Turkey has increased the import duty imposed on steel rebar, removed the duty reductions allowed on cold-rolled coil imports by producers of coated coil, and removed the duty on pig iron imports, according to the Turkish Official Gazette on December 31, 2019.According to the new regulations, the import duty on rebar is now 30%, up from the previous 10%.The 2% import duty on pig iron is now 0%.And...Read More
Hollow steel sections prices in Europe were unchanged this week, with trading still on pause following the Christmas break, market sources told Fastmarkets on Thursday January 2.Fastmarkets' weekly price assessment of steel sections (medium), domestic, delivered Northern Europe, was ?,?590-600 ($661-672) per tonne on Thursday, unchanged since the previous assessment.Many market participants have y...Read More
The price of steel H-beams across Europe remained unchanged on Thursday January 2, with many market participants not yet returning to work after Christmas, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?550-570 ($616-638) per tonne on January 2, unchanged from the previous assessment.Most market participants still remained...Read More
The domestic price for hot-rolled coil in Northern Europe was largely unchanged on Thursday January 2, due to slow trading activity, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index domestic, exw Northern Europe, was largely stable at ?,?439.17 ($492.27) per tonne on Thursday January 2, compared with ?,?439.39 per tonne on December 31.Market activity has...Read More
Turkish steel mills remained quiet in the deep-sea scrap import market on Thursday January 2, with most suppliers staying out of the market due to the year-end holidays, sources told Fastmarkets.Turkey's deep-sea scrap import market has been silent since December 20, when a Baltic Sea cargo was booked at $303 per tonne cfr.Sentiment, however, has now turned negative becaus...Read More
The pig iron export market in the Commonwealth of Independent States (CIS) remained in holiday mode in the week to Thursday January 2. Fastmarkets' weekly price assessment for high-manganese pig iron export, fob main port Black Sea, CIS, was $320-325 per tonne on Thursday January 2, up from $315-322 per tonne a week earlier.Suppliers...Read More
Iron ore prices advanced on Thursday January 2 despite a downturn in rebar and further production restrictions in China's steel hub of Tangshan.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $94.05 per tonne, up $1.92 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $93.14 per tonne, up $1.92 per tonne.62% Fe low-alumina fines, cfr Qingdao: $94.35 per tonne, up $1.81 per t...Read More
Seaborne coking coal prices were steady on Thursday January 2, with market participants still on the sidelines.Fastmarkets indicesPremium hard coking coal, fob DBCT: $140.69 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $148.77 per tonne, unchangedHard coking coal, fob DBCT:...Read More
Prices for 62% Fe iron ore experienced a gradual recovery as 2019 came to an end, rising to the $90-per-tonne level, while the high-grade 65% Fe segment even breached $100 per tonne.Traded volumes for the Singapore Exchange's 65% Fe futures contract, which is settled against Fastmarkets' daily index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao, amounted to 1.994 million tonnes in December....Read More
The three-month copper price on the London Metal Exchange was higher across morning trading on the first working day of the year on Thursday January 2, breaching nearby resistance amid high trading volumes, with zinc futures following higher.Copper's outright price on the LME was recently at $6,210 per tonne, climbing by around 0.6% from Tuesday's closing price of $6,174 per tonne, while turnover...Read More
China's domestic hot-rolled coil prices were flat on Thursday January 2 although Tangshan announced short-term steelmaking restrictions to improve air quality. DomesticEastern China (Shanghai): 3,900-3,920 yuan ($560-563) per tonne, unchangedNorthern China (Tangshan): 3,640 yuan per tonne, unchangedA large number of steel mills in northern China's steel hub of Tangshan were instructed to implement...Read More
Cobalt hydroxide consumers will continue to have exposure to the spot market this year, with some of their requirements likely to be topped up from producer stocks held in Asian warehouses, sources told Fastmarkets. The creation of a nearby spot market has appeal in cutting the long shipping times, as well as reducing the potential for logistical difficulties and price risk associated with shippin...Read More
Chinese stainless steel prices declined over the past week because of producer plans to reduce their inventories ahead of the January 24-30 Lunar New Year holiday. Sources told Fastmarkets that the slight decrease in nickel prices also contributed to the lower prices, with the three-month nickel contract on the London Metal Exchange ending 2019 at $14,075-14,100 per tonne on Tuesday Dece...Read More
Tan Viet Quang Co Ltd began construction of a stainless steel plant in central Vietnam's Quang Tri province in late December. The company will invest 1.6 trillion Dong ($69 million) in the project, which will be able...Read More
U.S. equity index futures were lower this morning following news that a U.S. airstrike killed an Iranian general and a top Iraqi commander. S&P 500 futures were down 36 points to 3,222.75.Iran warned retaliation for the U.S. airstrike. Commodity markets responded. WTI Crude Oil jumped $2.27 to $63.45 per barrel. Energy stocks are expected to open higher. . Gold jumped $36.00 to $1,548.30 per o...Read More
* Copper resistance at 100-week moving average of $6,245 * LME copper stocks at lowest since March 2018 (Updates with closing prices) By Pratima Desai LONDON, Jan 2 (Reuters) - Copper prices rose towardseight-month highs on Thursday as demand expectations wereboosted by economic measures in China and optimism that theworld's top metals consumer would also sign a preliminary tradedeal with the Unit...Read More
Malaysia will impose anti-dumping tariffs of up to 26.39% on cold-rolled coil imported from China, Japan, South Korea and Vietnam. The import taxes will be in effect for five years from December 25, 2019, to December 24, 2024, Malaysia's Ministry of Trade and Industry (MITI) said earlier this week.The products subject to the duties are cold-rolled coils of iron or non-alloy steel, of...Read More
U.S. equity index futures were higher this morning. S&P500 futures were up 19 points in pre-opening trade. Index futures were buoyed by another 1.15% gain by the Shanghai Composite Index to 3,085.20.Schlumberger added $0.24 to $40.44 after Stifel Nicolaus raised its target price to $47 from $45.Halliburton (HAL $24.42) is expected to open higher after Stifel Nicolaus raised its target price to...Read More
A summary of base metals premiums from across the globe for the week to Tuesday December 31.Click on the above image...Read More
Small losses were seen across most of the London Metal Exchange base metals complex on the last trading day of 2019, with only tin bucking the trend. The LME three-month aluminium price dropped by $6 on Tuesday December 31 to close at $1,810 per tonne. "Cancelations have been the story for the past week, but the price doesn't care," an aluminium trader told Fastmarkets. "Into 2020, there...Read More