China's iron ore futures jumped 6% on Monday to a two-week high, logging a third straight session of gain, fuelled by robust short-term demand after Beijing vowed to provide more support for the country's economy. China's cabinet, the State Council, on Saturday pledged to beef up investment in infrastructure projects and regional development to support…Details
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Export prices for Chinese wire rod continued to drop over the past week, with mills looking to secure more orders from abroad amid subdued domestic demand. Fastmarkets’ weekly price assessment for October/November shipments of steel wire rod (mesh quality) export, fob China main port was $485 per tonne fob on Tuesday September 4, narrowing downward…Details
PTI reported that the BJP government in Karnataka will examine and take a decision on the previous coalition government’s proposal regarding the sale of 3,667 acres to JSW Steel at Ballari. Minister for Large & Medium Scale Industries Jagadish Shettar said “I will look into it and discuss with officials regarding it. Did they do…Details
The seaborne high-grade manganese ore index fell in the week to August 30, while the low-grade ore market consolidated after falling heavily in the previous week. Seaborne high-grade manganese ore index in China drops Seaborne low-grade cif and fob ore prices range bound Port ore prices drop to encourage buying interest Alloys slide in China,…Details
Bharat Heavy Electrical Ltd announced that NMDC has revoked the termination of the contract to construct a Raw Material Handling System at NMDC’’s under construction Integrated Steel Plant at Nagarnar in Bastar district of Chhattisgarh, being executed by BHEL-ISG Bengaluru division, has restored the original contract on 27th August 2019. BHEL had received on 15th…Details
Recent losses in the Chinese ferro-silicon price deepened over the past week in line with persistently softer demand, while the European market was steady, although a lack of buying interest was expected to weigh on prices in the near term. Export price in China drops on weak buying interest while domestic market tracks trend European…Details
Xinhua reported that Chinese steel plants reported shrinking profits in the first seven months of this year as rising raw material prices hit. Member enterprises of the China Iron and Steel Association raked in about USD 339 billion in sales revenue during this period, up 9.75%, while profits fell by 23.93% YoY to stand at…Details
The seaborne iron ore lump premium has fallen by 74% over the past two months as steel mills reduced usage of lump in the steel-making process due to thin steel margins, preferring to use domestic ores and imported fines in their feedstock blending ratio. S&P Global Platts assessed the iron ore spot lump premium at…Details
LIVE FUTURES REPORT 03/09: LME lead price sinks below $2,000 in 1.6% slide; nickel closes below $18,000
The three-month lead price on the London Metal Exchange showed the greatest losses at the close of trading on Tuesday September 3, falling by some 1.6% to close at its lowest level since August 6. Meanwhile, a steady downturn in nickel’s outright price saw it close below $18,000 per tonne. Lead futures began their decent…Details
Tata Steel Europe announced the outcome of a sales process for non-core business units. Tata Steel has signed a sales and purchase agreement for Cogent Power Inc with Japanese steel giant JFE Shoji Trade Corporation. CPI manufactures cores for electrical distribution transformers and employs nearly 300 people. Buyers have already been found for Kalzip on…Details
Chinese manufacturing activity showed signs of improvement in August, indicating stronger support for flat steel margins that returned to positive territory at the end of the month. The manufacturing purchasing managers’ index, published by Chinese financial media company Caixin, rebounded to 50.4 points in August from 49.9 in July. It was the first time the…Details
The uptrend in the iron ore market since 2019 started halted in August, with a month-on-month price decline of 24% for 62% Fe material and a 23% price decline for 65% Fe material. The 65% Fe derivatives contract on the Singapore Exchange – which was launched in December 2018 and settled against Fastmarkets’ daily 65%…Details
According to the latest release on August 31 by the official index compiler CFLP Steel Logistics Professional Committee, China’s Purchasing Managers Index for the steel industry for August hit a new low since December 2015, reaching 44.9 amid imbalance in the fundamentals, steel price declines amid higher production and stocks while the growing challenges in…Details