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China’s magnesia export prices were largely unchanged due to thin buying activity in the market, with high freight rates and slow global logistics continuing to curb overseas demand.
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A summary of China’s refractory raw materials exports for May 2021.
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China’s magnesia export prices were mostly steady and demand showed no improvement on the week to Tuesday June 15, while the local government in Liaoning province reaffirmed its consolidation plan for the magnesite industry and continued to push this forward.
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The publication of Fastmarkets’ European magnesia price assessments for Tuesday June 15 were delayed due to an error in the peer review process.
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The European Commission (EC) plans to set a carbon border adjustment mechanism (CBAM) for imports of some goods, including steel and aluminium, to prevent the risk of carbon leakage, according to a draft of the EC’s proposal seen by Fastmarkets on June 10.
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Chinese caustic calcined magnesia prices were steady on Tuesday June 8 due to ongoing tight supply and high production costs, but buyers remained cautious and expected a decline in the market.
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A rise in Covid-19 cases in China’s Guangdong province in recent weeks has led to tighter controls and rigorous testing at the huge Yantian International Container Terminal (YICT), causing extended delays in southern China.
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The chaos being experienced in the global container shipping industry is expected to continue for some time with a shortage of an estimated four million boxes creating havoc with congestion, routes and freight rates, according to an executive at logistics conglomerate DP World.
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A summary of China’s refractory raw materials exports for April 2021.
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Chinese magnesia prices held steady on Tuesday May 18 due to thin buying activity, while market participants are keeping a watchful eye on new Covid-19 infections reported in Bayuquan district in Yingkou city, Liaoning province, which could affect magnesia deliveries through Bayuquan ports.
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Authorities in China's Yingkou prefecture have implemented strict entry and exit rules in Bayuquan district on Friday May 14 after a person testing positive for Covid-19, prompting concerns about shipments of magnesia through Bayuquan port.
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China’s magnesia market has been mostly steady since the Labor Day holiday, May 1-5, with most producers retaining their current prices. With the ending of inspections in Liaoning by the central government, more production was expected to resume this month.
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The so-called “Suez Armada” of vessels that were delayed by the unintentional blockage of the Suez Canal has now been processed by the Port of Rotterdam, but the port was still “extremely” busy and there were challenges ahead for the shipping sector, speakers said during the Supply Chain Talks digital event on Wednesday May 5.
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A summary of ArcelorMittal's financial results for January-March 2021.
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Refractory producer RHI Magnesita noted supply chain disruptions and rising sea freight in a first-quarter trading update released on Wednesday May 5. The company issues financial results on a half-yearly basis.
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Industrial mineral group Imerys attributed rising revenues and income in the first quarter of 2021 to a recovery in the global economy and in its end markets.
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Sales of passenger cars in the EU rocketed by 87.30% year-on-year in March 2021, the European Automotive Manufacturers Association (ACEA) said on Friday April 16.
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China’s crude steel, hot metal and finished steel production all rose sharply year on year in March and the first quarter of 2021, according to data released by National Bureau of Statistics (NBS) on Friday April 16.
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Strict enforcement of environmental regulations in China's Liaoning province production hub has led to supply tightness and higher offer prices for caustic calcined magnesia (CCM), sources said this week.
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Refractory maker RHI Magnesita will invest €23 million ($27 million) at its Urmitz site in Germany over the next two years. This investment, announced on March 24, underlines RHI’s bullish outlook on refractories in 2021.
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Global freight markets have been plunged into further chaos this week with the continuing blockage of the Suez Canal now accompanied by rumors of fresh freight rate hikes around the world, sources told Fastmarkets.
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The value of the Turkish currency dropped sharply after President Recep Tayyip Erdogan on March 21 announced the sacking of a third governor of the country’s central bank in less than two years, in a development which could make Turkish mineral exports more competitive.
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A summary of China’s refractory raw materials exports for the first two months of 2021
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A major blockage of the Suez Canal by a large container ship, leading to a vessel traffic jam, is adding to disruption in the global bulk freight markets.
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High demand for bulk vessel space for mineral raw materials exported from China is driving costs for this transport option higher, with market participants reporting an array of factors that are affecting trading conditions and delivery timelines.
