China's hot-rolled coil prices dropped on Tuesday July 30 after authorities in Tangshan, the steelmaking hub in the northern region, drafted a plan to ease steelmaking curbs in August.DomesticEastern China (Shanghai): 3,810-3,820 yuan ($554-555) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,810 yuan per tonne, down 10 yuan per tonneSpot prices dropped after several domestic media o...Read More
Tangshan, China's steelmaking hub in the northern region, is reportedly loosening up restrictions on the steel sector in August, which resulted in sentiment deteriorating in the market on Tuesday July 30.Domestic Eastern China (Shanghai): 3,920-3,940 yuan ($569-572) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Beijing): 3,830-3,850 yuan per tonne, down 10-20 yuan per tonneChin...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Turkish steel producers have left the deep-sea scrap market silent for a second day this week due to slow trading conditions in the summer lull, sources said on Tuesday July 30.The mills booked four deep-sea cargoes last week but stepped away from the market at the end of the week.Some sources said that steel producers in Turkey still needed material for August shipments, however. But they will ke...Read More
Seaborne hard coking coal prices were resilient on Tuesday July 30, underlined by the spot transactions involving premium category cargoes heard during the day. A premium low-vol hard coking coal cargo, to be loaded in the first half of September, traded at $183 per tonne cfr China, according to sources. A premium mid-vol shipment with the same loading window changed hands at $180 per tonne cfr, t...Read More
Seaborne iron ore prices rose on Tuesday July 30 on news that production restrictions on steelmakers in northern China over August are likely to be relaxed. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $119.61 per tonne, up $1.62 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $119.53 per tonne, up $1.62 per tonne. Fastmarkets' index for iron ore 6...Read More
Intense buying from Chinese speculators and foreign traders over the past two weeks is unlikely to cause China's cobalt metal market to slip into a significant supply deficit in the near term, market participants told Fastmarkets.Steady production of cobalt metal in China amid weak downstream consumption during the slower summer months and extensive importing have limited the effect that recent st...Read More
Asian equities were weaker in the morning of Wednesday July 31 on uncertainty on the progress in US/China trade negotiations, although base metals, which have focused more on brighter Chinese manufacturing purchasing managers’ index (PMI) data, rose by an average of 0.4%. China's manufacturing PMI increased to 49.7 in July, from 49.4 in June. It is a busy day ahead for other economic data whi...Read More
U.S. equity index futures moved higher this morning. S&P 500 futures were up 6 points in pre-opening trade.Investors are waiting for an update on monetary policy by the Federal Reserve to be released at 2:00 PM EDT. Consensus is that the Fed Fund rate will drop by 0.25% to 2.25%.Index futures were virtually unchanged following release of the July ADP Private Employment report. Consensus was an...Read More
Norsk Hydro learned some important lessons from its experiences following heavy rainfall at its Alunorte refinery in Brazil, particularly the need to improve community relations, chief executive officer Hilde Merete Aasheim said. Alunorte has been a "very difficult situation" for Hydro for the past 18 months, she told Fastmarkets during an interview in New YorkHeavy rainfall in Par?? in February l...Read More
The uncertainty created by trade tensions, including the potential for US tariffs on the automotive sector, is deterring investment decisions in the industry and leading to reduced forecasts for growth, according to Norsk Hydro's chief executive officer. One of the key reasons why the Norwegian aluminium producer lowered its demand growth expectations for the metal in 2019 was the insecurity...Read More
Base metals prices other than tin and lead had rebounded by the kerb close on the London Metal Exchange on Monday July 29 despite thin trading volumes and a stronger US dollar index.After a cautious start to the day, most of the base metals made gains in anticipation of tomorrow's trade meeting between the United States and China, the release of Chinese economic data and a Federal Open Markets Com...Read More
The rise in Chinese ferro-vanadium prices continued to be the principal driver for the European market in the week ended Friday July 26, pushing prices above $30 per kg. Chinese, European ferro-vanadium prices continue to climb on improved sentiment V2O5 price in China moves up 3.1% amid tightness, but Europe lags behind US prices unchanged on quiet spot market.Despite the lack of transactions, th...Read More
Prices for UG2 chrome ore in China rose strongly for the second consecutive week over the seven days ended Friday July 26, but weak profitability for smelters raised questions about the durability of this recovery. UG2 ore market in China increases by $7 per tonne Domestic spot alloy price rises in China, imported alloy stable High carbon alloy prices in Europe, US stableThe chrome ore price conti...Read More
Norsk Hydro learned some important lessons from its experiences following heavy rainfall at its Alunorte refinery in Brazil, particularly the need to improve community relations, chief executive officer Hilde Merete Aasheim said. Alunorte has been a "very difficult situation" for Hydro for the past 18 months, she told Fastmarkets during an interview in New YorkHeavy rainfall in Par?? in February l...Read More
Concerns about a possible round of auction for indium stocks held by the defunct Fanya Metal Exchange in the coming months re-emerged among Chinese market participants after the Southwest China's Kunming Superior People's Court announced the second trial result in an open court on Friday July 26, Chinese state news agency Xinhua reported.Kunming Superior People's Court decided to uphold the earlie...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday July 26 ChinaKey drivers The Chinese silicon export price has stabilized after a run of losses, with signs of stability in underpinning domestic market sentiment. The domestic market is reaching a floor, with silicon refiners tightening the spot material supply in response to continuing profit losses.Secondary aluminiu...Read More
Turkish steel mills have reported no bookings in the deep-sea scrap markets at the start of this week although they were still need to buy more material for August, sources said on Monday July 29.After booking four deep-sea cargoes last week, the mills stepped out of the deep-sea markets because of weak demand for finished long steel, those sources added."I believe the mills will need to buy few m...Read More
Turkish domestic scrap prices have remained unchanged over the past week because of the slowness of the finished steel markets in summer, sources said on Monday July 29.Almost all of the mills kept their buy prices for local scrap unchanged from the previous week.Only ID??, the long steel mill in the Izmir region,...Read More
The discount for No2-grade copper scrap in China widened this month on higher availability because Chinese buyers have quickly used up the import quotas granted by the government.The value for copper scrap No2 copper (birch/cliff), imported into China, 94-96%, LME/Comex discount, cif China, was $0.32-0.36 per lb on Monday July 29, compared with $0.29-0.35 per lb on June 24.Scrap material from Sout...Read More