material, sources told Fastmarkets.Japanese BF steelmakers have ramped up their intake of steel scrap this year in line with stronger production levels and ambitious targets on CO2 reduction.Japanese steel production totaled 7.9 milli...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 30 that are worth another look.Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Australia-based mining company South32 have announced...Read More
China is stepping up measures to ensure there is enough electricity supply for heavy industries amid ongoing power restrictions in various parts of the country.The National Development & Reform Commission (NDRC) will look into allowing more thermal coal imports and higher domestic production of the raw material to increase electricity generation rates, a spokesman for the commission said at a pres...Read More
Copper consumption will increase in line with surging demand for decarbonization as part of the energy transition, but a combination of factors will eventually see this trend reverse, according to analysis by G&H Metals & Mining Consultancy. The copper-focused consultancy, a collaboration between Plusmining and Simon Hunt Strategic Services (SHSS), told Fastmarkets that the annual growth in copper...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 29 that are worth another look....Read More
Local rebar prices in Egypt remained stable in the week to Thursday September 30, supported by ample demand from government projects, sources told Fastmarkets."Demand is good for the second consecutive month, driven by state projects in infrastructure and housing sectors," a local steelmaker told Fastmarkets.For example, domestic rebar consumption in August was 720,000 tonnes in Egypt, up by 76.7%...Read More
Domestic steel reinforcing bar prices in the United States were stable in the week to September 30, with some market participants saying that upward price momentum has come to an end."I think we have hit the wall," an East Coast distributor source said. "Jobs have been canceled or delayed, inventories are not being replenished to previous levels, and just having the bar does not get you the order...Read More
Local rebar prices in Egypt remained stable in the week to Thursday September 30, supported by ample demand from government projects, sources told Fastmarkets."Demand is good for the second consecutive month, driven by state projects in infrastructure and housing sectors," a local steelmaker told Fastmarkets.For example, domestic rebar consumption in August was 720,000 tonnes in Egypt, up by 76.7%...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 30 that are worth another look.Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Australia-based mining company South32 have announced...Read More
China's stainless steel prices plunged in the week to Wednesday September 29 due to the weak demand and destocking pressure.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,000-21,400 ($3,247-3,308) per tonne, down by 800-1,100 yuan per tonne from a week earlier The high prices of a week earlier - they had surged to their highest in 10 years - kept buying interest subdued...Read More
A drop in Comex copper prices has led to a slight lowering of discounts for some copper scrap items, while brass scrap prices fell. Demand for copper scrap was said to be steady, however, with buyers not overly concerned about supply at the moment despite a recent resurgence in export demand - especially from China."There is a lot of scrap available, more than enough to get through what we need to...Read More
Prices in the United States for imported hot-rolled coil, cold-rolled coil and galvanized steel dropped, with foreign producers finding that they can profit if they underbid domestic mills and gain market share in the lucrative US market."The price gap between US and international prices is widening, and more and more foreign mills are interested in the US market, even from the [European Union],"...Read More
Nickel's three-month price was at its lowest since late June on the afternoon of September 30; all other London Metal Exchange prices were down across the board by 2-4%."Commodities are being pressured by a surge in the dollar, coupled with supply chain pressures that are having a growing impact on demand, particularly out of China where power has become the latest bottleneck," ED&F Man's head of...Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More