Three-month base metals prices on the London Metal Exchange were for the most part under pressure during morning trading on Thursday October 25, with the complex down by an average of 0.2%. Poor US new home sales data on Wednesday and weakness in equity markets are weighing on market sentiment.Copper leads the weakness with a decline of 0.8% as at 07:39am London time, with aluminium, zinc and tin...Read More
The Thursday Market Minute Global stocks were a sea of red overnight, with the broadest Asia benchmark falling more than 2% to within touching distance of bear market territory and the Nikkei 225 slumping to a six-month low after last night's Wall Street meltdown.European stocks open with heavy selling, but a busy earnings slate provides some support ahead of today's European Central Bank meetin...Read More
The latest metal markets news and price moves to start the North American day on Thursday October 25.Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday October 25, with bearish third-quarter earnings reports prompting sharp sell-offs in the Asian and European equity markets, while global trade tensions are deterring commodity investment.Edging lower over...Read More
Domestic prices for hot-dipped galvanized (HDG) coil have fallen in Southern Europe over the past week due to slow trading, sources told Fastmarkets MB. Buyers have been mainly holding back from making purchases in anticipation of a clearer market trend. Mills are expected to negotiate their next long-term contracts with big buyers in the automotive sector by the end of this month, and spot buyers...Read More
China's export prices for hot-rolled coil weakened on Thursday October 25 even though the domestic market was largely stable, with participants expecting more downside for the product amid rising supply and weak demand.DomesticEastern China (Shanghai): 4,170-4,190 yuan ($601-604) per tonne, unchangedNorthern China (Tianjin): 4,080-4,100 yuan per tonne, unchangedMost transactions in Shanghai were c...Read More
Apparent steel consumption in the EU is expected to grow in 2018-19, but "trade frictions with the US and cooling global demand" increase the uncertainty in the market and might lead to weaker prospects for European steel users, regional steel association Eurofer said on Thursday October 25.European apparent steel consumption will increase by 2.2% year-on-year to 163 million tonnes in the full yea...Read More
Imported steel billet prices in Egypt widened upward in the week ended Thursday October 25, although demand in the country remained weak.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $480-490 per tonne cfr on Thursday, compared with $480-485 per tonne cfr last week.The assessment nudged upward because offers at the higher...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 25 amid lower offers and lackluster domestic sales for finished steel.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $505-510 per tonne cfr Manila on Thursday, narrowing downward by $5 per tonne from $505-515 per tonne cfr on Wednesday.The assessment range declined from $510-515 per ton...Read More
Buyers in the export market for pig iron from the Commonwealth of Independent States have been keeping an eye on the United States, the world's largest consumer of merchant pig iron.Fastmarkets' export price assessment for high-manganese pig iron from the CIS was $360-375 per tonne fob Black Sea on October 25, widening upward from $360-370 per tonne a week earlier.Once the price of hot-rolled coil...Read More
Import prices for steel scrap in Turkey remained flat while rumors of bookings in the deep-sea market made by the country's steel producers were unconfirmed on Thursday October 25.Reports of two deep-sea cargo trades came to light but market participants were unable to confirm significant details.A steel mill in the Marmara region was reported to have booked a Baltic Sea cargo of...Read More
Tight supply of Australian iron ore continued to support the market for the steelmaking raw material on Thursday October 25, with the benchmark 62% Fe index rising above $76 per tonne cfr China.MB 62% Fe Iron Ore Index: $76.04 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.07 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $...Read More
Imported steel billet prices in Egypt widened upward in the week ended Thursday October 25, although demand in the country remained weak.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $480-490 per tonne cfr on Thursday, compared with $480-485 per tonne cfr last week.The assessment nudged upward because offers at the higher...Read More
Iranian export billet and slab prices continued to decline in the week ended Wednesday October 24, but customers showed little interest in the material.Some customers refrained from booking Iranian materiel due to the United States sanctions."Customers [in the UAE] were signing documents confirming they will not buy anymore sanctioned material," a UAE-based trading source told Fastmarkets."Buyers...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 25 amid lower offers and lackluster domestic sales for finished steel.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $505-510 per tonne cfr Manila on Thursday, narrowing downward by $5 per tonne from $505-515 per tonne cfr on Wednesday.The assessment range declined from $510-515 per ton...Read More
China's ferrous futures tanked in the early hours of morning trading on Thursday October 25 but regained some strength before the end of the session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,207 yuan ($606) per tonne, up 42 yuan per tonneJanuary hot rolled coil: 3,940 yuan per tonne, up 27 yuan per tonneDalian Commodity Exchange January iron ore: 532.50 yu...Read More
Import prices for stainless steel in East Asia largely softened over the past week amid reduced offers from most exporters coupled with a lack of improvement in regional demand.Fastmarkets MB's import price assessment for 304 stainless 2mm trimmed cold-rolled coil was $2,060-2,140 per tonne cif East Asia for the week ended Wednesday October 24, narrowing from $2,050-2,150 per tonne cif a week earl...Read More
The production cost of rebar will increase from November 1 with the implementation of China's revised rebar standard GB-T 1499.2-2018, but spot prices are not expected to rise accordingly.Production cost risesThe revised standards prohibits steel mills from using a water-quenching process in rebar production to meet the new yield and strength requirements. "This kind of rebar rusts easily and is n...Read More
Turkey produced 27.981 million tonnes of crude steel in January-September 2018, a 0.86% increase on the 27.742 million tonnes produced in the corresponding period in 2017, according to the Turkish Steel Producers Association (T???oeD). In September, crude steel production was 2.80 million tonnes, a 5.90% year-on-year fall. The country produced 9.416 million tonnes of slab in January-September, up...Read More
Major Chinese steel mills raised their crude steel output slightly in early October.China Iron & Steel Association (Cisa) members produced crude steel at an average rate of 1.9874 million tonnes per day during the first 10 days of the month, up 0.13% from 1.9848 millon tonnes per day during the last 10...Read More
Buyers in the export market for pig iron from the Commonwealth of Independent States have been keeping an eye on the United States, the world's largest consumer of merchant pig iron.Fastmarkets' export price assessment for high-manganese pig iron from the CIS was $360-375 per tonne fob Black Sea on October 25, widening upward from $360-370 per tonne a week earlier.Once the price of hot-rolled coil...Read More