U.S. equity index futures were higher this morning. S&P 500 futures were up 42 points in pre-opening trade.JP Morgan gained $1.69 to $99.88 after reporting higher than consensus first quarter Net Interest Income.Johnson & Johnson advanced $4.89 to $144.66 after reporting higher than consensus first quarter earnings. The company also raise its dividend.Wells Fargo advanced $0.47 to $31.90 a...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 12 points in pre-opening trade;Crude oil gained $0.31 to $23.07 after OPEC and its allies agreed to reduce their oil production quotas by 9.7 million barrels from May 1st to June 30th.Starbucks slipped $0.54 to $73.34 after Wedbush lowered its target price from $84 to $71.Carnival dropped $0.35 to $12.07 after Wedbush...Read More
South American flat steel import prices were mostly stable week on week as market liquidity dipped in the continent amid lockdowns and weakened demand due to the Covid-19 pandemic.Market participants were generally in the dark regarding feasible prices, as buyer interest had vanished. As with May-shipment volumes, sources said imports for June shipments could also be at least half the usual orders...Read More
The aerospace industry has been hit hard by the Covid-19 pandemic, with companies in the sector forced to take drastic measures to adapt to the new market environment.Airbus, Europe's largest airline manufacturer, has announced that will cut production of its core three aircraft models by 30%.Boeing has also suspended operations indefinitely at its United States operations in t...Read More
Aluminium foundry alloy premiums in Europe and the United States fell due to a lack of demand, with most automakers suspending car production in both regions.In Europe, Fastmarkets assessed the aluminium wheel alloy silicon 7 ingot premium, ddp Germany at $280-290 per tonne on Thursday April 9, down from $300-320 per tonne the month before.Fastmarkets assessed the aluminium wheel alloy silicon 7 i...Read More
The London Metal Exchange three-month copper price held above the $5,000 psychological mark on Thursday April 9, closing at $5,002.50 per tonne in a day with a turnover of just above 11,600 lots.The copper price reached an intraday high of $5,070 per tonne following a fresh cancellation of 300 tonnes, despite the low material turnover ahead of the long Easter weekend (Friday April 10-Monday April...Read More
Chinese traders are ramping up bids for physical copper in a bid to secure units before an expected cut to valued-added tax (VAT) in April. The Shanghai copper market is betting on China's current 13% VAT being reduced as part of a raft of economic policy measures set to be considered when China's National People's Congress, the state legislature, returns later this month. This would echo a simila...Read More
Fastmarkets' copper concentrates treatment charge and refining charge (TC/RC) index dropped below the annual benchmark level in a week characterized by force majeures and mines being put on care and maintenance. The index, which tracks spot market activity for Asia Pacific, stood at $60.10 per tonne/ 6.01 cents per lb on Friday April 9, down by 8.5% from $65.70 per tonne/ 6.57 cents per lb a week...Read More
Brazilian export slab prices widened downward on Thursday April 9 as buyers continue to bet on future price cuts.Fastmarkets' weekly assessment of steel slab, export, fob main port Brazil widened to $310-355 per tonne on Thursday April 9, from $320-355 per tonne previously.Since early in the week, some bids for Brazilian slab were heard at $310 per tonne fob, and...Read More
Brazilian domestic steel prices, including coil and rebar, remained unchanged in April as companies withdrew from price increases because of the Covid-19 crisis.Fastmarkets' price assessment for steel hot-rolled coil, domestic, monthly, exw Brazil, remained at 2,636-2,655 Reais ($516-519) per tonne on Thursday April 9, unchanged from the previous month.The corresponding assessment on the same date...Read More
US hot-rolled coil prices bounced modestly upward on hopes of a V-shaped manufacturing recovery, but such optimism was tempered by concerns about the potentially long-lasting impacts of the economic downturn resulting from the Covid-19 pandemic.Fastmarkets' daily steel hot-rolled coil index, fob mill US, was calculated at $24.57 per hundredweight ($491.40 per short ton) on Thursday April 9, up by...Read More
While the Covid-19 pandemic has hit domestic steel demand, it has not prevented foreign products from entering the United States, according to an advance indicator of offshore arrivals.The United States was licensed to import 2.11 million tonnes of steel products in March, up by 54.1% from 1.37 million tonnes in February and up by 2.4% from 2.06 million tonnes in March 2019, according to license d...Read More
Some Italian steelmakers have started to resume operations with the Covid-19 lockdown in the country expected to end on Monday April 13.European steelmakers have been reducing output and temporarily idling equipment due to the poor demand resulting from lockdown orders and other quarantine measures implemented across the region with the intention of preventing the spread of Covid-19.Italian long s...Read More
Flat steel prices continued to decrease in Turkey during the week to Thursday April 9, with market demand very weak, Fastmarkets heard.Trading was scarce because of the falling prices and the general uncertainty in the world amid the Covid-19 pandemic, Turkish sources said.Several automakers in Turkey stopped production during March because of the pandemic.Turkish domestic scrap prices increa...Read More
The price of ferrous scrap imported into India remained broadly stable this week with the country's Covid-19 lockdown continuing to keep trading at a standstill, but buoyed by increases in other global scrap markets, sources told Fastmarkets on Thursday April 9.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $245.19 per tonne on Thursday, little changed...Read More
The market for pig iron exports from the Commonwealth of Independent States decreased again on new sales to China booked at lower prices during the week to Thursday April 9.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $265-275 per tonne on April 9, down from $277-282 per tonne a week earlier.Several sales of Ukraine-orig...Read More
The Turkish deep-sea scrap import markets have been silent since a sharp rebound earlier in the week, with supply tight due to the effects on work patterns of the Covid-19 pandemic, sources said on Thursday April 9.Scrap import prices have gone up strongly amid reduced availability of material in the deep-sea markets, caused by the closing of scrapyards especially in the UK and United States in at...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This week Fastmarkets' analysts and price reporters shared their views and recent findings in a webinar revealing some distinct fundamental tensions for steel, refining alloys and, of course, steelmaking raw materials such as iron ore.While the outlook for chrome and manganese ores and alloys is balanced, as far as market pa...Read More
Seaborne iron ore prices inched up on Thursday April 9 with data showing that China's steel inventory is being consumed at a faster-than-expected pace and some jitters emanating about Brazilian supply, market participants said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.77 per tonne, up $1.13 per tonne.62% Fe low-alumina fines, cfr Qingdao: $86.20 per tonne, up $1.05 per tonne. 58%...Read More
The seaborne coking coal market underwent another active day of spot trading on Thursday April 9, which resulted in prices remaining largely flat. Fastmarkets IndicesPremium hard coking coal, fob DBCT: $133.13 per tonne, down $1.14 per tonnePremium hard coking coal, cfr Jingtang: $138.25 per tonne, down $0.86 per tonneHard coking coal, fob DBCT: $120.01 per tonne, up $1.67 per tonneHard cokin...Read More