The prices of steel billet and rebar in Egypt were stable in the week ended Thursday August 1 on weak demand, due to continuing uncertainty over the country's import duties."Offer prices are high, but nobody wants to book [material] before the duty situation is finalized," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and billet in respo...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 1 that are worth another look.Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. Zinc was lower at the close...Read More
London-based Appian Capital Advisory, investment advisor to metals and mining focused private equity fund Appian Natural Resources Fund, has appointed Paulo Castellari, a former Anglo American Brasil chief executive officer, to lead the firm's Brazilian operations. Appian owns Minera????o Vale Verde in Brazil, a company developing the copper-gold Serrote da Laje project, and Atlantic Nickel, opera...Read More
A 10% month-on-month drop in Shanghai-bonded copper stocks in July has been more than offset by climbing exchange stocks, which have dampened any supportive effect on copper prices in China. Shanghai-bonded copper stocks fell to an eight-month low in July, reflecting much less refined copper imports so far this year. Nonetheless, increasing copper stocks in London Metal Exchange and Shanghai Futur...Read More
Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. "I have got inquiries for blister copper from eight refineries in just a week. I haven't seen anything like that before. It's such a shame th...Read More
Zinc was lower at the close of trading on the London Metal Exchange on Thursday August 1, falling by some 1.3%, although nickel eked out some gains above $14,500 per tonne. Zinc and lead futures were the day's underperformers, closing at $2,404 per tonne while and below resistance at $2,000 per tonne respectively. The zinc-lead price differential, or switch, continues to narrow from earlier this y...Read More
Seaborne iron ore prices fell on Thursday August 1, tracking a downtrend in the futures market.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $115.68 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $114.18 per tonne, down $1.47 per tonne. Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $115.88 per tonne, d...Read More
Stainless steel prices in East Asia declined over the past week with demand remaining sluggish after producers raised their offers in response to a strengthening nickel market.For instance, Yieh United Steel Corp (Yusco) and Tang Eng Iron Works - two major mills in Taiwan - announced at the end of July that they would increase their offers for grade 304 stainless hot-rolled and cold-rolled product...Read More
A summary of ArcelorMittal's financial results for the second quarter of 2019.In briefSecond-quarter earnings dropped due to combination of declining steel prices and higher raw material costs, the world's largest steelmaker said on Thursday August 1.Fastmarkets' price assessment of steel HRC, domestic, exw Northern Europe averaged ?,?492.69 ($548.34) per tonne in the second quarter of 2019...Read More
A 10% month-on-month drop in Shanghai-bonded copper stocks in July has been more than offset by climbing exchange stocks, which have dampened any supportive effect on copper prices in China. Shanghai-bonded copper stocks fell to an eight-month low in July, reflecting much less refined copper imports so far this year. Nonetheless, increasing copper stocks in London Metal Exchange and Shanghai Futur...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 1 that are worth another look.Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. Zinc was lower at the close...Read More
The London Metal Exchange has reintroduced its reciprocal membership arrangement (RMA) with Hong Kong Exchanges & Clearing (HKEX), waiving both annual subscriptions and processing fees for new applicants that already hold a membership in either of the exchanges.The scheme was first introduced in November 2014, intended to encourage participation across both exchanges. The RMA period initially last...Read More
Key data from the August 1 pricing session in London and Shanghai. Fastmarkets' benchmark alumina index, fob Australia, was little changed at $301.61 per tonne on Thursday August 1 from $301.69 the previous day. It is down 6% from the start of July 2019 when it was at $321.08 per tonne.Fastmarkets' alumina metallurgical grade, ddp China at 2,400-2,490 yuan ($348.50-361.50) per tonne on T...Read More
Canadian mineral exploration and development company Turquoise Hill Resources (THR) has announced its 2019 second-quarter financial results, reporting a $600 million impairment at its Oyu Tolgoi copper-gold-silver project in Southern Mongolia amid company losses amounting to $736.7 million. Oyu Tolgoi, the company's principal mining project located in the Gobi Desert, is 66% owned by THR and 34% b...Read More
Multi-year lows in smelting income have sharply reduced China's production of intermediate copper products, which are primary smelting products and feed to produce copper cathodes, forcing dozens of domestic refineries to search for these materials overseas. "I have got inquiries for blister copper from eight refineries in just a week. I haven't seen anything like that before. It's such a shame th...Read More
Global steelmaker ArcelorMittal showed a 68.65% year-on-year decrease in earnings by its European unit in the second quarter of 2019, the company said on Thursday August 1.ArcelorMittal Europe's quarterly earnings before interest, taxes, depreciation and amortization (Ebitda) dropped to $359 million in April-June 2019, down from $1.15 billion in the corresponding period of 2018.The decrease was ma...Read More
Turkish billet prices have been stable over the past week while demand for material in the domestic, import and export markets has been poor, sources said on Thursday August 1.Buyers of steel billet originating from the Commonwealth of Independent States (CIS) were pessimistic have been over the past few days because of a lack of activity in the finished steel markets...Read More
Turkey exported 355,753 tonnes of flat steel products in June 2019, according to the Turkish Statistical Institute (TUIK).This volume was down by 35.59% year-on-year from the 552,308 tonnes exported in June 2018, the institute said.The country exported 3,037,796 tonnes of flat steel in January-June 2019. This was 17.64% more than the 2,582,199 tonnes exported in the first six months of 2018.The re...Read More
Turkish domestic rebar and wire rod prices have gone down on the strengthening of the country's lira, although demand was very poor in the summer holiday period, sources said on Thursday August 1.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY2,980-3,020 ($536-544) per tonne on Thursday, down from last week's TRY3,080-3,100 per tonne.The price...Read More
Russia's largest steelmaker, Novolipetsk Steel (NLMK), has switched completely to the use of merchant steel slab supplies at its assets in the United States, rather than continue to import its own slab, because of the volatility in the market.The admission was made by Grigory Fedorishin, the company's president and chairman of the management board, during a conference call with media on Wednesday...Read More