Hudbay Minerals has appointed Peter Kukielski the company's president and chief executive officer, the copper-zinc miner said on Wednesday January 22.Kukielski had been serving as interim president and CEO of Hudbay since July 2019, a period that coincides with a US District Court blocking the company's Rosemont project."We are very pleased to appoint Peter as Hudbay's president and chief executiv...Read More
Chilean state-run copper producer Codelco started production from the expansion to its El Teniente division on Thursday January 23, 10 months ahead of schedule, the company said on the day.The expansion is the first step in a project that will increase mine life by 50 years by 2023, Codelco added.The miner has invested $759 million in phase 1 of the expansion, called the Recursos Norte project, wh...Read More
Prices for some imported flat steel products moved up again in the United States, with importers reluctant to bring in competitive offers from overseas due to a lack of buying interest.Market participants previously said that imports could become attractive again after a collective effort by domestic flat-rolled steel mills to push prices up. While prices for domestic flat-rolled steel produc...Read More
Hot-rolled coil prices in the United States moved closer to $30.50 per hundredweight on Thursday January 23 despite deep unease among some steel buyers about staying power at that level.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $30.44 per cwt ($608.80 per ton) on Thursday, up 1.4% from $30.03 per cwt the previous day but down 1% from $30.75 per cwt a week e...Read More
The price of billet in Turkish markets has gone down over the past week on decreasing imported scrap values, sources said on Thursday January 23.The billet offers from the Commonwealth of Independent States (CIS) slipped to as low as $410 per tonne cfr levels, downfrom last week's minimum levels of $415 per tonne. Only one firm bid was heard at $408 per tonne cfr, according to sources.Fastmarkets'...Read More
With the calendar having shifted to 2020, opportunities and threats abound for steel and steelmaking raw materials markets across the world.In this special report, we take you around the globe to provide you with a...Read More
Domestic prices for rebar and wire rod in Turkey have gone down over the past week amid lower imported scrap values and limited winter demand, sources said on Thursday January 23.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 2,975-3,030 Turkish lira ($501-511) per tonne, including 18% VAT, on January 23. This was down from the 3,050-3,060 lira pe...Read More
Turkish long steel export prices have continued to fall over the past week in line with softening scrap costs and limited demand, sources said on Thursday January 23.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $425-430 per tonne on an actual weight basis on January 23, down from the $435-440 per tonne fob of last week.The mills in the c...Read More
Prices for steel billet imported into Egypt decreased again in the week to Thursday January 23 amid weak demand, sources told Fastmarkets.Egyptian rebar producers were offering rebar at E ?9,650-10,000 ($610-632) per tonne ex-works including 14% VAT, down from last week's E ?9,650-10,120 per tonne ex-works. ...Read More
Seaborne iron ore prices dropped significantly on Thursday January 23 in the lull ahead of the week-long Chinese New Year holiday, amid rising concerns over the potential impact of the coronavirus outbreak in Wuhan.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.44 per tonne, down $3.24 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $92.48 per tonne, down $3.24 per tonne.6...Read More
The seaborne coking coal market was quiet on Thursday January 23 with many participants in China already away for the Chinese New Year, though a mysterious respiratory virus that is spreading across the country is clouding the outlook for prices.Fastmarkets indicesPremium hard coking coal, fob DBCT: $152.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $162.73 per tonne, unchangedHar...Read More
Hebei Iron and Steel Group (HBIS), also known as Hesteel Group, has secured a yuan-denominated contract to buy iron ore from Vale, China's second-biggest steelmaker said this week.The contract was signed on Monday January 20 according to an announcement on the HBIS website on Thursday, and is worth around 200 million yuan ($29 million).The...Read More
Prices in Southeast Asia's steel billet market were stable on Thursday January 23 amid a bearish outlook for the ferrous scrap market and the absence of market participants in China ahead of the Lunar New Year holiday. Fastmarkets' daily price assessment for steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into Manila, was $442-443 per tonne on Januar...Read More
The digitalization of global trade received another push this week, with the International Chamber of Commerce (ICC), the government of Singapore and industry participants signing an agreement to facilitate and accelerate the adoption of technologies in commerce at the World Economic Forum in Davos, Switzerland. "Digital platforms will lower existing barriers to international trade in the coming y...Read More
The three-month aluminium price on the London Metal Exchange dipped below nearby support levels during morning trading on Thursday January 23 on a rewarranting of 68,875 tonnes, while copper's price struggles continued. Aluminium's outright price on the LME was recently at $1,797 per tonne, 0.7% below Wednesday's closing price of $1,811 per tonne and sinking below the key threshold. Turnover in a...Read More
China's rebar market remained quiet on Thursday January 23 with most participants already on holiday for the Chinese New Year, though the emergence of a mysterious respiratory virus in the country has resulted in a bearish outlook for prices after the break.DomesticEastern China (Shanghai): 3,640-3,670 yuan ($527-531) per tonne, unchangedNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchan...Read More
Pre-Lunar New Year re-stocking abated in the week to Thursday January 23 with all Shanghai Futures Exchange base metals' deliverable stocks, bar lead, subject to increases while the growing Coronavirus outbreak pressures demand for material. Analysts expect demand to continue to wane throughout January while restrictions put on travel in an effort to contain the virus, which has killed 17 people a...Read More
China's hot-rolled coil market remained quiet on Thursday January 23 with most participants already on vacation for the Chinese New Year, though many of them are concerned about prices falling due to the outbreak of a mysterious respiratory virus in the country.DomesticEastern China (Shanghai): 3,860-3,880 yuan ($559-562) per tonne, unchangedNorthern China (Tangshan): 3,590 yuan per tonne, unchang...Read More
China's stainless steel prices were flat over the past week amid thin trading ahead of the January 24-30 Lunar New Year holiday in the country. The largely rangebound nickel price on the London Metal Exchange also contributed to the stability of the stainless steel market, market participants told Fastmarkets. The three-month nickel contract on the exchange ended Wednesday's trading session at $13...Read More
Base metals prices on the Shanghai Futures Exchange were all down at the close of morning trading on Thursday January 23, the final trading day before Lunar New Year holidays kick off in China.The broad weakness comes amid a pick-up in concerns about the economic impact of a disease outbreak in China as authorities step up their efforts to contain the virus.All public transport in and out of the C...Read More