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  • Low availability prevented a sharp decline in US pig iron prices last week.



    Fastmarkets’ import price assessment for pig iron in the US was unchanged week on week at $360-365 per tonne cfr on Friday April 26.

    One cargo of 60,000 tonnes of pig iron was booked from Russia at $365 per tonne cfr New Orleans earlier in the week.

    Deals for CIS-origin pig iron reduced slightly as a result, from $365-370 per tonne cfr in March, while the pig iron benchmark Chicago No1 busheling scrap price dropped by $25 per gross ton in April, to $350 per gross ton.

    Meanwhile, for other buyers in the US the workable pig iron price was below $360 per cfr. And some buyers were testing the market with bids as low as $345 per tonne cfr, sources said.

    Over the past month, key pig iron buyers in the US flat steel sector saw the fob US Midwest index for HRC drop to $33.05 per hundredweight (equivalent to $728.62 per tonne) on April 26, from $34.57 per cwt on April 1.

    However, offer prices from Russia and Ukraine are likely to remain at $370 per tonne cfr (largely stable since March), according to one supplier from the CIS.

    “Large suppliers from the CIS now have reduced the availability of merchant pig iron [and] that allows us to [stick to] our prices,” he said.

    Ukraine's Metinvest, cut its merchant pig iron sales twice in the first quarter 2019 on higher slab output. And, in total in 2019, Metinvest may reduce its pig iron shipments by 0.5-1 million tonnes, chief executive officer Yuriy Ryzhenkov told Fastmarkets on March 24.

    Russia’s Industrial Metallurgical Holding (IMH), the parent company of major pig iron producer Tulachermet, has started pre-commissioning activities at its new steelmaking asset, Tula Steel, and plans to start outputting steel products in May.

    Meanwhile, an unnamed low-phosphorous pig iron supplier from the north of Brazil, which delivers material into the US Gulf ports, was already sold out and stayed out of the market, sources told Fastmarkets.

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  • End-user demand has been poor recently, with buyers unwilling to book material because the market was not expected to improve any time soon. And next week will be the start of the Islamic holy month of Ramadan, when business normally slows down, and this will put further limits on demand.

    UAE

    India-origin hot-rolled coil was on offer to the UAE this week at around $550 per tonne cfr, while Chinese HRC was offered at $560-565 per tonne cfr. One buyer was bidding $545-550 per tonne cfr for HRC. Fastmarkets’ weekly price assessment for HRC imports into the UAE was $550-560 per tonne cfr on April 30, rising from $545-555 per tonne cfr.

    Cold-rolled coil (CRC) from China was on offer to the UAE at $620-630 per tonne cfr, but no major deals were heard. Fastmarkets’ weekly price assessment for CRC imported into the UAE was $620-630 per tonne cfr on Tuesday, unchanged week-on-week.

    Offers for 1mm hot-dipped galvanized coil (HDG) from Indian suppliers came in at $760-770 per tonne cfr, while Chinese offers for similar product were heard at $710-720 per tonne cfr. But again, no major deals were reported. Fastmarkets’ weekly price assessment for HDG imports into the UAE was $710-760 per tonne cfr on April 30, also unchanged week-on-week. The price difference between material from China and India reflects the fact that Indian HDG is quality-assured and has been certified for use in the UAE by the authorities there.

    Saudi Arabia

    China-origin HRC was on offer to Saudi Arabia this week at $550-560 per tonne cfr and one deal was heard at $550 per tonne cfr. Fastmarkets’ weekly price assessment for HRC imports into Saudi Arabia was unchanged at $550-560 per tonne cfr on April 30.

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  • Prices for most flat-rolled steel imports into the United States have continued to slide while prices for certain domestic flat-rolled products have reached new lows.

  • The export markets for CIS-origin hot-rolled coil and cold-rolled coil (HRC, CRC) have weakened on soft customers’ markets and price competition with other exporters, sources told Fastmarkets on Monday August 5.

  • Prices for hot-rolled coil in Asia maintained their downward trend in the past week amid rampant short-selling and a weakening raw materials market upstream.


    Fastmarkets’ price assessment for steel HRC, import, cfr Vietnam - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $495-497 per tonne on Tuesday August 13, down by $5-18 per tonne from $500-515 per tonne a week earlier. A transaction involving 20,000 tonnes of September-shipment India-origin HRC was heard at $495 per tonne cfr Vietnam while another involving Chinese HRC was heard to have been concluded at $497 per tonne cfr.

    Offers were heard at $495-500 per tonne cfr Vietnam for position cargoes. “Most sellers are hawking position cargoes now in light of the bearish trend, with no inquiries for back-to-back materials from buyers,” a Vietnamese trader told Fastmarkets. There were rumors in the market about short-selling offers going down all the way to $485-490 per tonne cfr Vietnam, although this could not be confirmed at the time of publication. Some buyers said that they did not receive these offers.

    A major global steel producer was offering HRC out of Brazil last week at $505-510 per tonne cfr Vietnam, while Russia’s Magnitogorsk Iron & Steel Works (MMK) was offering HRC at $510 per tonne cfr Vietnam at the start of last week, before reducing its offer to $505 per tonne cfr Vietnam on August 8. A major South Korean mill was offering HRC at $530 per tonne cfr Vietnam. Japanese HRC was offered at $520 per tonne cfr Vietnam, according to a trader in Vietnam. But this could not be confirmed at the time of publication.

    The weak sentiment was partly caused by falling prices for raw materials in the upstream iron ore markets, where Fastmarkets’ index for iron ore, 62% Fe fines, cfr Qingdao, closed at $94.12 per tonne on August 8, down from $115.68 per tonne cfr Qingdao on August 1.

