Nickel's three-month price was at its lowest since late June on the afternoon of September 30; all other London Metal Exchange prices were down across the board by 2-4%."Commodities are being pressured by a surge in the dollar, coupled with supply chain pressures that are having a growing impact on demand, particularly out of China where power has become the latest bottleneck," ED&F Man's head of...Read More
Seaborne iron ore prices increased on Thursday September 30, after reports of a fatality at Fortescue Metals Group's (FMG) Solomon Hub in Western Australia, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $119.23 per tonne, up $5.10 per tonne62% Fe low-alumina fines, cfr Qingdao: $121.94 per tonne, up $6.92 per tonne58% Fe fines high-grade premium, cfr Qingdao: $91....Read More
Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), with a base rate of 15% and specific minimum rate for each product, will remain in effect until December 31, 2021.It is mainly m...Read More
Steel beam prices rose in the United States' domestic and import markets on Thursday September 30 in response to a third round of mill increases. Fastmarkets' monthly assessment for steel beams 8- x 8-in, fob mill US rose to $68 per hundredweight ($1,360 per short ton) on Thursday September 30, up 3.82% from $65.50 per cwt on August 26, and up 7.94% from $63 per cwt on July 29.Fastmarkets' as...Read More
A drop in Comex copper prices has led to a slight lowering of discounts for some copper scrap items, while brass scrap prices fell. Demand for copper scrap was said to be steady, however, with buyers not overly concerned about supply at the moment despite a recent resurgence in export demand - especially from China."There is a lot of scrap available, more than enough to get through what we need to...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 29 that are worth another look....Read More
Production halts in China, the world's largest producer of silicon and magnesium, saw prices for the chemical elements surge in the week to Wednesday September 29, with ripples felt across the aluminium industry, where elements such as silicon can comprise up to 13% of alloy production. Power supply problems in many of China's key industrial and manufacturing hubs have intensified while the nation...Read More
Nickel's three-month price was at its lowest since late June on the afternoon of September 30; all other London Metal Exchange prices were down across the board by 2-4%."Commodities are being pressured by a surge in the dollar, coupled with supply chain pressures that are having a growing impact on demand, particularly out of China where power has become the latest bottleneck," ED&F Man's head of...Read More
Seaborne iron ore prices increased on Thursday September 30, after reports of a fatality at Fortescue Metals Group's (FMG) Solomon Hub in Western Australia, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $119.23 per tonne, up $5.10 per tonne62% Fe low-alumina fines, cfr Qingdao: $121.94 per tonne, up $6.92 per tonne58% Fe fines high-grade premium, cfr Qingdao: $91....Read More
Further deals for steel billet booked by Chinese buyers earlier this week came to light on Thursday September 30, the day before the country began its National Holiday, sources told Fastmarkets.Power shortage issues, together with concerns over the debts incurred by property giant Evergrande, reduced billet market sentiment in China at the beginning of this week, but some deals were booked to the...Read More
Local rebar prices in Egypt remained stable in the week to Thursday September 30, supported by ample demand from government projects, sources told Fastmarkets."Demand is good for the second consecutive month, driven by state projects in infrastructure and housing sectors," a local steelmaker told Fastmarkets.For example, domestic rebar consumption in August was 720,000 tonnes in Egypt, up by 76.7%...Read More
Turkish steel mills returned to the deep-sea scrap market on Thursday September 30 for November shipment cargoes, market participants told Fastmarkets.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $435 per tonne, along with 8,000 tonnes of shredded and 12,000 tonnes of bonus at $450 per tonne cfr.A mill in the Izmir region also book...Read More
Domestic steel reinforcing bar prices in the United States were stable in the week to September 30, with some market participants saying that upward price momentum has come to an end."I think we have hit the wall," an East Coast distributor source said. "Jobs have been canceled or delayed, inventories are not being replenished to previous levels, and just having the bar does not get you the order...Read More
Deliverable stocks of base metals in Shanghai Futures Exchange-registered warehouse broadly declined in the week to Thursday September 30, with tin recording the biggest fall and aluminium being the lone riser.Tin totalled 1,272 tonnes this week, down by 279 tonnes (18.0%) from 1,551 tonnes a week before. The largest outflow was from Quansheng Logistics Caoan warehouse in Shanghai, where volumes w...Read More
Environmental, social and governance (ESG) investors should be reducing exposure to plug-in hybrid- and fuel cell-weighted automotive supply chains and focusing instead on battery electric vehicles (BEV), according to a report by Jefferies. Ford's recent announcement of record-setting investment in electric vehicles (EVs) gives a clear signal to the market: BEVs are the future, with hybrids a...Read More
Copper consumption will increase in line with surging demand for decarbonization as part of the energy transition, but a combination of factors will eventually see this trend reverse, according to analysis by G&H Metals & Mining Consultancy. The copper-focused consultancy, a collaboration between Plusmining and Simon Hunt Strategic Services (SHSS), told Fastmarkets that the annual growth in copper...Read More
Environmental, social and governance (ESG) investors should be reducing exposure to plug-in hybrid- and fuel cell-weighted automotive supply chains and focusing instead on battery electric vehicles (BEV), according to a report by Jefferies. Ford's recent announcement of record-setting investment in electric vehicles (EVs) gives a clear signal to the market: BEVs are the future, with hybrids a...Read More
Australia-based mining company South32 have announced that they have exercised their pre-emptive rights to acquire an additional 25% shareholding in Mozal Aluminium from MCA Metals Holding GmbH (Mitsubishi) in a public notice released on Thursday September 30.Mozal Aluminium, a primary aluminium smelter located in Mozambique, is currently joint owned by South32 (47.1%), Mitsubishi (25%), the IDC (...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 30 that are worth another look.Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Australia-based mining company South32 have announced...Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More