March 2020

CHINA REBAR: Rate cut sparks bearish sentiment

China domestic rebar prices fell on Monday March 30 on pessimism over the recovery of demand in the country after its central bank cut the rate on seven-day reverse repurchase agreements by 20 basis points - the largest in nearly five years.

IN CASE YOU MISSED IT: 5 key stories from March 27

Here are five Fastmarkets stories you might have missed on Friday March 27 that are worth another look.

ArcelorMittal to idle No3 blast furnace in Brazil’s Tubarão facility

ArcelorMittal will idle the No3 blast furnace at its integrated slab and flat steel Tubarão facility, in the country’s southeastern Espírito Santo state, because of impacts from the spread of the novel coronavirus, the company said on Friday March 27.

FOCUS: Will EU flat steel output cuts be enough to minimize a Covid-19-driven market downturn?

European flat steel producers have reduced output, and some of them have stopped operating certain equipment, in their attempts to balance supply and demand after multiple automotive producers suspended their operations because of the Covid-19 pandemic.

CIS STEEL BILLET: Prices keep sliding; demand mainly seen in China

Prices in the export billet market in the Commonwealth of Independent States continued to weaken in the week to Friday March 27 on declining scrap prices in Turkey and a lack of demand.

Brazilian slab export prices slide; China turns to imports

Export prices for Brazil-origin slab dipped for a second consecutive week on Friday March 27, with local producers turning to China to keep volumes going while other markets are muted because of the Covid-19 pandemic.

Algeria cuts steel output to limit Covid-19 pandemic, sources say

Algerian steelmakers Algerian Qatari Steel (AQS) and El-Hadjar Iron & Steel Complex have stopped crude steel production because of the Covid-19 pandemic, market sources told Fastmarkets on Friday March 27.

NLMK plans capex cut amid increased market volatility

Russia’s largest steelmaker Novolipetsk Steel (NLMK) will revise its guidance on its 2020 capex program down due to increased volatility in global markets associated with the coronavirus pandemic, the company said on Thursday March 26.

SE Asian billet import prices tumble amid scrap downturn, coronavirus fallout

Prices in Southeast Asia’s steel billet market have plunged over the past week, tracking losses seen in the bellwether Turkish ferrous scrap import market amid the fallout from the Covid-19 pandemic.

CHINA REBAR: Overseas buyers bid low on international billet loss

Rebar importers outside China have been asking lower prices due to the decrease in billet prices in the international market, while China’s domestic rebar prices were flat on Friday March 27 amid steady trading.