India's ministry of road transport & highways has made changes to its specifications for steel reinforcing bar to be used in road and bridge building, allowing participants in the secondary market to provide material, according to a recent government document.The previous requirement was for all steel to be procured from producers which manufacture steel billet directly from iron ore, and which ro...Read More
Swedish state-owned iron-ore producer LKAB plans to reopen its iron ore mine in Lapland, Sweden, to meet the increased demand for iron ore products, Fastmarkets heard on Tuesday February 16.LKAB plans to reopen the Mertainen mine, which was mothballed in 2016 amid a change in the market situation, in the autumn 2021, the company said. The primary goal of the mine's reopening is to meet the increas...Read More
A fire has interrupted operations at ArcelorMittal Gijon's rail mill in Spain, the company told Fastmarkets on Tuesday February 16. The short-lived fire broke out at one of the rolling stands at Gijon's steelworks rail mill, located in Asturias, Spain, on Saturday, prompting the company to issue a stop-work...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 16 that are worth another look.With long-serving chief executive officer Ivan Glasenberg departing on a trade-fueled high, Glencore looks likely to continue along a familiar path while also tackling one of its biggest...Read More
Hot-rolled coil prices in the United States achieved a new record high, after mills were able to collect top dollar for what little spot material they have available before May. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $60.08 per hundredweight ($1,201.60 per short ton) on Tuesday February 16, an increase of 2.40% from $58.67 per cwt on Friday February 12, and u...Read More
Ford Motor Co is the first United States-based automaker to join the Initiative for Responsible Mining Assurance (IRMA), with plans to increasingly rely on mined minerals while it expands its investment in the electrification of its fleet, the company said on Monday February 15.The IRMA provides objective, third-party verification of industrial-scale mines, covering the full range of issues relate...Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 16.Please click...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 16 that are worth another look.With long-serving chief executive officer Ivan Glasenberg departing on a trade-fueled high, Glencore looks likely to continue along a familiar path while also tackling one of its biggest...Read More
A slight rebound in the US Dollar Index failed to stop rises in the prices for nickel (up by 1% at 5pm), aluminium and copper, but it triggered a slight decrease for the other half of the London Metal Exchange base-metals complex.Nickel's three-month price reached a new year-to-date high of $18,840 per tonne during afternoon trading on the LME on Tuesday February 16, and it was $18,814 per tonne a...Read More
With China still on holiday, base metals prices on the London Metal Exchange have been consolidating this morning, Tuesday February 16, even though broader markets remain upbeat. Optimism remains high while the market focuses on vaccine-enabled and stimulus-driven recoveriesWhile complacency is a risk, the pent-up enthusiasm from a year of Covid-19 may last a long timeBHP raises its outlook, citin...Read More
An overview of the chrome ore and alloy markets on Tuesday February 16 and their latest price moves.EuropeReduced availability of supplies continued to support ferro-chrome prices, with strong demand from Asia having diverted material away from Europe. Consumers needing material have had to accept higher offer...Read More
After reviewing the initial feedback on its proposal to launch a weekly price assessment for ferro-niobium, delivered consumer works Europe, duty paid, Fastmarkets MB is extending the consultation period by two weeks.The original consultation period was due to end on Thursday February 25, 2021, and responses so far have confirmed an appetite for a third-party price assessment for ferro-niobium. Th...Read More
A summary of Glencore's preliminary financial results for the year ended December 2020, according to a company report published on Tuesday February 16.In briefGlencore reinstated its dividend to shareholders after a record year in commodities trading.Calls with analysts and media introduced Gary Nagle as the company's next chief executive officer, to take office after incumbent Ivan Glasenberg ret...Read More
A slight rebound in the US Dollar Index failed to stop rises in the prices for nickel (up by 1% at 5pm), aluminium and copper, but it triggered a slight decrease for the other half of the London Metal Exchange base-metals complex.Nickel's three-month price reached a new year-to-date high of $18,840 per tonne during afternoon trading on the LME on Tuesday February 16, and it was $18,814 per tonne a...Read More
Rio Tinto and Hydro have announced intentions to close the Aluchemie anode plant in Rotterdam, Netherlands after a strategic review. Production at Aluchemie is expected to finish at the end of 2021. The plant produces 216,000 tonnes per year of anodes, having previously discontinued operations at four of its seven anode baking furnaces. Anodes are high-grade blocks of carbon used in aluminium smel...Read More
The London Metal Exchange three-month copper price approached May 2012 levels and tin's futures contract was up by 1% on Tuesday February 16 morning, while a lower US dollar index helped the rest of the metals start to consolidate on their recent gains.The red metal reached $8,437 per tonne during early trading, its highest since May 2012 and up just 0.5% from Monday close price of $8,393.50 per t...Read More
With China still on holiday, base metals prices on the London Metal Exchange have been consolidating this morning, Tuesday February 16, even though broader markets remain upbeat. Optimism remains high while the market focuses on vaccine-enabled and stimulus-driven recoveriesWhile complacency is a risk, the pent-up enthusiasm from a year of Covid-19 may last a long timeBHP raises its outlook, citin...Read More
India's ministry of road transport & highways has made changes to its specifications for steel reinforcing bar to be used in road and bridge building, allowing participants in the secondary market to provide material, according to a recent government document.The previous requirement was for all steel to be procured from producers which manufacture steel billet directly from iron ore, and which ro...Read More
The export price for steel billet originating in the Commonwealth of Independent States (CIS) has moved up on fresh sales to Turkey, with offer price increasing as well, Fastmarkets heard on Tuesday February 16.A sizeable cargo of Ukraine-origin billet was sold to the Iskenderun area of Turkey earlier this week at $550 per tonne fob Black Sea, several sources reported to Fastmarkets. This price wa...Read More
Domestic prices for hot-rolled coil in Northern Europe increased day on day on Tuesday February 16, driven by a material shortage, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?727.50 ($882.53) per tonne on Tuesday, up by ?,?9.37 per tonne from ?,?718.13 per tonne on February 15.The index was also up by ?,?17.50 per tonn...Read More