The pig iron market in the United States during the week ended Friday February 28 went up on new bookings and amid expectations of higher scrap prices in March, sources have told Fastmarkets.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $347-350 per tonne on Friday, up from $335-340 per tonne the week before.Late last week, two cargoes with a...Read More
The price of ferrous scrap imported into India was broadly stable in a lackluster market this week, due to ongoing global fears over the spread of the novel coronavirus (2019-nCoV) and the linked rise in container freight rates, sources told Fastmarkets on Friday February 28.Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $305.66 per tonne on Friday, up...Read More
The inter-merchant spot market for light iron scrap in the UK was flat in the week ended Friday February 28, extending a period of price stability this month against a recovery in European export prices and with major British shredders seeking steady supplies, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel scrap 5C, loose old light, domestic, delivered inter-merchant,...Read More
Trading activity in the Commonwealth of Independent States export billet market was limited in the week to Friday February 28, as most market participants took a wait-and-see position to assess the situation in the global market.Lack of demand for finished long steel products in the customers' markets, stabilization of import scrap prices in the bellwether Turkish market, and dampened sentiment in...Read More
Brazilian slab export prices increased during the week to Friday February 28, with recent deals concluded at higher levels and a seasonal pick-up in the market.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil rose to $460-475 per tonne on Friday from $450-460 per tonne a week earlier.A series of deals to the United States concluded at $470-475 per tonne fob, ac...Read More
Prices in Southeast Asia's steel billet market continued to face multiple headwinds in the week to Friday February 28, despite the sustained uptrend in the bellwether Turkish ferrous scrap import market. Many buyers had replenished their inventories previously or expect the rise in scrap prices to be unsustainable, leading to sluggish demand, a trader in the Philippines said.Ferrous scrap prices i...Read More
A surge in Chinese high-carbon ferro-chrome production last year led to a jump in buying interest for chrome ore, resulting in a significant build-up of ore inventories in the country that is dampening market sentiment. At the same time, the increased output among Chinese ferro-chrome smelters is exceeding demand from the downstream stainless steel sector and is putting pressure on China's market...Read More
The price of stainless steel in the European domestic market was unchanged in the week ended Friday February 28, but decreases were expected from next week following mills' recent announcement of lower monthly alloy surcharges.The surcharges for grade-304 stainless steels came down substantially this week because of lower nickel prices. The nickel downturn also caused grade-316 surcharges to decre...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ending Friday February 28. China Novel coronavirus (2019-nCoV) continues to weaken sentiment for seaborne ore prices amid sharp falls in portside and alloy prices. Portside prices fell on aggressive bids...Read More
The American Institute for International Steel (AIIS) has again asked the United States Supreme Court to hear its case challenging the constitutionality of Section 232.AIIS' move comes after the US Court of Appeals for the Federal Circuit said that President Donald Trump acted within the authority granted to him by the Constitution in imposing tariffs and quotas against foreign steel and aluminium...Read More
Trading in Turkey's domestic steel market has stopped following an airstrike in Idlib in northwestern Syria, that resulted in the deaths of at least 33 Turkish soldiers, market sources told Fastmarkets on Friday February 28. Following the attack, which Turkish officials blamed on the forces of Bashar al-Assad's regime, Turkey's president, Recep Tayyip Erdodan, said Syria's al-Assad regime was now...Read More
The American Institute for International Steel (AIIS) has again asked the United States Supreme Court to hear its case challenging the constitutionality of Section 232.AIIS' move comes after the US Court of Appeals for the Federal Circuit said that President Donald Trump acted within the authority granted to him by the Constitution in imposing tariffs and quotas against foreign steel and aluminium...Read More
Flat steel import prices showed no clear trend in South America in the week ended Friday February 28, with Chinese exporters trying to push for increases following a steep decline through the earlier parts of the month.Buyers in Brazil had been especially quiet because of the strengthening United States dollar and the annual break for carnival festivities in the South American country."Clients hav...Read More
The pig iron market in the United States during the week ended Friday February 28 went up on new bookings and amid expectations of higher scrap prices in March, sources have told Fastmarkets.Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $347-350 per tonne on Friday, up from $335-340 per tonne the week before.Late last week, two cargoes with a...Read More
The London Metal Exchange three-month lead price slipped below $1,800 per tonne temporarily on Friday February 28, on a day that saw just over 6,000 lots traded.The LME lead price fell to $1,778.50 per tonne during morning trading hours in London, but recovered to close at $1,848 per tonne.The forward spreads in lead remained tight, with the benchmark cash-to-three-month spread...Read More
The novel coronavirus (2019-nCoV) is set to accelerate what the trade wars started: the diversification of global supply chains. Both events have demonstrated just how interconnected the global economy is and have provided a wake-up call to businesses worldwide that it might be time to reduce their reliance on China as the workshop of the world. Of course, that's easier said than done. China is th...Read More
A surge in Chinese high-carbon ferro-chrome production last year led to a jump in buying interest for chrome ore, resulting in a significant build-up of ore inventories in the country that is dampening market sentiment. At the same time, the increased output among Chinese ferro-chrome smelters is exceeding demand from the downstream stainless steel sector and is putting pressure on China's market...Read More
The global novel coronavirus (2019-nCoV) outbreak is putting bearish pressure on negotiations for the second-quarter MJP aluminium premium, according to market participants who told Fastmarkets they expect the premium to fall year on year. The second-quarter premium in 2019 settled at $105 per tonne, but new offers heard today had been at $90 per tonne. Earlier offers in the week were at $105...Read More
The novel coronavirus (2019-nCoV) that originated in China but has since spread to more than 40 countries poses a serious threat to the Chinese nickel market, with demand, and therefore prices, said to be at considerable risk in the short term.While supply of nickel remains largely steady despite reports of some output cuts in China, demand for the metal has been hit by the country's waning stainl...Read More
The London Metal Exchange three-month lead price slipped below $1,800 per tonne temporarily on Friday February 28, on a day that saw just over 6,000 lots traded.The LME lead price fell to $1,778.50 per tonne during morning trading hours in London, but recovered to close at $1,848 per tonne.The forward spreads in lead remained tight, with the benchmark cash-to-three-month spread...Read More