China's domestic stainless steel prices rose sharply over the week to Wednesday July 14 on concerns of tighter supply amid growing expectations for mills to cut production.Gains in the nickel market provided further support to stainless steel prices.The three-month nickel contract on the London Metal Exchange ended the official trading session on Wednesday at $18,698 per tonne, up by $381 per tonn...Read More
Glencore has described rioting in South Africa as a "force majeure event" in a letter to customers about a number of ores, alloys and metals exported from the country, although this is not a declaration of force majeure. In a notice to customers on July 14, seen by Fastmarkets, the trader-miner warned that ongoing violence in South Africa could potentially prevent them from fulfilling contracts wi...Read More
China's domestic rebar prices continued to rise on Thursday July 15, following a strong showing in the futures market in early trading.DomesticEastern China (Shanghai): 5,200-5,240 yuan ($805-811) per tonne, up by 20 yuan per tonneDeals were concluded at 5,200-5,240 yuan per tonne in early trading, with buyers expecting rebar prices to continue rise on seeing the futures...Read More
Vietnam is proposing to impose a 5% export tax on steel billet, which could make offer prices from the country's mills uncompetitive in key Asian markets, sources told Fastmarkets on Thursday July 15.The proposal has been drafted by the Vietnam Ministry of Finance, but is not yet official policy as it is awaiting final government approval, according to key billet trading sources.News of the propos...Read More
Iron ore prices increased on Thursday July 15, supported by falling steel inventories in China, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $222.09 per tonne, up $3.43 per tonne62% Fe low-alumina fines, cfr Qingdao: $223.75 per tonne, up $3.75 per tonne58% Fe fines high-grade premium, cfr Qingdao: $182.06 per tonne, up $3.65 per tonne65% Fe Brazil-origin fines,...Read More
Steel scrap import prices into China remained steady despite supplies of domestic scrap being tightened by the rainy season in the north and by high temperatures in the south, sources told Fastmarkets on Thursday July 15.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $530-540 per tonne o...Read More
Turkish steel producers were inactive in the deep-sea scrap import markets on Thursday July 15 due to a public holiday in the country, sources have told Fastmarkets.Steel and scrap trading were expected to slow in the coming weeks because of several public and religious holidays. Turkish market participants were not at work on Thursday with the country...Read More
Brazilian steel producers have accepted a reduction of 10% in import duties, and agreed to avoid raising domestic prices further, according to the country's economy minister, Paulo Guedes.The government has been in talks with representatives of steel producers, the country's construction industry and other end users. They are discussing options to normalize supply of rebar and other steel products...Read More
Steel reinforcing bar prices in the United States increased on Wednesday July 14 for the first time since June 16. Fastmarkets' assessment for steel rebar, fob mill US was $49 per hundredweight ($980 per short ton) on Wednesday, up 2.08% from $48 per cwt the previous week and up 70.44% from $28.75 per cwt at the same time last year.US marketNucor Corp and Mid-Continent Steel and Wire each increase...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 15 that are worth another look.Brazilian steel producers have accepted a reduction of 10% in import duties, and agreed to avoid raising domestic prices further, according to the country's economy minister, Paulo Guedes.Aluminium producer UC Rusal will...Read More
Hot-rolled coil prices across China's domestic market edged higher on Thursday July 15 while futures prices traded rangebound after Wednesday's sharp gains due to the increased likelihood of a drop in steel production in the second half of 2021, sources told Fastmarkets.DomesticEastern China (Shanghai): 5,860-5,920 yuan ($907-916) per tonne, narrowing upward by 20 yuan per tonneThe most-traded HRC...Read More
Domestic prices for hot-dipped galvanized coil in northern Europe were stable in the week to Wednesday July 14 despite a decline in offers for overseas material, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-dipped galvanized coil import, cfr main port Northern Europe was ?,?1,200-1,240 ($1,417-1,464) per tonne on July 14, down by ?,?50-60 per tonne week on week from...Read More
The European hot-rolled coil market remained quiet on Thursday July 15 on seasonally slow trading, with prices largely unchanged, supported by strong order books at steel mills and long lead times, sources told Fastmarkets.European buyers were still abstaining from making large bookings due to the still-high prices and sufficient stocks at most distributors. Exhausted credit lines were also limiti...Read More
Steel scrap import prices into China remained steady despite supplies of domestic scrap being tightened by the rainy season in the north and by high temperatures in the south, sources told Fastmarkets on Thursday July 15.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $530-540 per tonne o...Read More
Turkish steel producers were inactive in the deep-sea scrap import markets on Thursday July 15 due to a public holiday in the country, sources have told Fastmarkets.Steel and scrap trading were expected to slow in the coming weeks because of several public and religious holidays. Turkish market participants were not at work on Thursday with the country...Read More
First Cobalt has held preliminary discussions with Canadian government officials on the creation of a lithium-ion battery park on the same site as its battery materials hydrometallurgical refinery north of Toronto, the company said.The goal is to attract a precursor manufacturer to the site to recycle black mass from spent lithium-ion batteries, recovering nickel and cobalt in the process, it note...Read More
Here are five Fastmarkets stories you might have missed on Thursday July 15 that are worth another look.Brazilian steel producers have accepted a reduction of 10% in import duties, and agreed to avoid raising domestic prices further, according to the country's economy minister, Paulo Guedes.Aluminium producer UC Rusal will...Read More
Bill Gates has a theory about green premiums: He wants to eliminate them entirely. The American business magnate and philanthropist calls green premiums the additional cost of choosing a clean technology over one that emits a greater amount of greenhouse gases.In other words, the price that metals and mining companies are starting to charge their customers for producing low-carbon produc...Read More
Vietnam is proposing to impose a 5% export tax on steel billet, which could make offer prices from the country's mills uncompetitive in key Asian markets, sources told Fastmarkets on Thursday July 15.The proposal has been drafted by the Vietnam Ministry of Finance, but is not yet official policy as it is awaiting final government approval, according to key billet trading sources.News of the propos...Read More
Brazilian steel producers have accepted a reduction of 10% in import duties, and agreed to avoid raising domestic prices further, according to the country's economy minister, Paulo Guedes.The government has been in talks with representatives of steel producers, the country's construction industry and other end users. They are discussing options to normalize supply of rebar and other steel products...Read More