Copper's price fell to its lowest level since June 21 during trading on Wednesday August 18, pushing all metals on the London Metal Exchange to a decline and causing some to drop below their support levels, while backwardations spread across the complex on cash-to-three month spreads. Risk-off sentiment prevailed on the LME during trading, in part due to a United States dollar index of 93.26 on We...Read More

The United States remained the bright spot for the physical trading of lead in the week to Wednesday August 18 amid a massive backwardation, while appetite for zinc was weak in Europe and China, Fastmarkets has heard.Wide backwardation in lead spread reduces spot trading interest in Asia, USLondon Metal Exchange lead inventory at low level, while Shanghai Futures Exchange lead inventory runs highP...Read More

Copper cathode premiums are rising in China, with positive arbitrage fueling imports after months of depressed demand. Premiums in the United States remain strong with the market eyeing the progress of the country's infrastructure bill through Congress.Arbitrage driving premiums in ShanghaiSoutheast Asia market weak on pandemic shutdownsUS premiums remain elevatedShanghai premiums continue to rise...Read More

A summary of BHP's financial results for the year ended June 30, as published on Tuesday August 17. Record free cash flow of $19.4 billion generated during 2021 financial year.Return on capital employed strengthened to 32.5%. Net debt at $4.1 billion on June 30. Final dividend of $2 per share, which brought BHP's returns to shareholders...Read More

Nearby spreads for some metals continued to be tight, while London Metal Exchange prices mostly decreased on the morning of Wednesday August 18 following the sell-off on Tuesday."The LME Index (LMEX) fell 1.2% [on Tuesday] alongside United States equity markets, which suffered the biggest decline in a month, as concerns intensified that the delta variant will weigh on growth," LME Desk analyst Ann...Read More

Hot-rolled coil prices in the United States consolidated around the $96-per-hundredweight ($1,920-per-short-ton) level on Wednesday August 18, with opinion split among market sources whether the price will soon peak.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $95.98 per hundredweight ($1,919.60 per short ton) on August 18, rising by 0.11% from $95.87 per cwt on Tu...Read More

Low-carbon wire rod prices in the United States rose by $30 per short ton in August to a record high set in 2008, while imports slipped from a record high. Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $56-59 per hundredweight ($1,120-1,180 per short ton) on Tuesday August 17, up by 2.68% from $55-57 per cwt on July 20, and up by 6.48% fro...Read More

The United States Department of Commerce ordered a final anti-dumping duty rate on sales of certain steel and alloy wire rod from Mexico shipped to US that were made at a less-than-normal value from October 1, 2018 through September 30, 2019, according to a notice in the Federal Register on Wednesday August 18.The order is a result of the agency's investigation into wire rod shipments to the US fr...Read More

Export prices for CIS-origin steel billet from the Black Sea basin continued to decrease in the week to Wednesday August 18 amid bearish sentiment in the major outlet markets.After concluding several sales to customers in Latin America late last week, mills in the Commonwealth of Independent States had covered the demand in this market, which appeared to be the highest-paying at the moment.Other m...Read More

Trading activity was close to zero in the European hot-rolled coil markets on Wednesday August 18, with buyers having mixed outlooks for September, when demand was expected to recover, sources have told Fastmarkets.Most of the region's buyers and producers have been holding back from trading so far during August, following traditional patterns of activity.Northern European buyers were already slow...Read More

The steel rebar market in Southern Europe remained quiet, with prices flat, in the week to Wednesday August 18, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe was unchanged at ?,?760-805 ($893-945) per tonne on August 18.Trading in Italy and Spain was seasonally low, with buyers and mills holding back from the ma...Read More

The domestic price for steel wire rod in Southern Europe was unchanged in the week to Wednesday August 18 amid quiet trading, while falling raw material prices weigh on market outlook, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel wire rod (mesh quality), domestic, delivered Southern Europe was unchanged at ?,?830-850 ($975-998) per tonne on August 18.Steel producers and...Read More

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.Index futures were virtually unchanged following release of July U.S. Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.608 million units from1.643 million units in June. Actual was a drop to 1.534 million units.The Canadian Dollar added 0.12 at US79.37 cents following release of C...Read More

Prices for 300-series stainless steel scrap moved up once again in the United States, but some processors said that prices were too high, resulting in shrinking margins.One major processor indicated that it is "hard to get your bearings in a market like this" and that prices were still too high "given muted mill appetite."One stainless consumer has reported some production problems, resulting...Read More

We are surprised only that so many are surprised...19 Republican members of the United States Senate hoisted a truce flag... came to terms with their Democratic foes... and signed their names a $1.2 trillion "infrastructure" bill.Thus the 2,700-page Infrastructure Investment and Jobs Act is the "bipartisan" Infrastructure Investment and Jobs Act.How many horses were traded? How many backs were scr...Read More

The United States deep-sea ferrous scrap export market may have further to fall in the wake of lower global cargo sales concluded in recent days."It seems the US market to Turkey is near the bottom but has little more room to go down and Asia likewise," a buyer source in Asia said about the expected trajectory for upcoming deals.A lack of available scrap cargoes on the US East Coast has hampered d...Read More

Japanese steel scrap sellers have continued to pull back from export markets following the Obon holidays amid expectations of a price drop at this week's Kanto Tetsugen auction, sources told Fastmarkets on Wednesday August 18.Japanese scrap sellers "wait and see" ahead of auctionLower offers for scrap to China heard from South KoreaTaiwan secures containerized scrap at $440 per tonneIndian import...Read More

Iron ore prices fell on Wednesday August 18 amid growing concerns about supply outweighing demand and weaker steel prices, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $153.39 per tonne, down $7.36 per tonne62% Fe low-alumina fines, cfr Qingdao: $154.07 per tonne, down $7.58 per tonne58% Fe fines high-grade premium, cfr Qingdao: $123.48 per tonne, down $6.06 per tonne65% Fe...Read More

July imports of steel scrap to South Korea increased both on a month-on-month and year-on-year basis following another strong month in June, according to data from the Korea International Trade Association.Steel scrap imports were 462,729 tonnes in July, up 11.9% month on month from June's 413,567 tonnes and up by 49% year on year from 310,620 tonnes in July 2020.But a comparatively sluggish start...Read More

Seaborne coking coal prices rose sharply in the cfr China market on Wednesday August 18 due to stable procurement demand and supply tightness. The fob Australia market also inched up on the same day with more buying interest for premium low-volatility hard coking coal, market sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $225.48 per tonne, up by $3.06 per tonneHard cokin...Read More