London Metal Exchange three-month base metals prices were mostly subdued during morning trading on Friday July 17, with a record daily surge in US coronavirus cases weakening investor sentiment, while copper futures managed a slight improvement despite thin volumes and a tight forward curve. LME copper's outright price was recently at $6,406 per tonne, sustaining above nearby support levels and up...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Prices hold, pipe buying stalls Seamless prices remained broadly stable in much of the world this month - with the notable exception of falling Japan fob prices, because oil and gas producers have been less inclined to fight for premium products as they cut their capital expenditure - but this was not the result of a balance...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ended Friday July 17.China The domestic market remained stable in the week ended Friday July 17, with limited spot trading, after many suppliers had sold out their cargoes available for this month. A number of smelters restarted their...Read More
The prices paid for steel scrap by mills in Turkey and Asia have moved up over the week ending Friday July 17, against a backdrop of stronger Chinese prices for iron ore and steel.Turkish steel producers continue to book deep-sea scrap at progressively higher prices through the weekUS East Coast market activity increased after new sales to TurkeyVietnamese scrap demand was supported by a surge in...Read More
Most US aluminium scrap prices rose on Thursday July 16, with increased buying interest and supposedly tighter scrap supply supporting the increases.Fastmarkets' assessments of aluminum scrap mixed low copper clips, buying price, delivered Midwest secondary smelters and mixed high zinc clips both rose by a penny to 39-42 cents per lb and 34-36 cents per lb respectively on July 16. The assessment f...Read More
The benchmark secondary aluminium alloy A380.1 price climbed further on Thursday July 16, supported by firming aluminium scrap prices and thinning North American special aluminium alloy contract (Nasaac) inventories in London Metal Exchange warehouses.Fastmarkets assessed the price for aluminium alloy A380.1, delivered Midwest US at 68-70 cents per lb on Thursday, tightening upward by 1...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Friday July 17, with thin turnover and a tighter forward curve doing little to stop upward price action, while zinc futures slipped below nearby support levels at the close.Copper's outright price on the LME closed at $6,448 per tonne on Friday afternoon, recovering from an intraday low of $6,387.50 per...Read More
Peruvian mining production of both copper and zinc tumbled in May year on year from 2019, despite recovering from April figures, while the country was gradually reopening from restrictions to combat the Covid-19 pandemic, Fastmarkets understands.The country produced 128,407 tonnes in copper content during May, down by 41% from 218,000 tonnes a year before, mining and energy private association SNM...Read More
Caution over Chilean mined copper availability continued to keep the processing charges for copper concentrate resolutely low this week, while smelter appetite for spot tonnages was also diminishing. Miner-to-trader deals were taking place anywhere from the mid-$30s to the low-$40s. Sellers were offering to smelters at below $50 per tonne / 5 cents per lb, but Fastmarkets is yet to receive confirm...Read More
It has not been an easy year so far for Peru's zinc and lead mining companies after the coronavirus pandemic swept through South America, with operations facing lengthy shutdowns as well as multi-year low prices for their products.Mining companies are turning to traders to obtain big blocks of cash amid live concerns over future earnings and with banks at their most cautious in a decadeKnown...Read More
Lead stocks in Shanghai Futures Exchange-registered warehouses increased the most in percentage terms among the base metals complex, rising by 50% or 13,509 tonnes to 40,547 tonnes in the week to Friday July 17. Metal mainly entered warehouses run by Zhongchu Wuxi in Jiangsu and Zhejiang Tianchuan in Zhejiang with rises respectively of 6,344 tonnes and 5,483 tonnes one week earlier to 13,296 tonne...Read More
Hot-rolled coil prices in the United States have fallen below $23 per hundredweight ($460 per short ton) amid pessimistic outlooks on both demand and ferrous scrap pricing following a surge in Covid-19 infections across the country, market participants said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.90 per cwt ($458 per ton) on Friday July 17, down by 2....Read More
Domestic steel rebar prices in Poland widened downwards in the week to Friday July 17, with buyers pushing for lower numbers despite all major producers having no July tonnages left, sources told Fastmarkets.Demand for rebar in Poland was slightly slower this week and buyers were bidding lower citing problems passing their costs downstream. Most major producers, including ArcelorMittal Warszawa, C...Read More
Export prices for Brazil-origin slab remained unchanged in the week ended Friday July 17, but cost pressure and steady demand could boost prices for future deals, sources said.Fastmarkets assessed the price of steel slab, export, fob main port Brazil at $375-380 per tonne fob.Most recent deals were reported to China at $415 per tonne cfr, equivalent to $375 per tonne fob. But offers of at least $3...Read More
Prices for domestic hot-rolled coil in Northern Europe increased day on day on Friday July 17, supported by lack of competitive import offers, sources told Fastmarkets. Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe rose by ?,?2.20 to ?,?407.53 ($464.61) per tonne on Friday July 17, from ?,?405.33 per tonne on July 16. Friday's index was based on deals heard at...Read More
Imports of long products to the European Union dropped during the first four months of 2020 year on year due to the toxic combination of the effect of Covid-19 on consumption and rising protectionism. According to European steel association Eurofer, imports of rebar from outside of EU in January-April 2020 totaled 370,514 tonnes, down by 37% from 589,428 during the corresponding period of 2019. At...Read More
Pig iron export prices from the south of Brazil rose again during the week to Friday July 17 on a new sale to China. Fastmarkets' price assessment of pig iron, export, fob port of Vitoria/Rio, Brazil was $320 per tonne on Friday, up from $307-315 per tonne a week earlier.One new cargo was reported to be sold to an...Read More
The pig iron market in the United States was silent during the week ended Friday July 17, with prices considered high compared with those for ferrous scrap and hot-rolled coil.Fastmarkets' weekly price assessment for pig iron, import, cfr Gulf of Mexico, US was unchanged at $330 per tonne on Friday, in line with the latest deal done in the market during the week to July 10.No interest was rep...Read More
Turkish steel producers continued their deep-sea scrap purchases at the end of the week at slightly higher prices, sources told Fastmarkets on Friday July 17.A steel mill in Northern Turkey booked a Baltic Sea cargo, comprising 8,000 tonnes of HMS 1&2 (80:20) at $260 per tonne, 14,000 tonnes of shredded at $265 per tonne and 4,000 tonnes of bonus at $270 per tonne cfr.Another steel mill in the Izm...Read More
Brazilian steelmaker and iron ore producer Companhia Sider??rgica Nacional (CSN) has signed a new agreement with Glencore to supply 4 million tonnes of iron ore over five years with a $115 million pre-payment, the company said on Thursday July 16.This marks the third time CSN and Glencore have agreed terms for iron ore supply pre-payments since February 2019. The Brazilian company has sought such...Read More