Stainless steel futures will begin trading on the Shanghai Futures Exchange on September 25, the China Securities Regulatory Commission said last week. “The development of stainless steel futures will provide market participants with an open, transparent and constant price indication as well as a highly effective risk-management tool […] to promote the stable and healthy…Details
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A nationwide strike from South Africa’s truck drivers will support prices for commodities based in the country, such as 37% manganese ore or UG2 chrome ore, but it would need to continue for more than a couple of weeks, market participants said. The strike began on September 2 in protest of the employment of foreign…Details
British Steel’s official receiver announced that TSP Projects, a wholly owned subsidiary of British Steel, which entered compulsory liquidation May 22, has been sold to rail transport engineering and consultancy firm SYSTRA Ltd. Based in York UK TSPP provides consultancy, design, engineering and on-site project management services. The sale of TSPP’s shares to SYSTRA Ltd,…Details
The global market for direct-reduced (DR) iron pellets was under pressure from falling prices for both steel scrap and finished steel products in August, sources told Fastmarkets last week. Fastmarkets lowered its iron ore DR-grade pellet premium, Middle East reference, to $62 per tonne on Friday August 30, from $65 per tonne on July 31.…Details
CNA reported that Taiwan has extended anti-dumping tariffs on steel makers from China and South Korea for another five years after an investigation found firms from those countries have sold their products at unfairly low prices in the Taiwan market, causing material damage to their Taiwanese counterparts. In an announcement posted by the Customs Administration…Details
Daily iron ore concentrates output among the 186 Chinese mining companies remained largely unchanged on week over August 16-29 at 519,400 t/d after a robust July, as China’s domestic steel market went into contraction starting August, according to Mysteel’s latest survey on the market. Their daily output was merely 100 tonnes/day or 0.02% higher than…Details
Treatment charges for zinc and lead (TCs) rose in August with the arbitrage to bring material into China switching markedly to a negative value. TCs for lead concentrates in particular rose sharply, to levels not seen in the past two years. The arbitrage loss to bring refined lead into China hit 1,100-2,300 yuan ($154-321) per…Details
As the trade war with the United States continues to gather pace, manufacturers in China remain gloomy about their prospects, with the sector activity contracting for the fourth successive month in August. The Official NBS Manufacturing PMI in China dropped to 49.5 in August 2019 from 49.7 in the July 2019 of 49.7. The latest…Details
The Board of Investments (BOI) has denied the application of Chinese firm Sanjia-Steel Corporation to invest P800 million for the production of reinforcing steel bars (rebars) using coreless electric furnace smelting technology because it will employ obsolete and pollution-causing technologies. In its July 18, 2019 meeting, the BOI Board “resolved to deny Philippine Sanjia-Steel Corporation’s…Details
GLOBAL SILICON SNAPSHOT: Chinese price up on supply tightness; Europe 4-4-1 suffers from weak demand
Key data from the pricing sessions in London and Shanghai in the week ended Friday August 30. China Key drivers The Chinese export silicon price moved up for the second consecutive week in response to tight supply in domestic market due to increased buying from Chinese secondary aluminum alloy producers who are ramping up production…Details
India’s Central Statistics Office released the gross domestic product numbers for April-June quarter, which showed that India’s GDP expanded 5% in last quarter, the slowest pace in six and half years, down from 8% in Q1 of 2018-19 and slowing from a 5.8% in the January-March quarter. India’s GDP growth averaged 7.7% from 2014 to…Details
China's moves to revive its infrastructure sector in response to slower domestic economic growth and rising trade tensions are widely expected to fuel a pick-up in steel demand from September and sustain it into 2020, but could also spur an increase in steel production that results in another winter of oversupply and short-term losses for…Details
Shanghai-bonded copper stocks fell to their lowest level since February 2016 at the end of August after a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants last month. … Source of informationDetails