Nornickel's annual profit fell by 39% in 2020, despite a 15% increase in its revenues compared with 2019, according to financial results issued by the Russian miner on Tuesday February 16.Nornickel posted a net profit of $3.634 billion for 2020, down from $5.966 billion in 2019.Strong commodity prices, especially that for palladium, helped Nornickel end the year with a better bottom line than at m...Read More
The board of Chilean lithium producer Sociedad Quimica y Minera (SQM) has approved the company's investment in the Mount Holland lithium project in Western Australia, it said on Wednesday February 17.The project is a 50/50 joint venture with Australian industrial group Wesfarmers. The project is expected to deliver an initial production capacity of 50,000 tonnes per year of battery-grade lithium h...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 17 that are worth another look.All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil...Read More
Thyssenkrupp has terminated sale negotiations for its Steel Europe business to Liberty Steel due to different pricing expectations, Fastmarkets heard on Wednesday February 17."We opened the door for negotiations, but in the end our ideas about the corporate value and the structure of the transaction were far apart. We have therefore decided to end the talks," Dr Klaus Keysberg, chief financial off...Read More
Domestic prices for hot-dipped galvanized coil increased in Europe over the week to Wednesday February 17, supported by a material shortage, sources have told Fastmarkets.The bullish mood in the market might be undermined, however, by weaker demand from the automotive industry, market sources said.Fastmarkets' weekly price assessment for steel hot-dipped galvanized coil, domestic, exw Northern Eur...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 17 that are worth another look.All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil...Read More
All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil (VLSFO), the company said on Wednesday February 17."Our ambition to have a carbon-neutral fleet by 2050 was a 'moonshot' when we announced it in 2018. Today, we see it as a challenging, yet achievabl...Read More
Prices for steel hollow sections in Europe have moved up this week but with feedstock tightness remaining an issue, market sources told Fastmarkets on Wednesday February 17.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?860-880 per tonne ($1,043-1,067) on Wednesday, up from ?,?850-870 per tonne week on week.The price of hot-rolled coil has on...Read More
Turkish steel mills have preferred to focus on steel and billet sales so far this week, rather than resuming their deep-sea scrap purchases, market sources told Fastmarkets on Wednesday February 17.The mills have stayed away from the deep-sea scrap markets since the end of last week, when two Turkish steelmakers booked US cargoes at $410 per tonne cfr on an HMS 1&2 (80:20) basis.The daily scrap in...Read More
Greater use of scrap in the steelmaking process will be an important step toward achieving a sharp drop in CO2 emissions, the Japan Iron and Steel Federation (Jisf) said."We support and contribute to Japan's ambitious policy of carbon neutrality by 2050 and to that end, the Japanese steel industry will boldly take on the challenge of achieving zero-carbon steel," the federation said on Tuesday Feb...Read More
A summary of Rio Tinto's results for the full year 2020, to December 31, and its new emissions reduction goals. In brief Rio Tinto generated $15.9 billion net cash from operating activities in 2020, 6% higher than 2019.The improvement was primarily driven by higher iron ore prices and stability in its operating performance. Rio Tinto's underlying earnings before interest, taxes, depreciation...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 17 that are worth another look.All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil...Read More
Steel billet exporters in Iran have managed to achieve recent deals at higher prices because customers in the Middle East-North Africa (Mena) region have accepted a price uptick amid positive signs in the semi-finished steel and raw materials sectors.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $404.31 per tonne on Tuesday Februa...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 17. Key drivers Limited supplies of titanium scrap pushed the low tin (Sn 0.5%) content grade price to a high last seen in August 2012, while higher tin content grade (Sn 0.5-2%) reached a high last seen in January 2013.European suppliers are positioning themselves for firmer demand in early March for second-quarter delive...Read More
The European Commission has initiated anti-subsidy proceedings concerning imports of cold-rolled stainless steel from India and Indonesia, it said in a notice in the official journal of the European Union on Wednesday February 17. The proceedings follow a complaint lodged by European steel association Eurofer on January 4 on behalf of the stainless steel industry in the European Union. The EU impo...Read More
Prices for steel hollow sections in Europe have moved up this week but with feedstock tightness remaining an issue, market sources told Fastmarkets on Wednesday February 17.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?860-880 per tonne ($1,043-1,067) on Wednesday, up from ?,?850-870 per tonne week on week.The price of hot-rolled coil has on...Read More
Sales of passenger cars in the EU dropped by 24.04% year-on-year in January 2021, the European Automotive Manufacturers Association (ACEA) said on Wednesday February 17.New car sales in the EU totaled 726,491 vehicles in January 2021, down from 956,447 units sold in the corresponding month of 2020."In January 2021, the EU passenger car market posted an accelerated decline, as Covid-19-related rest...Read More
Here are five Fastmarkets stories you might have missed on Wednesday February 17 that are worth another look.All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil...Read More
Thyssenkrupp has terminated sale negotiations for its Steel Europe business to Liberty Steel due to different pricing expectations, Fastmarkets heard on Wednesday February 17."We opened the door for negotiations, but in the end our ideas about the corporate value and the structure of the transaction were far apart. We have therefore decided to end the talks," Dr Klaus Keysberg, chief financial off...Read More
A summary of Rio Tinto's results for the full year 2020, to December 31, and its new emissions reduction goals. In brief Rio Tinto generated $15.9 billion net cash from operating activities in 2020, 6% higher than 2019.The improvement was primarily driven by higher iron ore prices and stability in its operating performance. Rio Tinto's underlying earnings before interest, taxes, depreciation...Read More