After inflation concerns in the U.S., non-ferrous metals have weakened on the LME and SHFE. On the other hand, iron ores continue their upward trend and have risen above $235 per ton. In addition, steel and scrap prices are unimpressed and continue to rise. A ton of scrap in Turkey now costs over $500.
ArcelorMittal hikes steel prices again
ArcelorMittal, the European steel producer has decided to hike their hot-rolled, cold-rolled and galvanized coil prices for the sixth week in a row. This is due to them targeting €1,100/t for HRC (hot rolled coils) as well as €1 250/ t of CRC (cold rolled coils). The lead times depend on region with Eastern Europe deliveries available more quickly while buyers in Northwest Europe are already facing October and November shipments.
Source: argusmedia.com
China’s hot rolled coil futures hit record high
Futures for Chinese hot-rolled coils hit a record high at 6,698 yuan ($1,040.03) a tonne on Wednesday while other ferrous products also extended gains and analysts warn the skyrocketing prices could cause an adjustment in the market.
Source: nasdaq.com
Scrap prices Turkish mills have to pay over $500/t cfr
Turkish mills have to pay over $500/t cfr for scrap, although they try to keep purchase prices for imported scrap below this threshold. Prices paid by Turkish steel mills for deep-sea scrap shipments continued to rise after recent changes in Chinese tax policy increased demand for billets and long steel. Current demand from Turkish steel mills for shredded scrap is estimated to be strong.
Source: eurometal.net
Nonferrous metals fell on US inflation data
Nonferrous metals on both the SHFE and LME fell across the board Thursday morning as Wall Street fell sharply on inflation data that triggered fears of an interest rate hike.
Shanghai base metals fell across the board in overnight trading. Copper fell 0.54%, aluminum slipped 1.13%, zinc lost 1.23%, tin weakened 1.44%, lead slipped 1.18% and nickel fell 0.89%.
The LME complex fell across the board on Wednesday. Lead plunged 1.58% to lead the losses, zinc fell 1.23%, aluminum weakened 1.44%, copper declined 1.38%, nickel fell 1.28% and tin fell 0.92%.
Read also:
- Stainless Espresso: EU steel prices up again – no more spot offers
- Stainless Espresso: Nickel stable again after profit taking
- Stainless Espresso: Fire at YUSCO delays offers from Taiwan
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