China's domestic hot-rolled coil prices continued to fall on Tuesday March 31, leaving market participants with the expectation that some flat steel producers would be making losses for some time.DomesticEastern China (Shanghai): 3,280-3,290 yuan ($462-463) per tonne, down 10-20 yuan per tonneNorthern China (Tangshan): 3,250 yuan per tonne, down 10 yuan per tonnePrices fell further during the day...Read More
China's domestic rebar prices decreased further on Tuesday March 31 amid declining futures, though the pessimism among market participants decreased following the release of a higher manufacturing purchasing managers' index (PMI) as well as that for the steel sector. Eastern China (Shanghai): 3,420-3,440 yuan ($482-485) per tonne, down 10-20 yuan per tonneNorthern China (Beijing): 3,340-3,370 yuan...Read More
China’s Caixin manufacturing purchasing managers’ index (PMI) was released earlier on Wednesday April 1; it rebounded to 50.1 in March from 40.3 in February, which supports the rebound in the official PMI data released on Tuesday - another sign that purchasing managers reported conditions were just “better” in March than they were a month earlier.But the same was not true in Ja...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 88 points in pre-opening trade. Index futures were virtually unchanged following release of the March ADP Employment Report at 8:15 AM EDT. Consensus was a drop of 150,000 versus a gain of 183,000 in February. Actual was a drop of 27,000.AT&T dropped $1.06 to $28.09 after JP Morgan downgraded the stock from Overwe...Read More
Here are five Fastmarkets stories you might have missed on Monday March 30 that are worth another look.Gerdau has halted price increase attempts in Brazil amid market weakness because of the Covid-19 pandemic, according to a report by local investment bank Ita?? BBA from Sunday March 29.The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's...Read More
The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's also created a problem. The one-two punch demand and supply shock that the virus has created is putting the mining sector under extreme pressure. With banks even more reluctant than before to provide capital to the mining sector amid the tumultuous global financial backdrop, corporates...Read More
The three-month aluminium price on the London Metal Exchange continued its decline at the close of trading on Monday March 30, settling at its lowest level since April 2016, while a steady uptick in lead saw its outright price close at a two-week high. Aluminium's underlying price on the LME closed at $1,530.50 per tonne on Monday afternoon, its lowest level in just under four years, while turnove...Read More
Zinc concentrate treatment charges (TCs) are dropping in China with smelters and traders scrambling to cover shortfalls in supply feed left by shuttered mines.Countries across South America have brought in stringent lockdown measures to combat the spread of the Covid-19 virus with top exporters Peru (2 million tonnes - 2019) and Bolivia (1.1 million tonnes - 2019) among the most restrictive to bus...Read More
A nationwide shutdown in South Africa means local manganese ore miners have not been able to produce nor ship material since midnight on Thursday March 26, causing liquidity to dry up for low-grade material over the latest pricing session, market sources told Fastmarkets. As a result, seaborne manganese ore prices in China were little changed in the week ended March 27. The whole market is now hol...Read More
Here are five Fastmarkets stories you might have missed on Monday March 30 that are worth another look.Gerdau has halted price increase attempts in Brazil amid market weakness because of the Covid-19 pandemic, according to a report by local investment bank Ita?? BBA from Sunday March 29.The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's...Read More
Maersk Line, the world's biggest container shipping company, will be suspending its North Europe (AE2) and Mediterranean (AE20) services on the Asia-Europe network during the second quarter of 2020. "Due to market demand reductions in Europe caused by the Covid-19 pandemic, Maersk endeavors to balance our network to match reduced demand," the Danish carrier said in an advisory on Friday March...Read More
Spot availability of copper scrap is now being limited by a plummeting commodity price in March because suppliers have refused to destock at the price level."At this discounted price level, some copper scrap suppliers could suffer losses. The price of scrap cannot even cover the processing costs so suppliers have become reluctant to sell," a source with a major copper refinery in China said. High-...Read More
The lockdown in India has caused a variety of logistical issues resulting in imported scrap material becoming stranded at ports and leading to potentially large charges at a time when trading has come to a sudden halt, market sources have told Fastmarkets. On March 24, Indian Prime Minister Narendra Modi announced the country would begin a 21-day lockdown period effective from midnight until...Read More
Turkish deep-sea scrap import prices fell sharply for the third time in two weeks amid the Covid-19 pandemic, which has brought steel trade to a halt and led to closures or production cuts, sources said on Monday March 30.A steel mill in northern Turkey was heard booking a Baltic Sea cargo, comprising 9,000 tonnes of HMS 1&2 (80:20), 14,000 tonnes of shredded and 3,000 tonnes of bonus at an averag...Read More
Markets were looking quite mixed this morning, Monday March 30, with most Asian-Pacific equity indices down, the pre-market Dow Jones Industrial Average up by 0.2%, oil prices down by around 5% and the base metals prices mixed.Base metals face numerous cross currents with demand expected to recover in China but fall further in the world ex-China, while the Covid-19 virus and lower prices lead to s...Read More
Here are five Fastmarkets stories you might have missed on Monday March 30 that are worth another look.Gerdau has halted price increase attempts in Brazil amid market weakness because of the Covid-19 pandemic, according to a report by local investment bank Ita?? BBA from Sunday March 29.The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable last week due to falls in demand and production cuts caused by the Covid-19 pandemic.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?473.00 ($526.65) per tonne on Friday March 27. This was up by ?,?3 per tonne week on week from ?,?470 per tonne on March 20.The increase did not indic...Read More
European domestic prices for hot-rolled coil have been fairly stable over the past week due to slow market activity, sources told Fastmarkets on Monday March 30.The sentiment prevailing in the market has been downward, despite that price stability.But Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?473.13 ($526.79) per tonne on Monday, up from Friday's index a...Read More
Here are five Fastmarkets stories you might have missed on Monday March 30 that are worth another look.Gerdau has halted price increase attempts in Brazil amid market weakness because of the Covid-19 pandemic, according to a report by local investment bank Ita?? BBA from Sunday March 29.The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's...Read More
Gerdau has halted price increase attempts in Brazil amid market weakness because of the Covid-19 pandemic, according to a report by local investment bank Ita?? BBA from Sunday March 29.The company mainly produces long steel in the country, although it also makes some hot-rolled coil and heavy plate at its Ouro Branco mill in the south-eastern state of Minas Gerais.Domestic prices are currently at...Read More