Total world crude steel production among 64 major producer countries reached 174.4 million tonnes in May 2021, up by 16.5% compared with May 2020, the World Steel Association (Worldsteel) said on Tuesday June 22.All regions reported double-digit percentage increases in crude steel output compared with May 2020, which was substantially affected by the initial Covid-19-related lockdowns.Among the la...Read More
A group of Ukrainian parliamentarians have proposed a tax on excess profits from the export of commodities including iron ore, non-ferrous metals, ferrous scrap and rebar, Fastmarkets learned on Thursday June 24.A set of draft laws published on June 16 suggests changes to the country's tax, customs and budgetary codes, according to a note published by Verkhovna Rada, the Ukraine parliament. These...Read More
The Brazilian capital goods association, Abimaq, will meet with China-based Baosteel and local trading house Comexport to pave the way for its members to import more steel amid rising prices and tight supply in the domestic market, the association said on Wednesday June 23."We still don't know details about tonnage or types of products that will be needed," Abimaq's executive president, Jos?(C) Ve...Read More
Hot-rolled coil prices in the United States held above $84 per hundredweight ($1,680 per short ton) for 10 consecutive business days, with buyers scrambling to acquire material at any price, market participants said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $84.69 per cwt ($1,693.80 per ton) on Thursday June 24, down by 0.54% from $85.15 per cwt on Wednesday Jun...Read More
Domestic steel reinforcing bar prices in the United States stabilized after last week's spike, while import prices continue to climb.Fastmarkets' weekly assessment for steel reinforcing bar, fob mill US was $48 per hundredweight ($960 per short ton) on Wednesday June 23, unchanged from the previous week, but up 11.63% from $43 the month before.US marketAlthough the cost of rebar stabilized this we...Read More
The price for importing hot-rolled coil steel into the United States reached a record high for the second time in June, with domestic buyers competing with increased global demand for flat-rolled products.The volume of import offers has fallen in an already coil-starved US market, sources said."We have not seen any foreign HRC offers of late," a consumer said. "The Canadian and Mexican steel mills...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama climbed for a second month in a row in May, rising by 4.4%, but were down 15.6% from May 2020, according to data from major Japanese trading house Marubeni Corp.Aluminium stocks at the three ports totaled 285,600 tonnes on May 31, up by 12,000 tonnes from the end of April, according to the figures release...Read More
The South African government announced the establishment of the Transnet National Ports Authority (TNPA) on June 22.This reform, which enacts measures legislated for in the National Ports Act of 2005, will create the TNPA as an independent subsidy of Transnet, the national logistics organization of South Africa."The creation of a separate subsidiary will allow the ports...Read More
Russia's economy ministry has proposed that the government impose temporary export duties on ferrous and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), documents seen by Fastmarkets state.The duty will affect steel products as well as copper, nickel and aluminum.The change is because global metals prices are increasing, pressuring the domestic market, the country's minister of...Read More
The US government's Department of Commerce has banned imports of silicon from Hoshine Silicon Industry, the world's largest silicon metal producer, and four other companies in China's Uygur region, which the US accuses of using forced labor.Hoshine, and other banned companies, produce polysilicon which is used in computer chips. These are needed for solar energy panels but are in acutely short sup...Read More
Shipbroker Simpson Spence Young (SSY) has launched a new carbon desk and offsetting service, part of a wider strategy to decarbonize its own as well as its clients' businesses, the company announced in a press release on its website on Thursday June 24.The broker will offer its clients compliance and voluntary offsets, as well as futures and options coverage. It also plans to make its global offic...Read More
Domestic prices for hot-dipped galvanized coil in Europe increased in the week to Wednesday June 23, supported by tight supplies and good demand, sources told Fastmarkets.European producers have full order books, with those in Northern Europe said to be sold out of 2021 rolling HDG, while Italian and Central European mills were still able to offer limited volumes for shipment in the fourth quarter...Read More
All base metals prices on the London Metal Exchange, except for copper, finished slightly higher on Thursday June 24, with the recovery continuing after last week's decline while the US Dollar Index consolidated on low ground to lend support to the complex.Nickel led the way on the LME, rising by 1.9% at the close of trading on Thursday to $18,407 per tonne, up from its Wednesday closing price of...Read More
China's domestic rebar prices increased on Thursday June 24 in response to futures gains on Wednesday, stimulating demand for restocking, sources said.DomesticEastern China (Shanghai): 4,820-4,850 yuan ($745-749) per tonne, up by 10-20 yuan per tonneOctober rebar futures on the Shanghai Futures Exchanged increased on Wednesday night to trade as a high of 5,022 yuan per tonne, up by 88 yuan per ton...Read More
Iron ore prices declined on increasing steel inventories and a high chance of stricter restrictions on steel mills ahead of centennial celebrations, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $213.46 per tonne, down $2.55 per tonne62% Fe low-alumina fines, cfr Qingdao: $217.08 per tonne, down $2.26 per tonne58% Fe fines high-grade premium, cfr Qingdao: $183.86 per tonne,...Read More
All base metals prices on the London Metal Exchange, except for copper, finished slightly higher on Thursday June 24, with the recovery continuing after last week's decline while the US Dollar Index consolidated on low ground to lend support to the complex.Nickel led the way on the LME, rising by 1.9% at the close of trading on Thursday to $18,407 per tonne, up from its Wednesday closing price of...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 24 that are worth another look.The Brazilian capital goods association, Abimaq, will meet with China-based Baosteel and local trading house Comexport to pave the way for its members to import more steel amid rising prices and tight supply in the domestic market, the association said...Read More
Hot-briquetted iron and ferrous scrap will become increasingly important as key steelmaking raw materials in Japan, according to SMBC Nikko Securities' senior analyst Atsushi Yamaguchi.Speaking at the Asia panel session at Steel Success Strategies 2021 on Wednesday June 23, Yamaguchi said the move will happen because of increasing concerns over carbon emissions in Japan, where major steel producer...Read More
Much greater investment is needed to expand supply chains to secure critical minerals and expand manufacturing in key materials needed for the energy transition, according to the Acting Undersecretary for Science and Energy at the United States Department of Energy.These investments must ensure sustainable production, refining, and recycling capacity domestically, while ensuring strong environment...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 24 that are worth another look.The Brazilian capital goods association, Abimaq, will meet with China-based Baosteel and local trading house Comexport to pave the way for its members to import more steel amid rising prices and tight supply in the domestic market, the association said...Read More