Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Export prices for Chinese steel cold-rolled coil and hot-dipped galvanized coil extended their sharp decline in the week ended November 2; domestic prices also have yet to stem their declines.Trading liquidity for Chinese CRC and HDG exports was muted because the falling market kept buyers in wait-and-see mode.The price decline also prompted some mills and traders to halt offers.Most traders expec...Read More
Operations at Antamina, Peru's biggest copper mine, have been suspended since last weekend because of a roadblock manned by community protestors, according to a company statement.The statement by Compania Minera Antamina, published on Sunday October 31, stressed its commitment to public safety and clear communication. It said that it feared the possibility of "intolerable criminal offenses" and "c...Read More
Russian steel mills have received a glut of orders for November deliveries of flat steel products, with active buying interest among stockists pushing up prices for hot-rolled steel in the country's Central Federal District around Moscow in the week to Monday November 1, sources have told Fastmarkets.The approaching expiry of the temporary export duty of $115 per tonne on hot-rolled (HR) sheet and...Read More
Seaborne coking coal prices were relatively stable on Tuesday November 2, with no trades heard in the market, although Chinese domestic coke prices in certain provinces started to fall due to rising inventories and reduced costs.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $600.25 per tonne, unchangedHard coking coal, cfr Jingtang: $525.23 per tonne, unchangedPremium hard coking coal...Read More
Bearish macroeconomic indicators pushed prices to trade lower on the London Metal Exchange on Tuesday November 2.Chinese manufacturing purchasing managers' indices (PMI) in recent days have indicated slower growth month on month, which has helped to drive bearish sentiment in the metals market. "It does look as though some major parts of China's economy are struggling," Fastmarkets' head of...Read More
Flat steel import markets in the United Arab Emirates and Saudi Arabia were slow during the week ended Tuesday November 2 because of uncertainty over the price direction, sources told Fastmarkets.The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.On the other hand, strong local demand in the Indian market prompted buyers to expect p...Read More
Rebar and billet prices decreased slightly in the United Arab Emirates because some mills discounted their prices, sources told Fastmarkets on Tuesday November 2.Demand for rebar has improved week on week because prices have now been announced, sources added.Domestic rebarLocal rebar mills announced new prices on October 24.Emirates Steel has been offering rebar at 2,490 dirhams ($678) per tonne e...Read More
Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association said on Monday November 1.The US authorities made theannouncement, on Saturday October 30."We welcome the announcement of the agreement which could be the starting point of a ne...Read More
Bearish macroeconomic indicators pushed prices to trade lower on the London Metal Exchange on Tuesday November 2.Chinese manufacturing purchasing managers' indices (PMI) in recent days have indicated slower growth month on month, which has helped to drive bearish sentiment in the metals market. "It does look as though some major parts of China's economy are struggling," Fastmarkets' head of...Read More
Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.The market was awaiting results of the United States Federal Market Open Committee meeting on November 3. The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday's close. Volu...Read More
The north China steel production hub of Handan city in Hebei province has implemented stricter production cuts at steel mills from Monday November 1 to November 7.The move has been made is to mitigate weather-influenced air pollution over the period and comes just after the city finished implmenting steel production curbs in September and October to limit the crude steel output in line with China'...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly weaker on the morning of Tuesday November 2, with concerns about headwinds affecting the Chinese economy denting sentiment. A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment. Iron ore prices were recently at 567 yuan ($89) per tonne, down fro...Read More
A summary of North America-based aluminium products manufacturer Arconic's third-quarter 2021 financial results, released on Tuesday November 2.In brief: Global aluminium products manufacturer Arconic reported a 34% increase in total sales during the third quarter of 2021 when compared with the same quarter last year. Sales are up by 5% quarter on quarter. The company primarily attributed the high...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Base metals prices on the London Metal Exchange fell marginally across the board at the close of trading on Tuesday November 2, with macroeconomic forces driving the price movements.The market was awaiting results of the United States Federal Market Open Committee meeting on November 3. The three-month copper price fell by 0.6% to $9,495.50 per tonne, from $9,555 per tonne at Monday's close. Volu...Read More
Junior miner Lithium Americas has proposed a $400 million takeover for Argentina-based producer Millennial Lithium, outbidding China's battery maker Contemporary Amperex Technology (CATL).Millennial Lithium announced the new takeover offer from Lithium Americas on November 1.The Lithium Americas offer is a "Superior Proposal" to the one worth $304 million received by CATL in September, Millen...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly weaker on the morning of Tuesday November 2, with concerns about headwinds affecting the Chinese economy denting sentiment. A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment. Iron ore prices were recently at 567 yuan ($89) per tonne, down fro...Read More