    *** China market drags down regional prices

    Chinese steel mills have lowered their export offer prices over the past week amid falling domestic prices, with regional prices tracking the downward trend. A major exporter in eastern China lowered its list price by $10 per tonne to $505 per tonne fob China for base-grade HRC. Market sources in China were expecting more price drops in the near term, especially with the falls in iron ore prices. Chinese traders have started short-selling HRC cargoes, with one major trader heard to have offered material at $485 per tonne cfr Vietnam.

    Fastmarkets’ price assessment for steel HRC, domestic, ex-whs Eastern China, was 3,660-3,670 yuan ($515-517) per tonne on August 12, down by 60 yuan per tonne from 3,720-3,730 yuan per tonne a week earlier. Fastmarkets’ steel HRC index, export, fob main port China, was $485.31 per tonne on Monday, down by $11.38 per tonne in the same comparison.

    *** Other regions

    Thailand

    Bulk cargo of South Korean SAE1006 HRC offered at $550 per tonne cfr. Domestic SS400 HRC estimated to trade at 18.00-18.25 baht per kg ($580-590 per tonne), with most materials sold by two major domestic producers.

    Indonesia

    Bulk cargo of South Korean SAE1006 HRC offered at $550 per tonne cfr. Domestic SS400 HRC estimated to trade at 8,600-8,900 rupiah per kg ($604-625 per tonne).

    Philippines

    Bulk cargo of Chinese SS400 HRC offered at $515-520 per tonne cfr.

    Malaysia

    Bulk cargo of South Korean SAE1006 HRC offered at $550 per tonne cfr.

    Reference: Metal bulletin

     

  • Indian flat steel producers increased domestic hot-rolled coil (HRC) prices by 1,000 rupees ($14) per tonne at the start of this week to factor in the higher prices of the commodity in the international market and rising raw materials costs.

  • Brazilian domestic flat-rolled steel and reinforcing bar prices fell during the week ended Friday March 1, with discounts from past months consolidating in the market due to low demand. Weak economic activity and low investments were cited for the downward performance of the Brazilian flat and long steel markets.

  • Top Asian steelmakers will continue hiking hot-rolled coil (HRC) prices in the second quarter of this year due to continued strong demand in the region, a leading Japanese steel mill told Fastmarkets MB this week.

  • The market for flat steel exports from the Commonwealth of Independent States (CIS) has softened on improved availability of May-rolling products, sources told Fastmarkets on Monday April 1.



    Fastmarkets’ weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) was $500-515 per tonne fob Black Sea on April 1, down from $510-520 per tonne fob a week ago.

    Magnitogorsk Iron & Steel Works (MMK), a major flat steel exporter from Russia, was heard to be considering a price cut for May-rolling products, although no official prices have been announced yet, one source told Fastmarkets.

    Meanwhile, another source claimed to have started negotiations for MMK’s HRC supply at around $515 per tonne fob Black Sea.

    Bids for CIS-origin HRC in the Middle East-North Africa (Mena) region were at a maximum of $500 per tonne fob Black Sea, sources told Fastmarkets.

    After the assessment was published, however, HRC offers from Ukraine were heard at $510 per tonne cfr in Turkey. That would be close to $495 per tonne fob Black Sea.

    “[Turkey’s mayoral] elections are over, but market activity will rebound no earlier than at the end of the week, when the price trend becomes clearer,” one trader told Fastmarkets. Elections were held across Turkey on March 31 but the official results have not been declared.

    Fastmarkets’ weekly assessment of the price of cold-rolled coil (CRC) exported from the CIS was stable week on week at $555-560 per tonne fob Black Sea.

    MMK was heard to reduce its offer to around $550 per tonne fob Black Sea, from $560-565 per tonne in March.

    The latest offers from Ukraine were heard in March at $555 per tonne fob Black Sea.

    “The market is very slow now, and everyone is sceptical about importing,” one buyer in Egypt said.

    The price assessment for CIS-origin steel plate exports was $590-625 per tonne fob Black Sea on Monday, widening downward by $10 per tonne week on week.

    The workable price for Ukraine-origin plate was heard at $590 per tonne fob Black Sea, while the corresponding price from a Russia-based supplier remained at $625 per tonne fob.

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  • The Commonwealth of Independent States export slab price slid by mid-April on pressure from the weakening finished flat-steel market in both the CIS and the global market due to subdued buying activity, Fastmarkets learned.



    Recent slab offers from CIS to Turkey were heard at $500 per tonne cfr, equivalent to $485 per tonne fob Black Sea, while the latest sales to Europe were all finalized at the same level in early April.

    Yet, customers were unwilling to accept this price level any longer, considering the drop in CIS export flat steel prices and the bullish market sentiment in Turkey, Italy and Asia - the main slab consuming markets.

    Fastmarkets weekly assessment of the price for the CIS export HRC market was at $485-495 per tonne fob Black Sea on April 15, down 3.45% from $500-515 per tonne fob Black Sea a week before on April 8.

    HRC prices decreased week on week after mills reduced offers because no customer was willing to accept higher prices due to low demand in the domestic market.

    “There is no interest at $485 per tonne fob Black Sea level,” one trader said, adding that the workable price would be around $460 per tonne fob, considering the current export hot-rolled coil offers from CIS.

    Export HRC offers from the CIS region moved down from $500-515 per tonne fob black Sea in early April, to $485-500 per tonne fob by the middle of the month.

    But despite this drop, most market participants considered a price of $460 per tonne fob Black Sea to be too low.

    “I guess fresh deals [for CIS slab] won’t be done below $470 per tonne fob Black Sea,” a source on the producers’ side told Fastmarkets.

    Fastmarkets weekly price assessment for CIS export slab was $475-485 per tonne fob Black Sea on April 15, down from $485-490 per tonne fob a week earlier.

    In Southeast Asia, CIS-origin slab shipped from the Far East ports of Russia was on offer at $480-490 per tonne cfr, with several bookings heard done to the region within the aforementioned range.

