The London Metal Exchange tin price continued its uptrend by setting a new 2021 high and a historic $1,510-per-tonne backwardation on its benchmark spread, while the rest of the base metals complex closed on a mixed tone on Tuesday February 2. Tin's three-month price kept up its unabated rise on Tuesday despite a rising dollar, with the fundamentals for the metal superseding macroeconomic concerns...Read More
Chilean copper output plummeted in December amid lower activity at Codelco, Escondida and other major mines, data from the country's copper commission, Cochilco, showed on Tuesday February 2.Production hit 499,700 tonnes in December, down by 9.4% year on year from 551,500 tonnes. Additionally, full-year output reached 5.73 million tonnes in 2020, a 1% decrease from 5.79 million tonnes in 2019.Lowe...Read More
Aluminium producer Emirates Global Aluminium (EGA) will supply BMW Group with its CelestiAL aluminium, the first aluminium brand made using solar power, it said on Tuesday February 2. EGA will supply 43,000 tonnes per year of CelestiAL aluminium to BMW Group. EGA has supplied metal to BMW Group since 2013 for use in the German carmaker's engines and other parts. EGA's CelestiAL metal will cover al...Read More
Slovakian steelmaker US Steel Kosice restarted operations at its blast furnace (BF) No3 in January this year, the company told Fastmarkets on Tuesday February 2."We adjusted our production and the range of our products to the current situation and demand from our customers. We do not make any forecasts," US Steel Kosice's spokesman said.The plant is now running with all three BFs in operation. The...Read More
Steelmaker ArcelorMittal is planning to restart blast furnace (BF) B at its Ghent plant in Belgium by the middle of February this year, the company told Fastmarkets on Tuesday February 2.The unit has been idled for maintenance since September 2020.BF B has capacity for 2.30 million tonnes per year of pig iron, according to market sources. The plant is equipped with two BFs with total capacity for...Read More
Demand for flat steel imports in the United Arab Emirates (UAE) and Saudi Arabia was still weak in the week to Tuesday February 2 because buyers expect prices to decrease more and are holding back on placing orders, sources said. Most market participants said they believe prices will keep falling until after the Chinese New Year holiday (February 11-17), and prices from China after the break will...Read More
Buyers of steel rebar and billet market in the United Arab Emirates expected prices to decrease this week, with trading activity being very low, although producers kept their prices unchanged, sources told Fastmarkets on Tuesday February 2.Importers of billet and rebar also preferred to wait, because import prices usually follow price changes in domestic rebar, sources added.Domestic rebarThe coun...Read More
Export prices for billet originating from the Commonwealth of Independent States (CIS) continued moving down on Tuesday February 2, with mills making concessions to win sales.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS was calculated at $541 per tonne on Tuesday, down from $546 per tonne on Monday.This week, a 30,000-tonne cargo from Ukraine was sold to Qatar at $580 per...Read More
Domestic prices for hot-rolled coil in Northern Europe moved down day on day on Tuesday February 2, despite attempts by European mills to impose price rises, sources have told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?709.00 ($857.51) per tonne on Tuesday, down by ?,?4.33 per tonne from ?,?713.33 per tonne on February 1.The index...Read More
China's rebar market was inactive on Tuesday February 2 due to demand being low amid construction suspensions, sources told Fastmarkets.DomesticEastern China (Shanghai): 4,280-4,300 yuan ($662-666) per tonne, narrowing downward by 10 yuan per tonneA Shanghai-based trader said the spot market has been inactive with most construction sites suspending work after many workers have gone back to hometow...Read More
China's hot-rolled prices continued to fall on Tuesday February 2 amid thin trading, with sources pointing to a weakening market for steelmaking raw materials as having a dampening effect on sentiment.DomesticEastern China (Shanghai): 4,400-4,430 yuan ($681-686) per tonne, down 30 yuan per tonneSpot prices weakened amid losses in the futures market, sources said.A Tianjin-based trader said market...Read More
Turkish steelmakers continued to hold back from deep-sea scrap purchases amid falling prices, sources said on Tuesday February 2.The most recent deals were heard nearly a week ago, late on Wednesday January 27, when two US cargoes were booked.A steel mill in the Iskenderun region booked a cargo from the United States, comprising HMS 1&2 (80:20) at $416 per tonne, shredded at $421 per tonne and bon...Read More
Seaborne iron ore prices tumbled on Tuesday February 2 amid poor steel demand which weighed further on market sentiment, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $149.80 per tonne, down $7.27 per tonne62% Fe low-alumina fines, cfr Qingdao: $150.37 per tonne, down $7.40 per tonne58% Fe fines high-grade premium, cfr Qingdao: $139.28 per tonne, down $4.67 per t...Read More
Seaborne pulverized coal injection (PCI) prices in the fob and cfr markets diverged on Tuesday February 2 amid differing market sentiments in a quiet day for trading. Fastmarkets indices Premium hard coking coal, fob DBCT: $156.79 per tonne, up $0.25 per tonne Premium hard coking coal, cfr Jingtang: $217.73 per tonne, unchanged Hard coking coal, fob DBCT: $133.07 per tonne, unchanged Hard coking c...Read More
A scheme in India to retire and tax older vehicles will increase the supply of scrap to its domestic market, if its implementation goes ahead after years of false starts, market sources told Fastmarkets.On January 25, the Union Minister for Road Transport and Highways, Nitin Gadkari, approved a proposal for a green tax on older vehicles and the scrapping of some vehicles, a government document sho...Read More
Exports of steel scrap from Japan soared by 22.7% year on year to 9.39 million tonnes in 2020, according to the East Asian country's customs department.The total is the highest recorded since 2010 - Japan exported 9.40 million tonnes of scrap in 2009.Japanese scrap exports were buoyed by growing demand in developing steelmaking nations such as Vietnam and Bangladesh last year, coupled with a sharp...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 2 that are worth another look.Steelmaker ArcelorMittal is planning to restart blast furnace (BF) B at its Ghent plant in Belgium by the middle of February this year, the company told Fastmarkets on February 2.Aluminium...Read More
Glencore International has won a public tender to supply South Korea's Public Procurement Service (PPS) with 1,500 tonnes of London Metal Exchange-registered brands of aluminium ingot.The tender was awarded at a premium of $122 per tonne, cif Incheon port, according to a notice published by the state agency on Tuesday February 2.The premium will be paid on top of the aluminium cash LME Daily Offic...Read More
The London Metal Exchange three-month tin price reached a new 2021 high and was the sole metal to make gains in morning trading on Tuesday February 2, while the rest of the base metals were constrained by a bullish US dollar index following "productive" Covid-19 stimulus plan discussions in the United States. Tin's forward price reached $23,330 per tonne shortly after 9am, a new year-to-date high...Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mixed, albeit with a downside bias, during morning trading on Tuesday February 2, while silver was consolidating below highs but above its recent trading range.Silver prices spiked up to around the $30-per-oz level on Monday, before ending the day around $28.50 per oz - the metal is now looking for direction. S...Read More