The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European buyers told Fastmarkets.The US and EU will reach an agreement on the exemption from Section 232 of European imports of steel and aluminium by November 1. The US...Read More
The European hot-rolled coil market remained in "wait-and-see" mode on Thursday September 2, with mills continuing to reject buyers' lower bids, sources told Fastmarkets.Order books for the majority of EU mills are filled until the first quarter of 2022. As a result, they are keeping official offers unchanged from levels in June - before the market entered its traditional summer slowdown. Some mar...Read More
Prices for domestic steel reinforcing bar in the United States were stable this week, with market participants waiting to see if other mills will follow Steel Dynamics Inc's (SDI) price increase.Fastmarkets' price assessment for steel rebar, fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday September 1, unchanged since August 11 but up by 75.89% from $28 per cwt at the sam...Read More
Domestic rebar prices remained unchanged in Egypt for orders to be placed in September on still-weak demand, sources told Fastmarkets on Thursday September 2.Egyptian producers normally announce new rebar prices at the beginning of each month, but have kept their prices unchanged since May 17. And despite lifting a ban on construction activity on July 1, demand has remained limited, sour...Read More
Steel wire rod prices in Northern Europe were largely flat in the week to Wednesday September 1, supported by good end-user demand and limited supplies, sources told Fastmarkets this week.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality) domestic, delivered Northern Europe was ?,?890-920 ($1,052-1,088) per tonne on Wednesday, widening down from ?,?900-920 per tonne week on wee...Read More
Deep-sea steel scrap prices are expected to drop in upcoming bookings to Turkey, in line with falling finished steel prices in the country, market participants said on Thursday September 2.Sources said that suppliers in the United States were not currently offering material to Turkey because US domestic pricing negotiations remained unfinished. While a price drop is expected by some market partici...Read More
Spot prices for Japanese exported scrap slid this week, reflecting weak demand from overseas buyers, market sources told Fastmarkets.But the end of the summer maintenance season at many domestic mills is set to shore up demand and spot prices in the coming weeks.Demand from key overseas market such as Vietnam and Taiwan remained very weak due to the Covid-19 pandemic in the former and cheaper cont...Read More
Seaborne iron ore prices fell on Thursday September 2, with the outlook remaining bearish despite a drop in steel inventories amid relatively active port trading, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $142.02 per tonne,down $1.41 per tonne62% Fe low-alumina fines, cfr Qingdao: $142.59 per tonne,down $1.64 per tonne58% Fe fines high-grade premium, cfr Qing...Read More
China's domestic rebar prices recovered slightly on Thursday September 2, with demand stronger than in recent days following a rise in the futures market.DomesticEastern China (Shanghai): 5,210-5,250 yuan ($807-813) per tonne, up by 20 yuan per tonneThe most-traded January rebar futures contract rose to 5,348 yuan per tonne on Thursday morning, up by 106 yuan per tonne from Wednesday's closing pri...Read More
Speculation as to whether China will lift its anti-dumping (AD) duty on Indonesian stainless steel arose during the week to September 2. Some market participants believe this move would reduce China's crude stainless steel production and thereby help lower carbon emissions.China has imposed AD duty on imports of stainless steel billet, slab, hot-rolled plate and coil produced in the European...Read More
The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European buyers told Fastmarkets.The US and EU will reach an agreement on the exemption from Section 232 of European imports of steel and aluminium by November 1. The US...Read More
Turkish prices for flat steel products kept decreasing during August because of the holiday season and a global downtrend in prices, sources told Fastmarkets on Thursday September 2.Iron ore prices in particular decreased significantly in August, leading to price falls for steel end products. Fastmarkets' daily calculation of the index for iron ore 62% Fe fines, cfr Qingdao was $142.02 per tonne o...Read More
The supervisory board of Thyssenkrupp Steel Europe has extended Bernhard Osburg's contract as chairman for another five years to June 30, 2027, the company said earlier this week.Osburg has been chairman of the executive board since March 2020, succeeding Premal Desai. He has been a member of the executive board since June 2019 with a focus on sales and innovation.In a meeting on August 31,...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 2 that are worth another look.The anticipated agreement between the European Union and the United States on Section 232 tariffs would boost flat-steel export sales to the US and, consequently, reduce domestic EU availability, triggering a price rise in Europe, European...Read More
Chile's state-owned mining entity Codelco announced on September 2 that it had reached an agreement with two of the three labour unions that are striking at its Andina mine."The workers associated with the SIIL and SUT Unions will resume their work on a date to be defined with the administration," Codelco said in a statement. The new wage agreement between the company and the Industrial Union of L...Read More
Lead was the best performer on the London Metal Exchange at the end of trading on Thursday September 2, reaching its highest price in the past week, while most other metals in the base-metals complex remained around their Wednesday prices.Lead's three-month contract rose to as much as $2,315 per tonne on Thursday, and closed the session at $2,312.50 per tonne, up from Wednesday's 5pm price of $2,2...Read More
The seaborne premium hard coking coal cfr price and hard coking coal fob price soared on Thursday September 2 due to sustained tight supply. And some Chinese coke producers proposed the ninth round of price hikes since the start of August.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $443.02 per tonne, up $11.99 per tonneHard coking coal, cfr Jingtang: $403.85 per tonne, up $7.33 per...Read More
Non-binding offers have been made for the purchase of Glencore's warehousing and logistics firm, Access World, with the official due diligence process now underway, according to sources familiar with the matter.At least three Asia-based bidders are in the final stages of the process, which will require firm offers to be submitted at the end of the month, sources told Fastmarkets.A number of compan...Read More
Lead was the best performer on the London Metal Exchange at the end of trading on Thursday September 2, reaching its highest price in the past week, while most other metals in the base-metals complex remained around their Wednesday prices.Lead's three-month contract rose to as much as $2,315 per tonne on Thursday, and closed the session at $2,312.50 per tonne, up from Wednesday's 5pm price of $2,2...Read More
Bauxite refining and alumina production will resume at New Day Aluminum's facility in Gramercy, Louisiana, in the United States, after operations were halted due to Hurricane Ida, major shareholder Concord Resources said on Thursday September 2.The Gramercy facility is the only remaining alumina refinery in the US."Alumina production at Gramercy went into a planned curtailment on Sunday morning as...Read More