China's barrage of steel billet buying slowed down on Tuesday September 14 after a sharp decline in the country's ferrous futures markets, sources have told Fastmarkets.While the recent announcements of production cut in China have badly hurt iron ore prices in the country, demand for billet has strengthened over the past week with buyers viewing the material as a ready replacement in their steelm...Read More
Turkish steelmakers have continued to book deep-sea scrap cargoes at slightly better prices, market participants told Fastmarkets on Tuesday September 14.A steel mill in the Iskenderun region booked a United States cargo comprising 24,000 tonnes of HMS 1&2 (85:15) at $443 per tonne and 4,000 tonnes of plate and structural (P&S) at $458 per tonne cfr.The same mill also booked a Canadian cargo compr...Read More
China's domestic rebar prices dropped on Tuesday September 14 and the lower prices attracted higher sales volumes.DomesticEastern China (Shanghai): 5,500-5,540 yuan ($853-859) per tonne, down by 30-40 yuan per tonneLower prices in the wake of futures losses attracted more buyers than on Monday, sources said, Typhoon Chanthu, which landed in eastern China's Zhejiang province...Read More
Some flat steel import prices to the United Arab Emirates and Saudi Arabia fell during the week ended Tuesday September 14 so buyers held back from activity and preferred to wait for prices to flatten, sources told Fastmarkets.End-user demand was weak so buyers did not place any big orders despite their low stock levels.Saudi ArabiaChina offered HRC at $970 per tonne cfr Saudi Arabia, falling from...Read More
The Chinese import market for steel scrap remained quiet on Tuesday September 14 despite Russian sellers offering bulk plate and structural (P&S) scrap at lower prices, market sources said.Cheaper Russia-origin P&S still not attractive to buyers in ChinaSharp drop in Chinese ferrous futures hampers scrap buying demandUptrend continues in Taiwan imported containerized scrap.ChinaLower-cost steel sc...Read More
Seaborne iron ore prices continued to decline on Tuesday September 14, due to depressed demand in certain regions of China, where steelmakers are facing energy consumption and emissions-control measures, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $121.67 per tonne, down $2.17 per tonne62% Fe low-alumina fines, cfr Qingdao: $122.63 per tonne, down $1.53 per ton...Read More
Market activity was limited in the European hot-rolled coil segment on Tuesday September 14 because mills and buyers took a break from trading, sources told Fastmarkets.Sentiment among buyers remained poor due to reduced demand from the automotive sector and cheap import material booked earlier this year that has now arrived in the European Union. New import offers have also been competitive, but...Read More
Here are five Fastmarkets stories you might have missed on Tuesday September 14 that are worth another look....Read More
Domestic hot-rolled coil prices in China dropped on Tuesday September 14, with trading activity weakening and adverse weather constraining deliveries while sentiment deteriorated on a tumbling raw material market.DomesticEastern China (Shanghai): 5,770-5,820 yuan ($895-903) per tonne, down by 80 yuan per tonneThe spot HRC market came to a near standstill in the afternoon, with the sharp price decl...Read More
Some flat steel import prices to the United Arab Emirates and Saudi Arabia fell during the week ended Tuesday September 14 so buyers held back from activity and preferred to wait for prices to flatten, sources told Fastmarkets.End-user demand was weak so buyers did not place any big orders despite their low stock levels.Saudi ArabiaChina offered HRC at $970 per tonne cfr Saudi Arabia, falling from...Read More
European steel companies must scale up their decarbonization technologies within the coming decade or risk exhausting their allocated emissions allowances early, according to a report released on Tuesday September 14.The report, "Steeling for Net Zero," by climate researcher Industry Tracker, found that selected European steel companies have less than 26% of their carbon budget remaining and must...Read More
Evergrande Group, one of China's biggest housing companies, said on Tuesday September 14 that it would work toward improving its capital flow to ensure that it does not default on its liabilities.The assurance came a day after it dismissed rumors that it would file for bankruptcy.Among the measures, it said that it would revise its schedule of new projects, tighten up its cost controls and promote...Read More
Turkish steelmakers have continued to book deep-sea scrap cargoes at slightly better prices, market participants told Fastmarkets on Tuesday September 14.A steel mill in the Iskenderun region booked a United States cargo comprising 24,000 tonnes of HMS 1&2 (85:15) at $443 per tonne and 4,000 tonnes of plate and structural (P&S) at $458 per tonne cfr.The same mill also booked a Canadian cargo compr...Read More
Selling on the London Metal Exchange continued on Tuesday September 14, with all prices declining for a second day."We get the feeling that the markets are in the midst of an overdue correction as there does not seem much that is new for the bulls to feed on and thus justify another push higher," ED&F Man's head of commodity research Edward Meir said on Tuesday afternoon. Aluminium - the rece...Read More
Seaborne coking coal prices in the cfr market continued to climb on Tuesday September 14, mainly due to supply tightness, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $493.17 per tonne, up $5.84 per tonneHard coking coal, cfr Jingtang: $452.87 per tonne, up $6.31 per tonnePremium hard coking coal, fob DBCT: $358.28 per tonne, down $3.82 per tonneHard coking c...Read More
Seaborne iron ore prices continued to decline on Tuesday September 14, due to depressed demand in certain regions of China, where steelmakers are facing energy consumption and emissions-control measures, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $121.67 per tonne, down $2.17 per tonne62% Fe low-alumina fines, cfr Qingdao: $122.63 per tonne, down $1.53 per ton...Read More
European steel companies must scale up their decarbonization technologies within the coming decade or risk exhausting their allocated emissions allowances early, according to a report released on Tuesday September 14.The report, "Steeling for Net Zero," by climate researcher Industry Tracker, found that selected European steel companies have less than 26% of their carbon budget remaining and must...Read More
Selling on the London Metal Exchange continued on Tuesday September 14, with all prices declining for a second day."We get the feeling that the markets are in the midst of an overdue correction as there does not seem much that is new for the bulls to feed on and thus justify another push higher," ED&F Man's head of commodity research Edward Meir said on Tuesday afternoon. Aluminium - the rece...Read More
China Copper's copper concentrates procurement manager Garin Wang has recently joined Gerald Metals, Fastmarkets learned. Wang has taken up the role as senior concentrates trader of Gerald's Shanghai office, sources...Read More
Buyers of steel rebar and billet in the United Arab Emirates preferred to wait for new construction or infrastructure projects to be announced before placing big orders because of price uncertainty, sources told Fastmarkets on Tuesday September 14.However, no big projects have been announced recently in the region, sources added.UAE market participants did not want to order material in case global...Read More