Seaborne coking coal prices continued to rise on Tuesday October 1, with a November-loading cargo of premium low-vol materials fetching $147-148 per tonne fob Australia, sources said during the day.Premium hard coking coal, fob DBCT: $146.08 per tonne, up $8.79 per tonne Premium hard coking coal, cfr Jingtang: $159.70 per tonne, unchanged Hard coking coal, fob DBCT: $123.13 per tonne, up $1.88 per...Read More
The three-month copper price on the London Metal Exchange was lower during morning trading on Tuesday October 1, falling below nearby support levels amid high turnover. Recently trading at around $5,653 per tonne, copper's outright price was down by around 1.2% from Monday's closing price of $5,725 per tonne. Volumes traded in copper over the morning were moderately high, with some 4,700 lots...Read More
The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More
Adjustments to EU safeguard measures will "stabilize trade flows by containing import concentrations from certain exporting countries," the European steel association Eurofer said on Tuesday October 1.Although the changes will result in improvements, "the result is still not sufficient for a large part of the sector, especially given that it is facing depressed domestic steel demand," Eurofer said...Read More
The three-month tin price on the London Metal Exchange was the standout performer at the close of trading on Tuesday October 1, closing over 2% higher amid high turnover while mixed trading pushed zinc futures 2.4% lower. Trading at an intraday low of $15,950 per tonne, LME tin's outright price broke past the $16,000-per-tonne threshold over the morning session, settling at $16,250 per tonne by 5p...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday October 1 that are worth another look.Chilean miner Codelco has increased its United States' annual copper cathode premium to 3.1 cents per lb for 2020 supply, making it the benchmark's highest level since 2016, sources close to the matter confirmed to Fastmarkets.The benchmark premium paid for the supply of aluminium to main Ja...Read More
The US copper cathode premium has fallen to its lowest level since July 2018 due to weakened demand and buyer concerns around the protracted US-China trade war.Fastmarkets assessed the copper grade 1 cathode premium, ddp Midwest US at 6.75-7.5 cents per lb on Tuesday October 1, down from 7-7.75 cents previously and the premium's first move since August 13. Sources across the supply chain repo...Read More
The benchmark secondary aluminium alloy A380.1 price fell to its lowest level since late March 2009, pressured by weakness in the domestic aluminium scrap market and the London Metal Exchange's North American special aluminium alloy contract (Nasaac).Fastmarkets assessed the price for aluminium alloy A380.1, delivered Midwest US, at 60-63 cents per lb on Monday September 30, down by 2 cents from t...Read More
Graphite products manufacturer Energoprom's electrode plant in the Russian city of Chelyabinsk will no longer produce anodes for use in the production of aluminium due to "unfavorable conditions" in the carbon and graphite product markets.This has forced it to cancel its anode supply deal with compatriot aluminium producer UC Rusal, less than two years into the five-year contract, Rusal told Fastm...Read More
Rotterdam in-warehouse nickel cathode and briquette premiums both fell dramatically in the week to Tuesday October 1.Fastmarkets assessed the nickel uncut cathode premium, in-whs Rotterdam at $80-100 per tonne in the week to October 1, down by 56% from $190-220 per tonne the previous week, while the nickel briquette premium, in-whs Rotterdam was assessed at parity on the same date, down by 60% wee...Read More
U.S. Steel plans to fully acquire Big River Steel (BRS) within four years, and to focus on flat-rolled production at the Osceola, Arkansas-based mini-mill - along with its Gary Works and Mon Valley Works - according to the company's top executive."Today's investment is the first step in a two-step process to ultimately acquire all of Big River. We fully intend to acquire the remaining 50.1% i...Read More
CIS export billet prices continued to slide as several new bookings were closed with discounts,sources told Fastmarkets on Tuesday October 1."The major issue today is not even scrap, but low finished long still prices and reduced demand for them," one trader said.Late last week a cargo of October-rolling billet from Russia was...Read More
CIS export rebar and wire rod prices remained unchanged in the week to Monday September 30 due to a lack of trading activity."Everyone is waiting to see more drops in the market in the next couple of weeks, [so] customers [are holding] back bookings," one trader said.CIS rebar was on offer to foreign customers at $405-410 per tonne fob, sources told...Read More
Import and domestic prices for steel rebar in the United Arab Emirates fell this week because of soft demand, sources said on Tuesday October 1.The new reduced domestic rebar prices for the month were announced on September 26.Billet importsBillet was on offer from Oman at about $405 per tonne cpt, and $390-400 per tonne cfr from India.One deal for 5,000 tonnes was...Read More
Flat steel import prices into the United Arab Emirates and Saudi Arabia remained stable this week on continuing limited demand, sources told Fastmarkets on Tuesday October 1.Buyers did not want to book large tonnages before prices hit a market bottom and end-user demand began to improve, they said.UAEOffer prices for hot-rolled coil (HRC) from China were heard at $450-460 per tonne cfr this week,...Read More
Prices for most ferrous scrap grades in Mexico's steelmaking regions of Monterrey and Baj?-o fell week on week as widespread adjustments continued to occur amid declining global scrap prices and poor sentiment in the US domestic scrap market.Market participants showed no optimism, indicating that prices of scrap do not seem to have hit a bottom.Fastmarkets' weekly price assessment for steel scrap...Read More
The Turkish steel producers have continued their deep-sea purchases for November shipments, sources said on Tuesday October 1.A steel mill in the Marmara region booked a 32,000-tonne US-origin cargo, comprising HMS 1&2 (80:20) at $226 per tonne, shredded at $231 per tonne and bonus at $236 per tonne cfr. The cargo composition, however, was not clear at the time of...Read More
Seaborne iron ore prices were flat on Tuesday October 1 at the start of the week-long public holiday in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.38 per tonne, unchanged.62% Fe Pilbara Blend fines, cfr Qingdao: $92.91 per tonne, unchanged.62% Fe low-alumina fines, cfr Qingdao: $91.72 per tonne, unchanged.58% Fe fines high-premium, cfr Qingdao: $82.28 per...Read More
Some major Chinese scrap importers have stopped buying from overseas over fears of not receiving quotas for the fourth quarter of 2019, leading them to postpone deliveries until March next year after Lunar New Year, Fastmarkets has learned. Many buyers in Ningbo province, a major destination for No2 copper scrap imports to China, have already used up their quotas assigned earlier and some of them...Read More
Seaborne coking coal prices continued to rise on Tuesday October 1, with a November-loading cargo of premium low-vol materials fetching $147-148 per tonne fob Australia, sources said during the day.Premium hard coking coal, fob DBCT: $146.08 per tonne, up $8.79 per tonne Premium hard coking coal, cfr Jingtang: $159.70 per tonne, unchanged Hard coking coal, fob DBCT: $123.13 per tonne, up $1.88 per...Read More