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
China's domestic hot-rolled coil market softened on Tuesday March 16 while export prices increased amid heightened concerns over an export tax rebate cut in the country.DomesticEastern China (Shanghai): 4,950-4,970 yuan ($761-765) per tonne, down 20 yuan per tonneMany market participants told Fastmarkets that they had been hearing about a possible lowering of the HRC export tax rebate earlier in t...Read More
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
Base metals prices were mixed this morning, with those on the London Metal Exchange mainly weaker, while prices on the Shanghai Futures Exchange were more mixed this morning, Tuesday March 16, but Asian-Pacific equities were upbeat. United States 10-year treasuries yields have eased to 1.59%, from 1.64%Wall Street equity indices set fresh record highs on MondayBase metals Three-month base metals p...Read More
China's aluminium market was buoyant on Monday March 15 amid positive sentiment generated by the latest production cuts ordered by local authorities in Baotou city, the capital of Inner Mongolia autonomous region.The city's Development and Reform Commission last Friday issued an additional notice on measures to control energy consumption in the first quarter.The commission required Xinhengfeng Ene...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade 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...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....Read More
The Chinese selenium price climbed to a more than 19-month high amid active trading last week, with a strengthening crude selenium market prompting sellers to raise their offers.Fastmarkets' weekly price assessment for selenium 99.9% Se min, in-whs China was 120-160 yuan ($18-26) per kg on Friday March 12, up by 25-40 yuan per kg (30.2%) from 95-120 yuan per kg a week earlier. The low end of the r...Read More
Base metals prices on the London Metal Exchange were mainly firmer on Wednesday March 17, while on the Shanghai Futures Exchange they were weaker across the board.Broader markets were treading water ahead of this evening’s US Federal Open Market Committee (FOMC) announcements and press conference.* United States 10-year treasuries yields have firmed again to 1.63%* EU passenger car registrati...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade. Investors are waiting for news on the Fed Fund rate released by the Federal Reserve at 2:00 PM EDT. Consensus is that the Fed Fund rate will remain unchanged at 0.25%.Index futures were virtually unchanged following release of the February Housing Start report at 8:30 AM EDT. Consensus...Read More
Here are five Fastmarkets stories you might have missed on Monday March 15 that are worth another look.Brazilian slab and hot-rolled coil producer ArcelorMittal Tubar??o expects to resume operations at its hot-strip mill this week, after the equipment was put under maintenance on Monday March 8.The Aluminium Stewardship...Read More
Aluminium futures closed at a price of $2,218 per tonne on the London Metal Exchange on Monday March 15, showing almost double the volumes traded in copper, and with improved demand and tight availability of the light metal edging its price upward.The price of aluminium reached $2,235 per tonne during Monday, just $8 per tonne below its 2021 year-to-date high set on February 25, and finished at 5p...Read More
Glencore has undergone a major restructuring of its leadership teams, with a number of senior departures and new roles for existing department heads.Kenny Ives, Tor Peterson and Nico Paraskevas will leave the company in the coming months, stepping down from their roles as head of nickel, head of coal and head of copper marketing respectively. The trio will stay on for a few months...Read More