Key data from the Friday August 13 pricing session in Shanghai.Key drivers China's domestic magnesium prices surged due to spot supply shortage from producers.Some producer sources said they had signed forward contracts with buyers, because they did not have spot material available for the...Read More
Domestic hot-rolled coil prices were stable across Europe on Monday August 16, reflecting typically quiet market conditions over the summer, sources told Fastmarkets.Most of the region's buyers and producers have been holding back from trading during August; activity is not expected to pick up until early September, as is traditional.Fastmarkets calculated its steel hot-rolled coil index, domestic...Read More
Prices of flat steel coil products in the Brazilian spot market remained stable in August, with distributors finding it difficult to compete with a strong influx of imported material.High volumes of coil material arrived through July and continued into August, all booked at lower prices several months ago.Imports of flat steel reached 190,854 tonnes in July 2021, up by 141% from the 79,186 tonnes...Read More
International cobalt metal prices softened on Monday August 16 with competitive offers emerging; some sellers are willing to drop their offers to take profits in a quiet market, sources said.Lower offers started to emerge last week and gradually brought downward pressure to the market amid thin liquidity, which is typical during the peak summer holiday period.Fastmarkets' assessment of the price o...Read More
Key participants in India's steel and scrap sectors welcomed the launch of the National Automobile Scrappage Policy at an investor summit held by Prime Minister Narendra Modi, with private companies signing Memoranda of Understanding (MoUs) to set up vehicle scrapping facilities, Fastmarkets has heard.The investor summit was held in Gujarat on August 13, and was addressed by Modi via video confere...Read More
Eastern China's domestic rebar price decreased slightly on Monday August 16 after the National Bureau of Statistics (NBS) released housing industry data for July.DomesticEastern China (Shanghai): 5,190-5,220 yuan ($801-806) per tonne, down by 10 yuan per tonneThe total area used for new housing construction totaled 1.19 billion square meters in January to July, down by 0.9% year on year, while the...Read More
Prices for seaborne iron ore concentrate and pellets fell in the week to Friday August 13 amid a bearish outlook for demand for the remainder of the year.Fastmarkets iron ore indicesPellet premium over 65% Fe fines, cfr China: $41.20 per tonne, down $3.60 per tonne66% Fe concentrate, cfr Qingdao: $186.69 per tonne, down $20.97 per tonne65% Fe blast furnace pellet, cfr Qingdao: $228.36 per tonne, d...Read More
China's Covid-19 measures are causing chokepoints in the country's ferrous supply chain, raising logistical costs for both traders and steel mills.China's National Health Commission reported 51 new cases of Covid-19 on Monday August 16 - 38 imported cases and 13 locally transmitted ones. Six of the locally transmitted cases were in Jiangsu province, while six were detected in Henan. While the numb...Read More
China's domestic coking coal prices continued higher in the week to August 16 due to a supply shortage, which buoyed seaborne coking coal prices in the cfr China market on Monday August 16.The fob Australia market held largely steady on the first working day of the weekFastmarkets indicesPremium hard coking coal, cfr Jingtang: $350.66 per tonne, up $5.66 per tonneHard coking coal, cfr Jingtang: $3...Read More
Most iron ore prices increased on Monday August 16 despite limited trading activity in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $163.52 per tonne, up $1.45 per tonne62% Fe low-alumina fines, cfr Qingdao: $164.03 per tonne, up $1.29 per tonne58% Fe fines high-grade premium, cfr Qingdao: $131.47 per tonne, up $0.81 per tonne65% Fe Brazil-o...Read More
Apparent steel use in the European Union will increase by 11.2% year on year in 2021, the European steel association Eurofer said in the week to Monday August 16.The association has downgraded the outlook slightly compared to figures publishedin May 2021.In its previous outlook, Eurofer expected the EU's apparent steel consumption toincrease by 11.7% year on year in 2021.The association also...Read More
Rebar and wire rod export prices from the Commonwealth of Independent States continued to decrease in the week ended Monday August 16, pressured by the downward trend in the Turkish market that was spurred by a lack of demand and lower costs for imported scrap.Scrap prices in Turkey declined at the beginning of this week due to the latest transaction.Thus, Fastmarkets' index for steel scrap,...Read More
Most prices on the London Metal Exchange started the week on lower ground than last Friday on Monday August 16, following worse-than-expected Chinese economic data published over the weekend.Nickel's three-month price, for example, was down to $19,530 per tonne on Monday at 9am, from Friday's closing price of $19,656 per tonne after rising 5.6% from last Monday's $18,620 per tonne.Similarly, coppe...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 17 points in pre-opening news.Index futures were virtually unchanged following release of the August Empire State Manufacturing Index at 8:30 AM EDT. Consensus was a drop to 30.00 from 43.00 in July. Actual was a drop to 18.3.Chipotle dropped $10.31 to $1,877.50 after Raymond James downgraded the stock from Strong Buy...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Spot prices for imported hot-rolled coil in Vietnam were stable in the week to Friday August 13 amid poor spot liquidity while major Vietnamese domestic producer Formosa Ha Tinh Steel Corporation (FHS) reduced its prices, sources said.South Korean traders continued to offer low prices for Russian HRC from Magnitogorsk Iron and Steel Works (MMK), including the remaining quantities of 15,000-20,000...Read More
Eastern China rebar prices held steady on Friday August 13 on tighter supply due to lower spot market inventories, but prices were down by 10 yuan per tonne week on week due to Thursday's fall.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($803-808) per tonne, unchangedNorthern China (Beijing) weekly assessment: 5,170-5,210 yuan per tonne, up by 60-70 yuan per tonneFalling spot market invento...Read More
The No1 workers' union at the Escondida copper mine confirmed the signing of a labor deal with operating company BHP - averting a strike - and called it the best labor negotiations ever for the Chilean mining industry, according to an announcement on Friday August 13.Approval of the deal was almost unanimous after BHP improved its offer during government-led mediation."This negotiation will, no do...Read More
Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.Turkish scrap prices fell amid weak downstream demandUnited States scrap exports were poor due to high freight costsWeak demand for imports in Vietnam due to Covid-19China abstains from purchasing due to large bid-offer sp...Read More