Rebounds were under way in the base metals in London and Shanghai this morning, Wednesday June 23, but we will have to wait to see how the metals react to today’s manufacturing purchasing managers index (PMI) data.* To reassure the markets, United States Federal Reserve chairman Jerome Powell said: “We will not raise interest rates pre-emptively because we think employment is too high [o...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 22 that are worth another look.Domestic prices for hot-rolled coil in Europe remained in a wide range on June 22, with some buyers ready to accept high prices for material with shorter lead times,...Read More
Offers of steel rebar and wire rod from the Commonwealth of Independent States were lowered somewhat over the week ended Monday June 22, with the intention of drawing in customers amid a lack of demand and growing competition with Turkish suppliers.Turkish mills were offering rebar for export at $730 and $760 per tonne fob on an actual weight basis at the end of last week, compared with $750-780 p...Read More
A summary of China's base metal imports for May 2021.Copper ore and concentrateMay total: 1.95 million tonnes, up by 1.2% month on month, up by 15.1% year on yearRefined copperMay total: 291,378 tonnes, down by 8.7% month on month, down by 4.7% year on yearCopper scrapMay total: 139,444 tonnes, down by 16.9% month on month, up by 100.8% year on yearBauxiteMay total:...Read More
German carmaker BMW has set up a closed-loop material cycle for production tools made of tungsten, it said.Starting in June, BMW will begin collecting secondary tungsten obtained from old drill and milling bits at its plants in Germany and Austria that will be recycled and used to manufacture new industrial machinery.These BMW plants generate almost nine tonnes per year of scrap from carbide tools...Read More
The steel rebar and billet market in the United Arab Emirates was slow because buyers are waiting for new local rebar prices to be announced, sources told Fastmarkets on Tuesday June 22.Local rebar producers should announce their new prices soon, sources said.Some market participants expect prices to roll over, while other expect discounts due to weak global prices.Fastmarkets' weekly price assess...Read More
All three-month prices for base metals on the London Metal Exchange rose by about 1% for the second day in a row on Tuesday June 22, continuing their recovery from the weakness of the previous seven days.Nickel's three-month price rose by the greatest margin on Tuesday, by 1.6% to $17,750 per tonne, following Monday's 1.7% increase to $17,450 per tonne.The metal suffered a 7.2% decline last week t...Read More
Offers of steel rebar and wire rod from the Commonwealth of Independent States were lowered somewhat over the week ended Monday June 22, with the intention of drawing in customers amid a lack of demand and growing competition with Turkish suppliers.Turkish mills were offering rebar for export at $730 and $760 per tonne fob on an actual weight basis at the end of last week, compared with $750-780 p...Read More
Hot-rolled coil prices in the United States rose for a third consecutive business day after market participants said tonnage on the spot market may be scarce for at least the duration of the summer. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $84.98 per hundredweight ($1,699.60 per short ton) on Tuesday June 22, an increase of 0.69% from $84.40 per cwt on Monday b...Read More
The Turkish steel mills have been staying away from deep-sea scrap purchases because of weak rebar sales and a sufficiency of scrap stocks, market participants told Fastmarkets on Tuesday June 22.The most recent deals were heard on June 15, when two United States-origin cargoes were sold.A mill in the Marmara region bought those cargoes, which comprised HMS 1&2 (80:20) at $500 and $501 per tonne,...Read More
German carmaker BMW has set up a closed-loop material cycle for production tools made of tungsten, it said.Starting in June, BMW will begin collecting secondary tungsten obtained from old drill and milling bits at its plants in Germany and Austria that will be recycled and used to manufacture new industrial machinery.These BMW plants generate almost nine tonnes per year of scrap from carbide tools...Read More
Join Fastmarkets and the London Metal Exchange on Tuesday June 29 for a webinar about European aluminium premiums ahead of the launch of the LME's new cash-settled futures contract.The LME will launch its new European duty-paid aluminium premium cash-settled contract on July 19, which is settled against Fastmarkets' benchmark aluminium P1020A premium, in-whs dp Rotterdam.The LME previously la...Read More
A summary of China's battery raw materials exports for May 2021.In brief Exports of cobalt tetroxide fell in May amid falling downstream demand for batteries used in consumer electronics outside of China as a result of a lack of semi-conductor chips and a resurgence...Read More
The export market for hot-rolled coil from the Commonwealth of Independent States (CIS) has softened in the week to Tuesday June 22 because suppliers have been cutting offers to attract buyers.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $980-995 per tonne on June 22, down from $995-1,020 per tonne one week previously.HRC offers from Ukraine were r...Read More
Seaborne premium hard coking coal prices continued to rise in the cfr market due to tight supplies, while prices were largely stable in the fob market, with market participants adopting a wait-and-see attitude, sources told Fastmarkets on Tuesday June 22.Fastmarkets indicesPremium hard coking coal, fob DBCT: $177.87 per tonne, up $0.59 per tonnePremium hard coking coal, cfr Jingtang: $290.19 per t...Read More
The Turkish steel mills have been staying away from deep-sea scrap purchases because of weak rebar sales and a sufficiency of scrap stocks, market participants told Fastmarkets on Tuesday June 22.The most recent deals were heard on June 15, when two United States-origin cargoes were sold.A mill in the Marmara region bought those cargoes, which comprised HMS 1&2 (80:20) at $500 and $501 per tonne,...Read More
Mexico's ferrous scrap prices increased further in the week to Friday June 18, with buyers continuing to compete for material, especially the higher grades.Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey at 11,600 pesos ($578) per tonne on June 22, up by 400 pesos from 11,200 pesos a week earlier. This marked the fourth consecutive...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 22 that are worth another look.Domestic prices for hot-rolled coil in Europe remained in a wide range on June 22, with some buyers ready to accept high prices for material with shorter lead times,...Read More
The price of nickel was the best performer among base metals on the London Metal Exchange on Monday June 21 on account of a softer US Dollar Index, with all prices rebounding during afternoon trading after the sharp selling in the week ended June 18.Nickel rose by the most, up by 1.7% to $17,450 per tonne at 5pm compared with its closing price on Friday of $17,154 per tonne, which was a 7.2% drop...Read More
Preference for Indian rebar has been growing steadily in the key Singapore import market due to the lower offers for such materials, sources told Fastmarkets during the week to Monday June 21. Market participants reported Indian material being offered as low as $750 per tonne cfr Singapore on a theoretical weight basis by traders, which is very close to buyers' preferred purchasing price, a trader...Read More