Base metals prices on the Shanghai Futures Exchange mostly softened during morning trading on Monday December 23, with the exception of the most-traded nickel contract, which bucked the trend with a 1.6% increase.Most investors stayed on the sidelines despite a partial resolution of the trade war between China and the United States.On Sunday, the Chinese finance ministry said it would lower tariff...Read More
Improving sentiment in the European domestic and import flat steel market in recent weeks spurred Italian customers to accept higher prices for CIS slabs, supporting Fastmarkets' assessment range in the week to Monday December 23. The price of imported hot-rolled coils prices in Southern Europe has gained $20-30 per tonne since the beginning of December, while the domestic price has increased by $...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
The domestic price for hot-rolled coil in Northern Europe remained unchanged day on day on Monday December 23, sources told Fastmarkets.Market activity has been low due to seasonal slowdown during Christmas holiday period in Europe but is expected to start to recover in the second week of January. Fastmarkets' daily index for steel hot-rolled coil index domestic, ex-works Northern Europe...Read More
Anglo American has received an operational permit for a "downstream" tailings dam at its Minas-Rio expansion project in southeast Brazil, the company said on Monday December 23.In the final stage of its development, Minas-Rio is expected to achieve nameplate capacity of 26.5 million tonnes of iron ore by the end of 2020.The company forecast output for the unit for 2019 was 23 m...Read More
Turkish domestic auto bundle scrap prices continued to push up this week in line with rising imported scrap values, sources said on Monday December 23.Two steel mills raised their buy prices for auto bundle scrap by 60 Turkish lira ($10) per tonne in response to the rising imported scrap costs.Fastmarkets' daily index for steel scrap, HMS...Read More
The ferrous scrap market in the United States might be calmer in 2020, with metals recyclers potentially facing less volatility and price declines than in 2019, which could present a unique set of opportunities for buyers and sellers.Market participants do not expect the steep decline in prices that characterized the market in 2019 to reoccur due to the extent of that drop. Fastmarkets' asses...Read More
Turkish steel mills booked one more deep-sea cargo for February shipment, with prices inching up further, market sources said on Monday December 23.A steel mill in the Iskenderun region booked a 25,000-tonne Baltic Sea cargo, comprising HMS 1&2 (80:20) at $303 per tonne, shredded at $308 per tonne and bonus at $313 per tonne cfr. The cargo breakdown was not clear at the time of...Read More
High-grade seaborne iron ore prices rose on Monday December 23 amid limited supply of the raw material, while those of mid-grade fines were slightly lower.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $91.33 per tonne, down $0.30 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $90.42 per tonne, down $0.30 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.33 per tonne,...Read More
Seaborne coking coal prices stayed largely rangebound on Monday December 23, while market expectations for PCI prices were softer.Fastmarkets indicesPremium hard coking coal, fob DBCT: $134.97 per tonne, down $0.81 per tonnePremium hard coking coal, cfr Jingtang: $147.47 per tonne, unchangedHard coking coal, fob DBCT: $122.33 per tonne, unchangedHard coking coal, cfr Jingtang: $134.99 per tonne, u...Read More
Prices for seaborne iron ore concentrate dipped last week amid a wider retreat in the market for the steelmaking raw material, though those for pellets fended off the downward pressure.ConcentrateThe weekly Fastmarkets index for iron ore 66% Fe concentrate, cfr Qingdao stood at $107.93 per tonne last Friday December 20, down by $1.64 per tonne week on week.The daily Fastmarkets index for iron ore...Read More
China's domestic hot-rolled coil prices gained on Monday December 23 as supply remained short in the east of the country, but a mill based in northern China exported material at a low level despite high offers, market participants said.DomesticEastern China (Shanghai): 3,900-3,910 yuan ($556-558) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,640-3,650 yuan per tonne, widening upward...Read More
China's rebar prices were mixed on Monday December 23, with market participants divided in their outlook for the market in January.Eastern China (Shanghai): 3,800-3,830 yuan ($542-546) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,520-3,560 yuan per tonne, up 20 yuan per tonneSome participants think inventory in the spot market in January will stay low, which will sup...Read More
Here are five Fastmarkets MB stories you might have missed on Monday December 23 that are worth another look....Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday December 20. Europe Key drivers European silicon spot prices continued momentum from previous weeks. The metal is closing the year in a positive mood after constant falls in the second and third quarters of 2019. Trading has slowed slightly down ahead of the holiday but European sources...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday December 20.ChinaKey drivers The price of antimony, MMTA standard grade II, ddp China, continued to drop for the seventh consecutive week in the latest assessment period ended Wednesday December 18, as suppliers cut offer prices further amid scant buying interest.Some suppliers lowered prices in an effort to sell off stock...Read More
The fate of indium stocks once held by the failed Fanya Metal Exchange and due to be auctioned this week will remain a major concern for indium market participants going into 2020.An upcoming auction on Sunday December 29 for Fanya's 3,609.5 tonnes of indium is likely to be the last held for the now defunct exchange's hefty minor metals inventories, but the uncertainty clouding the indium market w...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points in pre-opening trade. Volumes on U.S. and Canadian equity markets are expected to be well below average today prior to the Christmas Holiday tomorrow. U.S. and Canadian equity markets close at 1:00 PM EST.Advanced Micro Devices added $0.68 to $46.04 after RBC Capital raised its target price from $50 to $53. Bo...Read More
Here are five Fastmarkets MB stories you might have missed on Friday December 20 that are worth another look.The spot main Japanese port (MJP) aluminium premium is likely to remain under pressure next year due to growing supply and weak demand amid a decline in global automobile sales, market participants told Fastmarkets. Evraz Vanadium has elected to partner with Mica Group, naming the Chin...Read More