Hot-rolled coil prices in the United States remained above $91 per hundredweight ($1,820 per short ton) for a third consecutive day, with sporadic mill spot volumes trickling down to a few buyers and others looking to the import market to meet demand.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $91.27 per cwt ($1,825.40 per ton) on Thursday July 22, a decrease of 0...Read More
Increasing supplies of H2-grade steel scrap have allowed South Korean buyers to obtain the material at lower prices in the week to Thursday July 22, sources told Fastmarkets.Summer maintenance rounds at various Japanese steelmakers have reduced consumption of material in that local market, but the tighter supply and strong demand seen in higher grades such as Shindachi busheling have kept prices f...Read More
The Brazilian steel institute A??o Brasil increased its forecast for apparent steel consumption in 2021, predicting a growth of 24.10% from the previous year.Apparent steel use is now estimated to reach 26.61 million tonnes this year, compared with 21.45 million tonnes in 2020, the association said on Thursday July 22. The figure is also higher than May's forecast of 24.66 million tonnes.Main stee...Read More
Base metals prices on both the LME and SHFE were mixed this morning, Thursday July 22, but have generally recovered from Monday's weakness, suggesting the dip-buying mentality still dominates. Lead prices at fresh highs as German lead producer Berzelius declared force majeure on supply after severe flooding forced it to suspend operations at its Stolberg smelter. United States 10-year treasury yie...Read More
United States copper producer Freeport-McMoRan reiterated its 2021 consolidated sales target of around 3.85 billion lbs (1.75 million tonnes) of copper while its ramp-up to underground mining at its Grasberg mine in Indonesia continues.This is an increase from 3.2 billion lbs - or 1.4 million tonnes - in 2020, and comes after the company reported lower second quarter copper sales than previously e...Read More
The European market for steel hot-rolled coil remained quiet on Thursday July 22, with most producers holding back offers amid seasonally slow trading, sources told Fastmarkets.Sentiment turned negative in Northern Europe after severe flooding in Germany and parts of Belgium reduced trading activity to close to zero, with buyers and sellers assessing the consequences for the market.Even though the...Read More
A large-scale expansion at Freeport-McMoRan's El Abra copper mine in Chile is still being evaluated, although potential changes to the country's fiscal regime could lead to its deferment, the US copper producer said.The expansion would see the plant in northern Chile process additional sulfide material and achieve higher levels of copper recovery. According to Freeport, El Abra's large sulfide res...Read More
Fastmarkets has corrected its alumina index, fob Australia, which was published incorrectly on Tuesday July 20 and Wednesday July 21 due to an index calculation error.On July 20, the alumina index, fob Australia, should have been $289.74 per tonne but was incorrectly published as $289.62 per tonne.On July 21, the alumina index, fob Australia, should have been $291.11 per tonne but was incorrectly...Read More
Export billet prices from the Commonwealth of Independent States increased toward the end of the week after several bookings done at higher prices came to light, sources told Fastmarkets.The Middle East-North Africa (Mena) region including Turkey and the Gulf Cooperation Council (GCC) were not present in the market in the week to Thursday July 22 due to celebrations for the Eid Al-Adha Islami...Read More
Fastmarkets is inviting feedback from the industry on the pricing methodology for MB-AL-0005 aluminium pressure diecasting ingot DIN226/A380, delivered Europe, and MB-AL-0040 aluminum alloy A380.1, delivered Midwest, as part of a methodology review process to meet the International Organization of Securities Commissions (IOSCO) principles.This consultation, which is open until August 18, seeks to...Read More
Iron ore prices fell on Thursday July 22 amid a weak short-term demand outlook, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $202.63 per tonne, down $12.16 per tonne62% Fe low-alumina fines, cfr Qingdao: $204.62 per tonne, down $11.55 per tonne58% Fe fines high-grade premium, cfr Qingdao: $166.88 per tonne, down $9.56 per tonne65% Fe Brazil-origin fines, cfr Qin...Read More
Base metals prices were up across the board at the 5pm close of trading on the London Metal Exchange on Thursday July 22, with the market appearing to calm down after a recent period of choppy trading."Two positive macro dynamics were at work this morning, and have provided the LME base metals with much-needed support," Fastmarkets analyst Andy Farida said on Thursday."The US Dollar Index has star...Read More
The world's largest carbon trading market is slowly gaining momentum and will eventually be a key component of China's ferrous industry, market sources told Fastmarkets this week.China kicked off nationwide carbon trading on July 16, with mostly thermal coal-fired power plants participating on the first day. Companies can buy carbon emission quotas from the market, while those with lower emissions...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 22 that are worth another look.Production of steel will be halted for at least two weeks in the key Bangladesh market when the country's latest Covid-19-related lockdown starts on Friday July 23, sources have told Fastmarkets.Read More
Here are five Fastmarkets stories you might have missed on Thursday July 22 that are worth another look.Production of steel will be halted for at least two weeks in the key Bangladesh market when the country's latest Covid-19-related lockdown starts on Friday July 23, sources have told Fastmarkets.Read More
Freeport McMoRan's subsidiary PT-Freeport Indonesia (PT-FI) is advancing agreements to expand its Gresik copper smelter and refinery by 30% and plans to up its stake in PT Smelting to a majority interest, the company said. The expansion is targeted for completion by the end of 2023 and will see annual capacity at PT Smelting - in which PT-FI currently has a 39.5% stake - increase by 300,000 tonnes...Read More
Base metals prices were up across the board at the 5pm close of trading on the London Metal Exchange on Thursday July 22, with the market appearing to calm down after a recent period of choppy trading."Two positive macro dynamics were at work this morning, and have provided the LME base metals with much-needed support," Fastmarkets analyst Andy Farida said on Thursday."The US Dollar Index has star...Read More
Fastmarkets is inviting feedback from the industry on the pricing methodology for MB-AL-0005 aluminium pressure diecasting ingot DIN226/A380, delivered Europe, and MB-AL-0040 aluminum alloy A380.1, delivered Midwest, as part of a methodology review process to meet the International Organization of Securities Commissions (IOSCO) principles.This consultation, which is open until August 18, seeks to...Read More
Base metals prices on both the LME and SHFE were mixed this morning, Thursday July 22, but have generally recovered from Monday's weakness, suggesting the dip-buying mentality still dominates. Lead prices at fresh highs as German lead producer Berzelius declared force majeure on supply after severe flooding forced it to suspend operations at its Stolberg smelter. United States 10-year treasury yie...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 22 that are worth another look.Production of steel will be halted for at least two weeks in the key Bangladesh market when the country's latest Covid-19-related lockdown starts on Friday July 23, sources have told Fastmarkets.Read More