Heavy rainfall in the Brazilian southeastern state of Minas Gerais has caused interruptions for some railway operators transporting iron ore for exports, but the impact has been minimal, companies told Fastmarkets on Wednesday January 29.January 2020 has had the highest rainfall rate in 110 years, the Minas Gerais' state governor office said on Wednesday. Vale, the world's largest iron ore pr...Read More
Prices in Southeast Asia's steel billet market fell during the week to Thursday January 30 with market participants adopting a bearish outlook amid weakening ferrous scrap prices and uncertainty surrounding the coronavirus outbreak in Wuhan City, China.Nonetheless, billet demand from the Philippines is likely to remain steady until the onset of the rainy season in late May, sources told Fastmarket...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 China Council for the Promotion of International Trade is offering "force majeure certificates" to businesses in China affected by the outbreak of the Wuhan novel coronavirus."Businesses that have failed to perform on contracts on time, or fails to fulfil any international trade contract can apply to the council for a certificate," it said on its website.The move is to safeguard the rights and...Read More
Heavy rainfall in the Brazilian southeastern state of Minas Gerais has caused interruptions for some railway operators transporting iron ore for exports, but the impact has been minimal, companies told Fastmarkets on Wednesday January 29.January 2020 has had the highest rainfall rate in 110 years, the Minas Gerais' state governor office said on Wednesday. Vale, the world's largest iron ore pr...Read More
The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Industry sources have sketched out a number of scenarios that may happen, especially if the situation becomes drawn out and restrictions on travel and transportation persist into the foreseeable future."If logistical restrictions continue...Read More
The China Council for the Promotion of International Trade is offering "force majeure certificates" to businesses in China affected by the outbreak of the Wuhan novel coronavirus."Businesses that have failed to perform on contracts on time, or fails to fulfil any international trade contract can apply to the council for a certificate," it said on its website.The move is to safeguard the rights and...Read More
The three-month zinc price on the London Metal Exchange closed at its lowest level in more than three years at the close of trading on Thursday January 30, settling below the nearby $2,200 per tonne support level, while the price of copper futures continued to decline over the afternoon.Zinc's outright price closed at its lowest level since July 2016 on Thursday afternoon, falling to a closing pri...Read More
Domestic prices for hot-rolled coil have been fairly stable in the north of Europe, but the mood is positive, supported by good order books at the steel mills and a lack of competitive import offers, sources told Fastmarkets on Thursday January 30.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?467.57 ($514.66) per tonne on Thursday January 30, up by ?,?0...Read More
The chief financial officer of copper producer Antofagasta, Alfredo Atucha, will retire on March 31, with Mauricio Ortiz appointed to replace him, the company said on Thursday January 30.Ortiz is currently the vice president of finance for the group's mining division and has been working for Antofagasta since 2015. Atucha first joined the miner in 2013."I want to thank Alfredo for his...Read More
The miner Russian Ferro Alloys (RFA) has started production of charge chrome at a time when supply from the incumbent producers has been cut in the face of low prices and an escalation of costs."The current production rate [of charge chrome] is set at 250,000 tonnes [per year] and can be adjusted based on market demand and on the ideal production mix," a spokesman told Fastmarkets on January 30. R...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 30 that are worth another look.The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Zinc's weak fundamentals are finally catching up with prices, after being softened by a selloff sparked by concerns about the co...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 chief financial officer of copper producer Antofagasta, Alfredo Atucha, will retire on March 31, with Mauricio Ortiz appointed to replace him, the company said on Thursday January 30.Ortiz is currently the vice president of finance for the group's mining division and has been working for Antofagasta since 2015. Atucha first joined the miner in 2013."I want to thank Alfredo for his...Read More
The Wuhan coronavirus will likely influence fundamentals in China's steel market and Chinese export trends in the near future, sources told Fastmarkets this week.Industry sources have sketched out a number of scenarios that may happen, especially if the situation becomes drawn out and restrictions on travel and transportation persist into the foreseeable future."If logistical restrictions continue...Read More
The three-month zinc price on the London Metal Exchange closed at its lowest level in more than three years at the close of trading on Thursday January 30, settling below the nearby $2,200 per tonne support level, while the price of copper futures continued to decline over the afternoon.Zinc's outright price closed at its lowest level since July 2016 on Thursday afternoon, falling to a closing pri...Read More
Seaborne coking coal prices were unchanged on Thursday January 30, despite Australian miner Anglo American confirming a 'geotechnical issue at Moranbah North [mine in Queensland, Australia] during development works, which resulted in a roof fall incident.'Fastmarkets' indicesPremium hard coking coal, fob DBCT: $152.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $162.73 per tonne, u...Read More
Seaborne iron ore prices were down on Thursday January 30 while market participants further lowered estimates of physical transaction prices amid talk of steel production cuts in China and resulting concerns over the impact on mills' raw material procurement. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $84.94 per tonne, down $1.90 per tonne62% Fe low-alumina fines, cfr Qingdao: $86.55 p...Read More
The Turkish deep-sea scrap import market has gone quiet since the recent slip in prices, sources told Fastmarkets on Thursday January 30.The daily scrap indices went down by almost $10 per tonne on Wednesday, when a US cargo was heard sold at $275 per tonne cfr for HMS 1&2 (90:10).But the mills have mostly been quiet in the wake of this cargo deal, because they were still focused on rebar and bill...Read More
Domestic rebar and wire rod prices in the Turkey dropped in the week to Thursday January 30, in response to falling imported scrap prices and limited demand, sources said.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, exw Turkey, was 2,960-3,000 lira ($497-504) per tonne on January 30, down from last week's 2,975-3,030 lira per tonne. ...Read More