Flat steel import buyers in the United Arab Emirates and Saudi Arabia preferred to wait before placing new orders during the week ending Tuesday, July 27 because the Eid al-Adha holiday has very recently finished, sources told Fastmarkets.Slow buying has also been encouraged by fluctuating prices for most products, sources added, and HRC prices from China have been falling recently.Fastmarkets' ca...Read More
Domestic steel prices for hot-rolled sheet in Russia's Central Federal District around Moscow went down in the week to Monday July 26, while prices for cold-rolled sheet and steel plate were unchanged, sources told Fastmarkets.Prices were under pressure from low levels of purchasing activity because buyers were expecting further price reductions, the sources added.Customers thought that mills woul...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 27 that are worth another look.More than three-quarters of the effort to reduce carbon emissions to net-zero by 2050 will have to be made by the power sector and through faster adoption of wind...Read More
All base metals prices on the London Metal Exchange fell on Tuesday July 27 at the close of trading, after an exuberant afternoon on Monday, with nickel's price most badly affected and down by 1.8%.Nickel's price fell to $19,357 per tonne at 5pm on Tuesday, after closing at $19,717 per tonne on Monday. This was its highest 5pm price since February, and close to its year-to-date high of $20,110 per...Read More
The export market for flat steel rolled products from the Commonwealth of Independent States was slow during the week to Monday July 26, due to the holiday period in the major outlets of Turkey, and the Middle East and North Africa region.Fastmarkets' weekly price assessment of steel hot-rolled coil, export, fob Black Sea, CIS was $915-930 per tonne on Monday, down $5-10 from $920-940 per tonne a...Read More
Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, which expects first saleable production in 2026, the company said.Jadar, currently one of the world's largest greenfield lithium projects, remains subject to receiving all relevant approvals, permits and licenses, plus ongoing engagement with local communities, the Serbian government and civil society.According to...Read More
Turkish steel producers remained quiet in deep-sea scrap import markets due to the summer slowdown, sources told Fastmarkets on Tuesday July 27.Domestic steel trade has been on hold since July 15 due to public holidays.Turkey observed the Democracy and National Solidarity Day on July 15 and Eid al-Adha the following week from July...Read More
Iron ore prices fell on Tuesday July 27 because of weaker sentiment and rising port inventory, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $202.57 per tonne, down by $0.17 per tonne62% Fe low-alumina fines, cfr Qingdao: $202.97 per tonne, down by $0.96 per tonne58% Fe fines high-grade premium, cfr Qingdao: $166.29 per tonne, down by $1.36 per tonne65% Fe Brazil-origin fines...Read More
More than three-quarters of the effort to reduce carbon emissions to net-zero by 2050 will have to be made by the power sector and through faster adoption of wind and solar options, according to the New Energy Outlook 2021 report published last week by research consultancy BloombergNEF.Global energy-related emissions must drop to 30% below 2019 levels by 2030, and to 75% below by 2040, to be on tr...Read More
Seaborne coking coal prices stayed large stable in both the cfr and fob markets on Tuesday July 27, with market participants in the later market waited for a sale tender result from a Europe steel mill, market sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $214.30 per tonne, down $0.33 per tonnePremium hard coking coal, cfr Jingtang: $315.76 per tonne, up $0.69 per tonne ...Read More
China imported 76,336 tonnes of ferrous scrap in June, a 31% drop from May, according to the latest Chinese customs data.Of the total, 61,085 tonnes - or 80% - originated in Japan. South Korea remained China's second-largest scrap supplier in June, accounting for 9,713 tonnes (12.7%) of imports. Hong Kong (2,252 tonnes; 2.95%) and the United Kingdom (1,668 tonnes; 2.19%) were other significant sou...Read More
Prices of hot-rolled coil in China's domestic market edged lower on Tuesday July 27 and futures prices fell due to Covid-19 concerns and stock price tumbles weighing on market sentiment, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,880-5,900 yuan ($907-910) per tonne, down by 10-20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange slipped after hitting an...Read More
Turkish steel producers remained quiet in deep-sea scrap import markets due to the summer slowdown, sources told Fastmarkets on Tuesday July 27.Domestic steel trade has been on hold since July 15 due to public holidays.Turkey observed the Democracy and National Solidarity Day on July 15 and Eid al-Adha the following week from July...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 27 that are worth another look.More than three-quarters of the effort to reduce carbon emissions to net-zero by 2050 will have to be made by the power sector and through faster adoption of wind...Read More
Iron ore prices fell on Tuesday July 27 because of weaker sentiment and rising port inventory, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $202.57 per tonne, down by $0.17 per tonne62% Fe low-alumina fines, cfr Qingdao: $202.97 per tonne, down by $0.96 per tonne58% Fe fines high-grade premium, cfr Qingdao: $166.29 per tonne, down by $1.36 per tonne65% Fe Brazil-origin fines...Read More
China's domestic rebar prices fell back on Tuesday July 27 amid weaker demand from both end users and trading houses following the soft futures.DomesticEastern China (Shanghai): 5,280-5,310 yuan ($815-819) per tonne, down by 60 yuan per tonneThe typhoon In-fa left Zhejiang province and Shanghai city late on Monday and went to Jiangsu, a major long steel production hub in...Read More
More than three-quarters of the effort to reduce carbon emissions to net-zero by 2050 will have to be made by the power sector and through faster adoption of wind and solar options, according to the New Energy Outlook 2021 report published last week by research consultancy BloombergNEF.Global energy-related emissions must drop to 30% below 2019 levels by 2030, and to 75% below by 2040, to be on tr...Read More
Nickel producers are putting an increased focus on sustainability credentials in a bid to lock in consumer demand from the automotive industry, sources told Fastmarkets.Increased scrutiny from end consumers and government policy on lower carbon emissions throughout the supply chains have nickel producers looking to highlight sustainability to secure long-term deals. Most recently, internation...Read More
Australia-listed Jervois Mining has agreed to purchase the Freeport Cobalt refinery in Finland for $160 million from Koboltti Chemicals Holdings, it said on Tuesday July 27.The deal, Jervois said, could lead to the company growing into the world's second-largest producer of refined cobalt outside of China. Koboltti is a holding company owned by Freeport McMoRan and Lundin Mining. The...Read More
Import prices for HRS101-grade ferrous scrap into China were unchanged on Tuesday July 27 but steel production cuts dampened spot demand for the material, sources told Fastmarkets."The restrictions on crude steel production have reduced our demand for scrap to a minimum recently," a Chinese mill source based in Hebei province told Fastmarkets. "We will reduce our production rate starting next mont...Read More