Flat steel prices in Russia's Central Federal District around Moscow declined in the week to Tuesday May 26 amid slow demand and an oversupplied market, sources told Fastmarkets.Buying activity in the region remained limited over the past week and key suppliers to the region cut offers for June rolling and revised stockist prices down for May rolling, sources said."Mills have huge stocks they need...Read More
Crude steel production in Germany fell by 23.85% year on year in April due to production cuts made to reflect the drop in demand caused by the Covid-19 pandemic, the German steel federation said this week.Germany's crude steel production totaled 2.56 million tonnes in April 2020, down from 3.56 million tonnes in the corresponding period of 2019, WV Stahl said on Monday May 25.The last time ou...Read More
Oversupply in the steel rebar market in Russia's Central Federal District around Moscow is a cause for concern, sources told Fastmarkets on Tuesday May 26, although prices remained largely unchanged week on week. Construction, the key consumer, was still running slowly after a gradual restart in the wake of the Covid-19 lockdown restrictions, sources said"Yes, the construction activity has im...Read More
Turkish deep-sea scrap import prices remained broadly stable on Tuesday May 26 after news of a fresh cargo came to light. The transaction which came to light on Monday was sold either on Sunday May 24 or Monday May 25, sources said. The market was relatively quiet at the beginning of the week due to a public holidays in many countries on...Read More
Steelmaker ArcelorMittal is to receive a ?,?75 million ($82 million) loan from the European Investment Bank (EIB) to be used on its projects intended to reduce carbon emissions.Two projects will operate at ArcelorMittal's Ghent location in Belgium. These are worth ?,?215 million in total and are hoped to eliminate as much as 350,000 tonnes per year of CO2 emissions in the first phase.The first pro...Read More
Seaborne premium hard coking coal prices dropped on Tuesday May 26, due to recent lower transaction values, while most market participants now expect prices to remain flat for some time.Fastmarkets indicesPremium hard coking coal, fob DBCT: $115.36 per tonne, down $2.91 per tonne Premium hard coking coal, cfr Jingtang: $124.37 per tonne, down $1.04 per tonneHard coking coal, fob DBCT:&nb...Read More
Japanese steel producers which use electric-arc furnaces (EAFs) are being forced into raising their purchasing prices for ferrous scrap feedstock despite there being no upward movement in their steel sales prices, sources in Japan have told Fastmarkets.On Tuesday May 26, key EAF mill Tokyo Steel raised its bid price for steel scrap by ?500 ($5) per tonne at all its steelworks except in Tahara, wh...Read More
The prices for seaborne iron ore went down on Tuesday May 26 with market sources saying that Brazilian miner Vale's weekly iron ore shipments increased, easing market concerns about supply.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $95.28 per tonne, down by $2.37 per tonne.62% Fe low-alumina fines, cfr Qingdao: $97.97 per tonne, down by $2.31 per tonne.58% Fe fines high-grade premium,...Read More
The seaborne iron ore concentrates and pellet market followed the uptrend in the iron ore fines market, but at a slower pace, in the week to Friday May 22, sources said.Iron ore concentrates, however, continued to be traded at discounts to the 65% Fe fines index because of a much stronger Brazilian high grade fines market, sources said. Fastmarkets' index for iron ore 66% Fe concentrate, cfr Qingd...Read More
Three-month base metals prices on the London Metal Exchange were mostly up during morning trading on Tuesday May 26, with copper giving the best performance of the complex in terms of percentage gains.The three-month copper price was most recently trading at $5,369.50 per tonne, up by $81 per tonne (1.5%) from last Friday's 5pm close of $5,288.50 per tonne. The LME was closed on Monday due to the...Read More
Broad markets were stronger this morning, Tuesday May 26, with many Asian-Pacific equity indices up by around 2%, while pre-market major western equities were up by around 1% but metals prices were mixed.Hopes that the reopening of economies will lead to an economic recovery are boosting equities but the United States-China trade dispute is worsening, which is not going to help the global economy...Read More
The price range for high-carbon ferro-chrome widened in Europe in the week ended Friday May 22, with industry sources reporting deals agreed for more than 500 tonnes of material.The price spread widened to $0.15 per lb after deals were reported that raised the higher end of the assessment.Trading activity was said by most sources to be quiet, with only one supplier reporting deals done. But the pr...Read More
Key data from Friday May 22 pricing session in Shanghai.Key drivers- Chinese exporters held their offers firm due to a strong domestic market amid tightened supply; very few plants in China are producing grade-553 silicon.- Market sources said interest from abroad had...Read More
Key data from the pricing sessions in London and Shanghai on Friday May 22.Key drivers:- Buyers in China continue to replenish stocks that have run thin from refineries, bridging a gap in shipments from Africa in March and April that was a result of South Africa's Covid-19 lockdown. Outflows...Read More
Broad markets and the metals were mixed this morning, Wednesday May 27, while participants brace for what United States President Donald Trump’s response will be to China’s plans to impose national security laws in Hong Kong, which he said will be announced by the end of the week. China’s CSI 300 and Hong Kong’s Hang Seng indices were weaker this morning, while in other areas t...Read More
U.S. equity index futures were higher again this morning. S&P 500 futures were up 33 points in pre-opening trade. Disney gained $2.80 to $123.75 after announcing plans to re-open its Orlando, Florida properties. Novavax added $0.67 to $48.84 after announcing start of first phase clinical testing of its coronavirus vaccine. Bank of Montreal and Royal Bank are expected to open lower after releas...Read More
Brazilian iron ore exports are not being affected by the increase in Covid-19 cases in the country, despite recent data showing a slowdown, Usiminas' mining arm director Carlos Rezzonico said in a conference call on Friday May 22.Minera????o Usiminas (Musa), a 70:30 joint venture between Usiminas and Japanese group Sumitomo Corp, has been operating normally during the pandemic, the executive told...Read More
Swedish steelmaker SSAB plans to extend temporary layoffs for its Finnish sites until September at least in a response to a downturn in the European steel market, the company said in a release on Wednesday May 20. In April, SSAB agreed temporary layoffs at its Finnish sites averaging three weeks in April-June with its employees and announced steelmaking output cuts. With economic conditions a...Read More
Dilip Oommen, chief executive officer of ArcelorMittal Nippon Steel India (AMNS), has been appointed as president of the Indian Steel Association (ISA).The decision was made in an extraordinary board meeting held on Tuesday May 19, the ISA said. Oommen takes the position from TV Narendran, CEO and MD of Tata Steel. He starts the role after more than 37 years of experience in the international stee...Read More
How long it will take the global economy to recover from the Covid-19 pandemic is anyone's guess right now.Could the world's major economic regions be in for an "LUV" recovery similar to the one they saw after the global financial crisis of 2008-09?That was the format of recovery that was expected in 2009 by former Rio Tinto chief executive officer Tom Albanese, who was at the helm of the mining g...Read More