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  • The market for exports of hot-rolled coil (HRC) from the Commonwealth of Independent States (CIS) fell because of lower prices for Ukraine-origin material during the week ended Tuesday April 23.



    Fastmarkets’ weekly price assessment for CIS-origin exports of HRC was $470-495 per tonne fob Black Sea on April 23, widening downward from $485-495 per tonne fob a week earlier.

    HRC offers from Ukraine fell to $485-490 per tonne cfr in Turkey, against $510 per tonne cfr in mid-April. On an fob basis, current offer prices were around $470-475 per tonne, compared with $495 per tonne earlier.

    A deal for Ukraine-origin HRC was heard at $480-485 per tonne cfr in Turkey, or $465-470 per tonne fob Black Sea, although this was not confirmed at the time of publication.

    Meanwhile, Russian suppliers kept their HRC offers high. In Turkey and other parts of the Middle East, Russia-origin HRC was on offer at around $495-500 per tonne fob.

    In North Africa, offers of Russia-origin HRC were heard at $505 per tonne fob Black Sea. But this price was rejected by buyers because “[HRC] offers from Europe and Turkey are much better,” one source in Egypt said.

    CIS-origin HRC is subject to 5% import duty in Egypt, in contrast with material from the EU and Turkey, which is traded without duties, the source added.

    “[Russian producer] NLMK [Novolipetsk Steel] told us that it is not rushing to sell and it has enough orders to allow it to wait, while [fellow Russian producer] MMK [Magnitogorsk Iron & Steel Works] is more focused on sales of CRC [cold-rolled coil],” another source said.

    Fastmarkets’ weekly assessment for the price of CRC exported from the CIS was $540-558 per tonne fob Black Sea on April 23, down from $550-560 per tonne fob a week earlier.

    Offers of CIS-origin CRC were heard at $540-550 per tonne fob Black Sea in North Africa. For the Middle East market, offers were heard at $558-560 per tonne fob.

    The weekly price assessment for CIS-origin steel plate exports was unchanged on Tuesday at $585-590 per tonne fob Black Sea.

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  • The price of a 2 mm thick sheet on Saturday in Isfahan was 62,000 Rials, reaching 69,000 Rials by the weekend. The supply was very limited and sellers were cautious. The rolling sheets and tubes of Ahwaz were 58,000 rials per kilo on Saturday, but crossed over 64,000 rials by the weekend, while the bullish trend seems to be bullish as competition on this commodity has been curtailed. The average sheet of 3 to 15 mm rolls of Mobarakeh from 63700 riyals finished each kilo to 66113 rials, while their supply was very limited, and the vendors were cautiously trafficked. The reason for this is the perplexity of the policies of Mobarakeh and the Metals Exchange. Mobarakeh has not yet fully marketed the goods sold at low prices last year, on the other hand, the initial offer price is far from market logic, due to the pricing of the program that is being applied by the Ministry of Interior. The bourse or the ministry can set any number for initial submission, but Mobarake is an exclusive producer and, on the other hand, is not an economic firm because it has responsibilities to provide some expenses that are not necessarily related to Mobarakeh's activity, let's suppose now The stock exchange did not overturn Mobarakeh's transactions during the past two weeks if Mubarak pursues the policy of supplying minimum supply, as it did during these years. The difference in the price of a hot plate on the market with the latest price sold on the stock exchange, which has been canceled, is at least 12%. This difference will always be there, it will not be less that increase should be, the exclusive logic of the supplier. Canceling trades in the stock exchange is supporting Mubarak's supply-side policy and contributes to the turmoil in the market.

     

    *** Growth in prices of oxin cold-rolled

    The prices of auxins have risen in price. The average price of the thickness of 10 to 40 mm increased from 60188 rials to 62463 rials. The reason is the price increase of supply control from the factory, while at the middle of the week, the Aksin plant raised production costs sharply, reflecting higher prices in the coming weeks on the market. It's been said that auxin has good orders on non-structural sheets that will naturally reduce the production of construction products. The Kavian plant has appeared on the market last week, with a thickness of 15 to 25 mm, some of which have been heard suggesting how many sponsor companies have helped to increase the production of this plant.

    The cold sheet thickness of 0.44 to 2.5 mm on average was traded on Saturday at 76550 Rials, but from the same day the price started. With what happened on the stock market, the Mobarake ensured that Mobarake did not intend to lag behind the price. The reason for the supply will not increase. As a result, the slope of the price hike became more rapid, until Wednesday, which exceeded 80500 Rials, many of the thicknesses are rare in the market and their supply is limited.

    The galvanized sheet followed a warm up trend, while the market remained unchanged.

     

    ifna

  • ArcelorMittal plans to temporarily idle production at its steelmaking facilities in Poland, reduce production in Spain and adjust shipments at ArcelorMittal Italia, temporarily reducing annualized production by 3 million tonnes, the company announced on Monday May 6.The company credited high energy costs, low demand and rising imports for the decision.

    “These actions reflect the weak demand environment in Europe today, a situation further compounded by increased imports despite the safeguard measures introduced by the European Commission,” Geert Van Poelvoorde, chief executive officer of ArcelorMittal Europe Flat Steel Products, said in a statement. “High energy costs and increasing carbon costs are adding to the tough environment.”

     

    ***Domestic hot-rolled coil prices in southern Europe

    Domestic hot-rolled coil prices in southern Europe have been under pressure from limited trading activity, Fastmarkets understands.Fastmarkets’ weekly price assessment for domestic HRC in southern Europe was €450-470 ($505-527) per tonne ex-works on May 1, compared with €455-475 per tonne ex-works a week earlier.

