Anglo-Australian iron ore miner Rio Tinto has lowered its iron ore shipment guidance following infrastructure damage across its Pilbara operations in Western Australia. The miner now expects shipments of 324-334 million tonnes in 2020, down from a previous guidance of 330-343 million tonnes, it said on Monday February 17. "Rio Tinto's iron ore operations in Pilbara, Western Australia, are pro...Read More
The European Commission (EC) has initiated a review of existing safeguard measures into number of imported steel products, it said on Saturday February 15. "On the basis of [the European] Union interest considerations, [the EC] may have to review certain elements of the safeguard measures in order to take account of recent developments or changed circumstances. Furthermore, such a review should be...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
Most of the global markets for steel billet showed low activity in the week ended Friday February 14, but offer prices from the main producing regions still increased, amid higher costs for scrap raw material and weak demand for semi-finished steel products.Prices from the Commonwealth of Independent States (CIS) and Turkey rose, but buying interest remained subdued, with customers preferring to t...Read More
Domestic prices for hot-rolled coil have increased slightly day on day in the north of Europe, sources told Fastmarkets on Monday February 17.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?480.00 ($519.84) per tonne on Monday, up by ?,?0.66 per tonne from ?,?479.34 per tonne on February 14.https://www.metalbulletin.com/My-price-book.html?price=42176The i...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
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
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transaction: rebarRebarEast China, domestic, grade III 16-25mm...Read More
The London Metal Exchange will on February 1 introduce a reporting process that will increase transparency into levels of off-warrant stocks. The exchange announced the plans in November 2019 and aims to attract more metal back in LME sheds. It is controversial, but its passage into the LME rulebook on February 1 follows a consultation last year. Some market participants are now saying the LME sho...Read More
Chris Griffith, chief executive officer and executive director of Anglo American Platinum, will step down from his position, the company said on Monday February 17.Griffith's last day at Anglo American Platinum will be April 16, 2020 after leading the company for more than seven years, the company said. His successor is expected to be a candidate from within...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
Chinese traders have started offering Chinese billet for export to Southeast Asia - a trade flow not commonly seen since 2017 - in a telling sign of bearish sentiment in the domestic Chinese long steel markets. The billet cargoes are priced at $415-420 per tonne cfr to the Philippines and Indonesia, and at $410-415 per tonne cfr Thailand, falling below asking prices for material from other origins...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
Copper has attempted to rebound since early September following a marked sell-off in the summer months where macro and fundamental forces have been prevalent.On the macro front, copper has benefited from a slight easing in US-China trade tensions and more monetary policy easing across the globe - including China, where copper consumption is the most exposed - that has shored up investor sentiment....Read More
The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More
CIS rebar and wire rod producers turned bullish in the second half of February, because of a surge in scrap prices in Turkey in recent weeks.Indications of rebar offers from both Russia and Ukraine were reported at $440 per tonne fob Black Sea on Monday February 17, whereas in the first week of February a major Ukrainian producer was ready to sell rebar at $420 per tonne fob Black Sea.Last week, s...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