Market-based measures to help efforts to decarbonize would probably work well in the United States, according to the vice president of the European Commission.Frans Timmermans said that he had discussed the concept of the US introducing a carbon-pricing mechanism of some kind with members of the Senate Climate Solutions Caucus in Washington DC on Thursday September 23."I said to the Senators, some...Read More
Coking coal prices in the cfr market retreated slightly on Thursday September 23; steel production cuts and winter production curbs led market participants to doubt the sustainability of strong seaborne cfr prices.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $600.82 per tonne, down $1.51 per tonneHard coking coal, cfr Jingtang: $550 per tonne, down $5.05 per tonnePremium hard coking...Read More
General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday September 22.The automaker's unit in S??o Caetano do Sul, a city in Brazil's southeastern S??o Paulo state, will begin a second work shift on September 27. A second unit in Gr...Read More
Base metals prices were mixed on both the LME and SHFE on Thursday September 23, with the broader markets welcoming the news that Chinese property giant Evergrande has avoided imploding, for now, and not spooked by the US Federal Reserve's more hawkish outlook.Chairman Jerome Powell says the United States Federal Reserve could "easily move ahead" with its decision about when to taperEvergrande sha...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
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
The impact of China's new "Two High" energy and emissions policy is likely to continue in the iron ore market into the first quarter of 2022, sources told Fastmarkets this week.Sentiment for the coming six months has turned increasingly bearish since the guidelines, coupled with winter production restrictions, were announced in September. New guidance on 'Two-High' projectsThe "Two-High" poli...Read More
Peruvian miner Buenaventura's Uchucchacua zinc, lead and silver mine in the center of the country has been put under blockade by members of the local community, halting all mining and logistics activity at the site.Access to the mine has been blocked by members of the Oy??n province community since September 13, with only essential operations still being carried out, Buenaventura said on Wednesday...Read More
Major zinc and lead smelters across China received orders from provincial governments on Wednesday September 22 to lower their power consumption, sources told Fastmarkets. One major zinc smelter source in Guangxi was informed by the government to cut their electricity by 20%.'We are not told when power consumption could resume [to] normal at all. Some peers were even instructed to halve electricit...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 23 that are worth another look.General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday...Read More
The impact of China's new "Two High" energy and emissions policy is likely to continue in the iron ore market into the first quarter of 2022, sources told Fastmarkets this week.Sentiment for the coming six months has turned increasingly bearish since the guidelines, coupled with winter production restrictions, were announced in September. New guidance on 'Two-High' projectsThe "Two-High" poli...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 23 that are worth another look.General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday...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
Here are five Fastmarkets stories you might have missed on Thursday September 23 that are worth another look.General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday...Read More
Base metals prices on the London Metal Exchange were largely up on Thursday September 23; the market continued to cautiously anticipate the outcome for Chinese real estate giant Evergrande while the debt deadline edges closer. "Equity markets have made a steady start so far on Thursday," James Moore, analyst at Fastmarkets said, "even after the United States Federal Reserve signaled that it will s...Read More
Domestic prices for hot-rolled coil in Europe were stable to slightly lower on Thursday, while trading activity remained subdued because of bearish buyer expectations amid falling automotive demand, sources told Fastmarkets on Thursday September 23. Buyers across Europe continued to maintain a wait-and-see stance and held back from trading, sources said. The recent slowdown in the automotive...Read More
China's domestic stainless steel prices surged rose sharply over the week to Wednesday September 23 amid tight supply and steady demand.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,800-22,500 ($3,370-3,478) per tonne, up by 2,800 yuan per tonne from a week earlier Prices have risen to their highest since September 2011.Jiangsu province, a major stainless steel product...Read More
General Motors will double production in two of its Brazilian plants by introducing a second work shift, despite an ongoing global semiconductor chip shortage, the United States-based company's local branch said on Wednesday September 22.The automaker's unit in S??o Caetano do Sul, a city in Brazil's southeastern S??o Paulo state, will begin a second work shift on September 27. A second unit in Gr...Read More
China's domestic rebar prices held steady on Thursday September 23 after surging a day earlier, with demand among stockists dropping during the day. Domestic Eastern China (Shanghai): 5,800-5,840 yuan ($897-903) per tonne, unchanged Stockists held off from restocking further during the day amid losses in the futures market. They are not expecting prices to experience much upside in the near term.O...Read More
Turkish alloy steelmaker ??emtas has started production at its new stabilizer line for supplying steel to commercial vehicle producer Man, ??emtas said on Tuesday September 21.Located in Bursa, ??emtas has a crude-steel production...Read More