The global mineral industry will have to rapidly scale up production to meet surging demand from the new energy sector, the International Energy Agency (IEA) has warned.To reach the target of net-zero emissions by 2050, the energy sector will be consuming minerals at six times the current rate by 2040, the IEA forecast in a special report on Wednesday May 5. "Today, the data shows a looming mismat...Read More
Imports of iron ore into the United States tumbled by 38.5% month on month in February on lower shipments from Brazil and Canada, according to data from the US Geological Survey (USGS).Iron ore imports totaled 246,000 tonnes in February, compared with 400,000 tonnes in January and 225,000 tonnes in December 2020. The February total was up by 5.58% from the 233,000 tonnes imported in the same...Read More
Turkish steel producers continued to pay higher prices for deep-sea scrap after securing more billet sales into China, market participants told Fastmarkets on Tuesday May 11.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $495 per tonne and plate and structural (P&S) at $505 per tonne cfr. The cargo breakdown was not clear at the time of publication.The...Read More
Prices for steel scrap imported into China increased further on Tuesday May 11 after the highest bid price at the bellwether Japan Kanto Tetsugen increased by ?5,899 yen ($54.21) per tonne month on month.The Kanto Tetsugen, which is a cooperative of scrap dealers in the Tokyo region, closed its monthly H2 grade scrap export auction on Tuesday with the highest bid price at ?49,279 ($453) per tonn...Read More
Seaborne iron ore prices went down on Tuesday May 11 due to less market liquidity and weakened sentiment amid China's Dalian Commodity Exchange's risk notice, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $228.93 per tonne, down $1.63 per tonne62% Fe low-alumina fines, cfr Qingdao: $229.81 per tonne, down $2.80 per tonne58% Fe fines high-grade premium, cfr Qingdao: $200.07 p...Read More
Seaborne coking coal prices surged sharply in the cfr market due to active speculative buying interest and inched higher in the fob market following global buying activity on Tuesday May 11, market sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $113.05 per tonne, up $1.42 per tonnePremium hard coking coal, cfr Jingtang: $246.35 per tonne, up $11.81 per tonneHard co...Read More
China's Dalian Commodity Exchange (DCE) issued a risk notice on Monday May 10 amid high volatility in the commodity futures in recent days, with its price limits rising in response to various contracts hitting their daily ceilings on the same day. The DCE said in its notice that it had noticed increased volatility in the futures contracts for coking coal, coke and iron ore due to fundamental chang...Read More
Turkish steel producers took a break from making deep-sea scrap purchases on Monday May 10 after last week's buying spree that raised prices by $39 per tonne week on week, sources told Fastmarkets.At least 10 deep-sea cargoes were booked by Turkish steel producers last week.The most recent deep-sea transaction was a Baltic Sea cargo sold at $488 per tonne cfr on an HMS 1&2 (80:20) basis.Suppliers...Read More
Base metals' prices on the London Metal Exchange recovered on Tuesday May 11 morning, after falling for the first time since the start of the month on Monday amid a rise in inflation fears for United States equities, which meant the Nasdaq index fell to its lowest since March 31."Record high copper, steel and iron ore prices, among other commodities, stoked inflation fears and pushed Wall Street l...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points in pre-opening trade.Equity index futures moved lower following release of the April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 0.6% in March. Actual was an increase of 0.8% Excluding food and energy, consensus was an increase of 0.4% versus a gain of 0.7% in Marc...Read More
China's domestic rebar prices stopped rising on Tuesday May 11 due to rain sapping demand a day after the market surged, due participants still have a bullish outlook. DomesticEastern China (Shanghai): 6,000-6,030 yuan ($934-939) per tonne, unchanged Rain affect parts of eastern China and disrupted construction activity and stalled the transportation of rebar, which resulted in a drop in trading c...Read More
The so-called "Suez Armada" of vessels that were delayed by the unintentional blockage of the Suez Canal has now been processed by the Port of Rotterdam, but the port was still "extremely" busy and there were challenges ahead for the shipping sector, speakers said during the Supply Chain Talks digital event on Wednesday May 5.The blockage of the waterway between March 23 and 29 created havoc for g...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt...Read More
Mexican ferrous scrap prices were largely stable in the week ended Friday May 7, with some sellers heard applying price increases due to strong demand and limited availability of certain grades.Shredded scrap in both Monterrey and Bajio and plate and structural scrap in Bajio were the only prices to increase in Fastmarkets' weekly assessment. While there were reports of price i...Read More
Turkish steel producers continued to pay higher prices for deep-sea scrap after securing more billet sales into China, market participants told Fastmarkets on Tuesday May 11.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising HMS 1&2 (80:20) at $495 per tonne and plate and structural (P&S) at $505 per tonne cfr. The cargo breakdown was not clear at the time of publication.The...Read More
Here are five Fastmarkets stories you might have missed on Monday May 10 that are worth another look.European buyers have purchased substantial volumes of cold-rolled coil from China for the first time in about five years, despite the product being subject to anti-dumping tariffs, sources told Fastmarkets on May 10.Consuming...Read More
Nickel's price on the London Metal Exchange was down by 2% on Monday May 10 and back to levels seen one week earlier, with base-metals prices across the board lower following an extended bullish period during which copper, aluminium and zinc reached new highs.The three-month nickel price was the most strongly affected by profit-taking on Monday, and was last seen at $17,705 per tonne, down from Fr...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 52 points in pre-opening trade. Equity index futures followed a 2% drop by European equity indices and a 3% drop by the Nikkei Average.L Brands dropped $2.30 to $66.49 after the company announced plans to spin off its Victoria Secrets division by August.Simon Property fell $4.23 to $122.52 despite reporting higher tha...Read More
Here are five Fastmarkets stories you might have missed on Friday May 7 that are worth another look.South American flat steel import prices rose during the week to May 7 as Chinese mills were only beginning to return from the country's 5-day Labor holiday, and material...Read More
Here are five Fastmarkets stories you might have missed on Friday May 7 that are worth another look.South American flat steel import prices rose during the week to May 7 as Chinese mills were only beginning to return from the country's 5-day Labor holiday, and material...Read More