Broad markets were managing to remain upbeat this morning, Thursday July 9, despite the rapid spread of the Covid-19 virus across some continents, while the base metals were rallying on the back of numerous supply disruptions, especially affecting copper and zinc. Wednesday saw European equities pull back and those in the United States initially followed, but then US stocks ended Wednesday with ga...Read More
China's domestic and export prices for stainless steel increased over the past week amid a strong nickel market. The three-month nickel contract on the London Metal Exchange ended Wednesday July 8's official trading session at $13,465 per tonne, up by $845 per tonne from $12,620 per tonne on July 1. This is the highest price since January 23. DomesticStainless steel cold-rolled coil 2mm grade 304...Read More
Offers prices for Japanese scrap to the key Vietnam import market have increased after the results of the July Kanto Tetsugen auction were announced on the morning of Thursday July 9.The monthly auction concluded at an average of ?23,574 ($219) per tonne on an fas basis. The first winning bid was at ?23,600 per tonne fas for 12,000 tonnes of H2 scrap, while the second winning bid was at ?23,542...Read More
Import prices for containerized ferrous scrap in Taiwan started a recovery in the middle of this week amid increased demand, breaking an almost three-week downward streak.Fastmarkets' daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $230-235 per tonne on Thursday July 9, up by $2-5 per tonne from $228-230 per tonne from...Read More
Export prices for Japanese steel scrap are showing clear signs of increasing again amid low supply following weeks of declines, market sources told Fastmarkets.Fastmarkets' price assessment for steel scrap H2, export, fob main port Japan was ?22,500-23,000 ($209-214) per tonne on Wednesday July 8, down by ?500 per tonne week on week.Buying activity has been muted in recent weeks, with market par...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Index futures recovered slightly following release of the June Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.4% versus a gain of 0.4% in May. Actual was a decrease of 0.2%. Excluding food and energy, consensus was an increase of 0.1% versus a decline of 0.1% in May...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 8 that are worth another look.The recovery in Chinese steel consumption, especially that for rebar, has been "extraordinary," while the downturn in the automotive sector may not necessarily mean stainless steel demand will decline this year, delegates heard at Fastmarkets' Covid-19 and Asian ferro-alloys markets webinar...Read More
A negative arbitrage between the London Metal Exchange and Shanghai Futures Exchange resulted in lower premiums for all nickel grades in China in the week to Tuesday July 7, while other regional premiums remained unchanged. China trading interest wanes amid long-lasting negative LME/SHFE arbitrage, prompting lower premiumsEuropean spot buying remains lackluster with scant deals reported in already...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday July 8.Please click...Read More
Road freight in South Africa has been slow to return to normal operations following demonstrations on Tuesday July 7 in which vehicles were set alight and drivers threatened, adding to the Covid-19-related problems that have affected the country's logistics.The transportation of freight in South Africa has remained limited after Tuesday's protests against the employment of non-South African driver...Read More
African metal exporters are re-routing their cargoes to avoid the logistics problems created a nationwide strike by truck drivers in South Africa that started on Tuesday July 7.Major roads were blocked amid protests by South African truckers who oppose the employment of foreign drivers."Cargoes are now stuck in South Africa. Transport [operators] have told drivers to park [their vehicles] wherever...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 8 that are worth another look.The recovery in Chinese steel consumption, especially that for rebar, has been "extraordinary," while the downturn in the automotive sector may not necessarily mean stainless steel demand will decline this year, delegates heard at Fastmarkets' Covid-19 and Asian ferro-alloys markets webinar...Read More
Market participants in the US ferrous supply chain attending aFastmarkets webinar on June 30 expected prices to be largely stable in the coming months, but benchmark indicators continue to track downward as an uneven reopening of the United States economy clouds the outlook. About 62% of respondents to a poll held during the webinar - titled "Sunny days ahead?" - expected hot-rolled coil...Read More
Turkish steel producers have continued to stay away from the deep-sea scrap market so far this week because of weak demand for finished long steel, sources told Fastmarkets on Wednesday July 8.Mills in Turkey booked five deep-sea cargoes late last week, totalling around 140,000 tonnes.However, they went quiet at the beginning of the week after struggling to sell finished long steel products i...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Price uptrend stumbles, but expected to resumeAs we expected, Chinese export and domestic steel prices moved upward in June, settling within the 2% range of our forecasts. Rebar prices trended downward in the second half of the month while heavy rains and floods in parts of the country meant that some construction sites had...Read More
With the exception of China's CSI 300, Asian-Pacific equities and pre-market major western equity futures were weaker this morning, Wednesday July 8, while base metals prices on the London Metal Exchange were little changed and those on the Shanghai Futures Exchange were generally firmer.We wait to see if the halt in the rise in equities is just a pause, or whether focus is turning to the rapid sp...Read More
Nornickel should pay $2.1 billion in damages for an unprecedented oil leak in the Arctic by a company subsidiary, Russia's Environment Supervision Agency, Rosprirodnadzor, suggested on Monday July 6. The "voluntary" damages bill sets a Russian record and adds to at least another $343 million Nornickel previously said it would spend related to the May 29 incident in Siberia. Nornickel gave a "hugel...Read More
The cobalt standard grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed cobalt standard grade, in-whs Rotterdam at$13.80-14.20 per lb...Read More
The cobalt alloy grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it...Read More
Here are five Fastmarkets stories you might have missed on Wednesday July 8 that are worth another look.The recovery in Chinese steel consumption, especially that for rebar, has been "extraordinary," while the downturn in the automotive sector may not necessarily mean stainless steel demand will decline this year, delegates heard at Fastmarkets' Covid-19 and Asian ferro-alloys markets webinar...Read More