The broad-based rally across markets continues with investors focusing more on the improving economic data than they are on the uncertain economic impact of the Wuhan coronavirus (2019-nCoV). Claims by Chinese media that a treatment for the virus had been found fueled the rallies yesterday, but the World Health Organization talked down the news.Asian equity indices up either side of 2% this mornin...Read More
Weak demand for new energy vehicles (NEVs) in China is expected to hit domestic Chinese cobalt prices and could see Chinese demand for imported hydroxide fall. But, seaborne prices for processed materials could become tight because China is the world's largest processor of cobalt, some of which is exported. Supply and stocks Production halts (Mutanda) have caused concern about tightness, but...Read More
Expectations for a rebound in new energy vehicle (NEV) sales after the Lunar New Year holiday have been put on hold due to the impact the Wuhan coronavirus is expected to have on the Chinese economy. Battery raw materials market participants had hoped for an economic recovery following the phase-1 trade deal between the United States and China. A drop in demand for EV battery materials from China...Read More
China imported 1,623 tonnes of cobalt metal in 2019, up 54.6% from 1,050 tonnes in 2018, according to official but unconfirmed data seen by Fastmarkets. Fourth-quarter shipments totaled 527 tonnes, up 24.3% from 424 tonnes in the third quarter and up eightfold from 58 tonnes in the fourth quarter of 2018. Chinese appetite for seaborne cobalt metal grew in 2019 due to a narrowing of the import arbi...Read More
Imported flat-rolled steel and plate prices and volumes both dropped year on year in the United States, Fastmarkets has learned, while shipments of foreign semi-finished steel soared in January and domestic markets saw further softness.Imported prices have decreased, following the negative trend of global commodity prices - especially as concerns around the Wuhan coronavirus rise, market participa...Read More
European buyers of domestic hot-rolled coil were mainly in "wait-and-see" mode on Thursday February 6, unwilling to risk purchasing big volumes amid potential import competition, sources told Fastmarkets.Fastmarkets' steel hot-rolled coil index, domestic, ex-works Northern Europe was calculated at ?,?470.18 ($515.93) per tonne on Thursday February 6, down by ?,?5.73 per tonne from ?,?475.91 per to...Read More
Chinese domestic prices suffer heavy falls on building steel inventory levels and persistent first-quarter demand worries, with rebar facing the toughest challenge. Supply and stocks Steel inventories started accumulating in the week of February 6, according to domestic data. Inventory levels are expected to continue building if steel mills are not able to deliver cargoes to end users i...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 6 that are worth another look.Chinese domestic prices suffer heavy falls on building steel inventory levels and persistent first-quarter demand worries, with rebar facing the toughest challenge.Chinese copper smelter Guangxi Nanguo has recently declared force majeure on shipments of copper concentrates, citing logistic...Read More
US rebar prices remain steady despite lower import offers and declining ferrous scrap prices, market participants said.Fastmarkets assessed the price for steel reinforcing bar (rebar), fob mill US at $31-32 per cwt ($620-640 per ton) Wednesday February 5, unchanged from the prior assessment in mid-January.The assessment for steel reinforcing bar, import, ddp Houston, slipped to $590-600 per t...Read More
Turkish long steel export prices have gone down over the past week, in line with falling imported scrap values and sluggish demand for the material, sources said on Thursday February 6.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $410-415 per tonne on Thursday, down from the $425-430 per tonne of last week.Following the latest downturn i...Read More
Vale plans to invest up to $100 million to build an industrial plant for dry magnetic concentration of low-grade iron ore, as it has been trying to reduce the use of tailings dams, the Brazil-based miner said on Thursday February 6.The plant will be located in Brazil's southeastern Minas Gerais state; it will have capacity to process 1.5 million tonnes of iron ore per year and will use techno...Read More
Expectations of robust steel mill restocking have been tempered by demand fears that have knocked iron ore prices by over 10% since before the holiday, but big questions remain about ex-China supply factors such as risks to Brazilian production.Supply and stocks The wider iron ore stock situation is key here: Concerns about seaborne supply resume. Heavy rainfall and mining issues a...Read More
Turkish steel mills have started to show more interest in deep-sea scrap cargoes following the latest drop in prices, sources said on Thursday February 6.A steel mill in the Iskenderun region booked a cargo from the United States, comprising 21,000 tonnes of HMS 1&2 (80:20) at $260 per tonne, 3,000 tonnes of shredded at $265 per tonne and 6,000 tonnes of bonus at $270 per tonne cfr. The previous U...Read More
Fastmarkets MB has corrected its weekly price assessment for steel billet imported into Turkey, which was published incorrectly on Thursday February 6 due to a reporter error.Fastmarkets' weekly price assessment for MB-STE-0116 steel billet, import, cfr main port Turkey, was originally published at $375-385 per tonne. This has now been corrected to $390-400 per tonne.Fastmarkets MB's price book an...Read More
Turkish steel billet prices have fallen sharply in all markets over the past week because of the recent downturn in ferrous scrap import values, sources said on Thursday February 6.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $259.76 per tonne on Thursday, down from $272.52 per tonne a week before.Billet suppliers in the Commonwealth of Independent Stat...Read More
Prices for steel billet imported into Egypt decreased again in the week ended Thursday February 6 amid weak demand, sources have told Fastmarkets.But rebar prices remained unchanged despite the decreasing billet prices, because domestic rebar prices have already fallen by E ?350-850 ($22-54) per tonne since early...Read More
Expectations of robust steel mill restocking have been tempered by demand fears that have knocked iron ore prices by over 10% since before the holiday, but big questions remain about ex-China supply factors such as risks to Brazilian production.Supply and stocks The wider iron ore stock situation is key here: Concerns about seaborne supply resume. Heavy rainfall and mining issues a...Read More
Vale plans to invest up to $100 million to build an industrial plant for dry magnetic concentration of low-grade iron ore, as it has been trying to reduce the use of tailings dams, the Brazil-based miner said on Thursday February 6.The plant will be located in Brazil's southeastern Minas Gerais state; it will have capacity to process 1.5 million tonnes of iron ore per year and will use techno...Read More
Demand for flat steel products in Turkey was moderate in January because of the expectation that prices would go down, market participants told Fastmarkets on Thursday, February 6.Sources added that local producers have now filled their order books until early April.Local demand was strong in Turkey in December because of increasing prices, but failed to improve in January because of globally decr...Read More
A summary of the financial results for stainless steel producer Aperam for the fourth quarter and full year of its financial year in 2019.In briefThe company reports a 29% drop in earnings and claims, 'the worst stainless market environment since inception [of the company].'Aperam cites a weak economic environment both in Europe and Brazil, which weighed on demand and volumes while excessive impor...Read More