Seaborne coking coal prices moved up on Thursday February 27, although buyers in China expected prices to show a correction following a drop in domestic metallurgical coke prices.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.05 per tonne, up by $2.75 per tonnePremium hard coking coal, cfr Jingtang: $169.01 per tonne, up by $0.67 per tonneHard coking coal, fob DBCT: $144.50 per tonne,...Read More
Seaborne iron ore prices retreated further on Thursday February 27, with many Chinese market participants concerned that the spread of the novel coronavirus (2019-nCoV) outside China and its impact on the ferrous sector within the country remain the biggest factors weighing on prices. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $85.72 per tonne, down $2.38 per tonne.62% Fe low-alum...Read More
Turkish steel billet prices have remained stable over the past week on steady imported scrap costs, sources said on Thursday February 27.The suppliers in the Commonwealth of Independent States (CIS) region were still offering material at $405-415 per tonne cfr this week, but no significant bookings were heard at those prices.Some sources believed that bids from Turkish customers would be heard at....Read More
Turkish rebar and wire rod prices have continued higher over the past week due to a weakening lira against the dollar, while demand for the materials has also been improving, sources said.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey was 3,180-3,230 lira ($517-525) per tonne on Thursday February 27, up from the 3,150-3,190 lira per tonne last week.The...Read More
The discounts for brass mill No1 copper and for brass ingot makers' light copper scrap tightened in the week to Wednesday February 26, moving in tandem with the falling Comex copper price, but increased export demand supported most brass scrap tags.Some copper scrap discounts tightened as the Comex copper price softened in the wake of the novel coronavirus (2019-nCoV) spreading outside China.The m...Read More
Growing Chinese copper output and an imbalance in trade terms between China and the west have led to a rising need for the European copper industry to guard its interests, panelists at Fastmarkets' International Copper Conference in Amsterdam said on Thursday February 27."It's difficult to say [European copper market participants] don't have to worry," chief metal officer Marco Calamia from one of...Read More
Base metals prices on the London Metal Exchange were down across the board during morning trading on Thursday February 27 due to continued lackluster demand.The novel coronavirus infection (2019-nCoV) continues to impact demand for base metals. The virus has now spread to Europe, with Italy being hit hardest. There have now been more than 400 cases in the Southern European country, affecting truck...Read More
The Italian government could step in to support industrial companies including copper fabricators if the novel coronavirus situation in the country worsens, KME's chief metal officer told delegates at Fastmarkets' International Copper Conference in Amsterdam on Thursday February 27. Marco Calamia joined the conference's opening panel via video conference after the KME grounded staff members follow...Read More
The novel coronavirus (2019-nCoV) outbreak in South Korea, the largest export market for Chinese stainless steel, is likely to apply additional pressure on stainless steel prices in Asia, sources told Fastmarkets this week. Although the actual impact will be determined by the severity of the measures that the South Korean government undertakes, buyers are likely to exercise more caution while they...Read More
The majority of base metals prices on the Shanghai Futures Exchange were down at the close of morning trading on Thursday February 27, with the complex still pressured by lingering concerns of the rapid spread of the novel coronavirus (2019-nCoV) outside of China.Investors remain focused on the spread of the virus, which causes the disease Covid-19, while the number of infected continues to grow a...Read More
Extended lead times at mills in the United States and expectations that scrap prices will rise in March have continued to drive gains in domestic hot-rolled coil pricing, and also sparked a fresh round of mill hikes.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.47 per hundredweight ($598.4 per short ton) on Thursday February 27, up by 0.3% from $29.38 per c...Read More
A summary of Mexican long-steel producer Grupo Simec's financial performance in the fourth quarter and full year 2019.In brief Lower shipments and average steel prices per tonne in the fourth quarter reduced full-year net sales for Grupo Simec, despite higher revenues reported overseas in 2019 as a whole, the company's quarterly reported showed on Wednesday February 26. According to the company, d...Read More
The Turkish long steel export markets have been silent over the past week with limited demand in the major markets, sources said on Thursday February 27.The steel mills in Turkey continued to offer rebar for export at $440-450 per tonne fob on an actual weight basis, while bids for material were heard around $430 per tonne.There were...Read More
Prices for imported steel billet and domestic rebar in Egypt increased in the week ended Thursday February 27, but demand was still weak, sources told Fastmarkets.Some Egyptian rebar producers increased their prices on Wednesday February 26.Egyptian rebar producers were offering rebar at E ?9,600-10,100 per tonne ex-works including 14% value-added tax, up from last...Read More
Turkish steel mills have continued to stay away from the deep-sea scrap markets to try to keep pressure on prices, sources said on Thursday February 27.After a buying spree in the past three weeks, the mills stopped their deep-sea purchases at the beginning of this week.The mills were very active in the deep-sea scrap markets in the period from February 4-24, booking at least 22 cargoes totaling m...Read More
Seaborne coking coal prices moved up on Thursday February 27, although buyers in China expected prices to show a correction following a drop in domestic metallurgical coke prices.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.05 per tonne, up by $2.75 per tonnePremium hard coking coal, cfr Jingtang: $169.01 per tonne, up by $0.67 per tonneHard coking coal, fob DBCT: $144.50 per tonne,...Read More
Seaborne iron ore prices retreated further on Thursday February 27, with many Chinese market participants concerned that the spread of the novel coronavirus (2019-nCoV) outside China and its impact on the ferrous sector within the country remain the biggest factors weighing on prices. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $85.72 per tonne, down $2.38 per tonne.62% Fe low-alum...Read More
Japanese ferrous scrap export transaction prices were unchanged over the week to February 26 despite a rise in offer prices from most sellers, market sources told Fastmarkets.A rise in container freights - amid a shortage of containers - increased demand for unusual bulk scrap bookings over the week in Asian countries including India and Pakistan, while a similar pattern emerged in Taiwan, with gr...Read More
Two major steelmakers in eastern China lowered their purchase prices for steel scrap on Thursday February 27 due to weak downstream demand, their first revision after the Chinese New Year holiday.Shagang's new purchase price for heavy scrap (6mm thickness) is 2,670 yuan ($379) per tonne delivered, including value-added tax. This is down by 30 yuan per tonne from its last price set in early January...Read More
China's hot-rolled coil prices dropped on Thursday February 27 after trading thinned further, with high inventories dampening market sentiment.DomesticEastern China (Shanghai): 3,520-3,530 yuan ($500-501) per tonne, down 40 yuan per tonneNorthern China (Tangshan): 3,280-3,300 yuan per tonne, down 20 yuan per tonneSeveral Shanghai-based traders said trading activity on Thursday was even lower than...Read More