The Philippine import steel billet market was able to take advantage of a drop in offer prices for Russian material in the week and purchase a cargo at lower prices, sources said on Friday November 26.
Russia’s Metalloinvest plans to construct the world's biggest hot-briquetted iron (HBI) facility, to help speed up the transition to green steel production, the company said this week.
Nickel prices on the Shanghai Futures Exchange shot up to an all-time high during morning trading on Thursday October 21 amid a possible export ban on raw materials by Indonesia, among other bullish market dynamics.
The London Metal Exchange three-month copper price was trading below $10,000 per tonne during morning trading on Thursday October 21, while the backwardation in the metal’s cash/three-month spread had narrowed to below $300 per tonne.
There was a mixed outcome in settlement negotiations for domestic steel scrap deliveries to UK steelmakers in October, with suppliers resisting downward pressure from consumers because of firm export markets, trade sources said on Thursday October 14.