     

    ***Turkish HRC exports

    “We are engaging with stakeholders to request that the [EC] safeguards are strengthened to prevent a further increase in imports as a result of continued global overcapacity and a weakening economy in neighboring countries including Turkey,” Poelvoorde said. Fastmarkets’ price assessment for Turkish HRC exports was $490-500 per tonne fob on May 3, widening downward from $495-500 per tonne fob the week before.

    “We stated… last week that European production reduction actions needed to be taken, and quickly... This message apparently is being absorbed,” analysts at investment bank KeyBanc Capital Markets said in a research note on Monday. “We expect other steel producers to also curb their marginal assets.”Reduced output from major producers could help support global steel prices. 

     

    ***Addressing overcapacity

    In Kraków, Poland, ArcelorMittal plans to temporarily idle primary production, the company noted, indicating its blast furnace and steel plant there. In Asturias, Spain, primary production also will be reduced, and the planned increase of shipments at ArcelorMittal Italia to a 6-million-tonne annual run-rate will be slowed down. 

    “We estimate this is a 7% crude steel production cut for [ArcelorMittal] within its European division [compared with] the [roughly] 45 million tonnes produced in 2018,” the KeyBanc analysts wrote. 

    “The steel industry in Europe can have a strong future, but there must be a level playing field to ensure that an unfair advantage is not given to competitors outside the region,” Poelvoorde said.

    Notably, the EC last week proposed measures that would prevent the effects of anti-dumping or anti-subsidy duties being combined with the safeguard measures targeting imports of certain steel products into the European Union.

    Following its acquisition of Italian flat steel producer Ilva, ArcelorMittal assumed full management control of Ilva, forming a new business cluster within ArcelorMittal Europe Flat Products that became known as ArcelorMittal Italia.

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  • Weakening prices in the flat steel markets of Turkey and Europe, particularly for hot-rolled coil (HRC), meant that there were reduced bids for CIS export slab, Fastmarkets heard on Tuesday May 7.
    Slow trading both domestically and in the export outlets was the major reason for the drop in finished flat steel prices.

  • With demand remaining weak in the local market, producers did not want to reduce prices because that would lead to a further reduction in demand as buyers would hold out for even lower prices, sources said. However, demand for Turkish HRC was strong in Asia, so, flat steel producers could fill their order books with export bookings.

    Sources told Fastmarkets that the continuing weakness of the Turkish lira and market expectations that prices will fall further were the main reasons for the weakness in Turkey's domestic market. The lira was trading at TRY100 to $16.2796 on May 10, compared with TRY100 to $17.47 on April 12 and TRY100 to $18.76 on March 1, according to exchange rate website Oanda. And the uncertainty over the disputed Turkish mayoral elections has also put off buyers.

    The mayoral elections were held across Turkey on March 31 but, after the outcome was disputed, Istanbul election will be repeated on June 23. The ruling Justice & Development Party (AKP) won the majority of votes for mayors across the country, but lost out in the key cities of Ankara, Istanbul, Adana and Antalya where the opposition Republican People’s Party (CHP) triumphed.

    Domestic prices

    Steel mills in Turkey were offering flat steel to the domestic market for July production this week, market sources said. Hot-rolled coil was on offer at $510-520 per tonne ex-works for July production, with deals heard at $500-510 per tonne ex-works. Fastmarkets’ weekly price assessment for Turkish domestic HRC was $500-510 per tonne ex-works on Friday May 10, unchanged week on week.

    Producers were offering cold-rolled coil at $590-600 per tonne ex-works. Fastmarkets’ weekly price assessment for Turkish domestic CRC was $590-600 per tonne ex-works on May 10, up from $580-590 per tonne ex-works.

    Import prices

    Ukrainian HRC was on offer to Turkey at $490 per tonne cfr, with one deal heard at $475 per tonne cfr. And Russian HRC was on offer at $500-510 per tonne cfr. Russian HRC was also sold at $495 per tonne cfr, sources said. Fastmarkets’ weekly price assessment for HRC imported into Turkey was unchanged at $475-500 per tonne cfr on May 10.

    CRC from the Commonwealth of Independent States (CIS) - Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan - as on offer at $550-560 per tonne cfr into Turkey, but no major deals were heard. Fastmarkets’ weekly price assessment for Turkish CRC imports was $550-560 per tonne cfr on Friday, widening downward from $555-560 per tonne cfr last week.

    HRC exports

    Turkish mills were offering HRC for export at $500-510 per tonne fob, and a deal was heard to Asia at $500 per tonne fob after the assessment was filed. Fastmarkets’ weekly price assessment for Turkish HRC exports was $500-510 per tonne fob on May 10, rising from 490-500 per tonne fob.

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  • Prices went down with lower offers being heard and deals being agreed at reduced levels.

    The main export markets for CIS-origin flat steel were Turkey and the Middle East-North Africa (Mena) region, where people have been observing the Islamic holy month of Ramadan since early last week. This typically results in business activity slowing down and buying being similarly reduced.

    Fastmarkets’ weekly price assessment for CIS-origin exports of HRC was $460-480 per tonne fob Black Sea on May 13, widening downward from $465-480 per tonne fob a week earlier.

    HRC offers from Ukraine were heard at $475 per tonne fob Black Sea and one deal was made to Turkey at $475 per tonne cfr, which would be equivalent to $460 per tonne fob.

    Offers from Russian suppliers to Turkey and the Mena region were heard at $480-495 per tonne fob Black Sea.

    One deal to Turkey from Russian steelmaker MMK was heard at $495 per tonne cfr, equivalent to $480 per tonne fob.

    Fastmarkets’ weekly assessment of the price of CRC exported from the CIS was $535-545 per tonne fob Black Sea on May 13, falling from $540-550 per tonne fob a week earlier.

    Ukraine-origin CRC was on offer at around $535 per tonne fob Black Sea, while offers of Russia-origin CRC were indicated by Turkish sources at $545 per tonne fob Black Sea.

