Brazilian steelmaker Gerdau saw its sales volumes go down by 22.90% year on year during the first quarter of 2019 after divesting operations in Chile, India and the United States throughout 2018, the company said in an earnings report published on Wednesday May 8.The reported showed sales volumes of 2.99 million tonnes for January-March, compared with 3.87 million tonnes in the first quarter of 20...Read More
The stainless steel scrap market in the United States remains depressed, with prices taking another step downward in the week to Tuesday May 7 while market participants indicated very little optimism for the near future.The general market sentiment has been one of caution and concern, due to scrap prices - both for dealers and for brokers/processors - moving down considerably this week. Consumer d...Read More
Ferrous scrap dock buying prices rose modestly in Boston and New York while East Coast exporters worked to fill four cargoes booked in the past two weeks, although dock prices in Philadelphia held steady on Wednesday May 8.In Boston and New York, the prices for No1 heavy melting scrap (HMS) increased by $5 per gross ton to $245 per ton and $255 per ton, respectively, while Philadelphia HMS re...Read More
Brazilian miner Vale's output of iron ore dropped by 11.10% year-on-year in the first quarter of 2019, while sales fell by 22.20% in the same comparison, due to the tailings dam disaster at Brumadinho and unusual weather conditions.The company produced 72.87 million tonnes of iron ore from January to March, down from 81.95 million tonnes in the first quarter of 2018, Vale said on Wednesday May 8.F...Read More
The Turkish steel mills went quiet in the deep-sea scrap markets on Wednesday May 8 due to low demand for finished steel and the country's worsening political situation, sources told Fastmarkets.The most recent cargo booking in the deep-sea trade was on May 7. A steel mill in the Iskenderun region booked a US cargo, comprising 23,000 tonnes of HMS 1&2 (80:20) at $300 per tonne and 5,000 tonnes of...Read More
Seaborne iron ore prices fell back on Wednesday May 8, following a downturn in both the futures and steel markets.MB 62% Fe Iron Ore Index: $95.57 per tonne cfr Qingdao, down $0.58 per tonne. MB 62% Fe Pilbara Blend Fines Index: $94.25 per tonne cfr Qingdao, down $0.58 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $98.29 per tonne cfr Qingdao, down $0.57 per tonne. MB 58% Fe Premium Index: $86....Read More
The seaborne coking coal spot market strengthened further on Wednesday May 8 with a transaction for a cargo of premium materials being concluded above its prevailing price. A top Australian brand, scheduled for loading in the second half of May, was sold at $212 per tonne cfr China to a major mill in Hebei province, various sources told Fastmarkets. The same shipment had changed hands around two w...Read More
United States-origin bulk ferrous scrap is undercutting Japanese H2 heavy scrap in the Asian spot markets despite stable demand from buyers in recent weeks.Significant price drops in the US domestic market have led to a fall in export offers from the US West Coast, leading to lower bids from buyers in Asia. VietnamHeavy melting scrap 1&2 (80:20) was being offered at...Read More
The Comex copper price dipped in US morning trading on Wednesday May 8 with lingering fears over the global trade war pressuring metal prices downward.The copper price for July settlement on the Comex division of the New York Mercantile Exchange inched down 0.80 cents to $2.7775 per lb. The red metal has seen heavy selling pressure over the past few weeks with a stronger dollar and uncertain trade...Read More
Import prices for stainless steel in East Asia fell over the week ending on May 7 amid a downturn in the London Metal Exchange nickel price and limited buying interest.The LME three-month nickel contract ended the official trading session at $12,040-12,050 per tonne on May 7, down by $400 per tonne from the close on May 1. The LME nickel price hit a 2019 peak of $13,650-13,660 per tonne on March 6...Read More
Hong Kong Exchanges and Clearing (HKEX), owner of the London Metal Exchange, has reported higher revenues and earnings in its first-quarter results this week, on lower LME volumes and higher operating expenses.The group's consolidated results for the three months to 31 March 2019 showcase an overall revenue increase of 3% compared with the first quarter of 2018, while earnings before interest...Read More
China's hot-rolled coil prices weakened on Wednesday May 8 amid persistently thin trading.DomesticEastern China (Shanghai): 4,060-4,070 yuan ($599-601) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 3,920-3,950 yuan per tonne, widening downward by 20 yuan per tonneMarket participants said mills lowered their offers during the day in response to recent days' sluggish buying.But this...Read More
Fastmarkets' global copper premiums held flat on Tuesday May 7 amid a broadly weak buying appetite, while a dip in three-month copper prices on the London Metal Exchange and easing tightness in copper's forward spreads did little to galvanize the stagnant premium levels. Shanghai premiums hold at a 2-year low Lack of demand limits European buyingWeak second-quarter demand caps US premiums Shanghai...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Wednesday May 8:Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 42,000-43,000 yuan per tonne from 43,500-44,500 yuanBismuth MB free market, $/lb: $3.30-3.70 per lb...Read More
Some Chinese germanium producers have slowed or even halted their output in their efforts to avoid more severe losses after the price of the metal sank lower than was expected in the first quarter of the year, sources have told Fastmarkets.A Kunming-based germanium producer had plans to suspend production at one plant for half of this year, starting from May, a China-based market source said.This...Read More
Key data from the Wednesday May 8 pricing session in Europe. Key drivers The European ferro-titanium price was stable week on week, extending a steady trend for the fourth pricing session in a row.Scrap markets have been steady for the third consecutive week. Alloy supply worries are supporting prices despite low key trading activity in the week to Wednesday. Market sentiment is being...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday May 8:Aluminium scrapCommercial pure cuttings: ?930-970 per tonne from ?960-1,000Loose old rolled cuttings: ?660-680 per tonne from ?680-700Baled old rolled: ?730-750 per...Read More
Norsk Hydro will aim to create a more sustainable footprint through the life cycle of its low-carbon aluminium products and solutions, the company's new president and chief executive officer, Hilde Merete Aasheim, said this week.Aasheim took up her new position at the Norwegian aluminium producer on Wednesday May 8, replacing Svein Richard Brandtz??g whose departure was announced in Marc...Read More
U.S. equity index futures were lower this morning. S&P 500 futures dropped 22 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was a drop to 220,000 from 230,000 last week. Actual was a drop to 228,000. Consensus for April Producer Prices was an increase of 0.2% versus a gain of 0.6% in Ma...Read More