Demand for steel billet and rebar in Egypt has been very weak over the past seven days, with prices unchanged, and with market participants now asking for the country's construction ban to be removed, sources told Fastmarkets on Thursday March 11.Construction permits have been limited in Egypt since May 2020, with a small number of permits issued in September.But the current permits were not enoug...Read More
Small and medium-size recycling companies would lose their ability to hedge if the London Metal Exchange changes its margin methodology, an executive at metal recycling company European Metal Recycling (EMR) said. According to Murat Bayram, EMR managing director for non-ferrous Europe, the proposed change from a Discounted Contingent Variation Margin (DCVM), which realizes forward profits on the s...Read More
Turkish steelmakers continued to stay back from the deep-sea scrap markets because of falling prices and increasing supply, market sources said on Thursday March 11.Two Turkish steelmakers booked US cargoes last Saturday and late on Monday at $453-456 per tonne cfr on an HMS 1&2 (80:20) basis, sending the daily scrap indices down by $5.79 per tonne on March 9.But booking activity did not continue,...Read More
Momentum has faded in the Japanese steel scrap export market following six straight weeks of increases, with buyers stepping away from closing sales, sources told Fastmarkets this week.Japan scrap export prices fell over the last week in the markets for H2 heavy scrap and Shindachi busheling, while tags for shredded and heavy scrap or plate and structural (P&S) material remained more stable.Fastma...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 11 that are worth another look.Europe's proposed Carbon Border Adjustment Mechanism (CBAM) has been approved by a firm majority in the European Parliament and is expected to help to preserve the region's steel supply chain, industry...Read More
Demand for steel billet and rebar in Egypt has been very weak over the past seven days, with prices unchanged, and with market participants now asking for the country's construction ban to be removed, sources told Fastmarkets on Thursday March 11.Construction permits have been limited in Egypt since May 2020, with a small number of permits issued in September.But the current permits were not enoug...Read More
Turkish steel billet prices have remained largely stable over the past week on limited demand, while sentiment turned negative with the latest downturn in scrap prices, market sources told Fastmarkets on Thursday March 11.Billet producers in the Commonwealth of Independent States (CIS) faced pressure from lower scrap values and rising transportation costs.Turkish steel producers had booked deep-se...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 11 that are worth another look.Europe's proposed Carbon Border Adjustment Mechanism (CBAM) has been approved by a firm majority in the European Parliament and is expected to help to preserve the region's steel supply chain, industry...Read More
Latin American apparent steel consumption rose 15.87% year on year during December, while full-year 2020 figures fell 9.57% from 2019, the region's steel association, Alacero, said on Thursday March 11.Rolled steel consumption reached 6.03 million tonnes in December, up from 5.2 million tonnes a year before, according to the data published by Alacero. During 2020 as a whole, consumption totaled 58...Read More
Here are five Fastmarkets stories you might have missed on Monday March 8 that are worth another look.The supply shortage in the European steel market, which has been driving up domestic prices since late 2020, will persist until the end of this year at the very least, market sources told Fastmarkets.With...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 11 that are worth another look.Europe's proposed Carbon Border Adjustment Mechanism (CBAM) has been approved by a firm majority in the European Parliament and is expected to help to preserve the region's steel supply chain, industry...Read More
Small and medium-size recycling companies would lose their ability to hedge if the London Metal Exchange changes its margin methodology, an executive at metal recycling company European Metal Recycling (EMR) said. According to Murat Bayram, EMR managing director for non-ferrous Europe, the proposed change from a Discounted Contingent Variation Margin (DCVM), which realizes forward profits on the s...Read More
Latin American apparent steel consumption rose 15.87% year on year during December, while full-year 2020 figures fell 9.57% from 2019, the region's steel association, Alacero, said on Thursday March 11.Rolled steel consumption reached 6.03 million tonnes in December, up from 5.2 million tonnes a year before, according to the data published by Alacero. During 2020 as a whole, consumption totaled 58...Read More
Key proposals in the London Metal Exchange's discussion paper will likely weaken the link between metals pricing and the physical market and lead to price distortions, the president of Hong Kong-based trader Global Metals Network Ltd said. These proposals include the permanent closure of the LME ring, the incentivization of electronic trading and a switch in margin methodology, Mark Sellier&n...Read More
A key topic reverberating around the Asian steel market over the past month has been the possibility of China reducing steel export rebates to 9% from the current 13%, or possibly axing them altogether.Market chatter on this topic has grown increasingly louder, with industry sources in China hearing more and more details about these plans from late January onward."This is likely in line with China...Read More
A shortage of containers to ship commodities around the world and the consequent soaring in associated freight rates have led to a revival of interest in breakbulk cargoes. Producers and physical traders of metals, agricultural, chemical and timber products have been starting to book shipments in breakbulk vessels, which cost far less and doesn't require vast amounts of equipment in port. On the m...Read More
The Biden administration's focus on US manufacturing and domestic supply chains will benefit established and developing minerals and metals sectors, including steel, rare earths, graphite and lithium.US President Joe Biden's executive order on the strengthening of American manufacturing, which he signed during his first week in office, is expected to have a direct effect on demand for US-produced...Read More
Small and medium-size recycling companies would lose their ability to hedge if the London Metal Exchange changes its margin methodology, an executive at metal recycling company European Metal Recycling (EMR) said. According to Murat Bayram, EMR managing director for non-ferrous Europe, the proposed change from a Discounted Contingent Variation Margin (DCVM), which realizes forward profits on the s...Read More
Key proposals in the London Metal Exchange's discussion paper will likely weaken the link between metals pricing and the physical market and lead to price distortions, the president of Hong Kong-based trader Global Metals Network Ltd said. These proposals include the permanent closure of the LME ring, the incentivization of electronic trading and a switch in margin methodology, Mark Sellier&n...Read More
The latest forecasts from Fastmarkets' team of base metals analysts are ready to view.Aluminium: SHFE tailwind for LME pricesAs we are entering the traditional strong demand season, we expect Chinese aluminium demand to show further recovery, and we expect demand from existing end-user sectors, new infrastructure projects and the export sector to show some increases. As a result, we believe that S...Read More