The price of steel billet in Turkey increased over the past week in line with increasing scrap import values, while demand for the material was still limited, sources said on Thursday May 14.Domestic Turkish steel mills in the country resumed their deep-sea scrap purchases last week at higher prices, sources said.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, c...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
China's stainless steel prices moved up over the past week on recent gains in the nickel market, but soft demand tempered expectations of any further increases.The three-month nickel contract on the London Metal Exchange ended its official trading session at $12,313 per tonne on May 7, up by $459 per tonne from $11,854 per tonne on May 5, the lowest point so far this month. The contract has shed s...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
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
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
Vanadium producer Largo Resources has postponed construction of its ferro-vanadium conversion plant at its Maracas Menchen mine in Brazil due to Covid-19 preventative measures, the company said in its first-quarter earnings release on Tuesday May 12."The company is continuing to monitor the rapidly developing impacts of the Covid-19 pandemic and will take all possible actions to help minimize the...Read More
The three-month price of lead on the London Metal Exchange was higher at the close of trading on Thursday May 14, with buying momentum pushing the metal's outright price above the $1,600 per tonne threshold, while the LME nickel price held above $12,000 per tonne despite a 1.4% downturn over the afternoon.Lead's underlying price on the LME closed at $1,619 per tonne on Thursday afternoon, climbing...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama edged down 0.4% month on month at the end of March 2020, according to data released by major Japanese trading house Marubeni Corp.Total aluminium stocks at the three ports totaled 297,100 tonnes on March 31, down by 1,300 tonnes or 0.4% from the end of January, figures released on Friday April 3 showed. T...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
China's leading stainless steel mills have raised their ferro-chrome tender prices for May deliveries, with one offering an additional payment for extra material delivered, incentivizing some smelters to increase their deliveries. But not all suppliers are enticed by the price hike because of a strong spot market and expectations of further price gains in the near term, Fastmarkets has learned. Ta...Read More
Prices for China's tungsten concentrate continue to strengthen amid tight supply from mining companies. The price increases for the raw material have also triggered higher offers for ammonium paratungstate (APT) but downstream tungsten powder and alloy consumers are resisting them amid weak economic conditions, resulting in a stalemate.Costlier concentrateFastmarkets' weekly price assessment for t...Read More
The three-month price of lead on the London Metal Exchange was higher at the close of trading on Thursday May 14, with buying momentum pushing the metal's outright price above the $1,600 per tonne threshold, while the LME nickel price held above $12,000 per tonne despite a 1.4% downturn over the afternoon.Lead's underlying price on the LME closed at $1,619 per tonne on Thursday afternoon, climbing...Read More
Seaborne iron ore prices stayed above $90 per tonne on Thursday May 14, supported by improving production levels and decreasing steel inventories in China, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $92.17 per tonne, up $0.54 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $94.50 per tonne, up $0.14 per tonne. 58% Fe fines high-grade premium,...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
The price of steel billet in Turkey increased over the past week in line with increasing scrap import values, while demand for the material was still limited, sources said on Thursday May 14.Domestic Turkish steel mills in the country resumed their deep-sea scrap purchases last week at higher prices, sources said.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, c...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
Copper scrap discounts in the United States fell across the board this week, with competition in the form of Chinese export demand pressuring supply in an already tight domestic market.The demand from Chinese importers, which have intensified their search for international copper feed in the light of Covid-19 disruptions, also pushed brass scrap prices up.The fall in coppe...Read More
The European Commission's (EC) prior surveillance of imports of certain aluminium products originating in certain third countries will expire on Friday May 15.The surveillance was introduced for aluminium on April 25, 2018, following the US Section 232 import restrictions."On May 15, 2020, the 'prior surveillance' system to monitor imports into the EU of certain steel and aluminium products w...Read More