Steel rebar and wire rod producers in the Commonwealth of Independent States reduced export offer prices in response to lower bids coming from foreign customers since the beginning of November.Wire rod offers from Ukraine's main long steel supplier - ArcelorMittal Kryvyi Rih - slid to $860-870 per tonne fob Black Sea from $900-910 per tonne fob earlier in November.Meanwhile, Russian material was a...Read More
The Egyptian Ministry of Industry and Trade has suspended safeguard duties on imported billet and rebar, effective Monday November 15.The measure suspends import duties that had been in effect in the country since October 2019 to help local industry combat the significant rise in energy and shipping costs.There had been expectations that the duties would be removed in June this year, but the...Read More
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
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
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
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
The Egyptian Ministry of Industry and Trade has suspended safeguard duties on imported billet and rebar, effective Monday November 15.The measure suspends import duties that had been in effect in the country since October 2019 to help local industry combat the significant rise in energy and shipping costs.There had been expectations that the duties would be removed in June this year, but the...Read More
A summary of Indian steelmaker Tata Steel's results for the July-September quarter (second quarter) of its 2021-22 financial year.In brief?EUR? Crude steel production from the company's Indian operations increased quarter on quarter, as did deliveries?EUR? Consolidated production was down quarter on quarter, but deliveries were up?EUR? Automotive sales increased despite the semiconductor shortage?...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
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
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
Here are five Fastmarkets stories you might have missed on Monday November 15 that are worth another look.Ferro-alloy supply-side disruptions will likely continue well into 2022 with production cuts in China and capacity in other regions insufficient to meet demand amid persistent logistics constraints, panelists said on Sunday November 14 during...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
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
Supply-side disruptions will likely continue well into 2022 with production cuts in China and capacity in other regions insufficient to meet demand amid persistent logistics constraints, panelists said on Sunday November 14 during Fastmarkets' International Ferro-alloys Conference.In a poll during the session titled "Macrotrends for the Ferro-alloys Industry" attendees also supported this forecast...Read More
Here are five Fastmarkets stories you might have missed on Monday November 15 that are worth another look.Ferro-alloy supply-side disruptions will likely continue well into 2022 with production cuts in China and capacity in other regions insufficient to meet demand amid persistent logistics constraints, panelists said on Sunday November 14 during...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
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
Spot prices for hot-rolled coil in China declined on Monday November 15, with market sentiment subdued by the release of bleak property data.Fastmarkets assessed the price of steel hot-rolled coil domestic, ex-whs Eastern China at 4,700-4,750 yuan ($737-744) per tonne on Monday, down by 60 yuan per tonne from Friday.The most-traded HRC contract on the Shanghai Futures Exchange extended losses...Read More