Turkish billet prices increased over the past week in line with rising prices in the Commonwealth of Independent States (CIS) region, sources said on Thursday May 21.Suppliers in the CIS region managed to secure some billet export sales to China, which have supported prices over the past week.Therefore, offers...Read More
CIS exporters of steel billet have continued to enjoy strong demand from China over the week to Thursday May 21. Suppliers have been concentrating most of their efforts on this market recently because Chinese customers have been paying the highest prices.Around 40,000 tonnes of Ukraine-origin billet scheduled for shipment in July were reported sold to China at $393 per tonne cfr, equivalent to $36...Read More
Turkish rebar and wire rod export prices remained firm over the past week, despite some lower-priced rebar sales to Asia, sources said on Thursday May 21.Two steel mills were heard to have sold a combined total of 100,000 tonnes of rebar at $390 per tonne fob on an actual-weight basis to Hong Kong. Turkish steel mills, however, were trying to keep their prices firm...Read More
ArcelorMittal has temporarily stopped operations at its steel mill in Bosnia while Sweden's SSAB has decided to extend layoffs at some of its productions assets in the week to Thursday May 21.The decisions were made in a response to a drastic decline in steel demand across Europe due to the effects of the Covid-19 pandemic.ArcelorMittalArcelorMittal decided to stop production at its Zenica plant f...Read More
Demand for imported steel billet and domestic steel reinforcing bar (rebar) in Egypt remained weak in the seven days to Thursday May 21, but billet import prices increased because of higher offers, sources told Fastmarkets.No improvement in demand is expected any time soon, sources said, due to the Islamic holy month of Ramadan and the Covid-19 pandemic.In addition, Egypt's president, Abdel F...Read More
Trading activity in the Bangladesh import ferrous scrap market has ground to a halt in a week that has featured the continued Ramadan lull and the emergence of category-2 Cyclone Amphan over the country, market participants told Fastmarkets on Thursday May 21."No deals have been done recently. The market is very quiet because we are going into a long holiday for the eid festival," one South Asian...Read More
Seaborne iron ore prices rebounded on Thursday May 21 with active trading driven by improving steel production and demand, despite renewed concerns over supplies from Brazil. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $98.26 per tonne, up $1.31 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $101.63 per tonne, up $2.09 per tonne. 58% Fe fines high-grade premium, cfr Q...Read More
Seaborne coking coal prices were generally flat in a quiet market on Thursday May 21. Fastmarkets indicesPremium hard coking coal, fob DBCT: $118.44 per tonne, down $0.54 per tonne Premium hard coking coal, cfr Jingtang: $124.77 per tonne, up $0.15 per tonneHard coking coal, fob DBCT: $90.94 per tonne, unchangedHard coking...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Activity in China has picked up, and although the impact from the Covid-19 did not spare the country with its gross domestic product contracting at its largest rate since recording began in the 1990s, the latest crude steel output figures for April from China's National Bureau of Statistics show a strong recovery, albeit sti...Read More
China's domestic hot-rolled coil market saw moderate trading activity on Thursday May 21 amid a slight price drop, with sentiment being largely optimistic following the release of data showing declining inventory levels.DomesticEastern China (Shanghai): 3,560-3,580 yuan ($501-504) per tonne, widening downward by 10 yuan per tonneNorthern China (Tangshan): 3,510-3,520 yuan per tonne, widening downw...Read More
China's domestic rebar prices were flat on Thursday May 21, with both buyers and sellers taking a wait-and-see approach to the market following the start of an annual meeting of policymakers in Beijing.Domestic Eastern China (Shanghai): 3,560-3,590 yuan ($501-506) per tonne, unchangedThe Chinese People's Political Consultative Conference started its annual meeting on Thursday afternoon while that...Read More
Broad markets were weaker this morning, Thursday May 21, this after strong gains in recent days on high hopes that the recovery will gain momentum while economies move out of lockdowns and with ultra-loose monetary policy adding fuel. The danger is that some countries are relaxing lockdowns for economic reasons even though the Covid-19 virus is not under control, and that runs the risk of the viru...Read More
Spot payables for cobalt hydroxide continued to edge up in the first half of the week, which saw active inquiries and steady procurement from consumers. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China rose to 63-65% against the standard-grade cobalt price on Wednesday May 20, up 1.2% from 62-64.5% on Friday. Many suppliers are holding back from sales due to tightened av...Read More
Cobalt metal prices in China rose by 2% in the first half of this week, with sentiment improving amid growing expectations of further stimulus measures being announced during the Chinese People's Political Consultative Conference (CPPCC) on Thursday May 21 and the National People's Congress (NPC) on Friday. Fastmarkets' price assessment for cobalt 99.8% Co min, ex-works China was 245,000-255,000 y...Read More
China's leading stainless steel producer, Tsingshan Group, has raised its ferro-chrome tender price for June delivery by 500 yuan ($70) per tonne month on month.The move has come with the prices for chrome ore and imported charge chrome both surging on supply tightness created by the measures used to try to control the outbreak of Covid-19 in South Africa.The mill, whose base is in Eastern China,...Read More
Chinese stainless steel prices were mostly stable over the past week despite sluggish buying interest, sources told Fastmarkets on Wednesday May 20.Market participants said producers were unwilling to provide significant discounts due to the higher cost of raw materials, particularly nickel, a major component of stainless steel.The three-month nickel contract on the London Metal Exchange has avera...Read More
Broad markets were weaker this morning, Friday May 22, led by a 4.8% fall in the Hang Seng; base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were down across the board. Given the dire economic situation as a result of the Covid-19 pandemic, the last thing the global economy needs is an escalation in the United States-China trade war that the latter’s plan...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.The Canadian Dollar was virtually unchanged at US 71.37 cents following release of the March Canadian Retail Sales report at 8:30 AM EDT. Consensus was a fall of 10.5% versus a gain of 0.3% in February. Actual was a drop of 10.0%Deere gained $5.18 to $147.99 after reporting higher than con...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 20 that are worth another look.China will maintain anti-dumping duties on some alloy steel seamless steel pipe imported from the United States and European Union for the next five years, according to the country's Ministry of Commerce.The Beer Institute has opposed a proposal by S&P Platts to impose a floor for the implied du...Read More
The zinc premium in the United States moved for the first time in nine months, hitting a more than three-year low amid slack demand stemming from the Covid-19 pandemic. Zinc premiums in northern Italy, meanwhile, rose after lockdown restrictions eased.Battery giant Exide Technologies is seeking Chapter 11 bankruptcy protection under US Bankruptcy Code, announcing plans to sale of its North America...Read More