Japanese scrap exporters have started to shun deals at the most recent transaction prices, they told Fastmarkets this week, with scrap collection activity slowing down and bulk scrap deals to Turkey being agreed at higher prices in recent days.The Japanese ferrous scrap market continued to fall over the past seven days, with Fastmarkets' price assessment for steel scrap H2, export, fob main port J...Read More
Iron ore prices in the seaborne Chinese portside market went up on Wednesday April 8, with futures prices on the Dalian Commodity Exchange and Singapore Exchange also showing gains.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.64 per tonne, up by $0.91 per tonne.62% Fe low-alumina fines, cfr Qingdao: $85.15 per tonne, up by $1.04 per tonne.58% Fe fines high-grade premium, cfr Qingdao:...Read More
Trading activity picked up in the fob Australia segment of the seaborne premium hard coking coal market on Wednesday April 8, with Chinese participants' buying activity heard to be driving the incline.Fastmarkets IndicesPremium hard coking coal, fob DBCT: $134.27 per tonne, up $1.26 per tonnePremium hard coking coal, cfr Jingtang: $139.11 per tonne, down $0.10 per tonneHard coking coal, fob DBCT:...Read More
The fate of the steel world continues to hang in the balance: Numerous scrapyards have stopped operations, blast furnaces around the world have stopped and aggressive offers by traders for Russian and Indian supply have pushed prices down further. In the Asia hot-rolled coil market, for example, Russian and Indian material is expected to remain the lowest-priced supply in the spot market for...Read More
Daily PDFs will be downloadable until Friday April 10. After that, because of the UK's Easter holidays, the next daily PDF will be downloadable on Wednesday April 15.Read More
Spot appetite for zinc and lead were weak across different regional markets this week while respective lockdowns adversely affect industrial activities including steelmaking and battery manufacturing, sources said on Tuesday April 7.Some zinc producers in Europe maintained operations to fill up on lost output from Latin America, while spot appetite for zinc ingots remained minimal Two major batter...Read More
Spot prices for Chinese hot-rolled coil were largely stable on Wednesday April 8, with exporters exercising caution amid the possibility of steelmakers worldwide cutting output due to a continually weakening market caused by the Covid-19 pandemic.DomesticEastern China (Shanghai): 3,220-3,230 yuan ($456-457) per tonne, unchangedNorthern China (Tangshan): 3,190-3,200 yuan per tonne, widening upward...Read More
London Metal Exchange three-month base metals prices were broadly trading in negative territory during the morning session on Wednesday April 8, with the gains made in the previous day's short-covering rally ebbing away. "LME base metal prices are consolidating after recent gains but the 'sell the rally' mentality continues to overhang and that is likely to cap upside price potential in the short...Read More
Eastern China's rebar prices dropped on Wednesday April 8 on destocking pressure, while those in the northern region held steady on rising demand. Eastern China (Shanghai): 3,370-3,400 yuan ($478-482) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,330-3,370 yuan per tonne, unchanged Demand for rebar in eastern China has reached a "steady and good" level since mid-March, market p...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday April 8.Key drivers The ferro-titanium market in Europe has consolidated gains made in the first week of April, cementing prices amid new concerns about production in the UK adding to existing supply worries from key international exporter Russia. UK-based sources have doubts on near-term production due to the Covid-19 pandemic tha...Read More
Hong Kong trading house Noble Group Holdings will close its base metals and rare earths trading desks as part of widespread board-mandated staffing cuts, informed sources told Fastmarkets. Noble's board is said to have agreed on a directive for a major cut to headcount across the business, with traders informed that they would be let go on Monday and Tuesday this week. "They are blaming Covid-19 b...Read More
Spot cobalt hydroxide deals are being concluded on a fixed-price basis while buyers and sellers seek to shield themselves from market volatility expected to come from measures taken to curb the global spread of the coronavirus.News late last month that South Africa would enter a 21-day lockdown created uncertainty over the supply of cobalt hydroxide in the coming weeks and months. About 65% of the...Read More
The lockdown in South Africa has sparked a sharp rise in seaborne manganese ore prices in China, whereas the chrome ore market has lagged behind due to different end uses, slower portside price movements and high stocks. South Africa has been under a nationwide lockdown since Thursday March 26, implemented to prevent the spread of the Covid-19 virus. The country's metals and mining operations...Read More
The European Commission has imposed anti-dumping duties on imports of hot-rolled stainless steel products originating in China, Taiwan and Indonesia into the European Union, it announced on Tuesday April 7.The provisional duties relate to an investigation started on August 12, 2019, following the European Steel Association Eurofer's complaint lodged two months earlier.The investigation applies to,...Read More
China Certification & Inspection Group's (CCIC) Japanese unit has suspended operations after Prime Minister Shinzo Abe declared a state of national emergency in major areas of Japan in response to the spreading Covid-19 virus, Fastmarkets learned. On Tuesday April 7, the Japanese government announced a month-long national emergency in Tokyo, Osaka, Fukuoka and four other prefectures.CCIC Japa...Read More
An overview of the noble alloys markets and the reasons for any price moves.Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.U.S. equity index futures moved higher following release of economic news at 8:30 AM EDT. The Federal Reserve announced a $2.3 trillion lending program to support the business community. Consensus for Weekly Initial Jobless Claims was a drop of 5.0 million versus a drop of 6.648 million la...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed this morning, Thursday April 9, as were Asian-Pacific equity indices. Markets seem to be consolidating after a show of strength earlier in the week, which was fueled by reports that business activity was ramping up and some of the Covid-19 hotspots in Europe were showing some early signs of peaking. While the...Read More
Here are five Fastmarkets stories you might have missed on Tuesday April 7 that are worth another look.The second quarter of 2020 will be one of volume survival due to massive capacity cuts in scrap, billet and long steel products globally amid Easter and Ramadan holiday periods and during efforts to contain the coronavirus, the International Rebar Producers & Exporters Association (Irepas) said o...Read More