The United States is "deep in conversations" to determine how the federal government can support the growth of electric vehicles (EVs), the country's Secretary of Transportation said.The country's goal of reducing carbon emissions by at least 50% by 2030 is helping to drive this collaboration, according to Secretary Pete Buttigieg."We're deep in conversations about how to support the EV revolution...Read More
High freight rates are pushing prices along the aluminium supply chain to multi-year highs, but there is one area where it is having the opposite effect: alumina.Alumina prices have been under pressure because of oversupply and high freight costs deterring buyers in China from importing despite low prices.Fastmarkets assessed its daily benchmark alumina index, fob Australia at $274.15 per tonne on...Read More
A summary of base metal premiums from across the globe for the week to Tuesday May 25.Please click...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 25 that are worth another look.Exports of iron ore from India's east coast could face minor disruptions after the key port of Paradip in the state of Odisha suspended operations on May 25...Read More
Sellers in China's domestic rebar market stopped lowering prices on Tuesday May 25, which led to a pick-up in end-user demand.DomesticEastern China (Shanghai): 4,900-4,920 yuan ($762-765) per tonne, unchangedThe stable prices encouraged contractors in the construction sector to replenish their inventories during the day. But transacted tonnages were not large because these buyers are not too bulli...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 25 that are worth another look.Exports of iron ore from India's east coast could face minor disruptions after the key port of Paradip in the state of Odisha suspended operations on May 25...Read More
Market chatter about China possibly imposing new export taxes for steel as part of commodity price cooling measures has been rampant in the past week, causing traders and market participants to re-think their trading strategies, and overseas buyers to consider a potential supply shortfall.The taxes are supposed to take place from June 1, but there has been no official statement by China's Ministry...Read More
Market chatter about China possibly imposing new export taxes for steel as part of commodity price cooling measures has been rampant in the past week, causing traders and market participants to re-think their trading strategies, and overseas buyers to consider a potential supply shortfall.The taxes are supposed to take place from June 1, but there has been no official statement by China's Ministry...Read More
The three-month prices of zinc and lead were the only ones to rise on Tuesday May 25, while other futures contracts on the London Metal Exchange ended the day lower, with consolidation continuing in the base-metals complex.The price of the galvanizing metal rose to $2,982.50 per tonne from Monday's 5pm price of $2,948.50 per tonne. One week earlier, zinc had reached its latest year-to-date high at...Read More
Seaborne iron ore prices rose on Tuesday May 25, on support from a trading activity recovery in the physical market, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $192.87 per tonne, up $0.45 per tonne62% Fe low-alumina fines, cfr Qingdao: $194.49 per tonne, up $0.62 per tonne58% Fe fines high-grade premium, cfr Qingdao: $165.02 per tonne, up $1.55 per tonne65% Fe...Read More
High freight rates are pushing prices along the aluminium supply chain to multi-year highs, but there is one area where it is having the opposite effect: alumina.Alumina prices have been under pressure because of oversupply and high freight costs deterring buyers in China from importing despite low prices.Fastmarkets assessed its daily benchmark alumina index, fob Australia at $274.15 per tonne on...Read More
Base metal prices on the London Metal Exchange were little changed during morning trading on Tuesday May 25 from Monday's closing prices, with the complex consolidating following a month of peaks and declines.Nickel's three-month price, which recorded the highest rise in percentage terms among the base metals on Monday of 1.9%, was down slightly to $17,095 per tonne from its previous close at $17,...Read More
Italian flat steel re-roller Marcegaglia is among a group of companies investing in a hydrogen-powered "green" flat steel plant in Boden, Sweden, to be by built by H2 Green Steel (H2GS), it was announced on Tuesday May 25.H2GS has successfully closed its Series A equity financing of $105 million from a select group of investors. These include Altor Fund V, Ane & Robert Maersk Uggla, Bilstein Group...Read More
Steel rebar prices in the United Arab Emirates continued to rise in the week to Tuesday, May 25 on improving demand, while imported steel billet prices fell due to a lack of interest, sources told Fastmarkets.After securing steel billet volumes in the week to May 18, rebar producers were said to have enough in stock to last for more than a month, so were no longer interested in making further book...Read More
A combination of tight supply and strong demand was keeping the European hot-rolled coil market bullish, with the situation unlikely to change any time soon, market participants told Fastmarkets on Tuesday May 25.Some sources, however, were growing concerned that recent price falls in China might put an end to the rapid increases in Europe.Fastmarkets calculated its daily steel hot-rolled coil ind...Read More
Lower offer prices for flat steel from China to the United Arab Emirates and Saudi Arabia made buyers postpone booking during the week to Tuesday May 25, sources told Fastmarkets.Demand was expected to improve in the countries after the Islamic holy month of Ramadan, but buyers are opting to wait and see if price decreases will continue, Fastmarkets heard."We are planning to make some bookings nex...Read More
Billet export prices in the Commonwealth of Independent States weakened further during the week to Tuesday May 25, with buyers still holding back from trading activity amid a falling Chinese import billet market.Fastmarkets' assessment of the steel billet domestic price, ex-works Tangshan, Northern China has fallen sharply week on week to 4,940 yuan ($768.44) per tonne on Tuesday, down 600 yuan fr...Read More
Steel billet buyers in Southeast Asia are sat on the sidelines again amid further declines in the Chinese market, sources told Fastmarkets on Tuesday May 25.Continued declines in China's steel futures and physical markets this week, underpinned by the Chinese government's aim of cooling commodity prices, has led to radio silence in the China steel billet markets.Offers for Indonesian 3sp 150mm bla...Read More
"Pricing power" was again one of the hot topics at this year's LME Asia Metals Seminar on Tuesday May 25, with several panelists talking about China's position in the global base metals markets.The East Asian country is the world's major consumer of many commodities, notably base metals, and it should have more pricing power, panelists said, with the global commodity pricing center shifting gradua...Read More
China must rely on innovation-driven technological growth to achieve high-quality development, Shusong Ba, managing director and chief China economist at Hong Kong Exchange & Clearing (HKEX), said during the London Metal Exchange Asia 2021 Metals Seminar on Tuesday May 25.During his speech, Ba pointed out that although China's gross domestic product (GDP) in the first quarter of 2021 increased by...Read More