Industry association Verband Deutscher Metallh??ndler (VDM) has slammed proposals by the London Metal Exchange to close its open-outcry trading floor, increases fees and change its margin methodology, saying that these moves would contradict the LME's core mission to serve the physical metals markets and could lead to the elimination of the exchange's dates structure.The organization represents ar...Read More
China's auto output and sales gained year on year in January due to the government's continuous efforts to control the Covid-19 pandemic, which helped support the prices of metal raw materials, Fastmarkets understands.The country produced 2.388 million units of vehicles in January, up by 34.6% from a year ago, China Association of Automobile Manufacturers (CAAM) data shows.China's automotive sales...Read More
A summary of Alumina Ltd's full-year 2020 results for the period ending on December 31, 2020.The results also include the 2020 results for Alcoa World Alumina & Chemicals (AWAC), 40%-owned by Alumina Ltd and 60% owned by Alcoa.In brief Alumina Ltd recorded a net profit after tax of $146.6 million for 2020, compared with $214 million in 2019. Excluding significant items, net profit would have been...Read More
For a fourth trading day in a row, copper's three-month price on the London metal Exchange rose to a new year-to-date high on Tuesday February 23, while the rest of the base metals traded slightly lower than where they were on Monday, when they all reached fresh 2021 highs. The red metal's high of $9,305 per tonne this morning is the most since early August 2011, nevertheless copper retreated to $...Read More
Total primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama fell by 9.7% year on year at the end of January, data from Japanese trading house Marubeni on Monday February 22 shows.Aluminium stocks at the three ports totaled 275,500 tonnes as of January 31, down by 29,700 tonnes from 305,200 tonnes a year earlier, according to the data.The year-on-year decline...Read More
The European Commission (EC) has decided not to impose preliminary anti-subsidy duties on hot-rolled coil originating from Turkey.The investigation, however, will continue, the EC said on February 18.The investigation was started in June 2020, following a complaint lodged by the European steel association Eurofer.Provisional measures in the anti-subsidy case were scheduled to be set by March 12, 2...Read More
The domestic hot-rolled coil price in Northern Europe remained fairly stable on Tuesday February 23 on support from good demand and short supply, sources said.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?726 ($881.07) per tonne on Tuesday February 23, up by ?,?1 per tonne from ?,?725 per tonne on February 22. The index was down by ?,?1.50 p...Read More
Flat steel import prices were mostly unchanged, with hot-rolled coil (HRC) bookings made from India to the United Arab Emirates and Saudi Arabia during the week, sources told Fastmarkets on Tuesday February 23.Despite prices remaining mostly stable, market participants expect price increases because of the recent rises in global markets.Fastmarkets' weekly price assessment for steel HRC, export, f...Read More
The steel billet and rebar markets in the United Arab Emirates remained quiet in the week to Tuesday, February 23, with buyers expecting prices to increase, sources told Fastmarkets."If the prices will increase is not the question," a trader said, "[but rather] by how much will prices increase?" Rebar producers in the UAE are expected to announce new prices soon and buyers have been in wait-a...Read More
Export prices for steel billet from the Commonwealth of Independent States surged on Tuesday February 23, with several cargoes sold at higher prices to Turkey.Turkish customers accepted price increases for billet because of the continuing uptrend in the sector, based on import scrap and local billet prices.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turk...Read More
Turkish deep-sea scrap import prices have continued to strengthen in line with increased demand and rising freight costs, market sources said on Tuesday February 23.The most recent transaction was on February 20, when a steel producer in northern Turkey booked a US cargo at prices of $440 per tonne for shredded and $445 per tonne cfr for bonus.The transaction raised the daily scrap indices by more...Read More
A summary of production figures and financial results from Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) for the fourth quarter and full-year 2020, as stated in its earnings report published on Monday February 22.In brief Power shortages and the stoppage of the No2 blast furnace at the Presidente Vargas mill (UPV) until mid-November drove slab output down during the fourth quarter. Sl...Read More
A sustained rally in oil prices has contributed to a recent spike in freight rates for bulk shipments of steel products, sources told Fastmarkets on Tuesday February 23.Brent crude oil prices have risen by 74.5% since late October 2020 and even surpassed $65 per barrel on February 22, making the fueling of a vessel an increasingly expensive task.Waning bulk vessel availability is exacerbating the...Read More
Iron ore prices went into reverse on Tuesday February 23 amid a correction after the surge on Monday, sources told Fastmarkets, but robust demand means prices should not fall much further.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $173.05 per tonne, down $2.91 per tonne62% Fe low-alumina fines, cfr Qingdao: $173.52 per tonne, down $2.46 per tonne58% Fe fines high-grade premium, cfr Qi...Read More
Seaborne premium hard coking coal prices in both the fob and cfr markets fluctuated on Tuesday February 23, while most market participants, uncertain where prices will go, adopted a wait-and-see attitude, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $138.78 per tonne, up $1.73 per tonnePremium hard coking coal, cfr Jingtang: $220.28 per tonne, down $3.11 per tonne Hard cokin...Read More
Major steel producer and importer China is more interested in importing steel billet compared with ferrous scrap this week, market sources told Fastmarkets on February 23."Many Chinese buyers are in the market bidding for steel billet rather than ferrous scrap, especially with lingering concerns over whether the next few cargoes scheduled to discharge in Chinese ports can clear customs checks," a...Read More
China's domestic rebar prices softened on Tuesday February 23 amid falling futures, weak demand and destocking pressure. DomesticEastern China (Shanghai): 4,600-4,620 yuan ($712-715) per tonne, narrowed downward by 20 per tonne Buyers submitted lower bids for rebar during the day and only bought from sellers who were under pressure to sell due to high stock levels.An industry analyst noted that ma...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed, although copper prices on both exchanges remain strong this morning, Tuesday February 23, while tightness on the LME dominates. There are cross currents flowing through the market; sentiment is strong while people look forward to a super-charged economic recovery once vaccines allow a return to a more normal...Read More
Latest analysis from recent activity on the CME Group's cobalt metal futures contract, cash-settled against Fastmarkets' price assessment for cobalt standard grade, in-whs Rotterdam. Key data February 16, 2021, 20 tonnes (5 tonnes July, 5 tonnes August, 5 tonnes September, all at $23.10 per lb; a further 5 tonnes for August at $24 per lb) February 10, 2021, 30 tonnes (5 tonnes each for July to Dec...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.Fastmarkets...Read More