ArcelorMittal has signed a Memorandum of Understanding (MoU) with the Spanish government that will see a ?,?1 billion ($1.19 billion) investment in decarbonization technologies at the company's Asturias plant in Gij??n, it has announced.The investments in new direct-reduction iron (DRI) and electric-arc furnace (EAF) installations in Gij??n will reduce carbon emissions from the company's Spanish o...Read More
Increasing scrap usage was deemed to be a key step the road map of decarbonization of Chinese steel industry, Li Xinchuang, the Vice Chairman of China Iron & Steel Association (Cisa) said on Tuesday July 13."It is important that we increase supply of scrap in the local market. We expect the share of electric-arc furnaces (EAFs) in Chinese steelmaking to increase from 10% to more than 15% in 2025,"...Read More
Stainless steel sheet prices in the United States rose in June due to rising surcharges and increasingly tight supply.Fastmarkets' monthly price assessment for stainless steel 304 cold-rolled sheet, fob mill US was $171.75 per hundredweight ($3,435 per short ton) on Monday July 12, up 2.08% from $168.25 per cwt on June 10 and up 7.34% from $160 per cwt on May 10.The assessment for stainless s...Read More
Leading aluminium producer Rusal will begin to supply its low-carbon aluminium ALLOW product to Aluminium Rheinfelden from August 2021, it announced on Tuesday July 13.Aluminium Rheinfelden is one of Germany's leading manufacturers of aluminium alloys, semi-finished products and carbon-based components. It was acquired by Rusal in April 2021.Rusal's bespoke brand of low-carbon aluminium, ALLOW, ha...Read More
Shandong, China-based copper smelter Yantai Guorun has started repairs and maintenance work on one of its furnaces after an accident over the weekend, several market sources told Fastmarkets. The unplanned repairs and maintenance work will last for around one month, but the company's copper production has not been affected so far, with the company holding anode stocks for cathode conversion, sourc...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally weaker this morning, Wednesday July 14, after stronger-than-expected inflation data from the United States on Tuesday raised concerns.* US consumer price index (CPI) climbed by 0.9% month on month in June, after a 0.6% rise in May* US 10-year treasury yields rebound to 1.4%, after a low of 1.25% last...Read More
Domestic prices for hot-rolled coil in Northern Europe increased in the week to Friday July 9, supported by continuing supply tightness.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?1,162.92 ($1,380.68) per tonne on July 9, up by ?,?13.42 per tonne week on week and up by ?,?15.23 per tonne month on month.The index was based on achievable prices...Read More
Magnitogorsk Iron & Steel Works' (MMK) Metalurji subsidiary in Turkey has started trial production of hot-rolled coil, the Russian company announced on Monday July 12.Located in the Iskenderun region, the mill halted operations at its meltshop and compact strip mill in late 2012. "The current situation allows us to resume operations at the electric-arc furnace facility, which is a very important...Read More
Here are five Fastmarkets stories you might have missed on Monday July 12 that are worth another look.A group of Brazilian construction and real estate companies received a 20,000-tonne shipment of rebar from Turkey last week, national construction industry chamber CBIC said.The waiting time...Read More
China's cobalt sulfate prices continued to gain on support from firm offers from sellers and bullish market sentiment, but many buyers have hesitated in restocking while they wait for a clearer direction in the market, sources told Fastmarkets.Fastmarkets' assessment for cobalt sulfate 20.5% Co basis, exw China rose to 79,000-81,000 yuan ($12,203-12,512) per tonne on Friday July 9, up from 78,000-...Read More
Here are five Fastmarkets stories you might have missed on Monday July 12 that are worth another look.A group of Brazilian construction and real estate companies received a 20,000-tonne shipment of rebar from Turkey last week, national construction industry chamber CBIC said.The waiting time...Read More
The latest data for the global manganese ore market for the week ended July 12, 2021.Read More
China's nickel pig iron (NPI) prices were unchanged last week amid a softening of stainless steel prices and thinner trading, though those for nickel ore still increased because of tight supply.Fastmarkets' price assessment for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China was 1,225-1,250 yuan ($189-193) per nickel unit last Friday July 9, the same as a week earlier, but up by 10...Read More
Tin's three-month price on the London Metal Exchange reached a new year-to-date peak of $32,250 per tonne on Monday July 12, with the soldering metal being the star performer while the rest of the base-metals complex fell from their Friday prices.Tin's futures contract was $32,094 per tonne at the close of trading on Monday, a 1.3% rise from its price at the same time on Friday of $31,680 per tonn...Read More
Hebei Iron & Steel Group (HBIS), China's second-largest steelmaker, lowered its purchase price for July-delivery silico-manganese to 7,500 yuan ($1,157) per tonne, the company said on Monday July 12.The latest price is 300 yuan lower than the mill's previous purchase price of 7,800 yuan per tonne for June-delivery cargoes.HBIS' price, which applies to cargoes delivered to warehouses, includes valu...Read More
The waiting time to deliver out aluminium at Istim's London Metal Exchange-registered warehouses in Port Klang, Malaysia, was 168 days at the end of June, according to the LME's latest queue report.The queue has been declining very slowly over the past few months, down from 176 days at the end of May and 199 days at the end of April. The queue has been in place since a series of large cancell...Read More
Here are five Fastmarkets stories you might have missed on Monday July 12 that are worth another look.A group of Brazilian construction and real estate companies received a 20,000-tonne shipment of rebar from Turkey last week, national construction industry chamber CBIC said.The waiting time...Read More
China's cobalt sulfate prices continued to gain on support from firm offers from sellers and bullish market sentiment, but many buyers have hesitated in restocking while they wait for a clearer direction in the market, sources told Fastmarkets.Fastmarkets' assessment for cobalt sulfate 20.5% Co basis, exw China rose to 79,000-81,000 yuan ($12,203-12,512) per tonne on Friday July 9, up from 78,000-...Read More
Turkish steel mills continued their deep-sea scrap purchases at a slow pace at the beginning of the week, trying to put further pressure on prices, market participants told Fastmarkets on Monday July 12.A steel mill in the Marmara region booked a European cargo, comprising 28,000 tonnes of HMS 1&2 (75:25) and 2,000 tonnes of a mixture of bonus and HMS 1, at an average price of $486.50 per tonne cf...Read More
The price of austenitic stainless steel scrap increased in the week to Friday July 9, particularly for grade-316 material, driven by strong demand amid ongoing tight availability, sources told Fastmarkets.Fastmarkets' weekly price assessment for stainless steel scrap 316 solids domestic, delivered merchants UK was ?1,700-1,800 ($2,362-2,502) per tonne on July 9, widening upwards by ?60 per tonne...Read More