Three-month base metals prices on the London Metal Exchange were down across the board during morning trading on Tuesday March 16, with tin's price falling the most to $24,630 per tonne - this after the complex mostly ended in positive territory on Monday. "A slew of macro releases out of China also buoyed sentiment [on Monday]. In this regard, China's industrial output rose 35% in the first two m...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. This month's key North American steel forecast highlights: US hot-rolled coil prices continued to move in line with our forecasts in February, although actual prices again modestly exceeded our forecasts. Domestic HRC prices averaged $1,194 per ton in February, exceeding our forecast price of $1,150 per ton for the month. U...Read More
Export prices for steel billet in the Black Sea basin have continued to soften in mid-March amid a lack of trading activity, Fastmarkets has heard.Customers preferred to refrain from billet bookings while the costs for steel scrap and finished long steel products were falling.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $430.63 p...Read More
The prices of lead, zinc and copper showed the steepest declines on the London Metal Exchange at the close of trading on Tuesday March 16, with the US Dollar Index at its highest for a week at 91.91 and the market braced for a US Federal Reserve policy announcement on Wednesday."Market attention will turn to the US Federal Reserve's two-day policy meeting, which will conclude on March 17. The gene...Read More
Treatment and refining charges for copper concentrate fell again to new 10-year-lows in the week ended Friday March 12, with Fastmarkets' copper concentrate index dropping to less than $30 per tonne/3 cents per lb for the first time.The spot market has been in a prolonged downtrend since 2014, but a recent bout of tightness has seen terms dip by 27% in the past two weeks.TC/RCs, which are discount...Read More
Fastmarkets has amended the frequency of its assessment of two lead ingot premiums for Southeast Asia.After a month-long consultation, which ended on March 12, Fastmarkets has altered the frequency of assessment of the two premiums from bi-weekly to monthly.Monthly assessment of these prices will start from Tuesday March 16, 2021. The assessments affected are:MB-PB-0107 Lead 99.97% ingot premium,...Read More
The world's largest producer of high-grade nickel expects to restore full capacity at its flooded mines in Siberia in the next 3-4 months but revised its metal production volumes to reflect the mining halt, it said on March 16.Nornickel's Oktyabrsky and Taimyrsky mines have been closed since February 24 following an inflow of groundwater into the two mines. The nickel production shortfall should b...Read More
Cancellations of aluminium out of London Metal Exchange warehouses in Port Klang, Malaysia, have begun, after more than 600,000 tonnes was delivered over the past week.About 85,000 tonnes were shown as freshly canceled on March 16, with 83,850 tonnes of that at Port Klang and additional, small cancellations in Johor and Singapore.Market participants told Fastmarkets they believe big queues could b...Read More
A summary of Antofagasta's financial results for the full year of 2020, as stated in its preliminary results, and its production guidance for 2020, as per a company report published on Tuesday March 16.Financial results - in brief: Antofagasta's revenue in 2020 was $5.1 billion, an increase of 3.3% from 2019, which the company attributed to "increases in copper and gold realised prices, partially...Read More
Flat steel import prices to the United Arab Emirates and Saudi Arabia continued to increase sharply while buyers were hesitant to make bookings because they were uncertain if prices would stay high, sources told Fastmarkets on Tuesday March 16."The market is not absorbing the price increases until now but if the increases continue like this, there would be no other option than to accept," one trad...Read More
Steel billet and rebar buyers in the United Arab Emirates preferred to wait during the week to Tuesday March 16 so any price changes were small, sources told Fastmarkets.Rebar producers in the UAE are expected to announce new prices soon so buyers are waiting to place import orders, market participants said.The country's steel producers are officially offering rebar at 2,530-2,545 dirhams ($689-69...Read More
Independent traders in Europe have joined forces to oppose the extenstion of safeguard measures against 26 steel product categories, sources told Fastmarkets on Tuesday, March 16.A consortium of 33 mostly medium and small businesses connected to the steel trade and steel processing have teamed up to form 'Companies Against Import Restrictions' (Cair) to fight against protectionism in the Euro...Read More
Steel rebar and wire rod producers in the Commonwealth of Independent States (CIS) had to decrease their asking prices to foreign customers in mid-March because of unsupportive market fundamentals.Falling prices for steel scrap and for iron ore in the week ended March 12, together with insufficient demand for finished long steel products, forced suppliers to cut their offers to attract customers.R...Read More
The global steel industry has never been an easy one to navigate but now the onslaught of Chinese steel production has affected many steelmakers around the world, Fastmarkets heard.The surge in Chinese steel exports in the last few years and the expansion of Chinese steel companies into Southeast Asian countries, such as Malaysia and Indonesia, have led many companies to rethink their commercial a...Read More
China's domestic rebar prices halted their downward trend on Tuesday March 16 amid stronger end-user demand. DomesticEastern China (Shanghai): 4,680-4,700 yuan ($720-723) per tonne, unchanged Buyers from the construction sector raised their procurement rates upon seeing the early gains in futures.The mild weather also led to improved construction activity, leading to good demand for rebar. Though...Read More
The Turkish deep-sea scrap import market remained quiet on the second working day of the week, with market participants expecting further price falls due to the lack of demand for finished steel, sources told Fastmarkets on Tuesday March 16.After two Baltic Sea cargoes were booked at $435-437 per tonne cfr on an HMS 1&2 (80:20) basis at the end of last week, the daily scrap indices dropped by $15....Read More
Russian metallurgical coal producer Sibanthracite Group intends to ship more than 1 million tonnes of coal in Capesize-class vessels from the Black Sea port of Taman in 2021, it said on Monday March 15.The shipments will be intended to meet increased demand from customers in the Asia-Pacific region, primarily China. The large vessels will also ease the commercial pressure that is being exerted by...Read More
Falling steel scrap prices in Japan and continued uncertainty over whether Chinese port authorities will allow ferrous scrap cargoes to discharge remain key considerations for buyers in China, many of whom lowered their bids this week, sources said.Bids for heavy scrap (HS) from buyers peaked at $480 per tonne cfr China on Tuesday March 16, while offers were at $480-499 per tonne cfr China.South K...Read More
Iron ore prices went up on Tuesday March 16 on support from the demand recovery following the easing emissions restrictions in Tangshan, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $166.32 per tonne, up $2.99 per tonne62% Fe low-alumina fines, cfr Qingdao: $166.40 per tonne, up $2.79 per tonne58% Fe fines high-grade premium, cfr Qingdao: $152.72 per tonne, up $...Read More
The seaborne premium hard coking coal price in the fob market rebounded on Tuesday March 16 amid recovered buying interest, market sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $116.1 per tonne, up $1.58 per tonnePremium hard coking coal, cfr Jingtang: $212.86 per tonne, unchangedHard coking coal, fob DBCT: $108.15 per tonne, down $0.50 per tonneHard coking coal, cfr Jingtang...Read More