Flat steel import prices in the United Arab Emirates and Saudi Arabia increased this week on higher offers although there were no bookings because buyers sought discounts before placing new orders, sources told Fastmarkets on Tuesday December 24. Suppliers raised their offers in response to increasing raw material costs. But buyers resisted the higher offers, saying the recent price rises have bee...Read More
China's hot-rolled coil exporters achieved higher prices on Tuesday December 24, bolstered by overseas buyers' willingness to pay more for material, even as weakness prevailed in the domestic market, sources said.DomesticEastern China (Shanghai): 3,900-3,910 yuan ($556-558) per tonne, unchangedNorthern China (Tangshan): 3,630-3,640 yuan per tonne, down 10 yuan per tonneSpot prices in Shanghai were...Read More
The hot-rolled steel sheet and rebar markets in Russia's Central Federal District around Moscow strengthened this week on higher prices from mills, even as demand remained seasonally subdued, sources told Fastmarkets on Monday December 23.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 39,500-40,000 roubles ($634-642) per tonne on December 23, inc...Read More
Domestic and import prices for steel rebar in the United Arab Emirates increased slightly over the past week amid moderate demand, market sources said on Tuesday December 24.Market participants in the UAE believe the increases may continue if raw materials prices keep rising.Local rebar producers announced new prices on December 19.Billet importsBillet was offered at $450-470 per tonne cfr, but no...Read More
China's domestic rebar prices and futures dropped on Tuesday December 24 amid heightened expectations of some form of financial stimulus to be implemented by the Chinese government soon. Eastern China (Shanghai): 3,750-3,780 yuan ($535-539) per tonne, down 50 yuan per tonneNorthern China (Beijing): 3,500-3,530 yuan per tonne, down 20-30 yuan per tonneChinese Premier Li Keqiang said on Monday that...Read More
Ferrous scrap prices in Mexico maintained their upward trend this week, with sellers gradually applying price changes in response to a stronger market in the United States.At least one major steelmaker in Monterrey city increased its prices, according to several sellers. The move was initially reported by a scrap dealer in the middle of last week and later confirmed by other market parti...Read More
The Turkish deep-sea scrap import market was quiet on Tuesday December 24 due to the Christmas holiday period in Europe and the United States, market sources said.The most recent deep-sea cargo was booked on Friday December 20 at $303 per tonne cfr for HMS 1&2 (80:20) from the Baltic Sea region.Read More
Seaborne iron ore prices largely softened on Tuesday December 24 amid low buying interest, given cheaper alternatives in the port market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.03 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.12 per tonne, down $0.30 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.39 per tonne, up $0.06 per tonne.58%...Read More
Iranian billet producers set high targets for a new round of export sales this week, seeking $405-407 per tonne fob, spurred on by last week's higher sales prices, sources told Fastmarkets on December 24.Last week, several bookings of the material scheduled for shipment in February were concluded at around $398-402 per tonne fob Iranian ports, while this week market sources reported few more...Read More
Domestic and import prices for steel rebar in the United Arab Emirates increased slightly over the past week amid moderate demand, market sources said on Tuesday December 24.Market participants in the UAE believe the increases may continue if raw materials prices keep rising.Local rebar producers announced new prices on December 19.Billet importsBillet was offered at $450-470 per tonne cfr, but no...Read More
China's domestic rebar prices and futures dropped on Tuesday December 24 amid heightened expectations of some form of financial stimulus to be implemented by the Chinese government soon. Eastern China (Shanghai): 3,750-3,780 yuan ($535-539) per tonne, down 50 yuan per tonneNorthern China (Beijing): 3,500-3,530 yuan per tonne, down 20-30 yuan per tonneChinese Premier Li Keqiang said on Monday that...Read More
The European Commission (EC) is planning to again review its safeguard measures for hot-dipped galvanized (HDG) flat steel destined for the automotive sector, market sources told Fastmarkets this week.In the definitive measures for metallic-coated sheets (product category 4), the EC split the product category into two sub-categories, 4A and 4B, with the automotive sector mainly consuming...Read More
Overcapacity in the global steel sector has been an issue for many years, but has intensified in the recent years, according to Ankur Dana, chief executive officer of Dubai-based multinational Dana Group .Global overcapacity causes steel prices to fall, so governments should only approve new capacities if there is need, Dana said at Fastmarkets' Middle East Iron and Steel Conference in Dubai on De...Read More
One of the main challenges facing the Middle East steel sector is a lack of protection in an industry where protectionism is increasing, according to Abu Bucker Husain, chief executive officer of United Arab Emirates-based galvanized coil producer Al Ghurair Iron and Steel.North America, South America, Europe and Asia have taken protectionist measures to curtail imports, and this opens up the Midd...Read More
A summary of base metals premiums from across the globe for the week to Tuesday December 24.Click the above image to...Read More
Iranian billet producers set high targets for a new round of export sales this week, seeking $405-407 per tonne fob, spurred on by last week's higher sales prices, sources told Fastmarkets on December 24.Last week, several bookings of the material scheduled for shipment in February were concluded at around $398-402 per tonne fob Iranian ports, while this week market sources reported few more...Read More
The domestic price for hot-rolled coil in Northern Europe has been stable day on day due to limited market activity, sources told Fastmarkets on Tuesday December 24.Fastmarkets' daily index for steel hot-rolled coil index domestic, ex-works Northern Europe was unchanged at ?,?439.39 ($487.01) per tonne on Tuesday December 24.The calculation of the index was based on the latest deals and achie...Read More
Ferrous scrap prices in Mexico maintained their upward trend this week, with sellers gradually applying price changes in response to a stronger market in the United States.At least one major steelmaker in Monterrey city increased its prices, according to several sellers. The move was initially reported by a scrap dealer in the middle of last week and later confirmed by other market parti...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday December 24 that are worth another look.The recent downtrend in spot ferro-chrome prices in China was capped by strength in the domestic stainless steel market, while the European and US markets were flat ahead of the Christmas holiday break.Aluminium premiums in South Korea rose in the week ending Tuesday December 24, while the...Read More
A string of long-term deals for cobalt hydroxide show that bullish forecasts for cobalt consumption from the electric vehicle (EV) sector are coming into play. Glencore will supply battery manufacturer SK Innovation with up to 30,000 tonnes of cobalt contained in hydroxide over six years, it said last week - a deal worth about $1 billion in today's market. And other deals also point...Read More