Newmont is to begin ramping up operations at its Pe??asquito lead-zinc-silver mine in Mexico on Monday May 18 following the government's designation of mining as an essential activity. The start-up of Pe??asquito is expected to take roughly two weeks to reach stable production levels, the Colorado, United States-based producer said. "As we begin to ramp up, Newmont will provide an update on the co...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 14 that are worth another look.ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on May 14.The European Commission's (EC) prior surveillance of imports of certain aluminium products orig...Read More
Cobalt metal prices in China continued to rise during the first half this week following strength in local cobalt futures, which are partially being supported by an upturn in the cobalt sulfate market and fresh buying interest from investors.Fastmarkets' price assessment for cobalt 99.8% Co min, ex-works China was 240,000-250,000 yuan ($33,839-35,249) per tonne on Wednesday May 13, up by 5,000 yua...Read More
The Turkish steel mills have continued to book deep-sea scrap cargoes for June shipments at largely steady prices, sources said on Thursday May 14.A steel mill in northern Turkey booked a Baltic Sea cargo, comprising 8,000 tonnes of HMS 1&2 (80:20) at $250 per tonne, 13,000 tonnes of shredded at $255 per tonne and 5,000 tonnes of bonus at $260 per tonne cfr, late on May 13.Following the news of th...Read More
The United Arab Emirates Ministry of Economy has announced a ban on exports of ferrous scrap for a period of four months starting on Friday May 15, 2020. The ban affects scrap under HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450. The ministry did not give an official reason for implementing the export ban. But market participants in the UAE told Fastmarkets the decision was tak...Read More
Offer prices for bulk ferrous scrap cargoes to Bangladesh have increased over the past week after higher prices were paid elsewhere in Asia, but several buyers remained out of the market, sources told Fastmarkets on Thursday May 14.After hectic activity in March and April, the Bangladeshi import market for bulk cargoes has cooled significantly so far in May, with high scrap inventories in the coun...Read More
With some clusters of Covid-19 infections emerging after the lifting of lockdowns, there is less hope that a 'V'-shaped rebound is sustainable and as a result markets were on a back foot this morning, Thursday May 14, especially broader markets, while the base metals were consolidating.Asian-Pacific and pre-market major western equity indices were weaker this morning.Chinese finance minister Liu K...Read More
Newmont is to begin ramping up operations at its Pe??asquito lead-zinc-silver mine in Mexico on Monday May 18 following the government's designation of mining as an essential activity. The start-up of Pe??asquito is expected to take roughly two weeks to reach stable production levels, the Colorado, United States-based producer said. "As we begin to ramp up, Newmont will provide an update on the co...Read More
Cobalt metal prices in China continued to rise during the first half this week following strength in local cobalt futures, which are partially being supported by an upturn in the cobalt sulfate market and fresh buying interest from investors.Fastmarkets' price assessment for cobalt 99.8% Co min, ex-works China was 240,000-250,000 yuan ($33,839-35,249) per tonne on Wednesday May 13, up by 5,000 yua...Read More
Spot payables for cobalt intermediates moved higher in the first half of this week after buyers in Asia reviewed their nearby stock levels in the context of a slower-than-expected restart in shipping from South Africa, and border closures between Tanzania and Zambia. Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China edged higher to 62-64% of the standard-grade metal price (low...Read More
Domestic prices for hot-rolled coil in Northern Europe have been fairly stable day on day due to slow market activity, sources told Fastmarkets on Thursday May 14.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?413.33 ($448.08) per tonne on Thursday, down by ?,?0.17 per tonne from ?,?413.50 per tonne on Wednesday.Thursday's index was calculated based on a few...Read More
The economic slump in the wake of the Covid-19 pandemic will reduce apparent steel consumption by 13.7% in Latin America during 2020, compared with last year, regional steel association Alacero said on Wednesday May 13.Alacero forecast steel demand to total 55.4 million tonnes in Latin American countries in 2020, down from 64.2 million tonnes in 2019. The company's expectation is temporary, howeve...Read More
China's domestic hot-rolled coil prices strengthened on Thursday May 14 amid support provided by steady demand from the infrastructure sector, sources said.DomesticEastern China (Shanghai): 3,420-3,430 yuan ($482-483) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,390 yuan per tonne, up 40 yuan per tonneMarket sources reported robust trading during the day, with downstream buyers rush...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 14 that are worth another look.ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on May 14.The European Commission's (EC) prior surveillance of imports of certain aluminium products orig...Read More
ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on Thursday May 14.The equipment had been in operation since 1958, and its launch was followed a few years later by the second section being installed. Combined, the two sections had capacity for 8 million to...Read More
Demand for imported steel billet and domestic steel reinforcing bar (rebar) in Egypt remained weak in the seven days to Thursday May 14, with billet import prices increasing because of high offers, sources told Fastmarkets.No improvement in demand was anticipated soon due to the Islamic holy month of Ramadan and the Covid-19 pandemic. In addition, the governor of Egypt's capital city, Cairo, has c...Read More
The Turkish steel mills have continued to book deep-sea scrap cargoes for June shipments at largely steady prices, sources said on Thursday May 14.A steel mill in northern Turkey booked a Baltic Sea cargo, comprising 8,000 tonnes of HMS 1&2 (80:20) at $250 per tonne, 13,000 tonnes of shredded at $255 per tonne and 5,000 tonnes of bonus at $260 per tonne cfr, late on May 13.Following the news of th...Read More
The United Arab Emirates Ministry of Economy has announced a ban on exports of ferrous scrap for a period of four months starting on Friday May 15, 2020. The ban affects scrap under HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450. The ministry did not give an official reason for implementing the export ban. But market participants in the UAE told Fastmarkets the decision was tak...Read More
Offer prices for bulk ferrous scrap cargoes to Bangladesh have increased over the past week after higher prices were paid elsewhere in Asia, but several buyers remained out of the market, sources told Fastmarkets on Thursday May 14.After hectic activity in March and April, the Bangladeshi import market for bulk cargoes has cooled significantly so far in May, with high scrap inventories in the coun...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 14 that are worth another look.ArcelorMittal Kryvyi Rih, Ukraine's major long steel producer, has decommissioned the first section of its blooming plant as a part of a strategy for sustainable development, the company said on May 14.The European Commission's (EC) prior surveillance of imports of certain aluminium products orig...Read More