The European Commission (EC) officially confirmed the move to extend the existing safeguard measures on imported steel into the European Union by three years in an announcement made late afternoon on Friday June 25.The measures imposed on 26 steel products imported into the EU will remain in place until June 30, 2024, with quota volumes for the products increasing by 3% year-on-year, the commissio...Read More
Russian aluminium will carry an export duty of 15% plus $254 per tonne from August 1 through December 31, the Russian government's press service confirmed.Export duties were approved on 340 non-ferrous and steel products, after Russian Prime Minister Mikhail Mishustin signed an official decree last Friday June 25. Primary aluminium, under harmonized system code 760110, will also be taxed.Some more...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Morgan Stanley gained $2.89 to $90.59 after announcing plans to double its dividend and to commit to a $12 billion share buyback program.Wells Fargo added $0.31 to $46.10 after announcing plans to double its dividend.Goldman Sachs advanced $4.79 to $373.50 after announcing plans to raise its...Read More
Chinese cobalt producer Hanrui Cobalt has applied to launch an initial public offering (IPO) of its shares on the Stock Exchange of Hong Kong, the company said on Friday June 25.The company aims to strengthen its leading position in the global cobalt industry and deepen upstream and downstream integration amid growing opportunities in the new energy vehicles (NEVs) sector driven by carbon neutral...Read More
Lithium iron phosphate batteries have recently regained their position as the preferred option among original equipment manufacturers in China, casting doubt on the forecast dominance of the alternative nickel-cobalt-manganese lithium-ion batteries in the country's electric vehicle battery supply chain.The situation has also raised questions about whether the change in sentiment would be mirrored...Read More
GFG Alliance and Liberty Steel's restructuring and transformation committee has announced its plans to restructure the group's steel businesses, the company said on Monday June 28."The developments [will] help to pave the way for a refinancing which will enable GFG [Alliance] to pay back creditors following the collapse of its main lender, Greensill Capital," the company said. "This in turn will a...Read More
Finnish mining company Terrafame has announced that production has begun at its new battery chemicals plant in Soktamo, Finland, the company said on Monday June 28.Terrafame announced the ?,?240 ($286.44) million investment for the new plant in 2018, and have since worked on putting together the site's fully integrated production process - starting at the company's on-site mines and ending with pr...Read More
London Metal Exchange base metals prices were in a consolidation tone on the morning of Monday June 28, after a pick-up during the latter part of last week. Nickel's price was down a slight 0.7% to $18,390 per tonne at 9am from $18,523 per tonne on Friday at the close. The metal was the best performer last week, rising by 6% from last week Monday's closing price of $17,450 per tonne. Nickel's rise...Read More
Base metals prices on the London Metal Exchange were weaker on the morning of Monday June 28, while those on the Shanghai Futures Exchange were more mixed. Spread of Delta variant of Covid-19 across parts of Southeast Asia, Australia and South Africa causing concern about a 4th waveBase metalsLME three-month base metals prices, with the exception of tin that was untraded, were down across the boar...Read More
China's domestic rebar prices maintained their upward momentum on Monday June 28 on expectations of tighter supply, though demand was affected by rain across regions on the southern side of the Yangtze River.DomesticEastern China (Shanghai): 4,860-4,880 yuan ($752-755) per tonne, up by 10-20 yuan per tonneSteelmakers in China's steel hub of Tangshan in the northern region have been instructed to l...Read More
Chinese cobalt producer Hanrui Cobalt has applied to launch an initial public offering (IPO) of its shares on the Stock Exchange of Hong Kong, the company said on Friday June 25.The company aims to strengthen its leading position in the global cobalt industry and deepen upstream and downstream integration amid growing opportunities in the new energy vehicles (NEVs) sector driven by carbon neutral...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb at 22.00-22.95 on Monday June...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets...Read More
Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were weaker across the board this morning, Tuesday June 29, with the spread of Covid-19 Delta variant a worrisome development. While lockdowns can hit demand, there is also risk to supply from mine closures or further logistical delays.Base metalsLME three-month base metals prices were down across the board...Read More
Domestic prices for hot-rolled coil in Europe increased in the week to Friday June 25, despite slower trading activity in the market with buyers holding back from making new deals.At the end of last week, ArcelorMittal increased its offers for coil products by ?,?30 ($36) per tonne across Europe. New offers for HRC reached ?,?1,200 ($1,432) per tonne ex-works, with offers on cold-rolled and hot-di...Read More
The German steel industry has called for further support and policy after the Climate Protection Emergency Program 2022, and for the program to widen its scope to other material alternatives, Fastmarkets learns.The steel scrap association BDSV criticized the Climate Protection Emergency Program 2022 which heavily focused on hydrogen-based steel production for green steel manufacture, and not steel...Read More
Here are five Fastmarkets MB stories you might have missed on Monday June 28 that are worth another look....Read More
Treatment charges for lead concentrates have fallen to their lowest level for two years while terms for zinc concentrates have so far resisted further rises, Fastmarkets has heard.Fastmarkets' assessment of the lead spot concentrate TC, low silver, cif China, was $25-40 per tonne on Friday June 25, down from $40-55 per tonne a month previously.With prices high and demand for lead ingots said to be...Read More
Tin was the best performer on the London Metal Exchange during trading on Monday June 28, while the rest of the complex was mixed at the start of the new week with particularly low volumes for copper's three-month contract. Tin's three-month price increased by 1.2% to $31,152 per tonne on Monday at the close from Friday's $30,774 per tonne price. The metal rose to as much as $31,220 per tonne dur...Read More
Here are five Fastmarkets MB stories you might have missed on Monday June 28 that are worth another look....Read More