China's domestic hot-rolled coil prices bounced back on Tuesday June 11 amid robust trading supported by rebounding futures.DomesticEastern China (Shanghai): 3,840-3,850 yuan ($554-556) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,780-3,800 yuan per tonne, up 40-50 yuan per tonneTrading activity rose during the day amid gains in the futures market, in contrast with the subdued buy...Read More
Thin trading kept prices for seaborne coking coal largely stable on Tuesday June 11.A June-loading cargo of a top Australian brand was being negotiated for a trade against the June average of an index at a premium of around 4% during the day, sources said. No transaction was finalized at the time of writing.A shipment of lower-ranked second-tier hard coking coal, scheduled for loading at the end o...Read More
Prices for imported steel billet and domestic rebar in the United Arab Emirates have gone down over the past week, while rebar import prices have remained stable, sources told Fastmarkets on Tuesday June 11.Domestic rebarThe demand for local rebar was weak, because the country has just finished observing the Islamic holy month of Ramadan.The observance of Ramadan in Muslim communities and countrie...Read More
Seaborne iron ore prices soared on Tuesday June 11 in line with spikes in the futures prices amid bullishness triggered by more supply issues in Australia and economic stimulus in China.MB 62% Fe Iron Ore Index: $106.61 per tonne cfr Qingdao, up by $5.10 per tonne. MB 62% Fe Pilbara Blend Fines Index: $105.41 per tonne cfr Qingdao, up by $5.10 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $109....Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 11 that are worth another look.Operations at the Nchanga copper smelter, the largest in Zambia by capacity, have been completely suspended during a dispute between the country's government and Indian company Vedanta, the majority owner of smelter operator Konkola Copper Mines, local media reported on Tuesday June 11. G...Read More
Secondary aluminium scrap prices in the United States have declined further, weighed down by volatile London Metal Exchange prices, softened demand and too much supply, sources said.Fastmarkets AMM's price assessment for non-ferrous auto shred (twitch) dropped by 2 cents on the low end and 1 cent on the high end to 49-51 cents per lb on Monday June 10. That price is down 9.9% from 55-56 cents...Read More
Southeast Asian raw materials producer Ok Tedi Mining announced a 17.1% decline in sales revenue in 2018 in its annual review published on Tuesday June 11.The Papua-New Guinea-owned company produces copper, gold and silver concentrate. It claimed that last year's decline in sales, which amounted to some $15 million, was due to the consequences of a major earthquake which caused a three-week produc...Read More
Operations at the Nchanga copper smelter, the largest in Zambia by capacity, have been completely suspended during a dispute between the country's government and Indian company Vedanta, the majority owner of smelter operator Konkola Copper Mines (KCM), local media reported on Tuesday June 11.Zambian news provider The Independent Observer reported that the license key for the software that controls...Read More
The global refined tin market may be experiencing a shortage in the delivery of tin concentrates that could cause fundamental market tightness and a higher three-month tin price on the London Metal Exchange, numerous supply-side sources informed Fastmarkets.This follows reports that China, the world's largest tin producer, is struggling to source consistent imports from its principal supplier, Mya...Read More
Brazilian production of light vehicles increased by 29.9% year on year in May due to a recovery in domestic consumption.The country produced 275,700 units in May, up from 212,300 units a year earlier, according to figures released by national car association Anfavea late last week.The increase in production was mainly due to a continuing recovery in domestic market consumption, Anfavea said.....Read More
The European Commission (EC) has prohibited the creation of a regional flat steel joint-venture by ThyssenKrupp and Tata Steel under EU merger regulations, the EC said on Tuesday June 11.The EC determined that the merger would have reduced competition and increased prices for various types of steel products, and the steelmakers had not offered adequate remedies to address those concerns, the EC sa...Read More
The export market for steel slab from the Commonwealth of Independent States was quiet in the first week of July, with some major producers preferring to hold back their offers due to the uncertain market conditions.Market participants expected competition with Brazilian suppliers to escalate in the coming weeks because the South American country's quota for imports into the United States was clos...Read More
The CIS export rebar and wire rod market was quiet in the week to Monday June 10 due to the Eid holidays, marking the end of the holy month of Ramadan, in the major sales outlets.Customers preferred to take a wait-and-see position, expecting prices to decrease in the near term following the softening of import scrap prices in Turkey at the end of last week. Indications of rebar offers from Ukraine...Read More
China's domestic hot-rolled coil prices bounced back on Tuesday June 11 amid robust trading supported by rebounding futures.DomesticEastern China (Shanghai): 3,840-3,850 yuan ($554-556) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,780-3,800 yuan per tonne, up 40-50 yuan per tonneTrading activity rose during the day amid gains in the futures market, in contrast with the subdued buy...Read More
The Turkish deep-sea scrap import market was mostly quiet on Tuesday June 11 with the mills focused on making sales of finished steel, sources told Fastmarkets.The mills in Turkey booked three deep-sea cargoes from the United States over the weekend, taking advantage of falling prices.The prices on those cargoes sent the daily scrap indices down by around $11-12 per tonne at the beginning of the w...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transactions: iron oreIron oreVale, tender, 105,000 tonnes of 64.48% Fe Pellet Feed Carajas, traded at the July average of the Fastmarkets...Read More
Thin trading kept prices for seaborne coking coal largely stable on Tuesday June 11.A June-loading cargo of a top Australian brand was being negotiated for a trade against the June average of an index at a premium of around 4% during the day, sources said. No transaction was finalized at the time of writing.A shipment of lower-ranked second-tier hard coking coal, scheduled for loading at the end o...Read More
China's rebar prices rebounded on Tuesday June 11 after Beijing urged local governments to issue special bonds to support economic growth and maintain a reasonable level of liquidity in the market.Domestic Eastern China (Shanghai): 3,900-3,940 yuan ($563-569) per tonne, up 30-40 yuan per tonneNorthern China (Beijing): 3,800-3,860 yuan per tonne, widened upward by 20 yuan per tonneThe State Council...Read More
Base metals prices on the London Metal Exchange were higher across the board during morning trading on Tuesday June 11, improving despite continued trade war uncertainty while both the United States and China continue to threaten additional tariffs. Climbing furthest over the morning, three-month nickel futures are now trading 2% higher and back above $11,850 per tonne after falling to an intraday...Read More
With the exception of nickel that was little changed, base metals prices on the Shanghai Futures Exchange were all up during morning trading on Tuesday June 11.The broad-based strength exhibited by the base metals comes amid an improvement in risk sentiment while market participants focus on an upcoming meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the Group o...Read More