Ferroglobe PLC halved its losses quarter on quarter due to higher prices for silicon metal and alloys and manganese alloys in the first quarter ended March 31, according to results released on Tuesday May 18. It was, however, the 13th quarterly loss in a row for the western world's biggest producer of silicon.Higher staffing costs related to the company's ongoing restructuring, including effo...Read More
Several of Pakistan's leading rebar producers have announced price increases this week, Fastmarkets has learned. The Pakistan market had been closed for the religious holiday of Eid al-Fitr holiday from May 8-16, before returning to work on Monday May 17. In documents seen by Fastmarkets, the increases reported by various mills are as much as 5,000 Pakistan rupees per tonne, equivalent to $33 per...Read More
Mexican ferrous scrap prices were little changed for the week ended Friday May 14, with buyers and sellers heard making minor adjustments and getting prices closer to an average.Few price increases were reported in the Monterrey and Baj?-o regions, with some scrap buyers leveling their purchase prices with the market average."Demand for scrap continues [to be] very good in Mexico," a scrap de...Read More
The world will need more than twice the amount of copper that it used in past three decades if it is to hit Paris Climate Agreement targets in the next 30 years, BHP's chief executive officer, Mike Henry said this week.Speaking at the Bank of America Metals, Mining & Steel conference on Tuesday May 18, Henry said demand for nickel will quadruple over the same timeframe.He added that meet...Read More
German steelmaker Salzgitter has started construction on a demonstration plant for the production of direct reduced iron (DRI) as part of its Salzgitter Low-CO2Steelmaking project, known as Salcos, the company said on Monday May 17. The plant will be supplied by equipment manufacturer Tenova, and is the first iron ore direct reduction plant designed to operate flexibly with natural gas and hydroge...Read More
Steel billet and rebar prices increased sharply in the United Arab Emirates during the week ending Tuesday May 18 due to very good demand after the Eid al-Fitr holiday ending earlier in the week, sources told Fastmarkets. "Contractors are buying more steel, expecting big price increases," one trader told Fastmarkets. The country's biggest producer, Emirates Steel, announced its rebar price at 3,06...Read More
China's domestic rebar prices continued to fall on Tuesday May 18, but at a much slower rate than on Monday due to gains in the iron ore market.DomesticEastern China (Shanghai): 5,550-5,580 yuan ($864-868) per tonne, down by 20-30 yuan per tonneThe most-traded September iron ore futures contract closed at 1,242.50 yuan per tonne on Tuesday, up by 45 yuan per tonne from Monday's close. The raw mate...Read More
The world will need more than twice the amount of copper that it used in past three decades if it is to hit Paris Climate Agreement targets in the next 30 years, BHP's chief executive officer, Mike Henry said this week.Speaking at the Bank of America Metals, Mining & Steel conference on Tuesday May 18, Henry said demand for nickel will quadruple over the same timeframe.He added that meet...Read More
The world will need more than twice the amount of copper that it used in past three decades if it is to hit Paris Climate Agreement targets in the next 30 years, BHP's chief executive officer, Mike Henry said this week.Speaking at the Bank of America Metals, Mining & Steel conference on Tuesday May 18, Henry said demand for nickel will quadruple over the same timeframe.He added that meet...Read More
German steelmaker Thyssenkrupp has signed a joint letter of intent with recycler TSR to explore the use of high-quality scrap in its blast furnaces to reduce carbon emissions, the company said on Monday May 17.The use of recycled raw materials in blast furnaces helps to strengthen the circular economy, reduces use of carbon-containing reducing agents and decreases carbon dioxide (CO2) emissions, a...Read More
U.S. equity index futures were lower this morning. The S&P 500 Index was down 42 points in pre-opening trade. The Canadian Dollar was virtually unchanged at US82.87 cents prior to release of Canada's April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.5% in March. Actual was an increase of 0.5%. On a year-over-year basis, April CPI rose 3.4%.Take Two...Read More
A summary of the financial results for Indian steelmaker Jindal Stainless Ltd (JSL) of its fourth quarter ending March 31 of its 2020-21 business year.In brief A strong recovery in domestic stainless steel demand continued in the January-March period, JSL said.There was a healthy revival in demand at JSL's pipe & tube segment, along with railways & allied infrastructure, including the metro segmen...Read More
Turkish steelmakers remained quiet in the seaborne scrap market on the second working day of the week amid holiday and lockdown periods, market sources told Fastmarkets on Tuesday May 18.The country observed the post-Ramadan religious holiday, Eid al-Fitr from May 12 and ended during the country's full lockdown between April 29 and May 16 put in place in an attempt to halt a third wave of Covid-19...Read More
China's will strengthen the exploration and development of its domestic iron ore resources and work to ensure that steel capacity cuts are fully observed, according to it economic planner. "Domestically, we will intensify the exploration and development of iron ore resources, accelerate the construction of new and ongoing iron ore projects, and improve consumption of recycled iron-steel materials,...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 18 that are worth another look.Sales volumes of flat-rolled steel by Brazilian distributors were up 106.69% in April from the corresponding period of 2020, amid a lower comparison basis and stronger end-user demand, national...Read More
German steelmaker Thyssenkrupp has signed a joint letter of intent with recycler TSR to explore the use of high-quality scrap in its blast furnaces to reduce carbon emissions, the company said on Monday May 17.The use of recycled raw materials in blast furnaces helps to strengthen the circular economy, reduces use of carbon-containing reducing agents and decreases carbon dioxide (CO2) emissions, a...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board this morning, Tuesday May 18, and once again recent dips have been short-lived and not that deep, suggesting sentiment remains robust.Inflation concerns remain elevated, US treasury yields and gold firmerUnited States Federal Reserve officials stick to their view that inflationary pressures will...Read More
China's will strengthen the exploration and development of its domestic iron ore resources and work to ensure that steel capacity cuts are fully observed, according to it economic planner. "Domestically, we will intensify the exploration and development of iron ore resources, accelerate the construction of new and ongoing iron ore projects, and improve consumption of recycled iron-steel materials,...Read More
The bullish momentum on the London Metal Exchange resumed on Monday May 17, following a pullback at the end of last week, with lead and zinc leading and returning to prices they had hit one week earlier when most metals set new LME year-to-date peaks. At $3,014 per tonne on Monday at 5pm, LME zinc's three-month price had the largest increase from Friday's close of $2,938, which had been a 1.8% fal...Read More
Molybdenum prices rose 15% during last week's trading when a combination of low inventories, steady consumption and high copper prices brought the already-limited production outlook into sharp focus. Would-be buyers found themselves caught short or with limited offers last week after a strong first quarter gave way to slower activity in April"I don't know how healthy this rally is, but I'd be feel...Read More