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RMU: Alternative metals market - Q4 showdown looms
The basic pig iron (BPI) market remains virtually unchanged despite perceived weakness in other ferrous materials, such as scrap, billets, HRC and iron ore.
The basic pig iron (BPI) market remains virtually unchanged despite perceived weakness in other ferrous materials, such as scrap, billets, HRC and iron ore.
It’s buy week again for ferrous scrap. US steelmakers are expected to offer their prices for August shipment this week. Most of the dealers and brokers RMU has quizzed believe the market has enough traction to hold sideways and even go up.
Pig iron prices have been trending higher in all key markets besides Europe. Limited exports from Brazil and Ukraine are contributing to higher prices in the USA, though soft demand cushioned a sharp price upswing. In the US, pig iron prices increased by $15 per metric ton (mt) m/m to $485/mt CFR NOLA. Buying activity […]
If successful in its overtures to Anglo American, BHP will create the world’s largest diversified miner by a country mile. The rationale for this merger is scale and in mining, size matters.
Numerous mid-sized export yards in California and in Baja Mexico had little to no inventory on the ground last week because most had sold forward in the falling March market. Looking to secure their margins, they dropped prices across the scale. That resulted in lower-than-normal flows. “I’m sold out through mid-April and even longer if the flow doesn’t pick up” one yard owner said. That turned out to be the position of numerous West Coast suppliers.
Prices for pig iron in Brazil have increased despite efforts by US-based buyers to lower them.
The strong resilience of iron ore prices has come to an end with the weak steel performance worldwide and significantly improved iron ore availability in China.
In the period between mid-February and mid-March, CRU forecasts global demand for steelmaking raw materials to change little from the previous month,but buying activity will improve towards the end of next month
The CRUmpi declined by 1.7% month over month (m/m) to 325.2 in February, compared to a 4.3% m/m increase in February 2023.
The iron ore market has been largely calm, with China observing the Chinese New Year (CNY) holiday period, while demand in Europe and JKT has been slow to pick up. Supply has been somewhat weaker, but overall, the price has held steady. Supply from Port Hedland remained unchanged w/w despite Roy Hill having no shipments […]
The pig iron market has risen in recent months from the high $390s per metric ton (mt) last fall to $490/mt for Brazilian material and a bit more for Ukrainian product - for an overall average of $495/mt CFR.
CRU forecasts that global demand for steelmaking raw materials will fall month over month (m/m) between mid-January and mid-February. The major downward pressure on raw materials demand will come from China, where steel end-use demand will fall toward the Chinese New Year (CNY) holiday (Feb. 10–17).
Turkish scrap import prices increased last week with CRU’s assessment for HMS1/2 80:20 at $423 per metric ton (t) CFR, up by $7/t week over week (w/w) but down $2/t month over month (m/m). This was driven by a pickup in buying activity.
Pig iron prices rose month over month (MoM) in all major regions aside from Europe on improved buying. Demand in the US remains robust while market participants report that availability of Brazilian material increased after tightening a month prior. Meanwhile, Ukrainian export capacity increased due to greater access to temporary sea corridors.
The prices for all grades of pig iron have dramatically risen since SMU’s last report from Nov. 18.
Prices of steelmaking raw materials are largely up over the over the last 30 days, as they were the month prior, according to Steel Market Update’s latest analysis.
Turkish scrap import prices increased for a third consecutive week.
European Aluminium, an association representing the entire European aluminum value chain, announced in a press release that it supports the European Commission's proposed 12th package of sanctions against Russia.
The importation of basic pig iron has allowed EAF steelmakers to implement thin-slab casting technology to make drawing-quality flat-rolled sheet over the last 30 years.
Canadian miner Teck Resources has announced the sale of its metallurgical coal business, Elk Valley Resources, with Swiss miner Glencore becoming the majority stakeholder.
The LME aluminum three-month price was unchanged on the morning of Nov. 3 and was seen trading at $2,235 per tonne.
The ferrous export market in the US has experienced several geopolitical events and natural disasters during 2023.
The active rig count for the week ended Oct. 27 inched up in the US but edged down in Canada, according to oilfield services provider Baker Hughes.
With the aluminum industry assembled in Nashville, Tenn., for the Aluminum USA 2023 conference, word was breaking of a tentative deal between the United Auto Workers (UAW) and Ford.
The pig iron trade is an important element to the US steel and foundry industry.
The spread between hot-rolled coil (HRC) and prime scrap prices continued to narrow this month, according to Steel Market Update’s most recent pricing data.
Scrap sources had a mixed outlook for US scrap prices for September.
Over the last month, the iron ore price has shown more weakness as fewer participants in the market maintain a positive outlook based on more stimulus measures in China. Simultaneously, on the supply side, Australia followed seasonal trends with a marginal y/y increase. Recovered Brazilian volumes have also begun to weigh on the market. Supply […]