Fastmarkets reporters present 12 key things we learned at LME Asia Week 2019 in Hong Kong during May 6-9. 1. LME is in talks with Guangdong local authority to establish warehouses in China Charles Li, chief executive officer of Hong Kong Exchanges & Clearing (HKEX), said the London Metals Exchange is in talks with the Guangdong government to pilot establishing LME warehouses in mainland China. Li...Read More
Prices in the London Metal Exchange base metals complex became firmer on Tuesday May 14 when it was realized that the effects of proposed Chinese tariffs side-stepped the base metals to focus on imports of minor metals and ferro-alloys.The duties would be imposed by China on materials from the United States from June 1, in retaliation for increased US import duties on Chinese goods in the two coun...Read More
Fastmarkets presents a round-up of several of the key takeaway points from Iron Ore Week 2019 in Singapore.Steel mill margins still keyHigh-grade iron ore demand was healthy last year while the Chinese government focused on its Blue Sky project and supply-side reforms, in turn prompting steel mills to consume more high-grade iron ore, assistant general manager Ji Chao of Baoshan Iron & Steel said...Read More
Trading activity in the seaborne coking coal market slowed down on Tuesday May 14 with participants staying on the sidelines after prices rose by around 3% within the span of a week.The Fastmarkets MB fob Australia Premium Hard Coking Coal Index stood at $212.67 per tonne during the day, up 3.2% from $206.11 per tonne a week earlier."There is still demand from India but I'm not sure if the buyers...Read More
Brazilian miner Vale is considering whether to increase the production capacity at its Caraj??s Serra Sul iron-ore complex over the next decade to 150 million tonnes per year from 90 million tpy currently, the company said in a presentation on Tuesday May 14.The goals of the project include working more with dry processing, improving the operational and logistic flexibility of premium products and...Read More
Italian re-roller Marcegaglia has announced a price increase of ?,?20-30 per tonne to its hollow sections, coil and plate product, effective immediately, the company told Fastmarkets at the Made in Steel trade fair in Milan, Italy on Tuesday May 14. Although market sources have not confirmed the price increase, some market participants said they believed that more steelmakers will attempt to raise...Read More
Russian aluminium producer Rusal said it will focus on restoring its market position after its first-quarter revenues plunged by 20.9% year on year in a period "challenged by the past year's events". Rusal reported revenue in the first quarter of 2019 of $2.17 billion, a fall of 20.9% year on year from $2.744 billion. The company said the fall in revenue was due to the decrease in the London Metal...Read More
Base metals prices on the London Metal Exchange were marginally higher during morning trading on Tuesday May 14, with the escalating US-Sino trade rift hampering commodity investment. The three-month copper price continues to trade at just over $6,000 per tonne after falling by more than 6% this month from a monthly high of $6,443 per tonne on May 1. Copper volumes traded were thin over the mornin...Read More
Markets were consolidating during morning trading on Tuesday May 14 after the previous day's weakness that saw prices adjust to an escalation in the US-China trade war, with China retaliating by increasing tariffs on $60 billion worth of US imports. This saw risk-off and money move into haven assets, including gold.Investment money flows into gold, the yen and treasuries......while flowing out of...Read More
Base metals prices on the Shanghai Futures Exchange were all down during morning trading on Tuesday May 14 with escalating trade tensions between China and the United States continuing to dent market sentiment. The broad sell-off this morning follows an intensifying of US-China trade tensions on Monday after the Chinese government announced that it would impose tariffs on $60 billion worth of US g...Read More
China's environmental watchdog will begin a new round of inspections across the country from Tuesday May 14, according to market sources, citing an unofficial announcement from China's Ministry of Ecology and Environment last week.From May 14, central inspection teams will be stationed across 25 regions in China to conduct investigations that will last no more than 10 days. Targeted areas include...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 14 that are worth another look.German steelmaker ThyssenKrupp remains open to consolidation in the European steel sector, chief executive officer Guido Kerkhoff said in a conference call with analysts on Tuesday May 14.Increased hydroxide supply over the past year has meant diverging fundamentals between cobalt int...Read More
Egypt's use of selective anti-dumping duties helped the country's biggest steelmaker, Ezz Steel, to report a 23% increase in earnings in 2018, the company said last week.Ezz Steel enjoyed strong demand for long and flat steel products in both the domestic and export markets, it said. This enabled it to show consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) of E ?...Read More
German steelmaker ThyssenKrupp remains open to consolidation in the European steel sector, chief executive officer Guido Kerkhoff said in a conference call with analysts on Tuesday May 14.The statement came after news of the expected failure of its European flat steel joint venture with Tata Steel Europe because of opposition from the European Commission (EC)."If there are opportunities for consol...Read More
Domestic and import prices for rebar have remained stable in the United Arab Emirates over the past week, but the import price for steel billet has increased by $3 per tonne, sources told Fastmarkets on Tuesday May 14.Domestic rebarLocal rebar producers in the UAE kept their prices unchanged for May production material, with demand subdued by the start of the Islamic holy month of Ramadan this wee...Read More
Long steel producer British Steel is in discussions with the UK government about "a package of additional support to assist the company to address broader Brexit-related issues, while continuing with its investment plans," a company spokeswoman told Fastmarkets on Tuesday May 14."As we have previously commented, the uncertainties around Brexit are posing challenges for all businesses including Bri...Read More
The Turkish steel producers went quiet again in the scrap import markets on Tuesday May 14 due to the continuing low demand for finished long steel in the export and domestic markets.A steel producer in the Izmir region booked a Baltic Sea cargo on Monday, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296...Read More
Physical iron ore prices dropped on Tuesday May 14 amid losses in the steel and futures markets, as well as the continued appreciation of the United States dollar against the Chinese yuan.MB 62% Fe Iron Ore Index: $94.34 per tonne cfr Qingdao, down by $1.76 per tonne.MB 62% Fe Pilbara Blend Fines Index: $93.02 per tonne cfr Qingdao, down by $1.76 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $97...Read More
Fastmarkets presents a round-up of several of the key takeaway points from Iron Ore Week 2019 in Singapore.Steel mill margins still keyHigh-grade iron ore demand was healthy last year while the Chinese government focused on its Blue Sky project and supply-side reforms, in turn prompting steel mills to consume more high-grade iron ore, assistant general manager Ji Chao of Baoshan Iron & Steel said...Read More
Trading activity in the seaborne coking coal market slowed down on Tuesday May 14 with participants staying on the sidelines after prices rose by around 3% within the span of a week.The Fastmarkets MB fob Australia Premium Hard Coking Coal Index stood at $212.67 per tonne during the day, up 3.2% from $206.11 per tonne a week earlier."There is still demand from India but I'm not sure if the buyers...Read More