The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.China's National Health Commission said on Monday August 2 that there were 98 new cases reported a day earlier, including 40 cases in Jiangsu province alone. Jiangsu's capital city, Nanjing, has been reporting a hi...Read More
Here are five Fastmarkets stories you might have missed on Monday August 2 that are worth another look.The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.Four unions representing...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.Micron added $0.95 to $78.59 after announcing a $0.10 per share dividend paid quarterly.Take Two dropped $7.34 to $165.87 after the company offered guidance below consensus. Mosaic added $1.31 to US$31.23 after reporting higher than consensus second quarter earnings. Clorox dropped $17.20...Read More
Iron ore prices mostly went up on Monday August 2 with the Chinese government being urged to pull back its aggressive carbon-reduction measures. This resulted in improved expectations for iron ore demand, because the proposed cuts in steel production for the rest of 2021 may be eased, market sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $184.42 per tonne, up by $2.85 per tonn...Read More
Domestic prices for hot-rolled coil declined across Europe over the week ended Friday July 30 due to the availability of competitive import offers.The effects of this cheaper overseas material were stronger in Italy due to that country's traditionally higher exposure to the import market.As a result, Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Italy, at ?,?1,048.75...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies....Read More
The price for manganese flake has been rising since May this year because of the controls on the use of electricity during summer in several provinces in China, as well as production cuts at major manganese flake producers and strong demand from the steel industry, sources told Fastmarkets on Monday August 2.Fastmarkets' latest price assessment for manganese 99.7%, electrolytic manganese flake, fo...Read More
China's cobalt sulfate market softened on Friday July 30 with competitive offers from scrap-fed materials; some traders began to give aggressive offers to generate sales, sources told Fastmarkets.Lower offers for cobalt sulfate produced from scrap emerged and brought downward pressure on the market, which halted buying for sulfate produced from cobalt hydroxide (regular-fed material) while buyers...Read More
Prices of hot-rolled coil across China's domestic market fell sharply on Monday August 2, while futures prices tumbled after Beijing's latest comments on carbon emissions reductions sent confusion across the markets, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,760-5,860 yuan ($892-907) per tonne, down by 150-240 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Ex...Read More
China's domestic rebar prices fell sharply on Monday August 2 due to market expectations of lighter production restrictions in some regions, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,200-5,230 yuan ($804-809) per tonne, down by 140 yuan per tonneThe Politburo of the Communist Party of China's Central Committee said the country will make overall arrangements and issue a national...Read More
There were higher prices across the base metals complex during morning trading on the London Metal Exchange on Monday August 2, but bullish sentiment was capped by lower-than-expected Chinese economic data.Over the weekend, China's manufacturing growth was reported by the National Bureau of Statistics at a 17-month low of 50.4 in July, compared with 50.9 previously and expectations of 50.8, Bands...Read More
Key data from Fastmarkets' pricing session in China on Friday July 30.Key drivers Germanium prices in China moved up on Friday July 30 with downstream buyers accepting higher offers from producers. Producers were reluctant to sell the material and issued higher offers due to the high...Read More
Australia-listed Vulcan Energy Resources and car manufacturer Renault have signed a five-year lithium offtake agreement, the two companies said on Monday August 2.From 2026, Renault will purchase between 6,000 and 17,000 tonnes per year of battery-grade lithium hydroxide from Vulcan, the companies said.The lithium hydroxide will come from Vulcan's 'zero-carbon' combined geothermal energy and lithi...Read More
Turkish steel mills remained inactive in the import markets at the start of this week, making no new bookings of deep-sea scrap cargoes on Monday August 2, sources told Fastmarkets.But two older cargoes have come to light since the calculation of the scrap indices closed for the day last Friday.Two European cargoes were booked by mills in the regions of Marmara and Izmir, each comprising unspecifi...Read More
The rapid spread of Covid-19 infections in at least eight major cities in China is casting doubt on the recovery of steel demand in the country for the rest of 2021, market sources said.China's National Health Commission said on Monday August 2 that there were 98 new cases reported a day earlier, including 40 cases in Jiangsu province alone. Jiangsu's capital city, Nanjing, has been reporting a hi...Read More
Seaborne iron ore concentrate and pellet prices fell again in the week ended Friday July 30 amid a pessimistic outlook for demand on anticipated steel production cuts in China.Fastmarkets iron ore indicesPellet premium over 65% Fe fines, cfr China: $51.70 per tonne, down $9.10 per tonne66% Fe concentrate, cfr Qingdao: $227.99 per tonne, down $14.10 per tonne65% Fe blast furnace pellet, cfr Qingdao...Read More
Spot prices for rebar imports in Singapore fell further in the week to Monday August 2 on ample supply.At least two Indian rebar cargoes were offered by traders to Singapore, including one at $735-740 per tonne cfr Singapore and another one at $740-745 per tonne cfr Singapore, both on a theoretical weight basis.The first cargo had originally been bound for Hong Kong, but was later offered to Singa...Read More
Base metals prices on the London Metal Exchange were generally trending higher this morning, Monday August 2, with copper the metal that seems to be struggling the most. Base metals trading on the Shanghai Futures Exchange gave a mixed performance, however.Chinese equities rebound this morning after last week's weaknessUS Senate makes progress on $1 trillion infrastructure billChina's official man...Read More
Prices of hot-rolled coil across China's domestic market fell sharply on Monday August 2, while futures prices tumbled after Beijing's latest comments on carbon emissions reductions sent confusion across the markets, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,760-5,860 yuan ($892-907) per tonne, down by 150-240 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Ex...Read More
(Recasts with updated prices) By Eric Onstad LONDON, Aug 2 (Reuters) - Copper prices slipped on Monday,weighed down by worries about demand after weak factory datafrom the United States and top metals consumer China. A weaker dollar, hopes for more stimulus in China andprospects for a strike in top producer Chile cushioned thelosses. Three-month copper on the London Metal Exchange wasdown 0.5% at...Read More