European hot-rolled coil prices edged up on Thursday July 8, despite slow trading activity, supported by still-limited supplies, sources told Fastmarkets.Sufficient stocks at distributors, as well as full credit lines, were the main reasons behind the lack of trading activity, sources said. Buying interest remained subdued, with customer largely holding back and making only hand-to-mouth bookings...Read More
Iran's steel output will be negatively affected by severe power shortages that started in June and still remain an issue, market participants said.Iran Power Generation, Distribution & Transmission Co (Tavanir) ordered steel and cement production factories to reduce electricity consumption starting Tuesday July 6, local news provider Financial Tribune reported on July 7."Iranian mills are ins...Read More
Turkey's import and domestic billet prices have increased over the past week due to stronger demand, market participants told Fastmarkets on Thursday July 8.Suppliers in the Commonwealth of Independent States region have increased their offers to Turkey ahead of the introduction of Russia's export duty on August 1.The Russian government has approved temporary export duties on 340 steel and no...Read More
Demand for steel scrap imports into Bangladesh was being limited by the country's extended Covid-19-related lockdown, market participants told Fastmarkets on Thursday July 8.The strict lockdown, which has been extended until at least July 14, has led to a complete shutdown of the country's steel retail market and has led to an exodus of laborers from the capital city, Dhaka."They are not admitting...Read More
Ferro-chrome prices in Asia and Europe have been trending upward since mid-May amid strong demand, with tightened supply from India fueling the bullish sentiment further in those markets, according to industry sources.India - ranked as the world's fourth-largest producer of ferro-chrome - produced around 1.28 million tonnes of the ferro-alloy in 2019, but last year it produced just 970,000 tonnes...Read More
South African miner Chrometco is filing for a restructuring of its business, and is putting its mining and chrome wash operations on care and maintenance due to the current financial pressures, it has announced.Chrometco, owned by South African commodity trading house Sail, will apply for restructuring and refinancing to meet commitments to its creditors and employees, according to an announcement...Read More
Export prices for ammonium paratungstate (APT) from China have continued to rise, with China's domestic supply tightening and overseas markets in urgent need of the material due to low inventories, sources told Fastmarkets this week.Fastmarkets' weekly price assessment for tungsten APT 88.5%WO3 min, fob main ports China was $282-292 per metric tonne unit (mtu) onWednesday July 7, up by $7-10 per m...Read More
Turkish steel mills continued to book deep-sea scrap for August shipment at slightly higher prices, market sources said on Thursday July 8.A steel mill in the Iskenderun region booked a US cargo, comprising HMS 1&2 (90:10) at $498 per tonne, shredded and plate & structural (P&S) at $516. The composition of the cargo was not shared by the parties involved. This compares with deep-sea bookings heard...Read More
Demand for steel scrap imports into Bangladesh was being limited by the country's extended Covid-19-related lockdown, market participants told Fastmarkets on Thursday July 8.The strict lockdown, which has been extended until at least July 14, has led to a complete shutdown of the country's steel retail market and has led to an exodus of laborers from the capital city, Dhaka."They are not admitting...Read More
The price gap between higher and lower grades of steel scrap continued to widen in the Japan export market over the past week, sources told Fastmarkets on Thursday July 8.Rising demand for heavy scrap (HS) and Shindachi busheling, both from blast-furnace (BF) mills in Japan and buyers in South Korea, has continued to propel prices for these materials upward.On the other hand, limited demand for lo...Read More
China's new trend pf setting out unwritten rules for its commodities industries and communicating them verbally will be a key method to watch out for in the future, market sources told Fastmarkets."Unofficial communications to steel mills are increasingly [coming] via provincial and township authorities [and are], not written out clearly as announcements," an iron ore trader in eastern China told...Read More
China's National Development and Reform Commission (NDRC) issued the country's 14th five-year development plan for a circular economy on Wednesday July 7, according to a notice published on the commission's website.The plan highlights the importance of promoting economical and intensive use of resources, and building a circular industrial system as well as a recycling system of waste materials in...Read More
Prices in the China ferro-chrome market rose further during the week to Tuesday July 6, as a result of higher alloy tender prices being released and indications the market is tightening under electricity restrictions in key producing regions.Stainless steel producer Tsingshan Group raised its tender price for July-delivery high-carbon ferro-chrome by 950 yuan ($146.80) per tonne, or 12.76%, to 8,3...Read More
Prices of most base metals rose slightly on the London Metal Exchange on Wednesday July 7 but with aluminium bucking the trend, going down by 1.2%.The LME three-month copper contract ended the trading session at $9,455 per tonne at 5pm, up by 1.5% from Tuesday.Investors in the red metal were dip-buying on Wednesday after its price dropped on Tuesday in a knee-jerk reaction to negative macro-econom...Read More
The strong ferro-chrome market in Asia and high consumption rates in Europe continued to support Europe's ferro-chrome markets in the week ending July 6.Indian ferro-chrome producers preferred to ramp up their offer prices into Europe rather than compete for sales, which supported prices.Fastmarkets' price assessment for ferro-chrome high carbon 6-8.5% C, basis 60-64.9% Cr, max 3% Si, cif Europe r...Read More
Spot prices for standard and alloy grade cobalt have continued to trend higher since the beginning of this week, driven by aggressive offers and a pickup in end-user demand in Europe and the United States, Fastmarkets heard on Wednesday July 7.Available spot units remained in tight hands, with producers' availability low and traders holding back their offers in expectation of further price increas...Read More
Xinfa group's alumina refinery in Xiaoyi city, Shanxi province closed an operation line with a capacity of 1.2 million tonnes per year last week due to a bauxite shortage, several sources told Fastmarkets on Wednesday July 7.The refinery has a total capacity of 3.6 million tonnes and has run at full capacity since May.Xin'an Chemical alumina refinery, a subsidy of Hangzhou Jinjiang group located i...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 7 that are worth another look.Automotive production in Brazil rose by 69.58% in June over the corresponding month in 2020, on the industry's recovery from stoppages called during the Covid-19 pandemic last year, automakers' association Anfavea said on July 7....Read More
Turkish steel mills returned to the deep-sea scrap import markets with a flurry of bookings from the Baltic Sea and the United States, market participants told Fastmarkets on Wednesday July 7.A steel mill in the Izmir region booked a cargo from the US, comprising 30,000 tonnes of HMS 1&2 (80:20) at $498 per tonne cfr.And in the Marmara region, a steel mill also booked a US cargo, comprising HMS 1&...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 7 that are worth another look.Automotive production in Brazil rose by 69.58% in June over the corresponding month in 2020, on the industry's recovery from stoppages called during the Covid-19 pandemic last year, automakers' association Anfavea said on July 7....Read More