Rio Tinto has signed a memorandum of understanding with Schneider Electric to develop a circular and sustainable market ecosystem for both companies and their customers, the metals and mining company said.In the multi-product partnership, Schneider Electric will use responsibly sourced materials produced by Rio Tinto, including low-carbon aluminium and copper produced with renewable power, iron or...Read More
Abu Dhabi-based sovereign investor Mubadala Investment Co has acquired a 2.6% stake in En+ Group, the aluminium and power company said on Wednesday June 23.The acquisition is through the sale of 16,641,700 ordinary shares by Polina Yumasheva, reducing her stake to 2.58% from around 5.19%. En+ Group's free float has increased to 12.3% as a result.Mubadala, which has a $243 billion global portfolio...Read More
Rebounds were under way in the base metals in London and Shanghai this morning, Wednesday June 23, but we will have to wait to see how the metals react to today’s manufacturing purchasing managers index (PMI) data.* To reassure the markets, United States Federal Reserve chairman Jerome Powell said: “We will not raise interest rates pre-emptively because we think employment is too high [o...Read More
Northern European premiums remain at their highest level in three years due to continued supply tightness and logistics issues while Chinese premiums increased slightly on a favorable import arbitrage, sources said.Zinc premiums in northern Europe are stable at a three-year high on tight supplyLack of trucks around northern Europe complicate zinc deliveriesImport arbitrage open to some Chinese mar...Read More
The Midwest US copper premium rose to its highest level in eight years on Tuesday June 22, while Shanghai premiums remained at decade lows following the news that China plans to sell its copper reserves. US Midwest copper premium ticks up China announces details of plan to release 20,000 tonnes of copper into the spot market Spot Shanghai copper premiums stay depressed US copper demand...Read More
Huntsman Set to Expand Nickel Sulphide Discovery at CanegrassSPONSOREDhuntsman explorationHowever the investment bank then expected to see "a rally to new highs over the next three-plus months", analyst Christopher LaFemina said.China announced plans this month to sell some of its strategic reserves in a move designed to stabilise prices.Huntsman Set to Expand Nickel Sulphide Discovery at Canegras...Read More
Analysts from Bank of America and KeyBanc Capital Markets see big changes approaching in the United States' steel market, with new capacity scheduled to come online later this year and into 2022, they told attendees of this week's Steel Success Strategies conference.In the atypical cyclical upturn caused in large part by the Covid-19 pandemic, Bank of America analyst Timna Tanners stands by her pr...Read More
US imports of standard steel welded wire mesh from Mexico are being or are likely to be sold at less than fair value, the Commerce Department said in a final determination on Wednesday June 23.The weighted-average dumping margin has been set at 110.42% for Deacero SAPI de CV and 23.04% for Aceromex SA de CV and all other exporters. Commerce had estimated those margins at 23.67-152.68% in its preli...Read More
India's steel industry will double its capacity by the end of this decade and will emerge with a larger and greener role in the global steel industry, Sajjan Jindal, chairman and manager director of JSW Group, said on Wednesday June 23 at Fastmarkets' 2021 Steel Success Strategies Industry Briefing.JSW, India's largest producer, expects to lead the way with its own goal of increasing steel output...Read More
Italy's Council of State has overruled a decision by the Court of Lecce, which means that flat steel producer Acciaierie d'Italia, formerly known as ArcelorMittal Italia, will be allowed to continue its flat steel production operations, the steelmaker said on Wednesday June 23."As a result, any suggestions of a possible shutdown of the hot area of Acciaierie d'Italia's Taranto plant, and the closu...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.The Canadian Dollar was virtually unchanged at US81.46 cents following release of Canada's April Retail Sales at 8:30 AM EDT. Consensus was a drop of 4.9% versus a gain of 3.5% in March. Actual was a drop of 5.7%. Excluding auto sales consensus was an increase of 2.2% versus a gain of 4.3%...Read More
Swedish special steel producer Ovako is to collaborate with carmaker Volvo Group, Hitachi ABB Power Grids, H2 Green Steel and Nel Hydrogen to invest in hydrogen production at Hofors in Sweden, it has been announced.The project will look to enable climate-neutral steel production and to build hydrogen-powered heavy vehicles. It is building Sweden's largest fossil-fuel-free hydrogen facility, it sai...Read More
The Federal Reserve has pursued its 2% inflation grail with a monomaniacal determination, like madmen chasing phantoms or mad dogs chasing tails.It has largely been a juiceless pursuit... "as elusive as sheet lightning playing among June clouds."Inflation has bubbled a bit here, gurgled a bit there - but to no lasting effect.Experts dispute the causes. Among these are:Depressed worker wages result...Read More
I try to keep politics out of my economic analyses, and my approach is non-partisan. But sometimes I can't avoid it because political policies can have significant economic impacts. Today is one of those times.One of Joe Biden’s first acts as President was to kill construction of the Keystone XL pipeline. This is a pipeline that would bring oil from the tar sands of Alberta, Canada to the Mi...Read More
Bangladeshi mills have returned to the United States' deep-sea scrap export market to secure two West Coast cargoes at higher prices.A West Coast exporter sold a 35,000-tonne cargo comprising 7,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap priced at $535 per tonne cfr, 18,000 tonnes of shredded scrap at $545 per tonne cfr and 10,000 tonnes of bonus-grade material at $555 per tonne...Read More
Turkish steel producers have extended their absence in the deep-sea scrap market due to weak rebar sales, market participants told Fastmarkets on Wednesday June 23.Steelmakers have now been absent from the market since June 15, when two cargoes were sold into Turkey from the United States.A mill in the Marmara region bought both cargoes, comprising HMS 1&2 (80:20) at $500 and $501 per tonne, plus...Read More
Iron ore prices rose on Wednesday June 23 amid improved sentiment because of the possible easing of blast furnace restrictions in China's Tangshan province and the sharp rise in coal prices, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $216.01 per tonne, up by $1.69 per tonne62% Fe low-alumina fines, cfr Qingdao: $219.34 per tonne, up by $3.34 per tonne58% Fe fines high-grad...Read More
Buyers in South Korea have been willing to pay higher prices for Japanese scrap recently, outbidding Chinese buyers, sources told Fastmarkets on Wednesday June 23.The South Korean market has been highly interested in higher-quality scrap from Japan in recent months amid high special steel demand and rising scrap intake at some basic oxygen furnaces (BOFs) due to carbon neutrality policie...Read More
Coking coal prices maintained the upward trend in the cfr China market on Wednesday June 23 amid further supply tightness of mainstream domestic coking coal and increased buying interest, while the fob market surged amid firm demand. Fastmarkets indices Premium hard coking coal, fob DBCT: $183.67 per tonne, up $5.80 per tonne Premium hard coking coal, cfr Jingtang: $296.86 per tonne, up...Read More
China imported 3.41 million tonnes of coking coal in May 2021, down 30% from the corresponding period last year and down 2% month on month, the latest data from China Customs showed. This followed a 44% year-on-year drop and a 29% month-on-month decline in imports in April. Over January-May 2021, China imported 18 million tonnes of coking coal, down 43% from the same period in 2020. Russia was the...Read More