Seaborne iron ore prices nudged up
, but stayed below $70 per tonne on Thursday April
13, with the steel futures market range-bound.
Metal Bulletin’s 62% Fe Iron Ore
Index was $68.68 per tonne cfr Qingdao on April 13
mainstream 62% Fe Australian fines being offered with no
premium or even at discount against April average indices as
weakness persisted in the seaborne iron ore market.
On April 12, seaborne iron ore offers were cut below the
, as sellers began to panic with
Meanwhile, in the coking coal market, Chinese end users are
reluctant to accept higher offer prices for seaborne cargoes,
while for buyers in other parts of Asia concerns about
longevity of supply tightness are paramount.
Coking coal prices in China have shot up in
, due to domestic market improvements and a recent
surge in seaborne coking coal prices.
Meanwhile, the timeframe in which the coal rail system in
, will return to normal operations
following the outage due to cyclone Debbie will be crucial to
determining the tonnages lost to the outage.
The Newlands coal rail system reopened on April 13, ahead of
the previous estimate of April 14, rail freight operator
Metal Bulletin’s cfr China premium hard coking
coal index was at $230.97 per tonne on Thursday. On fob
Australia basis, the index was stable at $299.84 per
The Turkish scrap import market remained quiet on April 13
as market participants waited for the results of
this coming weekend’s constitutional
, while monthly UK ferrous scrap prices for April
dropped by £5-15 ($6-19) per tonne depending on
China’s export prices for hot
rolled coil (HRC) continued to move down over the past
amid rising inventory pressure in the domestic
Export prices for Chinese cold rolled coil (CRC) and hot dipped
galvanized coil (HDG) have also fell further
, after price
drops in the local market.
Following the dynamics in Chinese flat steel exports, export
prices for CIS-origin HRC and CRC have dropped by between
$20 and $35 per tonne
Prices in the Black sea slab export market
remained largely unchanged
over the past week despite
declines in the CIS flat steel export sector, as reduced
availability of the semi-finished material from both Russia and
Ukraine, helped to support the CIS slab export prices.
In Turkey, long steel producer Kardemir increased its rebar and round bar
prices, and reduced sections and angles prices
Also, Metal Bulletin reported in its global stainless wrap that
relatively high prices for stainless steel products
across the globe in the first quarter of 2017 are unlikely to
be sustained in the second
quarter, as high stock levels
and modest demand create problems for producers in the Asian,
European and North American markets.
European steelmakers are targeting higher prices for finished long
The European Commission (EC) has decided to
not impose preliminary duties on imports of HRC from
Brazil, Iran, Russia, Serbia and Ukraine
Russian steelmaker Severstal has hailed the EC decision
not apply preliminary anti-dumping duties, saying that it can
now ship to Europe and have higher margins from the sales to
the region compared to other destinations, and thus increase
the profitability of its export sales.
In addition, the EC decided not to amend its definitive
anti-dumping duty of 6.80% on imports of stainless steel cold
rolled (CR) flat products originating from Taiwan
following an absorption reinvestigation.
Meanwhile, German steelmaker Salzgitter has branded the USA's anti-dumping
duties on heavy steel plate as "incomprehensible".
And the US Commerce Department hasraised most anti-dumping duties on imports of
oil country tubular goods (OCTG) from South Korea
Metal Bulletin analysis, has found that HRC trade cases in
Europe and the USA have diverted shipments and dislocated
supplies, but they have also brought unexpected opportunities
And Malaysia announced definitive safeguarding
duties on imports of steel rebar
, wire rod and deformed
Around the world
Fortescue Metals Group (FMG) posted a 6% drop in its iron ore sales and a 4% rise in
cash production costs
in January-March due to the
impact of heavy rainfall.
Russian miner Mechel will supply China’s
Baosteel Resources with 960,000 tonnes of premium hard coking
mined in Southern Yakutia from this month.
Germany’s ThyssenKrupp and Tata Steel Europe are
"rumoured to be in the final stages of a planned merger
steelmaking operations", according to investment bank
ThyssenKrupp said it will idle some of its
heavy plate production capacity
as part of a major
cost-savings plan within its European operations.
The London Metal Exchange has suspended its
physically-settled steel billet contract
effect, but will retain its cash-settled ferrous
Nucor has stopped production at its
direct-reduced iron (DRI) plant in Louisiana, USA, for the
second time this year
. The steelmaker said a roughly
one-week outage is necessary to fix a broken feed belt.
Former Nucor ceo Daniel DiMicco has been named chairman of the
Coalition for a Prosperous America (CPA).
Metal Bulletin’s offices in London, Singapore and
São Paulo are all closed on Friday April 14 due to local
Daily PDFs will be downloadable until Friday April 14. After
that, because of the UK’s Easter holidays, the next daily PDFs will be downloadable on
Wednesday April 19