Import prices for stainless steel in East Asia went down in the week ended Wednesday April 24 because market participants delayed purchasing decisions while waiting for more clarity about how the price of nickel would move.The three-month nickel contract on the London Metal Exchange ended the official trading session on April 23 at $12,575-12,600 per tonne, down by $490-495 per tonne week on week....Read More
Iranian export slab prices have increased on higher offers over the past week, while billet prices and demand both fell in the wake of a renewed focus on sanctions by the United States, sources told Fastmarkets.Earlier this week, US president Donald Trump announced that he would not be renewing the exemption from sanctions on Iranian oil imports granted to several countries, in...Read More
The price of hollow steel sections in both the Northern and Southern European domestic markets has remained stable this week amid heavily subdued market activity caused by the Easter holiday.The majority of market participants were absent leaving trading activity thin as a result, sources told Fastmarkets. Yet despite the stable price assessment, the market fundamentals are not perfectly balanced,...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday April 24 that are worth another look.OM Manganese will spend as much as Australian $7.3 million ($5.2 million) to establish a manganese ore joint venture in western Australia with copper-gold-manganese explorer Bryah Resources, Fastmarkets heard on Wednesday April 24.Carmaker BMW has locked in supply of cobalt metal...Read More
The global refined copper market logged an 8,000-tonne deficit in January 2019, extending the 390,000-tonne deficit seen for the full-year 2018 and lending some support to worldwide premiums and prices, according to data released by the International Copper Study Group.Preliminary data showed that world mine production was largely unchanged year on year in January, despite declines in Chilean...Read More
United States trade action against imports of jumbo rolls of aluminium foil from China have shown some encouraging signs in the domestic industry, the Aluminum Association said in a paper released on Tuesday April 23.Intake of the product from the Asian country declined by 64% between 2017 and 2018, with domestic production also increasing, it said.The volume of aluminium foil impor...Read More
Fastmarkets premiums held in all regions on Tuesday April 23 despite supply uncertainty from Indonesia and stocks held off-exchange. European buyers stay out of spot market. The US market is heavily supplied and spot demand is quiet over the Passover/Easter holiday. China's import window closed. European premiums hold despite falling LME tin price In Europe, Fastmarkets assessed the p...Read More
The Comex copper price inched higher in US morning trading on Wednesday April 24 amid positive signs the United States and China's trade impasse could be approaching a resolution. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 0.95 cents to reach $2.9030 per lb. The red metal has been unable to set a clear price direction over the past few week...Read More
A large backwardation in the cash/three-month spread put pressure on global zinc markets in the week to Tuesday April 23 with premiums in Europe at their lowest levels since 2009; while in the United States, market participants are still awaiting a second-quarter boost. European zinc market falls to 2009 low. US market unchanged, participants hopeful for uptick. Chinese zinc premium fal...Read More
The price range for rebar produced and delivered in Northern Europe has remained unchanged week on week on limited market activity, sources told Fastmarkets on Wednesday April 24.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?535-550 ($601-618) per tonne delivered on Wednesday, unchanged from April 17.Following the long Easter weekend, a number of countries...Read More
The European domestic price for mesh-quality wire rod has remained flat week on week in a quiet market, market participants told Fastmarkets on Wednesday April 24.Following the long Easter holiday weekend, a number of countries in both Northern and Southern Europe, including Germany, Italy and Spain, will also celebrate...Read More
Steel H-beam prices in both Northern and Southern Europe were stable in the week to Wednesday April 24 with market activity down to minimal levels because of the Easter holiday.Many market participants were away from the market over the week, while those that remained said that buying and selling activity had taken place at much reduced levels.As a result, the prices in the market did not change f...Read More
China's domestic rebar prices maintained their downward trend on Wednesday April 24 as buyers lowered procurement rates. Domestic Eastern China (Shanghai): 4,050-4,100 yuan ($604-610) per tonne, down 20-30 yuan per tonne Northern China (Beijing): 3,950-4,000 yuan per tonne, down 40-50 yuan per tonneRebar futures dropped further on Wednesday amid lower buying interest in the spot mar...Read More
China's hot-rolled coil prices dropped on Wednesday April 24 after mills lowered offers amid weak demand and concerns over rising supply.DomesticEastern China (Shanghai): 3,990-4,000 yuan ($594-595) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,900-3,920 yuan per tonne, down 10-20 yuan per tonnePrices dropped after mills lowered offer prices in the morning session.A mill i...Read More
Egypt, the largest producer of direct-reduced iron (DRI) in Northern Africa, will increase its output further in 2019, Fastmarkets heard at the North Africa Iron & Steel Summit in Cairo on April 16-17.In 2019, DRI production in Egypt may reach 6.6 million tonnes, one steel producer in the country estimated, depending on the balance between the supply of natural gas to power the smelting process an...Read More
The Turkish steel producers have continued to stay away from the deep-sea scrap markets due to weak demand for finished steel, sources said on Wednesday April 24.Demand in the country's export markets was still limited because of the safeguarding imports quotas impose by the EU, the doubled Section 232 import tariffs in the United States, and import duties in Egypt.Suppliers in the Baltic Sea regi...Read More
Iron ore prices retreated on Wednesday April 24 following a downturn in the futures and steel markets.MB 62% Fe Iron Ore Index: $93.55 per tonne cfr Qingdao, down $0.98 per tonne. MB 62% Fe Pilbara Blend Fines Index: $92.33 per tonne cfr Qingdao, down $0.98 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $95.94 per tonne cfr Qingdao, down $0.94 per tonne. MB 58% Fe Premium Index: $83.70 per tonne...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 transactions: iron oreIron oreBHP, private tender, 110,000 tonnes of 61% Fe Mining Area C...Read More
Participants in China were still sitting on the sidelines of the seaborne coking coal spot market on Wednesday April 24 while they waited for a clearer sense of direction in the domestic coke market.There have been talks in the market over a possible coke price hike by the end of April, according to various sources in China. "A coke plant in Hebei province has led the way, by proposing to increase...Read More
Import prices for stainless steel in East Asia went down in the week ended Wednesday April 24 because market participants delayed purchasing decisions while waiting for more clarity about how the price of nickel would move.The three-month nickel contract on the London Metal Exchange ended the official trading session on April 23 at $12,575-12,600 per tonne, down by $490-495 per tonne week on week....Read More