Turkish steel mills took a break from deep-sea scrap purchasing on Wednesday August 28, after booking a number of cargoes for September delivery over the past week, sources told Fastmarkets.Most recent bookings involved US and UK cargoes sold at $270 per tonne cfr for HMS 1&2 (80:20), dragging the daily indices down by almost $12 per tonne on Tuesday, August 27.But market participants were expecti...Read More
Physical iron ore prices changed only slightly on Wednesday August 28, while market participants continued to wait for further news about production restrictions in China.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $82.45 per tonne, up by $0.10 per tonne.62% Fe Pilbara Blend Fines, cfr Qingdao: $82.83 per tonne, up by $0.10 per tonne.62% Fe low-alumina fines, cfr Qingdao: $81.16 per ton...Read More
The CIS export price for steel billet slipped on Wednesday August 28, following the sharp drop in ferrous scrap prices earlier this week as well as the lack of trading activity in the semi-finished steel market.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $390 per tonne on August 28, down by $5 day on day.Most mills were offering material at around $400 per tonne fob Blac...Read More
Iranian export prices for steel billet and slab slipped in the week ended Wednesday August 28 amid a general downtrend in the global steel market as well as pressure from customers, with bids placed at lower levels on the lack of trading activity for finished steel.Iranian billet was available to foreign customers for around $375-380 per tonne fob, down from $385-387 per tonne fob a week earlier.I...Read More
China's domestic rebar market weakened for a third day on Wednesday August 28, sending prices in the eastern region to their lowest in a year-and-a-half. Domestic Eastern China (Shanghai): 3,530-3,580 yuan ($493-500) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,530-3,550 yuan per tonne, down 10 yuan per tonneSubdued demand and a continual decline in the iron ore market pushed down...Read More
Key data from Fastmarkets' Wednesday August 28 pricing session in Europe. Key drivers The ferro-titanium market price range widened with suppliers reporting deals done at the upper and lower end of the new price range. Suppliers reported increased buying interest, although few deals done. One major deal was reported done to a German consumer. UK producer FE Mottram has yet to restart p...Read More
The price of steel hollow sections in the European domestic market has been reduced, with mills looking to stimulate demand by making lower offers, sources told Fastmarkets on Wednesday August 28.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?585-630 ($649-699) per tonne on Wednesday, widening downward by ?,?30 per tonne.The correspond...Read More
Currency exchange rates can make or break a steel trade, and with forex volatility in emerging markets expected to continue for the rest of the year, the Asian ferrous markets are likely to see more price fluctuations before the end of 2019.These five currency pairs should be on your watch-list for the significant influences they could bring to bear on key global steel and ferrous scrap trade flow...Read More
The protracted economic battle between the United States and China will rewrite the rules of global trading and will not be resolved anytime soon, steel market sources in Asia told Fastmarkets."The world will wait and see who is able to gain the upper hand in the end and then follow the new rules of trading set by the winner," a major trader in China said.Market sources expect the entire ferrous s...Read More
The Chinese government has revived a 25% tariff on imports of US automobiles and a 5% tariff on auto parts, set to take effect on December 15, which some market participants worry could imperil future investments as well as steel and base metals demand.Chinese tariffs on US-made cars and auto parts were placed on hold in April, but the Chinese government reinstated them on Friday August 23. Beijin...Read More
An overview of the noble alloys markets and their latest price moves.Read More
The three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday August 28, breaching the $16,000 per tonne resistance level in a bout of short covering, while tightness in the metal's forward curve meant that it continued to trade at record levels.Some 8,000 lots of nickel changed hands by the close of trading on Wednesday, while the metal's price fluctuat...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 28.Please click...Read More
The price of steel hollow sections in the European domestic market has been reduced, with mills looking to stimulate demand by making lower offers, sources told Fastmarkets on Wednesday August 28.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?585-630 ($649-699) per tonne on Wednesday, widening downward by ?,?30 per tonne.The correspond...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday August 28 that are worth another look.Australian lithium spodumene producer Galaxy Resources has bought Alita Resources' debt for $31.1 million, including interest, fees and costs.Chinese aluminium producers are ramping up production on improved aluminium prices, with output at one smelter - Shanxi Meixin Industry - now runnin...Read More
The whole battery supply chain will benefit from lithium benchmark pricing, Fastmarkets head of battery raw materials research William Adams says as he explores what is driving auto manufacturers to support this pricing mechanism. The auto industry is going through a period of unprecedented change due to companies introducing electric vehicles (EV) into their portfolios alongside internal combusti...Read More
The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least. The saga of Tethyan Copper Co's (TCC) efforts to develop the Reko Diq mine found resolution last week with an International Centre for Settlement of Investment Disputes (ICSID) ruling in favor of TCC following a dispute that has rumbled on for years.TCC,...Read More
Currency exchange rates can make or break a steel trade, and with forex volatility in emerging markets expected to continue for the rest of the year, the Asian ferrous markets are likely to see more price fluctuations before the end of 2019.These five currency pairs should be on your watch-list for the significant influences they could bring to bear on key global steel and ferrous scrap trade flow...Read More
The three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday August 28, breaching the $16,000 per tonne resistance level in a bout of short covering, while tightness in the metal's forward curve meant that it continued to trade at record levels.Some 8,000 lots of nickel changed hands by the close of trading on Wednesday, while the metal's price fluctuat...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 28.Please click...Read More