U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade. Index futures moved higher on news that the European Central Bank lowered its Deposit Facility Rate to -0.50%.Gold jumped $21.30 to $1524.50 following release of the ECB report.U.S. equity index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus...Read More
A summary of base metals premiums from across the globe for the week to Tuesday September 10.Please click...Read More
The three-month aluminium and copper prices on the London Metals Exchange defied a stronger dollar index to trade significant volumes by the end of the day's trading on Tuesday September 10. "Flow [of trading] this past week has been systematic short-covering and trading volumes are coming back under pressure suggesting prices will struggle to move aggressively," Marex Spectron said in a morning n...Read More
Chinese spot copper premiums hit nine-month highs during a recent copper conference in the Chinese city of Qiqihar (September 5-6), but delegates were less optimistic for the annual benchmark contract negotiations for 2020. Fastmarkets looks at the key topics dominating the Chinese copper industry into the fourth quarter. Spot copper premiums basis cif Shanghai and in-warehouse Shanghai hit n...Read More
Chilean copper production rose by 0.9% year-on-year in July 2019 with growth at the Esperanza, Collahuasi and Spence mines offsetting lower output from Codelco, Escondida and Anglo American.The country produced 486,500 tonnes of copper content during the month, compared with 482,000 tonnes a year earlier, Chilean copper commission Cochilco said on Monday September 9. Volumes had not grown on the s...Read More
Turkish deep-sea scrap import prices fell again on Tuesday September 10, after a Baltic Sea supplier agreed to accept a lower bid from a Turkish steel mill.Late on Monday, a steel mill in the Izmir region booked a Baltic Sea cargo of 25,000 tonnes of HMS 1&2 (80:20) at $240 per tonne cfr.And other Baltic Sea scrap suppliers were offering HMS 1&2 (80:20) at $245 per tonne cfr.As a result....Read More
Chinese cold-rolled coil export prices remained unchanged over the past week despite an anti-dumping investigation being instigated in Vietnam.Vietnam's Ministry of Industry & Trade launched the probe after requests from several Vietnamese producers. The investigation encompasses non-alloy cold-rolled steel sheet and coil in widths of less than 1,600mm and in thi...Read More
The downturn in global steel prices and the current weak demand have begun to affect the prices for flat steel imports into the United Arab Emirates (UAE), sources said on Tuesday September 10.Import prices in Saudi Arabia have yet not been affected, but they were expected to change by next week, sources said.UAEOffer prices for hot-rolled coil (HRC) from China have fallen as low as $470 per tonne...Read More
Steel hot-rolled sheet prices in Russia's Central Federal District around Moscow have softened first time since mid-April on the seasonal slowdown, sources told Fastmarkets on Monday September 9.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 43,000-44,900 roubles ($655-684) per tonne on September 9, including 20% VAT. This was down from 45,100-45...Read More
Import prices for steel billet in the United Arab Emirates have gone down because of the global fall in steel prices and poor demand, and rebar prices were expected to start a similar downtrend soon, sources said on Tuesday September 10.Market participants were expecting new prices to be announced in the near future, Fastmarkets was told.Domestic rebarEmirates Steel is the UAE's largest producer,...Read More
The Supreme Administrative Court of Egypt has again postponed its decision on the possible re-imposition of safeguard duties on billet and rebar imports and will not discuss the matter until October 5, Fastmarkets understands.The move prolongs the uncertainty in the market, which has led to a significant reduction in buying activity, sources told Fastmarkets on Tuesday September 10....Read More
Rebar prices in Russia's major steel-consuming region - the Central Federal District around Moscow - continued to fall over the past week due to a combination of high availability and the seasonal slowdown.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT, was 36,000-37,000 rubles ($547-562) per tonne on Monday September 9, down...Read More
Turkish deep-sea scrap import prices fell again on Tuesday September 10, after a Baltic Sea supplier agreed to accept a lower bid from a Turkish steel mill.Late on Monday, a steel mill in the Izmir region booked a Baltic Sea cargo of 25,000 tonnes of HMS 1&2 (80:20) at $240 per tonne cfr.And other Baltic Sea scrap suppliers were offering HMS 1&2 (80:20) at $245 per tonne cfr.As a result....Read More
Activity in the seaborne iron ore market picked up on Tuesday September 10 and prices continued to strengthen. Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.22 per tonne, up $0.25 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $93.61 per tonne, up $0.25 per tonne.62% Fe low-alumina fines, cfr Qingdao: $91.03 per tonne, up $0.73 per tonne.58% Fe fines premium index,...Read More
Export prices for steel billet from the CIS region continued to drop in the second week of September under pressure from low demand and the weakening of the international scrap market.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $366 per tonne on Tuesday September 10, down by $4 per tonne day on day.There were few indications of offers on Tuesday. Market participants repo...Read More
Import prices for steel billet in the United Arab Emirates have gone down because of the global fall in steel prices and poor demand, and rebar prices were expected to start a similar downtrend soon, sources said on Tuesday September 10.Market participants were expecting new prices to be announced in the near future, Fastmarkets was told.Domestic rebarEmirates Steel is the UAE's largest producer,...Read More
Prices in the CIS export slab market have continued to fall in early September under pressure from the downtrend in the finished flat steel sectors, both in the customers' domestic markets and in the CIS.Flat steel prices have been softening amid the lack of buying activity and pessimistic expectations of further price weakening, Fastmarkets heard on Monday September 9.Fastmarkets' assessment of t...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday September 10 that are worth another look.Codelco, the world's largest copper producer, will keep its European copper cathode premium for 2020 supply at $98 per tonne, the same level as for 2019, sources told Fastmarkets on September 10.Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support...Read More
Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support steel plate prices in the final quarter of this year, a source close to a leading Japanese steelmaker told Fastmarkets this week."Crude oil prices have been hovering about $50-60 per barrel and this has led to more interest from the energy sector to increase steel procurement," the source said.This was mo...Read More
The Supreme Administrative Court of Egypt has again postponed its decision on the possible re-imposition of safeguard duties on billet and rebar imports and will not discuss the matter until October 5, Fastmarkets understands.The move prolongs the uncertainty in the market, which has led to a significant reduction in buying activity, sources told Fastmarkets on Tuesday September 10....Read More