Hot-rolled coil prices in the United States have fallen further due to order cancellations and muted market conditions because of low oil prices and the Covid-19 pandemic.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $26.39 per hundredweight ($527.80 per short ton) on Wednesday April 1, down by 1.6% $26.83 per hundredweight on Tuesday March 31 and down by 6.8% from...Read More
Hot-rolled coil prices in the United States could fall as low as $400 per short ton ($20 per hundredweight) in less than a month, despite recent efforts by domestic mills to cut production, because the Covid-19 pandemic will continue to hurt steel demand, sources told Fastmarkets.As of Wednesday April 1, a number of steel producers in the US - including U.S. Steel, ArcelorMittal USA and AK Steel -...Read More
The Brazilian branch of Toyota Motor Corp has decided to postpone the restart of its operations due to the Covid-19 pandemic, following other automakers either considering or already enforcing longer idle periods in the country.Production was expected to resume at Toyota's four plants in the southeastern state of S??o Paulo on Monday April 6. After further gauging demand and availability...Read More
Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on Wednesday April 1.The Spanish government issued a royal decree on March 29, ordering the shutdown of all non-essential activities and businesses from March 30, with a rest...Read More
The mood in the European market for hot-rolled coil has been downbeat but prices have remained stable despite limited trading activity, sources told Fastmarkets on Wednesday April 1.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, fell by just ?,?0.26 per tonne to ?,?472.50 ($519.73) per tonne on Wednesday, from ?,?472.86 per tonne on March 31.Wednesday's index was ca...Read More
Stainless steel scrap dealers and processors in the United States are now concentrating on keeping employees safe and healthy while stainless prices continue to fall on weaker demand and market uncertainty amid the Covid-19 pandemic."The focus here has been on staying healthy while trying to continue operations," one dealer said.So far, most pricing respondents have indicated that many peddler ope...Read More
Brazilian miner Vale is seeking alternatives to waste disposal at its Brucutu iron ore mine to produce at 80% capacity this year, up from 40% currently, the company said on Wednesday April 1.The mine is located in Brazil's southeastern Minas Gerais state, with capacity to produce 30 million tonnes per year of iron ore.The Brucutu mine used the Norte/Laranjeiras tailings...Read More
The direct-reduced (DR) iron pellet market is under pressure due to depressed steel demand resulting from global Covid-19 quarantine measures, while negotiations on the premium for second-quarter shipments continue. Fastmarkets' assessment of the iron ore DR-grade pellet premium, Middle East reference, was at $30 per tonne on Tuesday March 31, down by $1 from $31 per tonne on Februa...Read More
Turkish steel producers remained quiet in the deep-sea scrap import markets while suppliers were unwilling to sell at current price levels, sources said on Wednesday April 1.The mills were mostly shunning scrap purchases because of the coronavirus (Covid-19) outbreak, which brought steel trade to a halt and caused mills to close or cut production.After several steel mills in the Izmir region were...Read More
Prices for Japanese ferrous scrap continued to soften over the past week, but the scale of the decline was tempered by falling collection volumes, market sources told Fastmarkets on Wednesday April 1.Japanese H2 scrap prices have fallen by ?4,000 ($37) per tonne over the past seven weeks, and these weaker prices, together with slowing industrial activity due to the spread of the Covid-19 pandemic...Read More
Seaborne coking coal prices fell on Wednesday April 1, with buyers bearish and traders standing by. Fastmarkets IndicesPremium hard coking coal, fob DBCT: $144.90 per tonne, down $1.27 per tonnePremium hard coking coal, cfr Jingtang: $150.65 per tonne, down $3.60 per tonneHard coking coal, fob DBCT: $128.51 per tonne, down $2.50 per tonneHard coking coal, cfr Jingtang: $137.00...Read More
Seaborne iron ore prices managed to stay above $80 per tonne cfr on Wednesday April 1 despite weakening from a day earlier amid a softening rebar market in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $82.49 per tonne, down $0.83 per tonne 62% Fe low-alumina fines, cfr Qingdao: $83.80 per tonne, down $0.28 per tonne58% Fe fines high-grade premium, cfr Qingdao: $71.48 per tonne, do...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Coronavirus continues to shape scrap markets but tighter supply may partly offset lower demandWe have downwardly revised our ferrous scrap price forecasts for the following few months and, as a result, for the whole year of 2020, with the Covid-19 outbreak outside China stalling the markets. The Fastmarkets' daily benchmark...Read More
China domestic rebar prices continued to decline on Wednesday April 1 amid a weakening futures market, which sapped buying interest. Eastern China (Shanghai): 3,390-3,420 yuan ($478-482) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,330-3,370 yuan per tonne, widened downward by 10 yuan per tonne Domestic prices in eastern China have fallen by 80 yuan per tonne over the first...Read More
China's domestic hot-rolled coil prices tumbled on Wednesday April 1 amid thin trading, which forced mills to lower their export offers to avoid bigger losses.DomesticEastern China (Shanghai): 3,220-3,240 yuan ($454-457) per tonne, down 50-60 yuan per tonneNorthern China (Tangshan): 3,200-3,210 yuan per tonne, down 40-50 yuan per tonneA Shanghai-based trader said trading activity during the day wa...Read More
Three-month base metals prices on the London Metal Exchange were capped during the morning session on Wednesday April 1, with the previous day's gains wiped out after a brief rally precipitated by positive data from China and month-end book squaring abruptly halted."Despite the release of better-than-expected data from China, the LME three-month base metals prices have started the new trading mont...Read More
A summary of China's largest vanadium producer, Pangang Vanadium & Titanium Co's, annual report in 2019. In brief The Shenzhen-listed company's net profits in 2019 were around 1.42 billion yuan ($200 million), a year-on-year drop of 54.08% or 1.67 billion yuan. ...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday April 1. Key drivers Russia, a supplier of 40% of European ferro-titanium, is on lockdown due to the Covid-19 virus pandemic until next week and it could be extended.Russian producers are considering declaring force majeure should the lockdown continue beyond a week. Titanium scrap prices are stable...Read More
China will extend the new energy vehicle (NEV) purchase subsidy and purchase tax exemption policy for two years in an effort to support consumption and mitigate the impact of the Covid-19 pandemic on the economy. Yet the measures may not be sufficient to drive lithium and cobalt market development significantly in the near term, Fastmarkets heard. Chinese Premier Li Keqiang announced at a State Co...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Having first hit Asia during early 2020, the Covid-19 viral outbreak is now having an even bigger impact on European countries and the US. Widespread lockdown measures have been put in place on people and industry, and economic activity has slowed markedly.For now, stainless steel markets in Europe and the US are yet to show...Read More