    The weekly price assessment for CIS-origin exports of steel plate was $560-585 per tonne fob Black Sea, unchanged week-on-week.

    No new price for plate was heard this week.

    Offers of Ukraine-origin plate were heard at $560-565 per tonne fob Black Sea, while the latest offers of Russia-origin material were heard last week at $585-590 per tonne fob.
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  • Fastmarkets’ weekly price assessment for CIS export slab was $450-460 per tonne fob on May 13, down from $450-465 per tonne fob a week earlier. CIS-origin slab offers to Europe were heard at $480 per tonne fob, market participants said. “There has been no agreement with European buyers [at $480 per tonne fob], while Turkish market bids are too low to be interesting,” one CIS producer source said. Low import offers for CIS-origin slab were also heard in Taiwan and Indonesia this week at $460-465 per tonne cfr.

    Fastmarkets’ weekly assessment of the price for CIS-origin export hot-rolled coil (HRC) was $460-480 per tonne fob Black Sea on May 13, widening downward from $465-480 per tonne fob Black Sea one week earlier. Weak demand in the flat steel markets of Turkey and Europe has also put downward pressure on CIS-origin slab prices in recent weeks. Fastmarkets’ weekly price assessment for Turkish domestic HRC was $500-510 per tonne ex-works on May 10, stable for the past three weeks. Fastmarkets’ weekly price assessment for domestic HRC in Southern Europe was €445-470 ($500-528) per tonne ex-works on May 8, widening downward from €450-470 per tonne one week earlier.

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  • Fastmarkets assessed the hot-rolled coil (HRC) import price in the region at $535-550 cfr on May 17, down from $540-560 per tonne a week earlier.

    Russian and Ukrainian mills were offering HRC closer to $535-540 per tonne cfr into South America, sources said. Material from China was being shipped mostly to Pacific destinations, mainly Chile, at $545-550 per tonne cfr, they added.

    Fastmarkets’ assessment of the cold-rolled coil (CRC) import price was $600-615 per tonne cfr, a drop from $610-620 per tonne on May 10.

    Offers for CRC from the CIS region stood closer to $600-605 per tonne cfr although Russia and Ukraine were more likely to sell HRC, one trader source said. Chinese material was being offered closer to the high end of the range, another trader said.

    Chile, Peru and Colombia have been the most active countries in steel imports since April, the sources added. Brazil, though, has been largely quiet over the past month because of falling domestic demand and adverse foreign exchange rates.

    Bids from Brazil were mainly for coated steel, especially aluminium-zinc alloy and pre-painted products, two traders said. Even deals for hot-dipped galvanized coil (HDG), for which demand had been robust recently, have become scarce.

    Fastmarkets assessed the HDG import price in South America at $645-660 per tonne cfr, down from $660-670 per tonne a week earlier.

    The cfr plate price of $580-590 per tonne is unchanged since April 26 in in a market where liquidity has been lower, according to Fastmarkets’ assessment.

    Chinese export prices have been falling - market participants have refrained from larger deals because of recent trade tensions with the United States

    “As far as I can see, this [Chinese downtrend] is based on devaluation [of the yuan], which in turn is due to the US-China trade war,” one trader source said. “Our feeling is that all our Brazilian customers, however, are largely overstocked, and will not buy at the moment, at whatever price.”
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  • The market for exports of hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States (CIS) was frozen on Monday May 20 because suppliers preferred wait for more clarity to emerge in Turkey, the key outlet.

     

    “[The CIS] mills are mostly sold out for June production, and they have time to wait until some clarity appears in Turkey,” one trader told Fastmarkets.

    The United States halved its tariff on steel imports from Turkey to 25% with effect from May 17.

    This move could effectively reopen the US market for Turkish exports and stimulate steel demand in Turkey, dragging prices upward.

    “We are not offering at the moment. We need some time to understand where the market will go,” one supplier from the CIS told Fastmarkets.

    “We sold some tonnages for July shipment and then stopped further negotiations,” another supplier said. “For the next few days, there will be no offers [while we] wait to see a clear situation.”

    Given the sentiment in the market, Fastmarkets kept its weekly price assessment for CIS-origin exports of HRC steady at $460-480 per tonne fob Black Sea on May 20.

    More activity was expected in the market next week because the initial results of the lower duty on Turkish steel in the US will be apparent, while the Islamic holy month of Ramadan will be closer to its end.

    Ramadan started on May 5 and will last until June 4. Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials, which normally rebounds during the last week, sources said.

    Fastmarkets’ weekly assessment of the price of CRC exported from the CIS was $535-550 per tonne fob Black Sea on May 20, widening upward from $535-545 per tonne fob a week earlier.

    The weekly price assessment for CIS-origin exports of steel plate was $550-585 per tonne fob Black Sea, widening downward by $10 per tonne from $560-585 per tonne fob a week earlier.

    Offers of Ukraine-origin plate were heard at $550 per tonne fob Black Sea, down from $560 per tonne fob earlier in May.

    The workable price for Russia-origin material was $585 per tonne fob, although suppliers were heard to have sold a large part of the available tonnage for export to Europe, at a price equivalent to $600-605 per tonne fob.
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  • The market for flat steel products in Russia’s Central Federal District around Moscow was stable at the start of this week, with price movement depending on trends in the export market, sources told Fastmarkets on Monday May 20.

  • Import prices for stainless steel in East Asia have declined over the week ended on May 22 because of limited buying interest amid the heightened trade tensions between China and the United States.

  • Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week due to limited demand amid the observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 28.


    The observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. Ramadan began earlier this year in May and is estimated to end around June 4.

    End-user demand for flat steel has been poor in the Middle East region recently, with buyers unwilling to book material because the market is not expected to improve any time soon.

