The three-month tin price on the London Metal Exchange was the standout performer at the close of trading on Wednesday March 25, climbing by more than 6% to breach resistance at $14,000 per tonne, while the outright lead price rallied above the $1,600 per tonne threshold. Tin's underlying price on the LME closed at $14,299 per tonne on Wednesday afternoon, gaining $815 per tonne from an intraday l...Read More
Brazilian flat steel producer Usiminas will grant collective holidays to some of its employees at service center and distribution subsidiary Solu???ues Usiminas and at capital goods arm Usiminas Mec??nica.The measure will affect 46.3% of employees at Solu???ues Usiminas and 29.6% of those at Usiminas Mec??nica.Production at Solu???ues Usiminas' units in Porto Alegre, Guarulhos, Betim, Taubat?...Read More
Prices for hot-rolled coil in the United States were mostly stable on Wednesday March 25, with domestic steelmakers showing little willingness to lower prices dramatically and questions emerging about whether more mills will announce production cuts that could help offset the drop in demand, sources said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.33 per hundr...Read More
German steelmaker Thyssenkrupp has announced that it will go ahead with a restructuring plan that will eliminate 3,000 jobs after reaching an agreement with the workers' trade union, it said on Wednesday March 25.The announcement included a "coronavirus package" with reduced hours for staff, agreed with workers' representative IG Metall.Because of a sharp decline in demand, the company will make p...Read More
The 2019-nCoV coronavirus pandemic has led to parts of the Indian automotive sector closing down its operations, Fastmarkets heard on Wednesday March 25.Some of them did so even before the country's government announced on Tuesday that it was imposing a 21-day lockdown beginning that day.Germany-based carmaker BMW has confirmed that its plant in Chennai will be closed from March 23 to March 31.Jap...Read More
Domestic prices for hot-rolled coil have been fairly stable across Europe due to the limited trading activity that has resulted from the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on Wednesday March 25.This price stability, however, has mainly been supported by the lack of trading and prices were likely to drop sharply when buyers return to the market, they added.To compensate for th...Read More
Prices for hollow steel sections moved down across Europe over the past week, despite trading activity continuing, sources told Fastmarkets on Wednesday March 25.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?595-620 ($643-670) per tonne on Wednesday, down from ?,?600-630 per tonne one week previous."We are still working and are trying...Read More
Stainless steel scrap prices have fallen even further in the wake of the novel coronavirus spread in the United States, which has created additional problems for an already weak marketplace, sources told Fastmarkets.Scrap recycling facilities have been classified as essential businesses, but many are closing retail operations while maintaining services to industrial accounts."Industrial scrap cont...Read More
The global spread of the novel coronavirus (2019-nCoV) is seriously limiting deep-sea scrap trading in Turkey, with market players also struggling with mill closures, sources said on Wednesday March 25.A number of steel mills in Turkey have stopped or reduced production because of the pandemic. "I heard a steel mill in the Iskenderun region halted production and two steel mills in the Izmir region...Read More
Seaborne coking coal prices dropped on Wednesday March 25 as major consumer India announced a 21-day lockdown. Fastmarkets Indices Premium hard coking coal, fob DBCT: $154.91 per tonne, down $1.49 per tonne Premium hard coking coal, cfr Jingtang: $158.18 per tonne, down $6.48 per tonne Hard coking coal, fob DBCT: $141.64 per tonne, down $0.62 per tonne Hard coking coal, cfr Jingtang: $148 per tonn...Read More
Export prices for Japanese ferrous scrap continued to fall over the week to Wednesday March 25, but tighter supply offered some support to prices for Shindachi busheling, market sources have told Fastmarkets.Japanese scrap traders expected difficulties in procuring Shindachi material in the short term after carmaker Toyota closed several production lines for 3-9 days from Wednesday. And fellow car...Read More
National lockdowns in India and South Africa raised concerns about supply in the seaborne iron ore market on Wednesday March 25 and caused prices to rise for two consecutive days after a massive drop on Monday. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $87.34 per tonne, up $3.37 per tonne 62% Fe low-alumina fines, cfr Qingdao: $88.82 per tonne, up $3.32 per tonne 58% Fe fines high-gr...Read More
The trading of metals into India is likely to be severely affected by difficulties in opening letters of credit (LCs) now that the country is locked down to contain the spread of the novel coronavirus (2019-nCoV), sources told Fastmarkets on Wednesday March 25.The Indian government imposed the 21-day nationwide lockdown beginning Wednesday, which includes strict curfew measures on the country's 1....Read More
India's steel sector will not come under any restriction during the country's 21-day lockdown to contain the spread of the novel coronavirus (2019-nCoV), though mills continue to face various uncertainties with regard to the move.The steel ministry, in a letter addressed to the sector seen by Fastmarkets, said it was aware of problems faced by the country's steelmakers with regard to the entry of...Read More
Tin ingot premiums in the United States moved up in the week to March 24 on physical supply concerns, with similar fears affecting European market sentiment while Chinese premiums are flat amid ample availability.This all comes despite a near 27% decline in the London Metal Exchange tin price over a fortnightly period.European premiums hold firm but availability a concern. Supply concerns push up...Read More
China's aluminium producer Jisco has started to place their smelters on maintenance following a multi-year low aluminium price on the Shanghai Futures Exchange, sources told Fastmarkets on Wednesday March 25.The company idled 100,000 tonnes of aluminium capacity for an overhaul in the smelter, based in Jiayuguan city, last week but may increase the reduced capacity in the coming days if the low al...Read More
China's domestic rebar prices regained some strength on Wednesday March 25 on a pick-up in buying activity amid rising futures. Eastern China (Shanghai): 3,470-3,500 yuan ($491-495) per tonne, up 20 yuan per tonne Northern China (Beijing): 3,380-3,400 yuan per tonne, narrowed upward by 20 yuan per tonne A trader in eastern China said his sales volume during the day was about a third higher th...Read More
The London Metal Exchange three-month tin price was the standout performer during morning trading on Wednesday March 25, while its peers were suppressed by a pessimistic market reaction to global financial stimulus announced to combat the economic effects of the novel coronavirus (nCoV 2019). "It seems that the market has realized that huge stimulus packages to rebuild economies means just that, a...Read More
The Netherlands is extending a partial lockdown until June to 1 to combatthe coronavirus (2019-nCoV) pandemic but the Port of Rotterdam, Europe's largest port by cargo tonnage, will remain operational, the Port Authority said"The port is working as usual and operations continue 24/7," Allard Castelein, president and chief executive officer of the Port of Rotterdam, said in a statement on Tuesday M...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday March 25. Key drivers There are supply worries due to the novel coronavirus (2019-nCoV) pandemic. Some suppliers say they are logistical troubles, although many steelmakers have cut production, leaving markets reasonably balanced for now. Titanium scrap prices also steady and like alloy may be subject to higher offer pri...Read More