Turkish steel producers continued to stay away from the deep-sea scrap import markets amid weak finished steel demand and lower steel output because of the Covid-19 pandemic, sources said on Wednesday April 22.Having booked at least seven deep-sea cargoes last week, totaling almost 220,000 tonnes, market participants believe the mills have enough scrap for now."I can say there is no trad...Read More
Japanese ferrous scrap export prices rose again on Wednesday April 22 with lower availability and more sales to Taiwan driving prices up, market sources said.One scrapyard source reported gradually decreasing scrap supply in Japan amid slowing economic activity in a similar development to the low-availability environment in both the United States and Europe, Fastmarkets was told.Japan announced it...Read More
The Covid-19 pandemic could nudge Chinese steelmakers toward using more electric-arc furnaces (EAF) to produce steel, market sources say.This is especially due to the huge market uncertainty caused by the ongoing global economic crisis. EAF-based production could offer mills - most of which are still heavily reliant on blast furnaces (BFs) - the flexibility they need in such circumstances to reduc...Read More
Despite signs of the Covid-19 virus being brought more under control with daily death tolls in most major economies now in decline, the rebound in demand is slow and this seems to be weighing on metals prices this morning, Wednesday April 22.But with broader markets starting to pick up, the metals may shake off their early weakness.One of the problems is that while manufacturing and industry can r...Read More
Russian mining major Norilsk Nickel (Nornickel) told Fastmarkets that it is operating as normal during the Covid-19 pandemic, but for extending workers' hours at the fledgling Bystrinsky GOK mine in Chita, Siberia. This while mining conglomerates including other leading nickel producers, such as Vale and Glencore, reduce their output because of the pandemic. Nornickel, the world's top nickel and p...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday April 22.Key drivers: Spot market sees thin trade but steady inquiries with buyers hoping to keep abreast of price changes in the context of supply cuts at CTT and Ambatovy, and upstream logistical pressures in Africa. Sellers...Read More
A summary of Australia-based lithium miner Orocobre's production results for the first quarter of 2020, as stated in its production report on Wednesday April 22.In brief The company attributed the drop in production to the temporarily halt in operations in response to the Argentine government's Covid-19 quarantine restrictions and planned maintenance that resulted in 21 days of lost prod...Read More
Key data from the Wednesday April 22 pricing session in Shanghai.Key drivers Cobalt metal price drops in line with weak domestic futures market; cobalt prices on the Wuxi Stainless Steel Exchange wiped out the gains made earlier in the week, falling to a near one-month low.Market participants attributed...Read More
European buyers of hot-rolled coil expected that domestic steelmakers would accept lower prices, sources told Fastmarkets in Wednesday April 22.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?445.00 ($482.60) per tonne on Wednesday April 22, down by ?,?0.63 day on day from ?,?445.63 per tonne on Tuesday.And although official offers have been heard at ?,?455-47...Read More
China's domestic hot-rolled coil prices were largely stable on Wednesday April 22 amid increased trading activity, while exporters continued to wait for opportunities to sell their products abroad after other countries issued offers similar to theirs.DomesticEastern China (Shanghai): 3,290-3,320 yuan ($465-469) per tonne, widening downward by 10 yuan per tonneNorthern China (Tangshan): 3,240 yuan...Read More
Vietnam's Formosa Ha Tinh Steel Corp will not announce its monthly offer prices for its steel supply for the first time in history."The company will engage in private price negotiations with individual customers based on their demand and inventory levels," a source told Fastmarkets on Wednesday April 22.Formosa Ha Tinh Steel Corp is one of two major blast furnace-based producers in Vietnam, togeth...Read More
The price of mesh-quality steel wire rod in Europe was slightly lower this week because of cheaper scrap costs and slow demand resulting from the effects of the Covid-19 pandemic, sources told Fastmarkets on Wednesday April 22.In the south of Europe, buying activity remained very slow this week due to the lockdown measures in place in various regions.Fastmarkets' weekly price assessment for steel...Read More
Prices for hollow steel sections in Europe moved downward this week, with demand almost non-existent despite restarts by Italian mills, sources told Fastmarkets on Wednesday April 22.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?585-600 ($634-651) per tonne on Wednesday, down from ?,?590-610 per tonne one week before.This week, all ey...Read More
Steel rebar prices in Europe declined over the week on slow buying and lower scrap costs in some regions, sources told Fastmarkets on Wednesday, April 22.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?440-470 ($475-508) per tonne on April 22, down from ?,?450-470 week on week.The assessment includes deals and offers heard in the...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 22 that are worth another look.The Covid-19 pandemic could nudge Chinese steelmakers toward using more electric-arc furnaces (EAF) to produce steel, market sources say.Aluminium stocks on the London Metal Exchange continue to rise and there is now a lack of warehouse space in key Asia locations in a situation that mirrors i...Read More
Turkish steel producers continued to stay away from the deep-sea scrap import markets amid weak finished steel demand and lower steel output because of the Covid-19 pandemic, sources said on Wednesday April 22.Having booked at least seven deep-sea cargoes last week, totaling almost 220,000 tonnes, market participants believe the mills have enough scrap for now."I can say there is no trad...Read More
Japanese ferrous scrap export prices rose again on Wednesday April 22 with lower availability and more sales to Taiwan driving prices up, market sources said.One scrapyard source reported gradually decreasing scrap supply in Japan amid slowing economic activity in a similar development to the low-availability environment in both the United States and Europe, Fastmarkets was told.Japan announced it...Read More
Turkish billet prices have gone down over the past week due to sluggish demand resulting from the impact of the Covid-19 outbreak and the upcoming Islamic holy month of Ramadan, sources said on Wednesday April 22.Fastmarkets' weekly price assessment for steel billet import, cfr main port Turkey, was $365-370 per tonne cfr on Wednesday, down from the $375-380 per tonne. Suppliers in the Commonwealt...Read More
Vietnam's Formosa Ha Tinh Steel Corp will not announce its monthly offer prices for its steel supply for the first time in history."The company will engage in private price negotiations with individual customers based on their demand and inventory levels," a source told Fastmarkets on Wednesday April 22.Formosa Ha Tinh Steel Corp is one of two major blast furnace-based producers in Vietnam, togeth...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday April 22.Key drivers Europe ferro-titanium market extends steady trend for a third consecutive week while supply worries support prices amid reduced production both within the continent and abroad. UK-based sources say domestic production has been cut up to as much as 20% from some furnaces due to reduced staffing levels while worke...Read More