Special bar quality (SBQ) steel spot prices in the United States have been weighed down by declining ferrous scrap costs, with demand across most major end markets flat to slightly weak, market participants said.On the hot-rolled side of the market, Fastmarkets' monthly price assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch round 1000 series (carbon), fob mill US was at $34.50...Read More
Demand for passenger cars in the EU dropped by 7.50% year-on-year in January 2020, following four consecutive months of recovery.New car sales in Europe totalled 956,779 vehicles in Janaury 2020, compared with 1,034,407 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Tuesday February 18.The...Read More
Ukraine's largest producer of long steel, ArcelorMittal Kryvyi Rih (AMKR), is currently bringing its new continuous casting machine No3 (CCM No3) to designed capacity, the company announced on Monday February 17."We already produce 150mm billet at CCM No3 and will start production of 130mm billet soon, " a company source told Fastmarkets.The equipment addition is part of a company project to repla...Read More
Uncertainty in the global flat steel market caused by falling prices for exports from China has been affecting demand and putting pressure on the market for exports from the Commonwealth of Independent States (CIS), sources told Fastmarkets on Monday February 17.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $460-480 per tonne on Monday, down from $...Read More
Domestic prices for hot-rolled coil have been fairly stable day on day in the north of Europe and sentiment remains positive, sources told Fastmarkets on Tuesday February 18.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?480.31 ($520.51) per tonne on Tuesday February 18, up by ?,?0.31 per tonne from ?,?480.00 per tonne on February 17.The index was calcul...Read More
Turkish steel producers made more bookings of deep-sea scrap for March shipment, with prices strengthening further on firm demand, sources told Fastmarkets on Tuesday February 18.A steel mill in the Iskenderun region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (90:10) at $282.50 per tonne, 5,000 tonnes of shredded at $285 per tonne and 5,000 tonnes of bonus at $290 per tonne cfr.This com...Read More
News of Australian miner Rio Tinto's production cuts amid continued bearish sentiment among Chinese buyers on downstream demand prevented any significant movement in seaborne iron ore prices on Tuesday February 18.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.18 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $89.51 per tonne, down $0.30 per tonne.62% Fe low-a...Read More
Seaborne coking coal prices were up on Tuesday February 18 with tight seaborne supply driving sentiment, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $155.43 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $164.58 per tonne, up $3.30 per tonneHard coking coal, fob DBCT: $127.01 per tonne, unchangedHard coking coal, cfr Jingtang: $146.95 per tonne, up $4.35 per...Read More
China's domestic hot-rolled coil prices were largely steady on Tuesday February 18 amid thin trading, though some mills lowered their export offers in an attempt to reduce their inventories.DomesticEastern China (Shanghai): 3,470-3,490 yuan ($497-500) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,230 yuan per tonne, unchangedSellers in Shanghai tried to shore up the market by issuing...Read More
With the exception of those for aluminium, base metals prices on the Shanghai Futures Exchange were down at the close of the morning session on Tuesday February 18 as investors seemingly shrugged off further stimulus measures by China on Monday.Nickel was the worst performer of its complex over the morning, with the metal's most-traded April contract dropping to 103,800 yuan ($14,866) per tonne, d...Read More
Glencore will prioritize the production ramp-up of its Katanga mining asset in the Democratic Republic of Congo (DRC) in 2020, the trader-miner said on Tuesday February 18 during its full-year results announcement.The company's production guidance at Katanga is 270,000 tonnes of copper and 29,000 tonnes of cobalt contained in concentrates and hydroxides, and it expects the successful commissioning...Read More
Challenging conditions will continue in the South African ferro-chrome market and Chinese production will continue to expand, Glencore said on Tuesday February 18.The trader-miner announced on February 4 a 9% drop in ferro-chrome output for the full year of 2019 to 1.44 million tonnes, due to maintenance taken during periods of high costs and low prices.Deteriorating ferro-chrome market conditions...Read More
After the broad-based dip on Tuesday February 18 that was partially triggered by Apple’s sales warning, markets have recovered on Wednesday with equity indices in Asia stronger, as are pre-market western equity indices.Base metals prices on the London Metal Exchange were up across the board this morning, while those on the Shanghai Futures Exchange were mixed. China reported 136 new deaths fr...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the January Producer Price Index was an increase of 0.1% versus a gain of 0.2% in December. Actual was up 0.5%. Excluding food and energy, consensus for the January Producer Price Index...Read More
Here are five Fastmarkets stories you might have missed on Monday February 17 that are worth another look.Seaborne iron ore prices were up on Monday amid the gradual return of workers after the extended lunar new year holiday in China.The European Commission has initiated a review of existing safeguard measures into a number of imported steel products, it said on Saturday February 15.The market of...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday February 17, topping gains across the base-metals complex despite low trading volumes, while zinc gathered momentum over the afternoon but remained rangebound.Copper's outright price on the LME closed at $5,812 per tonne in the afternoon, its highest level since January 24 and breaching nearby re...Read More
The market of last resort has just re-ignited copper's cash-and-carry trade in China for the first time since 2018.Shanghai Futures Exchange copper futures have been trading in a deep contango following the delivery of 106,959 tonnes of copper cathodes onto the SHFE over the past two weeks - the biggest fortnightly inflow on records stretching back to 2003."Recently, the February to March carry is...Read More
The market of last resort has just re-ignited copper's cash-and-carry trade in China for the first time since 2018.Shanghai Futures Exchange copper futures have been trading in a deep contango following the delivery of 106,959 tonnes of copper cathodes onto the SHFE over the past two weeks - the biggest fortnightly inflow on records stretching back to 2003."Recently, the February to March carry is...Read More
Key data from the pricing session in Asia and Europe for the week ended Friday February 14. Europe Key drivers The prices for both grades jumped due to difficulties obtaining material from China because of transportation restrictions caused by policies to contain the coronavirus (2019-nCov). Some suppliers reported receiving inquiries from customers who normally buy from China, such as...Read More
Ferrous scrap prices in Turkey rebounded on an improvement in demand from the country's steel mills during the working week ended Friday February 14. The upturn in Turkish prices sparked a recovery in the Indian markets, while prices in the United States were set to follow.Turkish prices increase amid higher buying interestTurkish buying brings signs of recovery in US export marketLow prices for J...Read More