Thin trading in China's domestic hot-rolled coil market continued to put pressure on prices on Wednesday February 26, though exporters stuck to their high offers.DomesticEastern China (Shanghai): 3,560-3,570 yuan ($506-507) per tonne, unchangedNorthern China (Tangshan): 3,300-3,320 yuan per tonne, down 30 yuan per tonneTraders in Shanghai reported that buying slowed down further after the price mo...Read More
Base metals prices were for the most part weaker this morning, Wednesday February 26, weighed down by further weakness from global equity markets that have in recent days been shaken from their complacency.The latest retreat in equities was partly fueled by the US Centers for Disease Control and Prevention warning Americans to prepare for the spread of the novel coronavirus (2019-nCoV) in the Unit...Read More
The European ferro-silicon spot price has jumped by 13% so far in February amid firm fundamentals, and with reduced stock levels in Europe - where production levels have fallen after domestic cuts in recent months - and little available for spot sales, prices may be set to climb even further in the near term.Fastmarkets' price assessment for ferro-silicon lumpy basis 75% Si (scale pro rata), deliv...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday February 26.Key drivers: Quiet ferro-titanium business in late February has not encouraged cheaper offer prices, with European suppliers expecting renewed demand for quarterly settlements in March and keen to hold their sales prices until then. 40 tonnes of alloy business has been reported to...Read More
An overview of the minor metals markets and the reasons behind the latest price moves.Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 39 points in pre-opening trade. Traders are responding to news of a spread in the coronavirus. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 212,000 versus 211,000 last week. Actual was 219,000. Consensus for January Durable Goods Orde...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 25 that are worth another look.European steel producers, represented by regional steel association Eurofer, hope to achieve a further toughening of the region's existing safeguard measures on steel product imports, market sources told Fastmarkets on February 25.The US Midwest aluminium premium reversed a more than nine-mon...Read More
The three-month zinc price on the London Metal Exchange was lower at the close of trading on Tuesday February 25, with the price edging down by 0.3% in a broadly positive trading afternoon, while lead futures topped the base-metals complex.Zinc's outright price on the LME closed at $2,030 per tonne in the afternoon, failing to close in positive territory despite strong turnover throughout the day....Read More
The three-month nickel price on the London Metal Exchange outperformed its peers across morning trading on Tuesday February 25, with all base metals trading in positive territory, while complex-wide selling pressure that emerged on Monday afternoon continued to ease.Nickel's outright price on the LME was recently seen at $12,640 per tonne on Tuesday morning, up from Monday's closing price on $12,4...Read More
Manganese ore producer Consolidated Minerals (Consmin) has had to delay shipments to China from Port Hedland in Western Australia as a result of disruption caused by the novel coronavirus (2019-nCov) outbreak."Due to the coronavirus, we have struggled to get vessels to take all our February tonnage, so our February [cargoes] will be sailing in March," a spokesman told Fastmarkets on Monday Fe...Read More
Join Fastmarkets' web seminar on what could be in store for the minor metals markets now most stocks formerly held by the Fanya Metal Exchange in China have been sold off in auctions.The whereabouts of minor metal stocks held by the now defunct Fanya Metals Exchange has been a weight on the outlook of minor metals prices and contract negotiations since the exchange collapsed in 2015.Fastmarkets wi...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 25 that are worth another look.European steel producers, represented by regional steel association Eurofer, hope to achieve a further toughening of the region's existing safeguard measures on steel product imports, market sources told Fastmarkets on February 25.The US Midwest aluminium premium reversed a more than nine-mon...Read More
Turkish steel producers maintained their silence in the deep-sea scrap import market, leaving prices unchanged, sources told Fastmarkets on Tuesday February 25.Steel producers in the country booked eight deep-sea cargoes at rising prices last week, totaling some 250,000 tonnes.With last week's bookings, Turkish imports of scrap so far this month have included 21 deep-sea cargoes adding up to&...Read More
A Pakistani mill that recently made a rare purchase of a bulk cargo of ferrous scrap from the United States West Coast will now likely buy such shipments with greater frequency, according to sources Fastmarkets spoke to.The trade - involving 30,000 tonnes of shredded scrap priced at $306 per tonne cfr Port Qasim - only came to light on Monday February 24, against the background of global economic...Read More
Consolidation across a broad section of markets is underway this morning, Tuesday February 25, while Monday's sell-offs pause as markets adjust to lower prices, but little has changed for the better.Given the novel coronavirus (2019-nCoV) is starting to spread across more countries and indeed major manufacturing countries at that, including Japan, South Korea and Italy, and the full impact of the...Read More
Here are five Fastmarkets stories you might have missed on Tuesday February 25 that are worth another look.European steel producers, represented by regional steel association Eurofer, hope to achieve a further toughening of the region's existing safeguard measures on steel product imports, market sources told Fastmarkets on February 25.The US Midwest aluminium premium reversed a more than nine-mon...Read More
Domestic prices for hot-rolled coil in Northern and Southern Europe were fairly stable day on day on Tuesday February 25, sources told Fastmakets.Although a lack of 'workable' import offers and good order books from European mills have been supporting bullish sentiment in the market, market participants have become more concerned with the negative effects that the coronavirus outbreak in Italy mig...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia fell this week, with buyers waiting to see prices hit bottom before placing orders, sources told Fastmarkets on Tuesday February 25.Some market participants expected prices to fall because of weak demand, while others said demand could soon improve because stocks are low.UAEChinese hot-rolled coil was on...Read More
Rebar producers from the Commonwealth of Independent States (CIS) region tested higher offers in the market in the week to Monday February 24, following the surge in raw materials prices in the global market, particularly ferrous scrap, market sources said.Offers for Ukraine-origin rebar were reported within the range of $445-450 per tonne fob Black Sea, against $440 per tonne heard a week earlier...Read More
Rebar prices in the Central Federal District around Moscow, Russia, increased this week after Tula Steel announced a reduction in supplies due to a planned stoppage its main pig iron supplier, Tulachermet. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT, was 33,000 rubles ($506.42) per tonne on Tuesday February 25, u...Read More