Import prices for stainless steel in East Asia picked up some strength over the past week after a fire broke out at the Indonesia subsidiary of Chinese stainless steelmaker Tsingshan Holding Group, which has been supplying cargoes - often at a discount - to the region.The weekly Fastmarkets import price assessment for stainless steel cold-rolled coil, Asia grade 304 (2mm 2B), cif East Asian port w...Read More
Domestic stainless steel prices in China strengthened over the past week, though the past few days saw some of those gains being shed amid fluctuating nickel futures.Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 14,900-15,400 yuan ($2,166-2,239) per tonne including value-added tax for the week ended...Read More
The Brazilian steel association, A??o Brasil, has slashed its forecasts for steel production and consumption in 2019, because of a weak performance in the first half of the year, it said on Thursday July 25.Steel output was now expected to reach 35.55 million tonnes this year, growth of only 0.40% from the 35.41 million tonnes produced in 2018.This compared with the previous expectation for growth...Read More
The headwinds created by political uncertainties, on-and-off trade negotiations and the enactment of tariffs hurt mergers and acquisitions (M&A) activity in the metals sector during the second quarter of this year, according to a quarterly report by consultancy group PwC. While overall deal volume remained relatively consistent with the trailing 12-month average, overall disclosed deal volume decl...Read More
Turkey produced 16.994 million tonnes of crude steel in January-June 2019, down 10.14% on the 18.912 million tonnes produced in the first six months of 2018.According to the Turkish Steel Producers Association (T???oeD), the fall in output was largely due to the negative sentiment that has been dominating Turkey's domestic steel market since August 2018 when the country's lira lost significan...Read More
German steelmaker ThyssenKrupp approved investment funds to build a 230,000 tonne per year chromium coating line for packaging steel at its Rasselstein site in Andernach, western Germany, it said late in the week ending on July 19.The new coating line will be a replacement for the current line, following a change in European Union (EU) regulations, with production capacity remaining approximately...Read More
Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turkish steel back to 25%, rebar shipments from that country are unlikely to make a splash in the US market, given declining domestic prices and ongoing geopolitical tensions, Fastmarkets understands. When the decision to cut the previously doubled tariffs in half was announced in late May, sources anticip...Read More
The three-month price of nickel on the London Metal Exchange continued its descent at the close of trading on Thursday July 25, falling by some 3.4% to close just above the $14,000 per tonne threshold, while lead futures climbed by 1.5% to breach nearby resistance levels.Three-month nickel futures closed at $14,075 per tonne in the afternoon, tumbling from an intraday high of $14,545 per tonne des...Read More
Turkish steel producers stayed out of the deep-sea scrap market on Thursday July 25 and are expected to remain absent until the end of the week, sources told Fastmarkets.Market participants reported "silence" in the market since a steel mill in the Marmara region of Turkey, bought a mixed cargo from the United States...Read More
The CIS export billet market has softened through the past week amid a lack of interest among customers in the major outlet regions, Fastmarkets heard on Thursday July 25.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $415 per tonne on July 25, down by $2 per tonne day on day.Offers of CIS-origin billet from mills and traders were heard around $415-425 per tonne fob Black S...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday July 25 that are worth another look.The United States' non-ferrous scrap export market was mixed through May, with year-to-date shipments of aluminium scrap rising while those of copper scrap fell versus the same period last year. Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turki...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
The London Metal Exchange has just finished its trial to calculate nickel prices using a volume weighted average price (VWAP) method on the exchange's electronic trading platform. If early indications are anything to go by, metals market participants did not embrace this method of price discovery in the way some had anticipated. For three months since Monday March 18, closing prices for nickel car...Read More
The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect. His view is being echoed by a number of...Read More
The three-month price of nickel on the London Metal Exchange continued its descent at the close of trading on Thursday July 25, falling by some 3.4% to close just above the $14,000 per tonne threshold, while lead futures climbed by 1.5% to breach nearby resistance levels.Three-month nickel futures closed at $14,075 per tonne in the afternoon, tumbling from an intraday high of $14,545 per tonne des...Read More
The London Metal Exchange has launched a consultation process on warehousing reforms that aims to attract higher stock levels, Matthew Chamberlain, LME chief executive, announced on Thursday July 25. The consultation began on Thursday and is open until September 2019. It includes changes to evergreen rent deals and the controversial queue-based rent capping (QBRC) rule as well as the introduction...Read More
Prices for seaborne cargoes of premium hard coking coal tumbled on Thursday July 25, with pervading pessimism taking hold of this segment of the market.An August-loading cargo of premium low-vol hard coking coal was traded at $185.50 per tonne cfr China during the day, sources said. This sent the Fastmarkets index for premium hard coking coal, cfr Jingtang to $184.16 per tonne, down $5.62 per tonn...Read More
The global molybdenum market continued to move up in the first half of the week starting on July 22 amid increased spot activity in Asia, with the European market following it higher.Fastmarkets assessed the price of drummed molybdic oxide, in-warehouse Busan, at $11.90-12.10 per lb on Wednesday July 24, up from $11.75-11.85 per kg the previous week.Strong demand from the steel market in Asia incr...Read More
Canadian minor metals and specialty chemicals producer 5N Plus has "significantly" reduced the production of bismuth at its refining and recycling facilities and will increase procurement of the material due to low metal prices, the company said on Monday July 22. Until now, 5N Plus has relied on process technologies to extract bismuth from the various residues and secondary streams in its refinin...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday July 25 that are worth another look.The United States' non-ferrous scrap export market was mixed through May, with year-to-date shipments of aluminium scrap rising while those of copper scrap fell versus the same period last year. Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turki...Read More