German steelmaker ThyssenKrupp is in talks with the chief executive officer of its steel division, Andreas Goss, about his future, following news of the likely failure of its planned European flat steel joint venture with Tata Steel Europe."Since the joint venture with Tata Steel cannot be established, the task now is to make ThyssenKrupp Steel Europe fit for the future. In this context, talks are...Read More
The three-month tin price on the London Metal Exchange decreased by more than 2% at the close of trading on Wednesday May 29, with volumes traded reaching their highest level since 2017 while spread tightness in the metal's forward curve began to ease.Some 850 lots of tin were exchanged by the close on Wednesday afternoon, with tin's three-month price dipping 2.6% from an intraday high of $19,215...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 29.Please click...Read More
Iron ore prices rose then fell back again on Wednesday May 29, while the 65% Fe derivative traded actively.MB 62% Fe Iron Ore Index: $106.18 per tonne cfr Qingdao, up by $0.07 per tonne.MB 62% Fe Pilbara Blend Fines Index: $104.66 per tonne cfr Qingdao, up by $0.07 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $110.13 per tonne cfr Qingdao, up by $0.61 per tonne.MB 58% Fe Premium Index: $97.99 p...Read More
Prices for hollow steel sections in Northern Europe were stable this week with market activity restricted by the Ascension Day holiday in many northwest European countries.The holiday will be on May 30 but many sales and procurement personnel in companies' buying and selling sections have taken extended leave, which has affected trading activity.Fastmarkets' domestic price assessment on Wednesday...Read More
The Chinese government has started inspections ahead of issuing ferrous and non-ferrous metal scrap import licenses for the second half of 2019 to avoid a potential month-long disruption of all scrap imports, the country's Ministry of Ecology and Environment (MEE) said on Wednesday May 29. The environmental ministry aims to issue the first batch of licenses in late June - right before the launch o...Read More
US President Donald Trump's administration is seeking an end to the American Institute for International Steel's (AIIS) challenge of the Section 232 tariffs and quotas on imported steel and aluminium, citing a 1976 high court decision as precedent, according to a brief filed with the US Supreme Court by Solicitor General Noel Francisco this month."[The] petitioners' argument [that the 232 duties a...Read More
The London Metal Exchange has launched a working group to develop a solution for the pre-trade transparency regulations in Europe's Markets in Financial Instruments Directive (MiFID II), chief executive officer Matthew Chamberlain has said.In a notice released on Tuesday May 28, Chamberlain said that the exchange will not challenge the pre-trade transparency rules that threaten the phone-trading m...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 29.Please click...Read More
Chinese nickel premiums remained at a 14-month high in the week ended Tuesday May 28, while holidays in the United Kingdom and United States further slowed spot trading. Geopolitical tensions weigh on nickel price and premiums in Europe. US briquette premium weakens further against cut-cathodes. Full-plate cathodes plateau in China. European premiums static across the board Illiquidit...Read More
European zinc premiums were at new record low levels in the week ended Tuesday May 28, while US premiums fell for the first time since February and a historic backwardation level in spreads led to a spike in financing costs and a drop in spot trading interest. Backwardation in the London Metal Exchange cash to three-month zinc spreads remained the key factor. This was at $161 per tonne on May 28....Read More
The tin premium in United States fell further in the week to Tuesday May 28, with headwinds arising from the supply surplus, while premiums held steady in Europe and China amid illiquid markets. Illiquid market renders flat premiums in EuropeChinese premiums flat while import window closedUS premiums dip on supply surplus, deals picking up Supply surplus in US pressurizes premiums Premiums in the...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 29 that are worth another look.The South African Transport and Allied Workers' Union was due to start a country-wide port strike at 17.30 local time on Wednesday May 29. Although the union claimed the action will bring South Africa's economy "to a standstill," manganese and chrome market sources said it was too early...Read More
German steelmaker ThyssenKrupp is in talks with the chief executive officer of its steel division, Andreas Goss, about his future, following news of the likely failure of its planned European flat steel joint venture with Tata Steel Europe."Since the joint venture with Tata Steel cannot be established, the task now is to make ThyssenKrupp Steel Europe fit for the future. In this context, talks are...Read More
ArcelorMittal plans further reductions to its steel output in Europe "to further align its production to current market demand," the company said on Wednesday May 29.Earlier this month, ArcelorMittal announced plans to cut output at its steelmaking facilities in Poland, to reduce production in Spain and to adjust shipments from ArcelorMittal Italia, temporarily reducing production by 3 million ton...Read More
The price for rebar produced and delivered in Southern Europe widened downward by ?,?5 ($6) per tonne on Wednesday May 29 amid continuing weak demand, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?495-510 ($553-570) per tonne delivered on Wednesday, down slightly from ?,?500-510 per tonne delivered on May 22."Domestically, th...Read More
Prices for mesh-quality wire rod in Europe have remained stable over the past week, although market participants expected a gradual price recovery after recent falls, sources told Fastmarkets on Wednesday May 29.Fastmarkets' assessment of the price of domestic mesh-quality wire rod in Southern Europe was ?,?500-520 ($559-581) per tonne delivered on May 29, unchanged from May 22, but down from $525...Read More
Steel h-beam prices in Northern Europe were assessed stable this week with market activity and feedback limited because of the Ascension Day public holiday in many northwest European countries.The public holiday is on Thursday May 30 but many sales and procurement personnel at companies buying and selling beams have taken extended leave, which has affected trading activity. Fastmarkets' price asse...Read More
Turkish deep-sea scrap import prices made a downward correction on increased supply after the recent buying spree by the country's steel mills, sources said on Wednesday May 29.A steel producer booked a Baltic Sea cargo late on May 28, comprising 25,000 tonnes of HMS 1&2 (80:20) at $306 per tonne and 1,000 tonnes of bonus at $316 per tonne cfr.As a result of this transaction, the daily scrap indic...Read More
Iron ore prices rose then fell back again on Wednesday May 29, while the 65% Fe derivative traded actively.MB 62% Fe Iron Ore Index: $106.18 per tonne cfr Qingdao, up by $0.07 per tonne.MB 62% Fe Pilbara Blend Fines Index: $104.66 per tonne cfr Qingdao, up by $0.07 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $110.13 per tonne cfr Qingdao, up by $0.61 per tonne.MB 58% Fe Premium Index: $97.99 p...Read More