China's hot-rolled coil export prices fell significantly on Tuesday May 25, following the recent sharp decline in domestic prices and the resulting uptick in sales.DomesticEastern China (Shanghai): 5,430-5,440 yuan ($848-850) per tonne,down by 10 yuan per tonneSellers cut domestic HRC prices slightly on Tuesday to encourage higher sales volumes following futures losses, sources said.Stockists plan...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
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
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
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
The price of containerized shredded steel scrap imported into India decreased this week on softer demand that was a result of the wave of Covid-19 cases sweeping much of the country, as well as weaker steel prices in China, Fastmarkets heard on Tuesday May 25.Fastmarkets' steel scrap shredded, index, import, cfr Nhava Sheva, India, was $510.93 per tonne on Tuesday, down from $517.88 per tonne in t...Read More
Fastmarkets has increased the frequency of its India steel scrap shredded index to twice-weekly from Tuesday May 25, 2021, following a consultation period which ended on May 20.The steel scrap shredded, index, import, cfr Nhava Sheva, India, has been subject to continuous fluctuations in the market as a result of factors such as the Covid-19 pandemic and the global shipping crisis.This means that...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
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
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
Aluminium premiums remained high across the globe in the week ended Tuesday May 25 due to tight supply and high logistics costs.Rotterdam premiums well supportedUS Midwest premium remains at all-time highOpen arb pushes Shanghai premiums upwardMJP focused on third quarterLME contango supports Rotterdam premiumsAluminium premiums in Europe remained well supported this week with offer levels continu...Read More
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
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
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
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
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly positive on the morning of Tuesday May 25, with only SHFE lead showing significant weakness. Broader markets seem to have become more risk on again after US central bankers stuck to their dovish guidance.Asia-Pacific equities were firmer this morning, especially in China where government action has calmed inf...Read More