Domestic and export prices for Chinese stainless steel prices rose sharply over the week ended Wednesday July 21 on tight supply, which led to increased expectations of an export tariff to ease the shortage.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,000-20,100 ($2,939-3,109) per tonne, up by 1,000-1,300 yuan per tonne from a week earlierPrices have risen to their hi...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
Several steelmakers in China stopped issuing export offers this week, while others sharply increased their offer prices to overseas buyers, suggesting that the Chinese government's desire to see production cuts is starting to have an impact.Steel mills, including Shandong Iron & Steel and Yingkou Medium Plate Co, have issued no export offers this week, with limited availability forcing them to pri...Read More
Domestic and export prices for Chinese stainless steel prices rose sharply over the week ended Wednesday July 21 on tight supply, which led to increased expectations of an export tariff to ease the shortage.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,000-20,100 ($2,939-3,109) per tonne, up by 1,000-1,300 yuan per tonne from a week earlierPrices have risen to their hi...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
China's domestic hot-rolled coil prices edged lower on Thursday July 22 after market participants reacted to Beijing's latest efforts to stabilize commodity prices.DomesticEastern China (Shanghai): 5,800-5,900 yuan ($897-912) per tonne, widening by 20-60 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange touched an intraday low of 5,802 yuan per tonne in early afternoon tr...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
US flat steel import prices were flat to down in Fastmarkets' latest assessment, reversing course after hitting record highs two weeks ago."Import prices seem to be dropping," a trader source said. Fastmarkets' assessment for steel hot-rolled coil, import, ddp Houston was at $1,620-1,640 per short ton ($81-83 per hundredweight) on Wednesday July 21, down by 2.09% from $1,650-1,700 per ton on July...Read More
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
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
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
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
China's domestic hot-rolled coil prices edged lower on Thursday July 22 after market participants reacted to Beijing's latest efforts to stabilize commodity prices.DomesticEastern China (Shanghai): 5,800-5,900 yuan ($897-912) per tonne, widening by 20-60 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange touched an intraday low of 5,802 yuan per tonne in early afternoon tr...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
China's domestic rebar prices were unchanged on Thursday July 22 amid a confluence of opposing factors, but market participants expect them to regain their upward momentum soon.DomesticEastern China (Shanghai): 5,230-5,250 yuan ($809-812) per tonne, unchangedEnd-user demand for rebar continued to decline due to heavy rain in Henan province and high temperatures in other parts of China.But some res...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