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
A Russian export tax on aluminium and other base metals levied to curb inflationary risk in the country has stirred expectations of further increases in an already bullish physical market.The Russian government approved temporary export duties Friday on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), which are set to take effect from August 1 through December 31....Read More
A Russian export tax on aluminium and other base metals levied to curb inflationary risk in the country has stirred expectations of further increases in an already bullish physical market.The Russian government approved temporary export duties Friday on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), which are set to take effect from August 1 through December 31....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
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
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
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
China is considering adding 5% across the board to existing export taxes on ferro-alloys from Thursday July 1, market sources told Fastmarkets, adding that if that happens manganese flake prices will rise.Manganese flake is extremely sensitive to what happens in China - since it produces 95% of the world's supply - and the spot price is already at a 13-year high in Europe and close to its highest...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
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
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
The biggest steel producer in the United Arab Emirates, Emirates Steel, decreased its rebar price by 55 dirhams ($14.97) per tonne with effect from Sunday June 27. The company is offering rebar at 3,012 dirhams per tonne ex-works, down from 3,067 dirhams per tonne ex-works. This is the first rebar price...Read More
Seaborne iron ore concentrate and pellet prices fell in the week ended Friday June 25 due to a weaker demand outlook for steel, sources said. Fastmarkets iron ore indices Pellet premium over 65% Fe fines, cfr China: $62 per tonne, down $0.40 66% Fe concentrate, cfr Qingdao: $241.32 per tonne, down $1.31 65% Fe blast furnace pellet, cfr Qingdao: $300.81 per tonne, down $4.11 Key drivers Sentiment w...Read More
Domestic prices for hot-rolled coil were rangebound on Monday June 28 after buyers held back from trading, sources told Fastmarkets. Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?1,189.20 ($1,419.30) per tonne on Monday, down by just ?,?1.94 from ?,?1,191.14 per tonne on Friday. The index was, however, up by ?,?18.20 per tonne week on week a...Read More
Turkish steel producers made no deep-sea scrap bookings on the first day of the working week, but are expected to return to the market for August cargoes soon, market sources said on Monday June 28.The most recent deal was done on Thursday June 24, when a steel mill in the Izmir region booked a United States cargo at $499 per tonne cfr on heavy melting scrap 1&2 (80:20) basis and $519 per tonne cf...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
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
Flat steel market in Russia's Central Federal District in Moscow was broadly flat in the week to Monday June 28 with most producers preferred to roll over their price into July amid softer trading activity while buyers assessed the impact of recently introduced export duties on the domestic market. Russia on June 25 approved export duties on 340 metal products, including hot-rolled steel, effectiv...Read More