South America caught up with the global steel price upturn in the week ended Friday November 22, with new formal import offers being made and some deals reported at prices at least $10 per tonne higher than the previous week.The sudden scarcity of offers from South Korea, India and the Commonwealth of Independent States (CIS), which had been low-cost suppliers for December shipments, was also prov...Read More
UK alloy steel scrap prices remained largely unchanged over the past seven days following a significant drop last week, sources told Fastmarkets on Friday November 22.Fastmarkets' price assessment for stainless steel scrap 316 solids domestic, delivered merchants UK, was ?1,170-1,230 ($1,512-1,590) per tonne on November 22, compared with ?1,170-1,250 per tonne delivered a...Read More
The availability of Indian iron ore in the international market is shrouded in uncertainty amid falling seaborne prices and concerns over domestic supply in the South Asian country due to the impending expiration of non-captive mine leases in March 2020. The Indian parliament had in 2015 passed an amendment of its mining legislation, stipulating an expiry date of March 31 next year for all existin...Read More
Base metals prices on the London Metal Exchange consolidated at the close of trading on Friday November 22, with nickel futures notching a 1% rise over the day against sideways trading and moderate turnover generally. Nickel's outright price on the LME closed at $14,635 per tonne this afternoon, a climb of around 1% from Thursday's closing price of $14,505 per tonne, but an incline of just under 3...Read More
The Fastmarkets index for iron ore 65% Fe Brazil-origin, cfr Qingdao, rose on Friday November 22, breaching the $100-per-tonne mark for the first time since October 8.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.08 per tonne, up $1.41 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $88.11 per tonne, up $1.41 per tonne.62% Fe low-alumina fines, cfr Qingdao: $87.47 per tonne, up $1....Read More
Global scrap prices remained relatively stable due to a lull in trading during the working week ended Friday November 22, with the exceptions of the Indian market, which dipped, and Taiwan, where prices rose.Turkish steel mills slow pace of buying but prices hold steadyUS prices steady on pause in export activityIndian market dips on buying jittersPrices unchanged in VietnamTaiwan prices up on sol...Read More
An overview of the minor metals markets and their latest price moves.Read More
Base metals prices on the London Metal Exchange consolidated at the close of trading on Friday November 22, with nickel futures notching a 1% rise over the day against sideways trading and moderate turnover generally. Nickel's outright price on the LME closed at $14,635 per tonne this afternoon, a climb of around 1% from Thursday's closing price of $14,505 per tonne, but an incline of just under 3...Read More
Japanese and Korean copper smelters are likely to follow the contract for 2020 treatment and refining charges (TC/RCs) settled by Jiangxi Copper and miner Freeport, with major Chinese smelters also likely to accept the number."The benchmark number is the benchmark number. We should respect it," a source at one of the biggest Asian smelters said.Freeport agreed an annual TC/RCs deal for 2020 with J...Read More
The three-month copper price on the London Metal Exchange was higher across morning trading on Friday November 22, with price action bolstered by a fresh cancelation of 28,725 tonnes, while positive forward spreads further supported buying activity.Copper's outright price on the LME was recently seen at $5,854 per tonne, up by around 0.5% from Thursday's closing price of $5,829 per tonne, while tu...Read More
With confusing news over United States-China trade talks, the markets are unsettled this morning, Friday November 22; the path of least resistance for the metals is to the downside, but with prices already weak, support is being encountered.The release of flash purchasing managers' index (PMI) data on Friday will provide further insight into the state of global manufacturing.With gold prices weake...Read More
A policy under which certain copper scrap products will be officially renamed "recyclable copper raw materials" will be the most-watched event in China's copper market next year, delegates attending Fastmarkets' Asia Copper Conference in Shanghai heard on Wednesday November 20."Going forward, attention in the copper scrap market should be paid to timeline for the reclassification, and what that wi...Read More
Base metals prices on the Shanghai Futures Exchange were mostly up during the morning trading session on Friday November 22 after a sense of optimism returned to the market following reports that China's top negotiator had invited United States delegates to Beijing for face-to-face talks."Trade negotiations continue to dominate sentiment; however the risk seems to be in a much better place this mo...Read More
Cold-rolled coil and galvanized steel prices in the United States increased slightly on Thursday November 21, supported by better demand conditions than hot-rolled coil despite a lack of clarity in the market for the remainder of the year, according to sources.Fastmarkets' weekly price assessments for steel cold-rolled coil, fob mill US and for hot-dipped galvanized (base) steel coil, fo...Read More
Hot-rolled coil prices in the United States have continued to climb, with most domestic mills quoting at higher prices and rejecting any proposed discounts from buyers, sources said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $27.29 per hundredweight ($545.80 per short ton) on Friday November 22, up by 0.9% from $27.04 per cwt on November 21.Most prices...Read More
Turkish flat steel producers increased their prices again during the week ended Friday November 22 on increasing raw material costs, with demand strong because of low stock levels and the expectation that prices will increase more.Raw material prices, especially those for scrap, have increased recently.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $264.2...Read More
Brazilian slab export prices have recovered in the past week, following the upward trend in the scrap and coil global markets, while mills focus on negotiations with North American customers for first- and second-quarter deliveries.Fastmarkets' assessment of steel slab export, fob main port Brazil, rose to $355-380 per tonne on Friday November 22, from $345-355 per tonne a week earlier.The latest...Read More
Turkish prices for hot-dipped galvanized coil (HDG) and color-coated coil, or pre-painted galvanized iron (PPGI), increased in the week to Friday November 22, with demand improving because of low stocks and the expectation that prices will rise further, sources told Fastmarkets.A rise in raw materials prices was the reason for the higher steel prices, they added.Fastmarkets' daily index for steel...Read More
Domestic rebar prices in Poland have risen over the past week, following an increase in domestic scrap prices in Europe, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, ex-works Poland, was 2,000-2,050 zloty ($515-528) per tonne on November 22 compared...Read More
Prices in Southeast Asia's steel billet market rose in the week to Friday November 22 as Chinese buyers continued to snap up material in the spot market, sources told Fastmarkets.Over the past week, a Chinese trader reportedly booked 50,000 tonnes of Qatari billet at $418-425 per tonne cfr China, while Iranian billet was offered at $405-410 per tonne cfr China. Billet prices in Jiangsu province, a...Read More