Steel plate prices in the United States held steady this past week while market participants attempted to measure the impact of the Covid-19 pandemic on production and demand. Most buyers said they had paused spot orders as last week progressed. With stay-home mandates proliferating in an increasing number of states - some accompanied by a suspension of construction projects - market par...Read More
Fastmarkets will continue to provide the price data, news and analytics you rely on in these turbulent times.Dear Colleagues,First and foremost, we hope that you, your family, your friends and your colleagues are keeping well in these uncertain times. Covid-19 has disrupted our economy, our normal work patterns and, for many, our lives. Before I speak to the status of our business continuity...Read More
Brazilian mining company Vale reverted to a previous decision to temporarily stop activities at Teluk Rubiah Maritime Terminal (TRMT), its distribution center in Malaysia, due to intermittent material supply.The distribution center will remain closed until Tuesday March 31 at a minimum, the company said on March 23. Ships will then be redirected to blending units in China, adding that ov...Read More
The Turkish deep-sea scrap import market started the week in silence on Monday March 23, with some fearing the worst is yet to come with regard to the impact of the novel coronavirus (2019-nCoV), sources told Fastmarkets.The market has been quiet since a $23.90-per-tonne day-on-day price drop on Wednesday March 18, following news of a fresh cargo.Since then, market participants have turned increas...Read More
Turkish domestic auto bundle scrap prices have fallen sharply over the past week, in line with declining scrap import values, with some mills stopping their scrap purchases, sources said on Monday March 23.Turkish scrap import prices fell by 9% last week, amid the novel coronavirus (2019-nCoV) pandemic.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $249.0...Read More
Seaborne coking coal prices retreated on Monday March 23, with fears of a global economic downturn taking hold due to the spread of the novel coronavirus (2019-nCoV), even though sentiment among Chinese participants was starting to become more optimistic.Fastmarkets IndicesPremium hard coking coal, fob DBCT: $159.43 per tonne, down $1.22 per tonnePremium hard coking coal, cfr Jingtang: $...Read More
The 2019-nCoV pandemic is definitely a black swan event, one which nobody saw coming. Global business sentiment has taken a massive hit, with major industries grinding to a halt on travel bans, quarantine orders and border controls. Major airlines such as Singapore Airlines and Qatar Airways have grounded their fleets, stock markets have collapsed with exchanges closing and tourism is taking a pun...Read More
Seaborne iron ore prices plummeted on Monday March 23, with concerns about ex-Chinese demand took center stage, pushing Chinese participants to recalibrate their outlook on the steelmaking raw material.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $81.07 per tonne, down $6.91 per tonne 62% Fe low-alumina fines, cfr Qingdao: $82.17 per tonne, down $6.98 per tone58% Fe fines high-grade pre...Read More
Global ferrous scrap prices dropped again during the week to Friday March 20, with the spread of the novel coronavirus (2019-nCoV) continuing to weigh on markets and squeeze demand from steel mills.Turkish import prices record midweek plungeUS West Coast scrap flows begin to dry upTaiwan, Vietnam buyers delay bookings on expectations of further price dropsIndian import prices struggle amid weakeni...Read More
The copper price is coming off its worst week in almost a decade, but analysts feel there could be more downside for the metal as novel coronavirus (2019-nCoV) lockdowns globally wreck demand prospects. The London Metal Exchange three-month copper price closed at $4,810 per tonne on Friday March 20, down 11% from the start of the week and hit a three-year low of $4,371 per tonne on Wednesday. Gove...Read More
The London Metal Exchange three-month copper price was lower during morning trading on Monday March 23, with continued selling pressure pushing copper to test support at $4,500 per tonne, while a rewarranting of 4,566 tonnes led to nickel's decline this morning. Copper's underlying price on the LME was recently at $4,559 per tonne, down by 3% from Friday's closing price of $4,810 per tonne. Copper...Read More
China's domestic rebar prices dropped on Monday March 23 amid falling futures and destocking pressure. Eastern China (Shanghai): 3,460-3,490 yuan ($488-492) per tonne, down 40 yuan per tonne Northern China (Beijing): 3,360-3,400 yuan per tonne, down 20-30 yuan per tonne Rebar futures tumbled during the day amid concerns over how severe an effect the novel coronavirus (2019-nCoV) would have on...Read More
China's hot-rolled coil prices slumped on Monday March 23, with sentiment dampened after futures prices plunged amid global lockdowns due to the novel coronavirus (2019-nCoV) spread.DomesticEastern China (Shanghai): 3,370-3,400 yuan ($475-479) per tonne, down 50-70 yuan per tonneNorthern China (Tangshan): 3,260-3,280 yuan per tonne, down 70-90 yuan per tonneSeveral traders said that sellers had to...Read More
China-based minor metals producer Vital Materials has acquired the Germany-based company FHR Anlagenbau, Vital told Fastmarkets on Friday March 20.The company - with headquarters in Ottendorf-Okrilla in Dresden, Germany - will be integrated into Vitals' thin film material business unit.The transaction completed on March 17 includes all assets, tangible and non-tangible from the previous owner Cent...Read More
Hermes Belous Freire has joined Sumitomo Corp as sales manager for cobalt briquettes. Belous Freire is currently based in Switzerland as a consultant, but will relocate to...Read More
The spread of the novel coronavirus (2019-nCoV) outside China has brought with it logistical restrictions, a reconsideration of raw material requirements and concerns over possible disruptions to supply in the coming weeks. Here are five things under consideration by the minor metals and ferro-alloys markets while the situation develops. Adjustments to delivery and payment terms to mitigate risk T...Read More
The rebounds in the metals toward the end of last week do seem to have been countertrend moves as expected; this morning, Monday March 23, the base metals are down across the board on the London Metal Exchange and Shanghai Futures Exchange. Asian Pacific equity indices were mainly lower this morning, the exception was Japan's Nikkei, but it was closed on Friday for a national holiday, as such, the...Read More
The price of stainless steel in the European domestic market was unchanged this week but the market was bracing itself for a substantial slowdown arising from the consequences of the 2019-nCoV coronavirus pandemic, Fastmarkets heard on Friday March 20.Distributors in Northern Europe reported that demand was largely steady, with customers taking their regular tonnages."March is looking like it will...Read More
Prices for imported UG2 chrome ore and Chinese spot high-carbon ferro-chrome dropped in the week to Friday March 20 due to a bearish outlook for the stainless steel market. Fastmarkets' South Africa UG2 concentrates index, basis 42%, cif China fell for a fifth consecutive week to a four-year low of $114 per tonne on Friday. This was down by $8 per tonne or 6.6% from $122 per tonne a week earl...Read More
Automotive manufacturers in the UK have announced production suspensions after measures taken by European governments to restrict the spread of the 2019-nCoV coronavirus pandemic led to a series of closures among other carmakers, creating problems that affect the supply chain and manufacturing.Ford UKUnited States-based Ford will bring forward scheduled summer shutdowns at its UK operations in Dag...Read More