Demand for steel rebar and billet in the United Arab Emirates was slow this week because buyers expected prices to fall, while producers kept their prices unchanged, sources told Fastmarkets on Tuesday January 26.Billet imports were likely to remain slow until local producers gave discounts, sources added.Domestic rebarSince Janaury 13, the country's steel producers have been offering rebar at 2,5...Read More

China's steel market participants expect that the country will export more steel in 2021 than in 2020 with the recovery of demand worldwide, Fastmarkets heard on Tuesday January 26.While the country's steel exports fell by 16.5% year-on-year in 2020 to 53.67 million tonnes, market participants believed that performance would improve this year, based on the recovery of global business activity from...Read More

Base metals prices on the London Metal Exchange were mainly lower this morning, Tuesday January 26, but those on the Shanghai Futures Exchange were more mixed.Concerns that the US relief package may be delayed and a warning from a Chinese central bank official of asset bubbles have dampened the mood.Asian-Pacific equities were weaker this morning. And the yield on US 10-year treasuries declined, s...Read More

There was a stalemate in the export slab market in the Commonwealth of Independent States region in the week ended Monday January 25, with mills holding back offers and inviting customers to place bids while most customers were awaiting clearer direction. Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $635-640 per tonne on Monday, down from $675-695 per to...Read More

Iron ore prices fell on Tuesday January 26, due to weakening demand generally and in response to China's announcement about its plans to cut crude steel production in 2021 as part of its 14th Five-year Plan. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $165.07 per tonne, down $4.09 per tonne62% Fe low-alumina fines, cfr Qingdao: $166.19 per tonne, down $3.94 per tonne58% Fe fi...Read More

Fox (FOXA), a NASDAQ 100 stock moved above $32.18 and $32.51 resuming an intermediate uptrendMicrosoft (MSFT), a Dow Jones Industrial Average stock moved above $232.25 to an all-time high extending an intermediate uptrend. Dollar Tree (DLTR), a NASDAQ 100 stock moved below $105.31 completing a double top pattern.Yamana Gold (YRI), a TSX 60 stock moved below $6.38 extending an intermediate downtren...Read More

Danish scrap and metal recycling company HJHansen Recycling Industry has signed a deal for the acquisition of all shares of fellow Danish recycler Uniscrap, it told Fastmarkets on Tuesday January 26.The terms of the deal, and the cost of the purchase, were not disclosed. The shares will be acquired from Germany's Scholz Recycling.Final approval for the acquisition must be obtained from the Danish...Read More

Turkish steel mills continued to stay away from the deep-sea scrap import market, on continuing poor demand for steel billet and finished long steel, sources told Fastmarkets on Tuesday January 26.Steel producers in Turkey have been quiet in the deep-sea markets since last week and have been seeking lower prices.The most recent transaction was heard on Wednesday January 20 at $440 per tonne c...Read More

The Russian government is considering stricter scrap export restrictions to combat rises in prices for finished steel used in the domestic construction sector, Fastmarkets has learned. The Ministry of Industry and Trade of the Russian Federation (Minpromtorg) might further limit scrap exports from the country. New trade remedies, such as quotas or even export bans, could be applied, deputy ministe...Read More

The demand for steel scrap in most major Asian markets increased during 2020 despite the Covid-19 pandemic because of billet arbitrage opportunities and the recovery in steel consumption in the region, market sources have said.VietnamVietnam's total ferrous scrap import volumes increased by 11.4% year-on-year to 6.27 million tonnes in 2020 from 5.63 million tonnes in 2019.Japan was the key source....Read More

ED&F Man Capital Markets' Edward Meir took the top spot on the Apex base metals prediction ranking for the fourth quarter of 2020 with a 96.75% accuracy score while Wenyu Yao at ING was the winner for precious metals predictions over the quarter with 98.32%.For steel raw materials, ABN Amro's Casper Burgering had the first spot, with an 89.37% accuracy score. Click below to download the full repor...Read More

Seaborne prices for Australian premium hard coking coal increased on Tuesday January 26, with sellers holding back their offers and buyers increasingly concerned over severe weather conditions, sources told Fastmarkets.Hard coking coal and low-volatility pulverized coal injection (PCI) fob prices followed suit, they added.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.21 per tonn...Read More

The cash price for tin and its benchmark spread are receiving a boost from a short-term lack of supply on the London Metal Exchange, the question is when and how stocks on the exchange will return?The LME cash contract was at $23,120 per tonne on January 26 and traded nearly $300 above its three-month delivery counterpart, which went as high as $22,740 per tonne the same day, with both prices at n...Read More

The London Metal Exchange tin price continued to climb during morning trading on Tuesday January 26, while the rest of the base metals had a more mixed start to the day given a steady US Dollar Index and possible delays to the United States' $1.9 trillion Covid-19 economic stimulus package. Tin's three-month price reached a new year-to-date high of $22,730 per tonne during early trading on Tuesday...Read More

Sellers of hot-rolled coil in China maintained their high offers on Tuesday January 26 despite thin trading, sources told Fastmarkets.DomesticEastern China (Shanghai): 4,470-4,490 yuan ($690-693) per tonne, up 20-40 yuan per tonneSeveral Shanghai-based traders said sellers kept their offers at 4,470-4,490 yuan per tonne during the day despite trading activity being weaker than on Monday.They said...Read More

Base metals prices on the London Metal Exchange were mainly lower this morning, Tuesday January 26, but those on the Shanghai Futures Exchange were more mixed. Concerns that the US relief package may be delayed and a warning from a Chinese central bank official of asset bubbles have dampened the mood.Asian-Pacific equities were weaker this morningThe yield on US 10-year treasuries declined, sugges...Read More

The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs...Read More

The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt alloy grade, in-whs...Read More

Copper producer Freeport-McMoRan expects to see its 2021 copper sales reach about 3.8 billion pounds, or 1.7 million tonnes, while it continues its transition to underground mining at Grasberg in Indonesia.This is an increase from 3.2 billion lbs, or 1.4 million tonnes, on 2020 - a year in which the United States-based company faced the suspension of operations at Cerro Verde in Peru due...Read More

ED&F Man Capital Markets' Edward Meir led Fastmarkets' Apex 2020 leaderboard for base metals analysis with an accuracy rate of 96.24%, having led the leaderboard for two quarters during the year. Pezco Economics' team led by Helcio Takeda followed in second place for base metals with an accuracy rating of 95.76%, closely followed by Fastmarkets' research team, which had a close score of 95.74%. Ca...Read More