Turkey's domestic auto bundle scrap prices have increased due to a weakening lira, while ship scrap prices have been largely stable, market participants told Fastmarkets on Monday November 15.The Turkish lira weakened further against the United States' dollar after the Turkish central bank cut the benchmark interest rate by 2% to 16% late in October.The central bank was expected to cut the interes...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point in pre-opening trade.Index futures were virtually unchanged following release of U.S. October Retail Sales Report at 8:30 AM EST. Consensus was an increase of 1.5% versus a gain of 0.7% in September. Actual was an increase of1.7%. Excluding auto sales, consensus was an increase of 1.0% versus a gain of 0.8% in S...Read More
Global ferro-alloy markets have been supercharged this year by robust demand and supply shortages that began when the world's major producing countries faced extensive electricity limitations. With many alloy prices near record highs, conversation at this year's International Ferro-alloys conference in Prague over November 14-16 will focus on the surge in electricity prices in China and Europe, th...Read More
China's production of crude steel declined by more than 20% in October from a year earlier, according to data released by the country's National Bureau of Statistics (NBS) on Monday November 15. Total crude steel production over the first ten months of the year was also marginally lower than that over the same period of 2020, with a 0.7% drop, the data shows.October outputCrude steel: 71.58 millio...Read More
Demand for direct-charge steelmaking raw materials iron ore pellets and lump has been limited due to steelmakers' focus on cost efficiency amid the ongoing sintering restrictions in China, sources told Fastmarkets.As a result, prices for both iron ore lump and pellets have eased and will likely continue to fall further because of the weakness in demand, they said.The month-to-date average of Fastm...Read More
Prices for billet originating from the Commonwealth of Independent States region rose over the weekend amid higher offers heard in the market.Offers from Russia and Ukraine increased to $650-655 per tonne fob Black Sea, according to a number of market participants, citing reduced availability of material.The decision of the Egyptian government to remove safeguard...Read More
The automotive industry's shift to electric vehicles (EVs) has put the sustainability efforts of its suppliers under scrutiny, Jean-Martin Van der Hoeven, chief marketing officer of ArcelorMittal's global automotive division, told Fastmarkets in an exclusive interview.One outcome of the so-called Dieselgate scandal - in which German automaker Volkswagen, among others, admitted to manipulating the...Read More
Sir Brian Bender, chairman of the London Metal Exchange for almost a decade, has died at age 72.Bender joined the LME in 2010, fresh from a lifelong career in the British civil service, and described himself in an interview with Metal Market Magazine on his retirement in 2019 as a "slightly leftfield candidate" for the role.He presided over a transformative period of change at the exchange, includ...Read More
Base metals prices closed lower on the London Metal Exchange on Monday November 15, extending a downward consolidation amid an uncertain macroeconomic picture and a strong United States dollar index.Nickel's three-month price registered the largest fall on Monday, with a drop of $19 per tonne from $19,979 per tonne at the close on Friday. The metal traded as high as $20,030 per tonne - its highest...Read More
Domestic steel reinforcing bar prices in Russia's Central Federal District around Moscow corrected downward by $14-27 per tonne on increased supply from mills in the region during the seven days to Monday November 15."Demand remains high. We don't exclude that the government will have to take some action again to cool down rebar prices, like they did in summer," one large trader source told Fastma...Read More
Operations at the Antamina copper-zinc-lead mine in Peru restarted last week, with talks between the local community and the mining entity continuing on Friday November 12, Fastmarkets heard. Two sources confirmed that mining resumed as of Monday at Antamina, where operations were stopped on October 31 due to roadblocks and protests. The mine is the biggest copper deposit in Peru, and is join...Read More
Seaborne iron ore prices slipped slightly on Monday November 15 amid continuous weak demand from Chinese steel mills, which have begun formal production curbs for the winter heating season as of today, market sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $89.05 per tonne, down by $0.64 per tonne62% Fe low-alumina fines, cfr Qingdao: $90.26 per tonne, down by $1.13 per tonne5...Read More
(Recasts, updates prices, adds market details) LONDON, Nov 15 (Reuters) - Copper fell on Monday as datashowed weakness in China's property sector, Chinese coal pricesplunged, the U.S. dollar strengthened to a 16-month high and asupply squeeze on the London Metal Exchange (LME) continued toease.China is the biggest consumer and producer of metals. Lesshomebuilding would reduce demand, and lower coa...Read More
Here are five Fastmarkets stories you might have missed on Friday November 12 that are worth another look....Read More
Automotive and industrial supplier Schaeffler has signed an off-take agreement with Sweden's H2 Green Steel (H2GS) to purchase 100,000 tonnes of its near-zero CO2- free steel on an annual basis from 2025, the company announced earlier in the week.The steel will be produced via direct reduction with hydrogen from renewable energy, replacing coking coal and reducing emissions by 95% in comparison wi...Read More
The People's Bank of China (PBOC) will offer cheaper funding to financial institutions which provide green loans, according to a statement released by the Chinese central bank on Monday November 8.The central bank will lend money to financial institutions to help them support firms which are working toward China's energy transition goals, the statement read.Financial institutions can borrow from P...Read More
Here are five Fastmarkets stories you might have missed on Friday November 12 that are worth another look....Read More
The trade agreement between the EU and the US to replace Section 232 tariffs with a quota system has received a positive wecome from Europe's long steel producers, sources told Fastmarkets this week.The European Union and the United States came to an agreement on October 30, although United Steelworkers International president Tom Conway said at the time that the volumes permitted to come in from...Read More
Here are five Fastmarkets stories you might have missed on Friday November 12 that are worth another look....Read More
Here are five Fastmarkets stories you might have missed on Friday November 12 that are worth another look....Read More