    The last 10 days of Ramadan are the holiest days of the holy month for Muslims, so many Muslims have not been working since last Friday so that they can pray over the last days of Ramadan.

    UAE


    China-origin hot-rolled coil was on offer to the UAE last week at around $545 per tonne cfr, with one deal heard at $540 per tonne cfr.

    Non-Chinese Asia-origin HRC was offered to the UAE at $520-530 per tonne cfr, yet no new price was heard in the country this week because of the muted market activity.

    Fastmarkets’ weekly price assessment for HRC imports into the UAE was at $520-540 per tonne cfr on May 28, unchanged week on week.

    Cold-rolled coil from China was on offer to the UAE at $585-600 per tonne cfr, but no major deals were heard.

    Fastmarkets’ weekly price assessment for CRC imported into the UAE was $585-590 per tonne cfr on Tuesday, also unchanged from last week’s assessment.

    Offers from Chinese suppliers of 1mm hot-dipped galvanized coil - with 275g per square meter zinc coating - were heard at $680 per tonne cfr, while India offered similar material at $760 per tonne cfr but no major deal was heard.

    Fastmarkets’ weekly price assessment for HDG imports into the UAE was at $680-760 per tonne cfr on May 28, stable week on week.

    The price difference between material from China and India reflects the fact that Indian HDG is quality-assured and has been certified for use in the UAE by the authorities there.

    Saudi Arabia


    China-origin HRC was on offer to Saudi Arabia last week at $545-550 per tonne cfr while non-Chinese Asia-origin HRC was on offer at $540-545 per tonne cfr.

    Still, no new price was heard domestically because buyers were not inquiring after new prices.

    Therefore, Fastmarkets’ weekly price assessment for HRC imports into Saudi Arabia was also unchanged week on week at $540-545 per tonne cfr on May 28.
    metalbulletin

     

  • Export prices for hot-rolled coil (HRC) and cold-rolled coil (CRC) from the Commonwealth of Independent States (CIS) went up in the week ended Tuesday May 28 on improved market sentiment.

  • The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) remained quiet on Monday June 10, with activity yet to pick up after Eid al Fitr celebrations in key destinations.

  • The market for flat steel products in Russia’s Central Federal District around Moscow was stable on seasonally good demand, sources told Fastmarkets on Monday June 10.

  • Prices for cold-rolled coil in the United States fell again in the week to Thursday June 13 after stabilizing somewhat the week before, due largely to continued deterioration in demand and sufficient metal supply.

  • The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) has weakened during the week ending Tuesday June 18 amid slow market demand.

  • The market for pig iron exports from the Commonwealth of Independent States (CIS) has softened over the past week on weak finished steel products prices in the key outlets – the United States and Italy, according to sources.

  • There was an uptick in import prices for steel slab in Asia over the past week after buyers in Southeast Asia returned to the market to book cargoes, while market participants in East Asia were optimistic that downstream flat steel prices had bottomed out.


    In Southeast Asia, two shipments of slab produced in the Commonwealth of Independent States (CIS) were booked at $440-455 per tonne cfr during the week to Monday. As a result of the deals, Fastmarkets MB’s weekly import price assessment for slab in Southeast Asia and East Asia was $440-455 per tonne cfr on Monday June 24, widening upward by $5 per tonne from a week earlier.

     

    *** Indonesia’s market

    Finished flat steel prices in Indonesia’s domestic market remained viable for domestic producers to book slab shipments at current prices, a trader in Southeast Asia said. There was a slowdown in the domestic market for flat steel, however, because of political instability, a source in Indonesia said. The Indonesian Constitutional Court completed the final of five hearings on June 21, held following defeated presidential candidate Prabowo Subianto’s legal challenge against the results of the country’s elections, and is expected to make a ruling by June 28.

    Subianto alleged the voting and vote-counting processes in the elections on April 17 were fraudulent. Subianto had attained approximately 68.6 million votes in the election, compared with incumbent President Joko Widodo’s 85.6 million votes. President Joko Widodo, commonly known as Jokowi, is expected to begin his second five-year term in October, with plans to develop more than $400 billion worth of infrastructure projects in the country, his administration announced.

     

    *** China’s market

    Prices paid for hot-rolled coil prices rebounded after the government in the Northeastern Chinese city of Tangshan announced that steel mills in the region would reduce production by at least 20% by August 1 to curb environmental pollution. Fastmarkets' daily HRC index fob China stood at $492.92 per tonne on June 24, up by $8.59 per tonne from a week earlier. “Flat steel producers in Asia and Europe have also cut production amid the current downtrend,” a trader in Taiwan said. Re-rollers in East Asia were maintaining prices for slab imports, however, because of sufficient inventory, the same Taiwan-based trader said. Buyers in East Asia have indicated their interest at $430 per tonne cfr, market sources said.

     

    *** Iranian market

    Iranian slab was also sold to China at $405-410 per tonne cfr, excluding 13% value-added tax. Iranian prices are excluded from Fastmarkets’ assessment because they fall below mainstream levels due to the United States’ sanctions against Iran. Chinese producers have been importing steel slab from Iran and Brazil to overcome production thresholds placed on blast furnace operations in the country.

    Materials from South America were available at $455-460 per tonne cfr East Asia, while CIS suppliers asked for $445-450 per tonne cfr East Asia. Brazilian slab export prices have trended down amid competition from CIS producers despite rising raw material costs.

    Reference: Metal Bulletin

     

  • Import prices for flat-rolled steel products have shown broad increases in South America over the past week, with more expensive offers heard from China, although deals remained scarce because of the cautious stances adopted by importers in the region and by Chinese exporters.


