Prices for steel rebar and billet imported into the United Arab Emirates have decreased over the past week, with demand remaining poor, sources said on Tuesday September 3.Market participants believed that demand would improve after the price falls stopped, because buyers did not want to book while prices were still on their way downward.Domestic rebarEmirates Steel is the UAE's largest producer,...Read More
A summary of base metals premiums from across the globe for the week to Tuesday September 3. Please click...Read More
The London Metal Exchange three-month price nickel price held gains above $18,000 per tonne during morning trading on Tuesday September 3, while a fresh cancellation of around 22,725 tonnes of copper inventory did little to raise the red metal's stagnant price. The nickel price was the standout performer this morning, with trading volumes of just under 6,000 lots exchanged as of 9.30am London time...Read More
Nickel remains in the spotlight because the market now has concrete news to adjust to and tin seems to be rising on nickel's coattails, with Indonesia being the second largest producer of tin in the world.The other metals and markets in general are now waiting for further news on when United States-China trade talks will resume - given generally poor manufacturing purchasing managers' index (PMI)...Read More
Nickel once again outperformed the other base metals traded on the Shanghai Futures Exchange during morning trading on Tuesday September 3, with the alloying metal continuing to benefit from expectations of tightening supply following news that Indonesia will expedite a ban on nickel ore exports.The most-traded November nickel contract climbed to 147,110 yuan ($20,519) per tonne as at 10.27am Shan...Read More
Chinese aluminium producer Xinfa Group is planning to restart operations at its Jiaokou alumina refinery in Shanxi province by mid-September, market sources told Fastmarkets on Monday September 2."I heard they are going to resume production on September 15 and they have started raw material preparation for that," an alumina trader in Northern China said.Xinfa was ordered to halt operations at its...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday September 3 that are worth another look.Following a flip in global steel and ferrous trade flow trends last year caused by economic jitters in Turkey, trade defenses by the United States and production cuts in China, this year it is steel prices that are turning upside down.The seaborne high-grade manganese ore index fell in the...Read More
Some of the prices for flat steel products imported into the United Arab Emirates (UAE) increased slightly on higher offers in the week to Tuesday September 3, with demand yet to recover because buyers want to see if price increases will be accepted in global markets.Prices decreased last week but offers are now higher, with buyers noting that there is not enough demand for buying to increase sign...Read More
Key suppliers of flat steel to Russia's Central Federal District around Moscow kept their prices unchanged during the week ended Monday September 2, with no apparent reason for the shifts that have been seen in the domestic market, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was unchanged at 45,100-45,500 roubles ($67...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil increased over the past week due to the limitations imposed on steelmakers' output in September and October being expected to provide support for prices, sources said.More than 30 mills in China's steelmaking hub of Tangshan were instructed to reduce sintering and blast furnace operations by up to 50% between September 1 and...Read More
Following a flip in global steel and ferrous trade flow trends last year caused by economic jitters in Turkey, trade defenses by the United States and production cuts in China, this year it is steel prices that are turning upside down. Hot-rolled coil (HRC) prices are now below rebar prices in a phenomenon rarely seen outside of the Chinese domestic markets. HRC import prices in Vietnam have...Read More
Brazilian steelmaker Gerdau is pushing for a 7% price increase in September while import parity remains low and the domestic construction sector initiates a recovery, equity analysts said.The company has unsuccessfully been trying to readjust its rebar price in the domestic market this year amid falling scrap costs and faltering demand. There seem to be more signs of an improved pricing power, how...Read More
The export market for hot-rolled and cold-rolled coil from the Commonwealth of Independent States (CIS) remained constrained this week, but a spike in iron ore price has led to optimism that flat steel prices will not fall further, sources told Fastmarkets. Fastmarkets' price assessment for steel HRC, export, fob Black Sea, CIS, was $450-460 per tonne on Monday September 2, unchanged week on week....Read More
Prices for certain ferrous scrap grades in Mexico's steelmaking region of Monterrey rose week on week, while all prices in Baj?-o were unchanged, and market participants held their breath ahead of the United States' domestic scrap market settlement for September.Fastmarkets' assessment for the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey, was 5,100 pesos per tonne on...Read More
Brazilian iron ore export volumes decreased by 15.48% year on year in August, but revenues soared by 51.61% due to higher prices.The country exported 30.11 million tonnes of iron ore last month, compared with 35.62 million tonnes in the same period in 2018, according to figures released by the Brazilian economy ministry on Monday September 2.But export revenues amounted to $2.49 billion, against $...Read More
The uptrend in the iron ore market since 2019 started halted in August, with a month-on-month price decline of 24% for 62% Fe material and a 23% price decline for 65% Fe material.The 65% Fe derivatives contract on the Singapore Exchange - which was launched in December 2018 and settled against Fastmarkets' daily 65% Fe iron ore index - stayed above 2-million-tonne trading volumes in August, compar...Read More
Physical iron ore prices were down on Tuesday September 3 amid a cooling off in buying interest while the futures market stayed largely rangebound.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $89.14 per tonne, down by $1.44 per tonne.62% Fe Pilbara Blend Fines, cfr Qingdao: $89.53 per tonne, down by $1.44 per tonne.62% Fe low-alumina fines, cfr Qingdao: $86.80 per tonne, d...Read More
Seaborne coking coal prices remained steady on Tuesday September 3, although Australian rail freight operator Aurizon reported service cancellations due to a train derailment in Queensland.Fastmarkets indicesPremium hard coking coal, fob DBCT: $154.01 per tonne, unchanged Premium hard coking coal, cfr Jingtang: $167.54 per tonne, unchanged Hard coking coal, fob DBCT: $134.01 per ton...Read More
China's hot-rolled coil exporters lowered their offers on Tuesday September 3 despite domestic prices edging up further.DomesticEastern China (Shanghai): 3,650-3,670 yuan ($509-512) per tonne, up 10 yuan per tonneNorthern China (Tangshan): 3,640-3,650 yuan per tonne, up 10 yuan per tonnePrices continued to rise, with trading activity being described as stronger than previous days, according to a S...Read More
Stainless steel futures will begin trading on the Shanghai Futures Exchange on September 25, the China Securities Regulatory Commission said last week."The development of stainless steel futures will provide market participants with an open, transparent and constant price indication as well as a highly effective risk-management tool [...] to promote the stable and healthy development of the stainl...Read More