Prices for steel scrap imported into China edged up on Thursday June 3 amid improving sentiment in the domestic market, sources said.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China - which takes into account prices at ports in eastern China - was $510-530 per tonne on Thursday, up by $10-15 from Wednesday.Many Chinese mills raised their purchase price...Read More
Hot-rolled coil prices in China's domestic market trended higher on Thursday June 3, following gains in the futures markets, but export prices dropped due to weak demand. DomesticEastern China (Shanghai): 5,550-5,600 yuan ($869-876) per tonne, up by 30-70 yuan per tonne.With ferrous metals prices rising across the board, the most-traded HRC contract on the Shanghai Futures Exchange for October del...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on Thursday June 3 morning, although nickel bucked the trend on both exchanges.Brent crude oil continues to rally, reaching $71.71 on Thursday morning.China's Caixin services purchasing manager's index eases to 55.1 in May, from 56.3 in April.Base metalsLME three-month base metals prices were genera...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 3 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.BHP, the majority owner and operator of...Read More
Domestic European prices for hot-rolled coil were fairly stable day-on-day on Thursday June 3, supported by a persistent material shortage and strong demand, sources told Fastmarkets.The majority of Northern European producers were reported to be sold out of third-quarter-rolling coil, and suppliers in the region were ready to pay higher prices for material with earlier shipment.Italian producers,...Read More
Five grades of steel scrap will no longer need to undergo customs inspections at ports in China when they are imported into the country, beginning on June 10.But five other grades of the steelmaking raw material will undergo such inspections from the same date.China's General Administration of Customs said on Thursday June 3 that it would no longer carry out imported commodity inspections on a lis...Read More
Turkish prices for flat steel products increased during May 2021, but the direction of price movements in June will depend on global price trends, especially in China, sources told Fastmarkets on Wednesday June 2.Market participants did not expect any price decreases, though. Steel prices in China did decrease from April until May 27, but they then started to rise again.Hot-rolled coil export pric...Read More
Steel reinforcing bar prices in the United States increased again on Wednesday June 2, with the most recent hike from domestic producers accepted by the market.Fastmarkets' assessment for steel rebar, fob mill US was $44 per hundredweight ($880 per short ton) on June 2, up 0.57% from $43.75 per cwt the previous week.US marketThe most recent round of mill hikes - led by Commercial Metals Co and fol...Read More
Prices for steel billet imported into Egypt decreased during the week ending Thursday June 3 because of global price falls, although demand for rebar was better, sources have told Fastmarkets.Global prices for billet have been decreasing recently, because of limited buying by customers in China.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $653 per tonne on June 2, falling...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 3 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.BHP, the majority owner and operator of...Read More
Prices for steel billet imported into Egypt decreased during the week ending Thursday June 3 because of global price falls, although demand for rebar was better, sources have told Fastmarkets.Global prices for billet have been decreasing recently, because of limited buying by customers in China.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $653 per tonne on June 2, falling...Read More
Positive employment data from the United States boosted the Dollar Index to its highest level since mid-May and triggered a selloff on the London Metal Exchange on Thursday June 3, with most metals' prices going down by 2-3%.Copper's three-month contract on the LME was most affected on Thursday, with its closing price falling by 3.5% to $9,788.50 per tonne at the 5pm close, from $10,147 per tonne...Read More
The world's second-largest copper mine, currently in expansion, will send 40% of its copper concentrate output in Phase 1 to a domestic smelter in the Democratic Republic of Congo (DRC), with negotiations to sell their copper output still underway, sources said.Kamoa Copper, operating out of Kamoa Kakula mine, signed a ten-year agreement with Lualaba copper smelter (LCS), of China Nonferrous Metal...Read More
Ukraine's Privat Group, a major producer of manganese alloys, hit a monthly production target for May of almost 59,000 tonnes at its Nikopol ferro-alloys plant, up by about 2,000 tonnes from April amid strengthening European prices this year, an industry source said.Privat is also considering whether to start an additional silico-manganese furnace at Nikopol, which would use low-phosphorus slag as...Read More
The world's second-largest copper mine, currently in expansion, will send 40% of its copper concentrate output in Phase 1 to a domestic smelter in the Democratic Republic of Congo (DRC), with negotiations to sell their copper output still underway, sources said.Kamoa Copper, operating out of Kamoa Kakula mine, signed a ten-year agreement with Lualaba copper smelter (LCS), of China Nonferrous Metal...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on Thursday June 3 morning, although nickel bucked the trend on both exchanges.Brent crude oil continues to rally, reaching $71.71 on Thursday morning.China's Caixin services purchasing manager's index eases to 55.1 in May, from 56.3 in April.Base metalsLME three-month base metals prices were genera...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Global welded pipe prices surged in May as strong demand and still-insufficient supply lifted flat steel prices.The biggest jumps were seen in China, which was hit by the unexpected announcement of the elimination of export rebates on welded pipes in April. Chinese seaborne prices reached $1,570 per tonne fob for longitudina...Read More
Positive employment data from the United States boosted the Dollar Index to its highest level since mid-May and triggered a selloff on the London Metal Exchange on Thursday June 3, with most metals' prices going down by 2-3%.Copper's three-month contract on the LME was most affected on Thursday, with its closing price falling by 3.5% to $9,788.50 per tonne at the 5pm close, from $10,147 per tonne...Read More
Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More
Iron ore prices pushed up on Thursday June 3, supported by rising steel and coke values, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $210.99 per tonne, up $1.80 per tonne62% Fe low-alumina fines, cfr Qingdao: $212.81 per tonne, up $1.31 per tonne58% Fe fines high-grade premium, cfr Qingdao: $184.58 per tonne, up $2.28 per tonne65% Fe Brazil-origin fines, cfr Qingdao: $241....Read More