U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.Pepsico added $1.14 to $133.70 after reporting higher than consensus second quarter revenues and earnings. Apple (AAPL $200.02) is expected to open higher after J P Morgan raised its target price from $233 to $239.Acacia Communications jumped $17.69 to $65.75 after Cisco offered to acqui...Read More
Slow demand will remain as the main challenge for European hot-rolled coil producers and will keep adding pressure to domestic coil prices in the third quarter of 2019, market sources told Fastmarkets this week. Slow demand will remain as the main challenge for European hot-rolled coil producers and will keep adding pressure to domestic coil prices in the third quarter of 2019, market sources told...Read More
The European Commission (EC) should remove its 5% import quota increase as it makes safeguard measures ineffective and puts jobs in the EU steel segment at risk, the European steel association (Eurofer) said on July 3."We call on the EC to heed our call and those of member states that have already expressed concerns about the rise - and to respond by undoing this out-of-step expansion before it fu...Read More
Turkish authorities are considering whether to launch a trade defense case against imports of hot-rolled coil (HRC) from the EU, market sources have told Fastmarkets.European mills have increased their HRC export volumes recently, particularly to Turkey, due to the weak demand in their home markets."The start of an anti-dumping case against EU-origin HRC will entirely depend on the attitude of the...Read More
Here are five Fastmarkets MB stories you might have missed on Friday July 5 that are worth another look.Chinese suppliers have already exhausted their annual quota for shipments into Europe of automotive-grade hot-dipped galvanized coil, just a few days after the start of the new quota period.Base metals, other than nickel, closer lower on the London Metal Exchange on Friday July 5 in th...Read More
Here are five Fastmarkets MB stories you might have missed on Friday July 5 that are worth another look.Chinese suppliers have already exhausted their annual quota for shipments into Europe of automotive-grade hot-dipped galvanized coil, just a few days after the start of the new quota period.Base metals, other than nickel, closer lower on the London Metal Exchange on Friday July 5 in th...Read More
Prices improved in almost all regions despite weak buying activity following a recovery in scrap prices and continued high iron ore costs forced producers to raise offers.In the Commonwealth of Independent States (CIS), producers were also bullish because of the suspension of a safeguarding duty on billet imports, while in China prices increased mainly due to optimism because of trade negotiations...Read More
Although the softer dollar index has provided a conducive backdrop for risk sentiment, there is still an air of caution amid the simmering geo-political tensions in the Middle East. Over the weekend, Iran warned that it is ‘fully prepared to enrich uranium at any level and with any amount’, sparking fears that the long-tense relations between Iran and the United States is edging clo...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points in pre-opening trade. Apple dropped $3.08 to $201.15 after Rosenblatt Securities downgraded the stock to Sell from Neutral. Target is $150.Deutsche Bank slipped $0.11 to $7.06 after announcing a major restructuring program.Verizon dropped $0.60 to $57.71 after Citigroup upgraded the stock to Buy from Neutral....Read More
Slow demand will remain as the main challenge for European hot-rolled coil producers and will keep adding pressure to domestic coil prices in the third quarter of 2019, market sources told Fastmarkets this week. Slow demand will remain as the main challenge for European hot-rolled coil producers and will keep adding pressure to domestic coil prices in the third quarter of 2019, market sources told...Read More
The European Commission (EC) should remove its 5% import quota increase as it makes safeguard measures ineffective and puts jobs in the EU steel segment at risk, the European steel association (Eurofer) said on July 3."We call on the EC to heed our call and those of member states that have already expressed concerns about the rise - and to respond by undoing this out-of-step expansion before it fu...Read More
Turkish authorities are considering whether to launch a trade defense case against imports of hot-rolled coil (HRC) from the EU, market sources have told Fastmarkets.European mills have increased their HRC export volumes recently, particularly to Turkey, due to the weak demand in their home markets."The start of an anti-dumping case against EU-origin HRC will entirely depend on the attitude of the...Read More
Base metals other than nickel closer lower on the London Metal Exchange on Friday July 5 in thin volumes after the release of weak macroeconomic data from the United States.Zinc was one of the busiest - more than 10,000 lots traded by the close of trading - because of swing in its cash/three-month spread into a slim $3-per-tonne contango from a $9.50 per tonne earlier in the day.The cash/three-mon...Read More
Alcoa has signed a conditional share purchase agreement with Swiss private equity firm Parter Capital Group for the firm to acquire Alcoa's La Coru??a and Avil?(C)s smelters in Spain, the aluminium producer said on Friday July 5. Alcoa reached an agreement with the workers' representatives relating to the transaction of the two smelters, which were curtailed in February. The company said in the st...Read More
Lead inventory on the Shanghai Futures Exchange increased by 4% week on week as of Friday July 5 amid weak domestic consumption in China. Deliverable lead stocks at SHFE-approved warehouses rose by 1,226 tonnes to 31,982 tonnes in the week to July 5. The largest inflow of lead this week was registered at Zhongchu Wuxi in Jiangsu province, with 21,042 tonnes of the metal entering its warehouse. The...Read More
Alcoa has signed a conditional share purchase agreement with Swiss private equity firm Parter Capital Group for the firm to acquire Alcoa's La Coru??a and Avil?(C)s smelters in Spain, the aluminium producer said on Friday July 5. Alcoa reached an agreement with the workers' representatives relating to the transaction of the two smelters, which were curtailed in February. The company said in the st...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
An overview of the Chinese minor metals markets and the reasons for any price moves.Read More
Ferrous scrap prices went up in almost all of the major markets during the working week from Monday July 1 to Friday July 5, following the rebound in Turkish prices. Turkish import prices continued to rise with August shipment bookings A US scrap sale to Turkey raised sentiment in the export and domestic markets Mixed signals in the Asian scrap market Shredded scrap prices moved up in India despit...Read More
The UK and European alloy steel scrap markets were very subdued this week, with prices remaining stable, sources told Fastmarkets on Friday June 5.The markets have entered their usual summer slowdown, which traditionally spans July and August. But the downturn in activity could be more pronounced this year given that it started earlier than usual."It seems that each year [the summer slowdown] star...Read More