    Fastmarkets’ assessment of the South American import price for hot-rolled coil (HRC) was $535-545 per tonne cfr on June 28. This was up from $525-535 per tonne a week before, which had been the lowest level since February 8. Cold-rolled coil (CRC) import prices were assessed on June 28 at $570-580 per tonne cfr, compared with $560-570 per tonne on June 21. Hot-dipped galvanized (HDG) coil prices reached $630-640 per tonne cfr, from $615-630 per tonne in the previous week.

    Galvalume prices were also higher during this period. Fastmarkets assessed import prices at $720-735 per tonne cfr on June 28, compared with $705-725 per tonne on June 21, the day the assessment was launched. “Export markets have gone into wait-and-see mode, since everyone believes that the upward trend will not continue due to a lack of market support,” one trader source said.

    “[As a result, there was] hardly any business for exports, except for the mills that won orders because traders had fallen short over the past few weeks, and those [trades] were booked at the bottom of the market,” the same source added.

     

    *** Effect of China's market

    Most traders told Fastmarkets that the Chinese uptrend was too fast, and was preventing new orders. Demand has been low since the second quarter of the year, but the market went completely silent recently. “China has been firm on its price policy, but this upturn seemed too fast and somewhat exaggerated,” a second trader source said. “My phone has not rung in the past few weeks.” This illiquid market put pressure on import prices for heavy plate. Fastmarkets’ assessment was $560-570 per tonne cfr on June 28, down from $570-580 per tonne on June 21.

    Reference: Metal bulletin

     

  • The export market for hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) has been moderate during the week ending on Monday July 1, but the plate export price has increased.

    Fastmarkets’ weekly price assessment for HRC exported from the CIS was $470-485 per tonne fob Black Sea on July 1, unchanged week on week.

    Steel mills in the CIS have closed their sales of July’s production and will announce new prices around July 8.

    “Prices may increase because raw material prices are rising. But demand is weak,” one trader said.

    The daily index for Northern Europe-origin HMS 1&2 (80:20) scrap was $288.52 per tonne on June 28, up from $273.10 per tonne on June 21.

    Offers of HRC from Russian suppliers were heard at $485 per tonne fob last week, while Ukraine-origin HRC was on offer at $470 per tonne fob.

    No new prices were heard this week.

    Fastmarkets’ weekly price assessment for CRC exported from the CIS was $530-555 per tonne fob Black Sea on July 1, also stable week on week.

    Fastmarkets’ weekly price assessment for exported CIS-origin steel plate was $570-595 per tonne fob on July 1, rising from $550-585 per tonne fob.

    Russia-origin plate was on offer at $595 per tonne fob, and Ukraine was offering similar product at $570 per tonne fob.

    Refrence: Metal Bulletin

     

  • Hot-rolled coil (HRC) prices in Asia are peaking after iron ore and steel prices in China started retreating last week, industry sources told Fastmarkets in the past week.


    Fastmarkets' steel HRC import, cfr Vietnam assessment - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $517-520 per tonne cfr for the week ending Monday July 8, up $7-10 per tonne from $510 per tonne a week earlier.

    There was a transaction concluded at $517 per tonne cfr Vietnam and market chatter that there was another transaction concluded at $520 per tonne cfr Vietnam. Market sources said both cargoes were from major Indian steel mills.

    Chinese HRC offers have retreated slightly in the wake of lower domestic prices in China, which started falling together with iron ore prices after news spread of possible governmental enquiries into the iron ore markets on the urging of major Chinese steel mills.

    This has led to Chinese HRC being offered at same levels with Indian HRC.

    Most cargoes were mainly offered at $520-525 per tonne cfr Vietnam, although there were some offers from traders as high as $530 per tonne cfr Vietnam in the earlier part of last week looking to capitalize on surges in iron ore prices.

    “However, no buyer will purchase at $525-530 per tonne cfr Vietnam when there are negotiations and transactions at $517-520 per tonne cfr Vietnam,” a buyer source at a steel mill told Fastmarkets on Friday July 5.

    Bids from buyers increased to $515 per tonne cfr Vietnam in the past week, up from $510 per tonne cfr Vietnam in the previous week.

    News of the United States imposing anti-circumvention duties on Vietnamese coated steel and cold-rolled coil made from South Korean and Taiwanese HRC substrate have not had a major impact on spot pricing yet, although market sources expect some re-rollers to procure more domestic supply and reduce their reliance on South Korean and Taiwanese HRC imports in the future.

    Downstream markets remained weak, major re-rollers said, especially for re-export, amid thin demand from domestic end-users.

    “The third quarter is typically a slow season for downstream buyers, especially due to the start of inclement weather which can result in floods and lower demand,” a buyer source at a re-rolling mill told Fastmarkets MB on Friday July 5.

    A major South Korean steel mill maintained offers for its SAE1006 supply at $540 per tonne cfr Vietnam.

    China’s impact
    Domestic HRC prices in China had started retreating from Thursday after news of possible government-linked inquiries into the pricing mechanisms and non-market factors of the upstream iron ore and ferrous futures markets.

    Fastmarkets' price assessment for steel HRC domestic, ex-whs eastern China, fell to 3,880-3,900 yuan ($562.76-565.66) per tonne on Friday July 5 from 4,000-4,020 yuan per tonne on Monday July 1.

    Fastmarkets' steel HRC index export, fob main port China, fell slightly to $508.50 per tonne from $509.25 per tonne in the same period.

    Other regions
    Thailand
    • Offer for bulk cargo of South Korea-origin SAE1006 HRC made at $550 per tonne cfr

    Indonesia
    • Offer for bulk cargo of South Korea-origin SAE1006 HRC made at $550 per tonne cfr

    Philippines
    • Offer for bulk cargo of China-origin SS400 HRC made at $540 per tonne cfr (small coil weighing up to 14 tonnes instead of up to 23 tonnes for mainstream products)

    Malaysia
    • Offer for bulk cargo of South Korea-origin SAE1006 HRC made at $540 per tonne cfr

    Reference: Metal Bulletin

     

  • The export prices for hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) have increased on longer lead times and reduced availability, sources told Fastmarkets on Monday July 8.

