Iron ore prices fell sharply in the second half of November after climbing through October, with prices for higher-grade material pioneering the decline.Fastmarkets MB daily benchmark for 65% Fe fines dropped by 22% by Monday November 26 after peaking on October 29. The 62% Fe iron ore index declined by 16% over the period, as some Chinese steelmakers started to seek larger volumes of cheaper ores...Read More
The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
The price for rebar produced and delivered in Northern Europe was unchanged on Wednesday January 2 due to a lack of new business, while the European Commission's import quota continued to run down over the year-end break. Fastmarkets MB's weekly price assessment for domestic rebar in Northern Europe remained at $540-560 ($619-642) per tonne delivered on Wednesday, with many people still out&n...Read More
The aluminium import arbitrage between the United States and Asia narrowed slightly in December due to the lower ocean-freight rates only partly offsetting the lower Midwest aluminium premiums.The differential between cancelling aluminium without the 10% Section 232 tariff from London Metal Exchange-listed warehouses in Asia and shipping the material into the US Midwest also narrowed nearly $10 in...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday January 2 that are worth another look.The aluminium import arbitrage between the United States and Asia narrowed slightly in December due to the lower ocean-freight rates only partly offsetting the lower Midwest aluminium premiums.There will be a massive influx of copper scrap to China in the first half of this year, with mark...Read More
Comex copper futures softened in the first trading day of the new year in the United States amid disappointing Chinese manufacturing results and persistent weakness in US stocks.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined 2.90 cents to $2.6020 per lb.Weaker than expected manufacturing data from China prompted the Asian markets to open tr...Read More
Fastmarkets would like to clarify that its Rotterdam duty-paid P1020 aluminium premium assessment for Tuesday January 1 was published on Monday December 31, 2018 instead.This is in accordance with the premium's published pricing schedule and the holiday calendar of the London Metal Exchange.The premium published on December 31, 2018 has been included in Fastmarkets' monthly average for December 20...Read More
Erus Metals USA LLC has withdrawn from London Metal Exchange warehouse services, the exchange said on Tuesday January 1.Erus Metals USA is a subsidiary of Erus Metals Limited, the USA branch only had one warehouse left, in Panama City, Florida, which will now be delisted from the LME. According to exchange data in November, it held no LME stock.In...Read More
The price for rebar produced and delivered in Southern Europe stayed flat on Wednesday January 2, with no new deals reported over the first two days of 2019. Fastmarkets MB's weekly price assessment for domestic rebar in Southern Europe remained at ?,?520-540 ($596-619) per tonne delivered on Wednesday, with very little activity over the New Year break and ahead of the February renewal of the...Read More
Hollow steel sections prices in Europe were unchanged in the first week of 2019, with many market participants still on holiday and a resulting lack of trading on Wednesday January 2.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe remained at ?,?635-650 ($728-745) per tonne delivered on Wednesday.Many traders in Europe would not...Read More
Domestic prices for steel beams in Europe were unchanged this week, with the majority of market participants not yet returning to work, sources said on Wednesday January 2.Fastmarkets MB's weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was flat at ?,?620-645 ($711-730) per tonne on January 2.The market was quiet this week with many market participa...Read More
Some flat steel import prices in Saudi Arabia and the United Arab Emirates have gone down over the past week on lower offers, sources said on Wednesday January 2.Demand was subdued because stock levels in the UAE were already high and the market wanted to see how the steel market would move early in 2019, sources told Fastmarkets.UAEChinese offers of hot-rolled coil (HRC) into the UAE were priced...Read More
Import and domestic prices for rebar and billet in the United Arab Emirates were stable this week, with demand remaining poor, sources told Fastmarkets on Wednesday January 2.Domestic rebarLocal rebar producers had announced on December 20 that there would be reduced prices for material to be shipped in January. These prices came into effect at the time of the announcement.The country's largest pr...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil were unchanged over the past week amid illiquid spot trading and a lack of fresh offers from mills.Cold-rolled coilFastmarkets MB's weekly export price assessment for Chinese SPCC 1.0mm CRC was $525-535 per tonne fob China on Wednesday January 2, the same as a week earlier. No deals were reported during the past week. Market...Read More
CME Group's busheling futures contract showed signs of acceptance in 2018, with 20,175 lots (403,500 gross tons) traded during the year.The contract, launched in September 2012, recorded trades of 1,200 lots in December 2018. Each lot is 20 tons.CME Group's busheling contract is underpinned by Fastmarkets AMM's No1 busheling US...Read More
With no end in sight to freefalling bulk export prices for ferrous scrap shipments from the United States to Asia and Turkey, prices also have fallen further at US East Coast docks, which have been starved for a sale for more than a month.A South Korean producer booked a cargo containing 45,000 tonnes of No1 heavy melting scrap (HMS) from a US West Coast exporter at $313 per tonne cfr on Friday De...Read More
Brazilian iron ore export volumes increased by 1.63% in 2018 compared with the previous year because of higher prices, Fastmarkets has learnt.The country shipped a total of 389.81 million tonnes of iron ore last year, compared with 383.54 million tonnes in 2017, according to figures released by the...Read More
The Turkish scrap import market was quiet on Wednesday January 2 with most market participants still on holiday, while demand for finished steel products was sluggish.After news broke of a Baltic Sea cargo being sold at $283 per tonne cfr for HMS 1&2 (80:20) on December 29, the daily scrap indices went down by around $6 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 transaction: iron oreIron oreVale, Global Ore, 170,000 tonnes of 62% Fe Brazilian Blend fines, traded at $74 per tonne cfr China, laycan January 21-30.Vale, tender,...Read More
Physical iron ore prices were largely rangebound on Wednesday January 2 amid mixed signals after the New Year long weekend in China.MB 62% Fe Iron Ore Index: $72.07 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Pilbara Blend Fines Index: $71.90 per tonne cfr Qingdao, down $0.66 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $74 per tonne cfr Qingdao, down $0.12 per tonne. MB 58% Fe Prem...Read More