Turkish steel scrap import prices continued to increase on Monday October 11 after more cargo deals were heard booked by steelmakers, sources told Fastmarkets.Late on Friday October 8, two deep-sea cargoes were heard.A steel mill in the Iskenderun region booked a European cargo comprising 20,000 tonnes of heavy melting scrap 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of plate and str...Read More
Ecobat's Stolberg lead smelter will remain shut until spring 2022; regional tightness is pushing more consumers to look for spot units.The German lead plant, which declared force majeure due to floods in July, is still undergoing repair work, a company statement seen by Fastmarkets on Tuesday October 12 said. The smelter is in the process of procuring parts and equipment for the rebuild, the...Read More
Chinese domestic rebar prices continued to rise on Monday October 11 after steel mills increased their list prices, but market participants remain pessimistic about demand and prices for the rest of October.Domestic Eastern China (Shanghai): 5,940-5,990 yuan ($923-931) per tonne, up by 30-40 yuan per tonneThe major eastern China producer Shagang raised its list prices for HRB400 16-25mm rebar...Read More
The global restructuring of the GFG Alliance group has provided cash funds for Liberty Steel's UK operations to restart its electric-arc furnace in the English town of Rotherham, and to prepare the Speciality Steel section for sale, the company said in a press release on Sunday October 10.After the creation of Liberty Steel Group's Restructuring and Transformation Committee (RTC) in May 2021, prog...Read More
Hot-rolled coil prices in the United States remained under $97 per hundredweight ($1,940 per short ton) after market participants said restocking is not widely needed and that pricing may have peaked.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $96.89 per cwt ($1,937.80 per ton) on Tuesday October 12, little-changed from $96.83 per cwt on Monday October 11 but down...Read More
Seaborne iron ore prices were down on Tuesday October 12 amid limited trading at Chinese ports, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $129.00 per tonne, down $6.03 per tonne62% Fe low-alumina fines, cfr Qingdao: $130.17 per tonne, down $8.93 per tonne58% Fe fines high-grade premium, cfr Qingdao: $98.51 per tonne, down $7.08 per tonne65% Fe Brazil-origin fi...Read More
Power cuts remained a prominent factor in China through the third quarter of 2021 as the world's second-largest economy grappled with soaring coal prices and its own strict limits on energy consumption - put in place to help the country achieve carbon neutrality by 2060.An increasing number of factories - especially those in energy intensive industries - have suffered from curbs to their power usa...Read More
China will allow its floating electricity prices to rise further from October 15 to stabilize supply amid a shortage in the country, according to a notice released by the country's National Development & Reform Commission (NDRC), its top economic planner, on Tuesday October 12.Electricity supplied to the national grid is priced using a formula that comprises a base price and a floating price, acco...Read More
Power cuts remained a prominent factor in China through the third quarter of 2021 as the world's second-largest economy grappled with soaring coal prices and its own strict limits on energy consumption - put in place to help the country achieve carbon neutrality by 2060.An increasing number of factories - especially those in energy intensive industries - have suffered from curbs to their power usa...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.Fastenal slipped $0.43 to $51.80 after reporting less than consensus third quarter revenues. Charter Communications dropped $5.11 to $690.12 after Deutsche Bank downgraded the stock from Buy to Hold. Target was reduced from $825 to $725.Netflix added $4.15 to 631.20 after Truist raised it...Read More
Base metals prices on the London Metal Exchange were mostly trading higher at the close of business on Monday October 11, with LME Week beginning in London.Aluminium prices were the star performer, rising by 3.3% to more than $3,000 per tonne. The three-month price closed at $3,064 per tonne, up from $2,966 per tonne at the close on Friday.The price reached $3,072.50 per tonne on Monday - a 13-yea...Read More
A more cautious approach towards copper - due to factors including fears over energy, logistics and inflation - has failed to deter demand for the metal, according to the chairman of Chilean state-owned miner Codelco.This includes in China, the world's largest consumer of copper and where Evergrande, the country's second-largest real estate company, has been struggling to repay over $300 billion o...Read More
Global cobalt supply can't keep pace with surging cobalt consumption because its production is tied to copper and nickel mining rather than underlying demand, the chief executive officer of diversified mining company Eurasian Resources Group (ERG) said.The issue at the heart of industrially mined cobalt supply is that it is almost exclusively a by-product of copper and nickel mining, Benedikt Sobo...Read More
Base metals prices on both the Shanghai Futures Exchange and London Metal Exchange were, for the most part, up across the board on the morning of Monday October 11, along with Asia-Pacific equities.* Metals stronger despite strong US treasury yields* Brent crude oil approaching $84 per barrel* Disappointing US employment report may hold US Federal Reserve back and give inflation a freer handBase m...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points in quiet pre-opening trade. Today is a partial holiday in the U.S.: The bond market is closed and equity markets are open. WTI crude oil surged $2.61 to $81.96 per barrel.Starbucks slipped $1.33 to $112.55 after Deutsche Bank lowered its rating from Buy to Hold.Zoom dropped $1.26 to $253.79 after Stifel Nico...Read More
Here are five Fastmarkets stories you might have missed on Friday October 8 that are worth another look.South American flat steel import prices were mostly stable or moved slightly in the week to Friday October 8 amid China's National Day holiday and few offers from other origins.Some of the most important...Read More