U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points in pre-opening trade. Index futures responded partially to another 1.12% drop by the Shanghai Composite Index to 2,893.76 McKesson added $1.57 to $127.25 after reporting higher than consensus fiscal fourth quarter earnings. Wendy's added $0.28 to $18.75 after reporting higher than consensus first quarter sal...Read More
With LME Asia Week now in full swing, Fastmarkets MB takes an in-depth look at one of the topics likely to dominate discussions at this year's event: How will aluminium premiums in Japan and South Korea likely fare for the rest of the year?The main Japan ports (MJP) aluminium premium typically rises during the peak demand season seen during the second quarter of each year, Fastmarkets MB data indi...Read More
Comex copper remained in a fixed range to open the week, with European market participants sidelined for a public holiday.Comex copper remained in a fixed range to open the week, with European market participants sidelined for a public holiday.The copper price for July settlement on the Comex division of the New York Mercantile Exchange inched up 0.95 cents to $2.8285 per lb.In a post overnight on...Read More
Copper stocks in Shanghai-bonded warehouses rose slightly in April compared with March, while muted trading activity last month pushed the bonded warrant premium for the red metal to a 13-month low.Despite the slight increase, market participants expect copper inventories to decline in the coming weeks and months because the second quarter of the year is traditionally associated with high metal co...Read More
From Monday May 13, Fastmarkets MB will publish the assessment of manganese ore inventories at the main Chinese ports of Tianjin and Qinzhou on Mondays, instead of Wednesdays previously. The change was initially meant to take effect on Monday May 6 following a one-month consultation over the whole of April, taking into account the May 1-3 Labor Day break in China. But this was postponed for anothe...Read More
Ferrous scrap will be the "next big thing" for commodity-based derivatives in Asia, according to the Singapore Exchange (SGX).It is one key commodity that the SGX is looking at to expand its slew of ferrous derivatives under the "virtual steel mill" concept, in addition to the iron ore and coking coal contracts that are already trading well on its platform, the exchange's head of commodities, Will...Read More
Prices for flat steel products in the Brazilian domestic market remained largely unchanged this month as local steelmakers successfully applied a price increase for distributors.Fastmarkets' monthly price assessment for Brazilian domestic hot-rolled coil was at 2,560-2,610 Reais ($650-662) per tonne ex-works on Friday May 3, unchanged from April's assessment. Fastmarkets' monthly price assessment...Read More
China's hot-rolled coil market appeared to have held up against threats of higher import tariffs in the United States on Monday May 6, though sentiment took a beating, which could result in some downside for prices.DomesticEastern China (Shanghai): 4,060-4,070 yuan ($603-604) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,930-3,940 yuan per tonne, unchangedSpot prices were largely stab...Read More
Russian billet and rebar producer Abinsk Electic Steel Works (Abinsk) has entered into a definitive agreement with compatriot Severstal to buy its long-products mini-mill in Balakovo in the Volga federal district.The transaction, worth $215 million, is expected to be completed by the end of June, following the receipt of approvals and other standard conditions."Following the sale of mini-mill Bala...Read More
The threat of higher import tariffs in the United States failed to have much of an effect on China's rebar market, with domestic prices holding steady on Monday May 6 despite tumbling futures.Domestic Eastern China (Shanghai): 4,090-4,140 yuan ($607-615) per tonne, unchangedNorthern China (Beijing): 3,990-4,030 yuan per tonne, unchangedWhile rebar futures experienced a big decline during the day a...Read More
Trading activity in the Singapore rebar import market was tin in the past week due to an absence of Chinese participants for most of the period due to a holiday.Fastmarkets MB's weekly import price assessment for rebar into Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $505 per tonne cfr for the week to Monday May 6, unchanged from a week ea...Read More
Physical iron ore prices were rangebound on Monday May 6 amid limited trading activity in the wake of further trade uncertainties between China and the United States, as well as the start of steelmaking restrictions in Tangshan.MB 62% Fe Iron Ore Index: $94.34 per tonne cfr Qingdao, up $0.17 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.37 per tonne cfr Qingdao, up $0.17 per tonne. MB 62% Fe...Read More
Nearly 1,500 delegates will descend upon Singapore this week to attend the seventh edition of Singapore Exchange's (SGX) annual Singapore Iron Ore Week.Much of the conversation at last year's event revolved around the need for suitable risk mitigation tools in the iron ore market amid wide and volatile grade differentials due to the Chinese government's environmental protection policy and robust m...Read More
Ferrous scrap will be the "next big thing" for commodity-based derivatives in Asia, according to the Singapore Exchange (SGX).It is one key commodity that the SGX is looking at to expand its slew of ferrous derivatives under the "virtual steel mill" concept, in addition to the iron ore and coking coal contracts that are already trading well on its platform, the exchange's head of commodities, Will...Read More
Import prices for steel slab in Southeast Asia and East Asia were unchanged over the past week amid quiet market conditions ahead of the start of the Islamic holy month of Ramadan.Re-rollers in Indonesia remain well-stocked and are in no rush to replenish supplies due to an expected reduction in business activity during Ramadan, a trader in Southeast Asia said.Ramadan starts on May 5 and ends on J...Read More
The threat of higher import tariffs in the United States failed to have much of an effect on China's rebar market, with domestic prices holding steady on Monday May 6 despite tumbling futures.Domestic Eastern China (Shanghai): 4,090-4,140 yuan ($607-615) per tonne, unchangedNorthern China (Beijing): 3,990-4,030 yuan per tonne, unchangedWhile rebar futures experienced a big decline during the day a...Read More
Brazilian slab export prices rose last week due to the increased focus of local producers on the US market before an annual quota is filled.Fastmarkets' weekly price assessment of steel slab exports from Brazil went up to $540-550 per tonne fob on Friday May 3, from $495-545 per tonne fob in the previous week.Local producers in Brazil were sending almost all of their volumes to buyers in the Unite...Read More
Russia has criticized Mexico at the World Trade Organisation (WTO) for maintaining anti-dumping duties on Russian steel exports, which it claims are outdated, being based on pricing assessments using data from a different country.The Mexican government used this method for past dumping calculations on Russian steel because it is permitted under WTO rules where a government dominates an economy tha...Read More
UK long steel producer British Steel has been granted approval from a French court to take over troubled French special steelmaker Ascoval, the company said on Thursday May 2.Following the approval from the tribunal de grande instance (TGI) in Strasbourg, Ascoval, which is located in Saint-Saulve, Northern France, will officially become part of British Steel on Wednesday May 15 and will be renamed...Read More
While 2016 and 2017 each had a single, clear factor that drove up seaborne coking coal prices, this was a key feature that was missing last year, when the market continued to strengthen regardless.And if the first few months of 2019 are anything to go by, the seaborne coking coal market might have just reached a new level of complexity.When China decided to tackle overcapacity in its coal sector i...Read More