The liquidation order issued by the government of Zambia, that would allow it to take control of the copper-producing assets held in the African country by global metals producer Vedanta, has sent shockwaves through the global industry.The order marked the first government takeover attempt in the country, which is Africa's second-largest copper-producing region.Customers of Konkola Copper Mines (K...Read More
Global tin premiums were unchanged in all regions we follow in the week ended Tuesday May 21, with a large backwardation in the London Metal Exchange forward spreads limiting spot business in Asian, European and North American markets. European traders wary of tighter nearby spreads US participants report weak market Closed import arbitrage window caps Asian tin business European prem...Read More
Spot premiums for special high-grade (SHG) zinc ingots recovered slightly in Europe after falling to historical lows last week, though an extreme backwardation on the London Metal Exchange cash/three-month spread persists. In the US, falling auto sales have dampened demand for car battery manufacturing, weakening sentiment for lead although premiums remained stable week on week. High demand...Read More
Prices for mesh-quality wire rod in Europe continued to fall this week after a drop in finished mesh product prices, sources told Fastmarkets on Wednesday May 22.Fastmarkets' assessment of the price of domestic mesh-quality wire rod in Southern Europe was ?,?500-520 ($558-580) per tonne delivered on May 22, down by ?,?15 per tonne from ?,?515-535 per tonne on May 15."The wire rod market is very de...Read More
Domestic prices for hollow steel sections in Europe were unchanged this week as the market considered mill proposals to increase prices despite further falls in feedstock costs, sources told Fastmarkets on Wednesday May 22.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?600-630 ($669-703) per tonn...Read More
Steel H-beam prices in Northern Europe moved downward this week although feedstock costs have begun to rise again, sources told Fastmarkets on Wednesday May 22.Fastmarkets' price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was ?,?585-615 ($653-686) per tonne delivered on May 22, down from ?,?590-620 per tonne delivered one week earlier.Beam prices remained u...Read More
The price of rebar produced and delivered in Northern Europe has remained stable week on week, but with optimism among mills returning because of the potential price rises for ferrous scrap, market participants told Fastmarkets on Wednesday May 22.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?525-545 ($586-608) per tonne delivered on May 22, unchanged from May 1...Read More
Sales volumes for flat steel distributors in Brazil grew by 18.10% year on year in April 2019, amid destocking while large importers lost market share, local distribution association, Inda, said this week.Flat steel sales totaled 266,000 tonnes, up from 225,100 tonnes in April 2018. However, volumes were down by 15% compared with March's 312,900 tonnes, which was weaker than Inda's forecast o...Read More
Troubled UK long steel producer British Steel has been placed into compulsory liquidation following an order from the UK high court, the UK official receiver, part of the UK's Insolvency Service, said on Wednesday May 22."The company in liquidation is continuing to trade and supply its customers while I consider options for the business. Staff have been paid and will continue to be employed," a st...Read More
The quietness in the deep-sea scrap markets has continued because market participants were still looking for clarity in the export markets for finished products such as rebar, sources said on Wednesday May 22.After the United States reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, Turkey was again in a position to supply to the US market.But scrap suppliers pulled back...Read More
Iron ore prices continued their uptrend on Wednesday May 22 with the Fastmarkets MB 62% Fe Iron Ore Index rising to more than $105 per tonne cfr China.MB 62% Fe Iron Ore Index: $105.78 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Pilbara Blend Fines Index: $103.97 per tonne cfr Qingdao, up by $3.75 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $108.26 per tonne cfr Qingdao, up by $2.50...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 transaction: iron oreIron oreBHP, Global Ore, 80,000 tonnes of 62% Fe...Read More
The ongoing consolidation of the Indian steel industry is a "right step" in bringing back growth and credibility to the domestic markets, Nathani Group's Zain Nathani said at the BIR 2019's World Recycling Convention & Exhibition in Singapore this week.The vice-president of BIR's Ferrous Division said bankrupt mills such as Bhushan Steel, Monnet Ispat & Energy, Essar Steel and Usha Martin have all...Read More
The reduction of Section 232 tariffs against Turkey was a "pivotal moment" for global ferrous scrap prices this year, market sources told Fastmarkets this week at the Bureau of International Recycling's 2019 World Recycling Convention & Exhibition in Singapore.Bearish market sentiment flipped straightaway overnight once United States president Donald Trump tweeted that the Section 232 tariffs...Read More
Global usage of electric-arc furnaces (EAF) by steelmakers was up 12% in 2018, largely due to China's ongoing drive to increase the quantity of ferrous scrap charged into blast furnaces (BF) to reduce pollution, statistics released by the Bureau of International Recycling this week at its 2019 World Recycling Convention & Exhibition in Singapore showed.EAFs accounted for 524 million tonnes of crud...Read More
The ongoing China-US trader war has battered the South Korean won, causing weaker demand for imports of Japanese scrap and dampening prices as a result."The bearish sentiment brought about by the China-US trade tensions has caused the South Korean won to depreciate because the South Korean economy is so dependent on Chinese demand," Hisatoshi Kojo of Japan's Metz Corporation said at the BIR 2019 W...Read More
Copper premiums in Shanghai dropped over the week ended on Tuesday May 21, with a slew of deals for SX-EW cathodes at low levels, while the spike in premiums in the United States may not last if key smelters return to the market.?EUR? Shanghai premiums drop down to two-year lows?EUR? US premiums pushed down while Comex copper trades at a small discount to the London Metal Exchange?EUR? European pr...Read More
London Metal Exchange base metals prices were suppressed in the morning session on Wednesday May 22, with macro-inspired bearish selling equating to thin trading volumes and a strengthened dollar exerting downward pressure."Base metals open in a sea of red amidst a stronger dollar [and] with low levels of general participation in our space we remain vulnerable to sharp price moves amidst lower liq...Read More
Base metals prices on the Shanghai Futures Exchange were down across the board during morning trading on Wednesday May 22, with a challenging macroeconomic backdrop and firm dollar weighing on the complex.Unresolved trade tensions between China and the United States, concerns over a slowdown in global economic growth and a strong dollar dented investors' appetite for commodity investment on Wednes...Read More
The following Fastmarkets minor metals prices changed on Wednesday May 22:Antimony MB free market regulus, $/tonne: $6,800-7,000 per tonne from $6,900-7,150Antimony MMTA standard grade II, $/tonne: $6,600-6,750 per tonne from $6,800-7,000Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 39,000-40,000 yuan per tonne from...Read More