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Logistics for shipping material out of China continues to be a major concern for sellers of minerals and metals, with container freight rates firm at high levels and carriers giving priority to lighter cargoes.
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China’s magnesia market gave a mixed performance this past week, with both lower and higher offers emerging. Some producers insisted on higher offers in lieu of mining restrictions and increased production costs, while others reduced prices to stimulate sales and improve cash flow.
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Refractories maker RHI Magnesita forecasts rising demand in 2021, after a “challenging year,” it said in a financial statement published on Monday March 8.
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UK-registered refractory producer Vesuvius reported a sharp drop in demand for its products in 2020, driven by a slowdown in global economic activity in the wake of the Covid-19 pandemic.
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Global crude steel output increased by 4.8% year on year to 162.9 million tonnes in January 2021, the World Steel Association (Worldsteel) said on February 26, marking the third monthly consecutive increase.
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Refractories and industrial mineral group Imerys reported a sharp drop in revenues over 2020 before making a modest recovery over its fourth quarter, it said in its earning report.
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All future new-build vessels to be owned by shipping operator Maersk will have dual-fuel technology installed, allowing either carbon-neutral operations or the use of standard very low sulfur fuel oil (VLSFO), the company said on Wednesday February 17.
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Sales of passenger cars in the EU dropped by 24.04% year-on-year in January 2021, the European Automotive Manufacturers Association (ACEA) said on Wednesday February 17.
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Demand for steel in the European Union is expected to rebound by 13.3% year on year in 2021 after a 13% slump in 2020, the European steel association Eurofer said last week.
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The prospects for the global long steel market in 2021 remain rather optimistic despite some fluctuations, the International Rebar Producers & Exporters Association (Irepas) said on Wednesday February 10.
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Refractory producer RHI Magnesita has sold two of its European magnesia businesses.
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China’s magnesia market was stagnant ahead of China’s Lunar New Year holiday (February 11-17), with buyers in no hurry to purchase more material in anticipation of lower prices post-holiday.
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Global crude steel output fell by 0.9% year-on-year to 1.86 billion tonnes in 2020, with an increase in China unable to offset declines across most other major steelmaking nations, the World Steel Association (Worldsteel) has said.
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China’s steel market participants expect that the country will export more steel in 2021 than in 2020 with the recovery of demand worldwide, Fastmarkets heard on Tuesday January 26.
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Severe logistical hurdles continue to affect the main seaborne shipping routes out of China, with prohibitively high container freight costs persisting and recent land transport issues adding to the congestion and delays at ports.
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China’s overall magnesia market was slow over the week to Tuesday January 19 with prices unchanged amid poor end-user demand, while producers started to lower offer prices for some grades of magnesia, sources said.
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Sales of passenger cars in the European Union dropped by 3.27% year on year in December 2020, the European Automotive Manufacturers Association (ACEA) said on Tuesday January 19.
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China’s crude steel output in 2020 exceeded 1 billion tonnes for the first time with an increase of 5.2%, according to data released by the country’s National Bureau of Statistics on Monday January 18.
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Turkey’s biggest steel producer, Erdemir, has bought compatriot magnesia producer Kümas, with the sale approved by the Turkish Competition Authority, the steelmaker said on Friday January 15.
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The Covid-19 pandemic is once again disrupting logistics in China, with authorities reporting the first death in the country since the spring of 2020.
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ArcelorMittal has restarted one of its sinter plants at Gijon in Spain's Asturias region after nine months of downtime.
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China’s magnesia export market has remained quiet, with few new deals reported this week because most market participants were just back from New Year holidays, although market sentiment remained upbeat due to tight supply.
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China, which is finalizing a new masterplan that will form the core of its policies for the ferrous sector in its 14th Five-Year Plan, is seeking input from steel market participants, its Ministry of Industry & Information Technology (MIIT) said on December 31.
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Exports of dead burned magnesia (DBM) rose in November year on year due to increasing demand from overseas buyers, while caustic calcined magnesia (CCM) and fused magnesia (FM) exports declined.
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View the Fastmarkets holiday pricing schedule for 2021 and 2022.
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