  • Prices for hot-rolled coil (HRC) and cold-rolled coil (CRC) in Turkey have gone up in some market sectors over the past week and further increases are expected next week, although the summer slowdown and reduction in end-user consumption continue, sources told Fastmarkets on Friday July 12.


    *** Domestic prices

    Fastmarkets’ weekly price assessment for steel HRC, domestic, exw Turkey, narrowed upward to $515-520 per tonne on Friday, compared with $500-520 per tonne a week earlier. Turkish mills have been offering such material at $520-530 per tonne ex-works, while deals have been heard at $515-520 per tonne for August production. “Mills have almost filled their order books for August, and offers for September will be higher,” a trader said.

    CRC, meanwhile, was offered at $590-600 per tonne ex-works in Turkey, with deals heard at $590 per tonne ex-works. Fastmarkets’ weekly price assessment for steel CRC, domestic, exw Turkey, was $590-600 per tonne on Friday, unchanged week-on-week.

     

    *** Import prices

    Russia-origin HRC was on offer at $510-515 per tonne cfr, but no new price was heard from Ukraine because of reduced availability. Deals to two buyers in Turkey were heard at $505-510 per tonne cfr from Japan. Fastmarkets’ weekly price assessment for steel HRC imports, cfr main port Turkey, was $505-510 per tonne cfr on July 12, rising from $485-500 per tonne on July 5.

    CRC was on offer from Russia at $570 per tonne cfr, but no deals were heard. The weekly price assessment for steel CRC imports, cfr main port Turkey, was $570 per tonne on Friday, rising from $560-565 per tonne.

     

    *** HRC exports

    Fastmarkets’ weekly price assessment for steel HRC exports, fob main port Turkey, was $490-500 per tonne on July 12, unchanged week-on-week. Turkish HRC was on offer for export at $490-500 per tonne fob, but no major deals were heard because of weak demand in Europe, Turkey’s main export market.

    Reference: Metal bulletin

     

  • Import bookings of hot-rolled coil (HRC) into India have come to a standstill because of tariff uncertainties, with buyers fearing that the government may soon impose a safeguard duty on flat steel imports.


    Japanese and South Korean mills which regularly sell HRC to Indian importers made no fresh offers in the week ended Friday July 12 because importers are not willing to open letters of credit, even for previous HRC import bookings. “We will not make fresh bookings unless the duty structure is clear,” a Mumbai-based importer said. “We will run losses if we book HRC imports now and a safeguard duty is announced before the material lands at Mumbai port.”

    Indian domestic HRC producers have made representations to the government seeking the imposition of a 25% safeguard duty against HRC imports from Asian steel-producing areas such as Japan and South Korea.Fastmarkets’ assessment of the price for steel HRC, import, cfr main port India, was $520-535 per tonne on July 12, unchanged for two weeks in the absence of fresh offers or import transactions.

     

    *** Domestic prices compete with imported prices

    Indian domestic mills have, however, reduced domestic HRC prices sharply, by about 2,000 rupees per tonne, to compete with cheaper imports from Japan and South Korea. The price assessment for steel HRC, domestic, exw India, on July 12 was 38,000-38,500 rupees ($556-563) per tonne, down from last week’s assessment at 40,000-40,500 rupees per tonne. The corresponding assessment for steel HRC (commodity), export, fob main port India, was unchanged since last week at $500-505 per tonne on July 12.

    Reference: Metal bulletin

     

  • Turkish hot-rolled coil prices were mostly stable on Friday July 26, due to the summer slowdown and a reduction in end-user consumption, but export prices nudged up, sources told Fastmarkets.


    *** HRC exports

    Turkey's export price for HRC increased because Turkish mills are already booked until late September and would not give a discount to buyers because the export price is already $20 per tonne lower than the domestic price for HRC. Producers are unlikely to accept any price below $500 per tonne fob. Fastmarkets’ weekly price assessment for steel HRC, export, fob main port Turkey, was $500-505 per tonne on July 26, rising from $490-500 per tonne fob.

    Turkish HRC was on offer for export at $500-505 per tonne fob, up from last week’s $490-500 per tonne fob. Deals to Spain were heard within that price range.

    *** Domestic prices

    Fastmarkets’ weekly price assessment for steel HRC, domestic, exw Turkey, was stable at $520-525 per tonne on Friday. Turkish mills have been offering HRC at $530 per tonne ex-works, while deals have been heard at $520-525 per tonne ex-works for September production. “Demand is weak, but it is expected to improve in late August when the holiday season will be almost over,” a trader said.

    Cold-rolled coil, meanwhile, was on offer at $590-600 per tonne ex-works in Turkey, with deals heard in that price range. Fastmarkets’ weekly price assessment for steel CRC, domestic, exw Turkey, was $590-600 per tonne on Friday, unchanged week on week.

    *** Import prices

    Imported HRC was on offer in Turkey at $505-510 per tonne cfr, but no major deals were heard during the week. Fastmarkets’ weekly price assessment for steel HRC imports, cfr main port Turkey, was $505-510 per tonne cfr on July 26, unchanged week on week.

    CRC, meanwhile, was on offer from Russia at $570 per tonne cfr Turkey, but no deals were heard. Fastmarkets' weekly price assessment for steel CRC, import, cfr main port Turkey, was unchanged at $570 per tonne on Friday.

    Reference: Metal bulletin

  • The export market for CIS-origin hot-rolled coil and cold-rolled coil (HRC, CRC) was flat during the week ended Monday July 29 because demand remained moderate while availability was still restricted.

  • Hot-rolled coil prices in the United States declined on Friday January 17 after transactions indicated more flexibility by mills and a bearish outlook on the market, sources said.

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