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
The CIS steel billet export market strengthened this week after higher-priced bookings came to light on Tuesday February 25.A large cargo of Ukrainian material was sold to Latin America at $402 per tonne fob Black Sea, sources said.And the same producer sold 10,000 tonnes of billet to Ethiopia at $401 per tonne fob Black Sea, they added.Fastmarkets' daily steel billet index, export, fob...Read More
The US Midwest aluminium premium reversed a more than nine-month downtrend on Tuesday February 25 with some deals concluded at slightly higher premiums, but spot opportunities remain limited and trade disruptions have amplified uncertainty.Fastmarkets' aluminium P1020A premium, ddp Midwest US was assessed at 13.75-15 cents per lb on February 25, narrowing upward from the previous range of 13....Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 25.Click on...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
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
With the exception of that for lead, base metals prices on the Shanghai Futures Exchange were down at the close of the morning session on Tuesday February 25, with heightened risk aversion after a sell-off in global equity markets overnight pressuring the market.A sharp increase in the number of reported cases of the novel coronavirus (2019-nCoV) cases in Japan, South Korea, Europe and numerous ot...Read More
Prices for hot-rolled coil in the United States are holding just above $29 per hundredweight ($580 per short ton) while sources continue to expect steady pricing and market activity for the near term. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.06 per cwt ($581.20 per ton) on Tuesday February 25, a decrease of 0.1% from $29.09 per cwt on February 24...Read More
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 Tuesday February 25.The measures imposed by the European Commission (EC) are currently under review, and the producers hope that this will include a reduction by one-third of the li...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
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
Seaborne coking coal prices were largely unchanged on Tuesday February 25 due to a lack of trading activity in the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.20 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $167.13 per tonne, unchangedHard coking coal, fob DBCT: $142 per tonne, up by $0.37 per tonne ...Read More
Seaborne iron ore prices were down on Tuesday February 25 amid heightened concerns about the novel coronavirus (2019-nCov) outbreak outside China and the resulting risk averse attitude of traders. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.83 per tonne, down $1.05 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.84 per tonne, down $0.98 per tonne. 58% Fe fines high-premium, c...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
High inventory levels weighted on China's domestic rebar market on Tuesday February 25 while concerns over overseas demand also led to a drop in export prices.Eastern China (Shanghai): 3,450-3,480 yuan ($491-495) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,380-3,420 yuan per tonne, widened downward by 10 yuan per tonne A pile-up of finished steel due to weak demand and transporta...Read More
China's hot-rolled coil prices fell in the northern region on Wednesday February 25 despite relative stability in the east, though trading activity across the country fell amid complaints over a lack of cash.DomesticEastern China (Shanghai): 3,560-3,570 yuan ($506-508) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Tangshan): 3,330-3,350 yuan per tonne, down 10-20 yuan per tonnePr...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
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade. Salesforce.com dropped $3.01 to $178.26 after reporting lower than consensus fourth quarter earnings. Canadian Imperial Bank of Commerce (CM $106.02) is expected to open higher after reporting higher than consensus fiscal first quarter earnings. The Bank also raised its dividend.Wendy's...Read More
(Updates with closing prices) By Eric Onstad LONDON, Feb 25 (Reuters) - Copper prices edged into the redon Tuesday as investors struggled to calculate whether anycoronavirus-related loss of metals demand would outweigh weakeroutput. Worries about the virus spreading outside of China hadpushed London Metal Exchange (LME) copper to a two-week low onMonday while zinc slid to its weakest since June 20...Read More
Here are five Fastmarkets stories you might have missed on Monday February 24 that are worth another look.Chinese rebar remained the most competitively priced of imports of the long steel product in Singapore over the past week, edging out Turkish products.The discount for copper scrap imported into China has fallen in February on a lower commodity price and a negative arbitrage, with the impact o...Read More