A drop in Comex copper prices has led to a slight lowering of discounts for some copper scrap items, while brass scrap prices fell. Demand for copper scrap was said to be steady, however, with buyers not overly concerned about supply at the moment despite a recent resurgence in export demand - especially from China."There is a lot of scrap available, more than enough to get through what we need to...Read More
Environmental, social and governance (ESG) investors should be reducing exposure to plug-in hybrid- and fuel cell-weighted automotive supply chains and focusing instead on battery electric vehicles (BEV), according to a report by Jefferies. Ford's recent announcement of record-setting investment in electric vehicles (EVs) gives a clear signal to the market: BEVs are the future, with hybrids a...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 30 that are worth another look.Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Australia-based mining company South32 have announced...Read More
Nickel's three-month price was at its lowest since late June on the afternoon of September 30; all other London Metal Exchange prices were down across the board by 2-4%."Commodities are being pressured by a surge in the dollar, coupled with supply chain pressures that are having a growing impact on demand, particularly out of China where power has become the latest bottleneck," ED&F Man's head of...Read More
London Metal Exchange prices were largely unchanged on the morning of Thursday September 30, with tin and aluminium the standout performers for the month. A strong US Dollar Index, which was at its highest level since September 2020 on Wednesday at 94.43 and just slightly lower on Thursday morning, has been one of the factors keeping metal prices steady. "And increased uncertainty in China ab...Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 30 that are worth another look.Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.Australia-based mining company South32 have announced...Read More
Spot prices for hot-rolled coil in China moved within a tight range on Thursday September 30 on thin trading ahead of a week-long holiday to mark the country's National Day.DomesticEastern China (Shanghai): 5,740-5,770 yuan ($888-893) per tonne, narrowed by 10 yuan per tonne from 5,730-5,780 yuan per tonneNorthern China (Tangshan): weekly assessment: 5,720-5,740 yuan per tonne, narrowed upward by...Read More
Domestic steel reinforcing bar prices in the United States were stable in the week to September 30, with some market participants saying that upward price momentum has come to an end."I think we have hit the wall," an East Coast distributor source said. "Jobs have been canceled or delayed, inventories are not being replenished to previous levels, and just having the bar does not get you the order...Read More
China's stainless steel prices plunged in the week to Wednesday September 29 due to the weak demand and destocking pressure.DomesticStainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 21,000-21,400 ($3,247-3,308) per tonne, down by 800-1,100 yuan per tonne from a week earlier The high prices of a week earlier - they had surged to their highest in 10 years - kept buying interest subdued...Read More
Here are five Fastmarkets stories you might have missed on Wednesday September 29 that are worth another look....Read More
Seaborne cfr prices increased on a new deal on Thursday September 30; sources expect seaborne coking coal prices in the cfr market to edge up after China's National Day holiday, partly due to the ongoing power shortage.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $603.28 per tonne, up $10.39 per tonneHard coking coal, cfr Jingtang: $565.14 per tonne, up $30.28 per tonnePremium hard c...Read More
Turkish billet export and import prices have slipped over the week to Thursday September 30 in line with limited demand, market participants said.Suppliers in the Commonwealth of Independent States (CIS) continued to offer billet to Turkey at $620-630 per tonne cfr, but Turkish buyers were not interested in billet imports.Some sources said they believe the workable price for CIS billet will only b...Read More
The suspension of activity in the vicinity of the Xingu dam in Vale's Mariana iron ore complex has been partially revoked, allowing the associated railway to resume activities, the Brazilian company said on Thursday September 30.The Regional Labor Superintendence (SRT) had issued an order to partly reverse the suspension of operations to allow the resumption of transportation along the Vit??ria-Mi...Read More
China is stepping up measures to ensure there is enough electricity supply for heavy industries amid ongoing power restrictions in various parts of the country.The National Development & Reform Commission (NDRC) will look into allowing more thermal coal imports and higher domestic production of the raw material to increase electricity generation rates, a spokesman for the commission said at a pres...Read More
Turkish steel mills returned to the deep-sea scrap market on Thursday September 30 for November shipment cargoes, market participants told Fastmarkets.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $435 per tonne, along with 8,000 tonnes of shredded and 12,000 tonnes of bonus at $450 per tonne cfr.A mill in the Izmir region also book...Read More
The European market for steel hot-rolled coil remained quiet on Thursday September 30, with buyers continuing to hold back from trading in expectation of more substantial price declines amid slower end-user demand, sources told Fastmarkets.Buyers in Europe have been waiting for the new quota period to begin on October 1before assessing the "real volumes that will enter the market," they said."The...Read More
Hot-rolled coil prices in the United States edged back above $98 per hundredweight ($1,960 per short ton), with market participants at odds over whether the steel rally is about to run out of steam.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $98.08 per cwt ($1,961.60 per ton) on Thursday September 30, up by 0.16% from $97.92 per cwt on Wednesday September 29 and u...Read More
Mills in Bangladesh have dipped into the containerized import scrap market for a handful of bookings at largely stable prices, sources told Fastmarkets on Thursday September 30.Bangladesh books small tonnage in containersChina import market activity thin ahead of holidayPrices in Taiwan weaken after restocking endsBangladeshSteelmakers in Bangladesh booked a handful of deals for containers of heav...Read More
Nickel's three-month price was at its lowest since late June on the afternoon of September 30; all other London Metal Exchange prices were down across the board by 2-4%."Commodities are being pressured by a surge in the dollar, coupled with supply chain pressures that are having a growing impact on demand, particularly out of China where power has become the latest bottleneck," ED&F Man's head of...Read More