There is an increasing likelihood that Russian hot-rolled coil might be sold through Chinese channels in the near term due to the mounting sanctions being imposed on Russian oligarchs and businesses, a trader in Asia told Fastmarkets on Friday March 11.

Export prices for Chinese heavy plate increased in the week to Tuesday March 8 amid active trading, which was partly fueled by fears over tightening supply amid the ongoing Russia-Ukraine war

Steelmakers in Russia have been searching for export opportunities with countries that do not support Western sanctions, sources told Fastmarkets on Wednesday March 9

Traders in China are seeking to move piled-up base metal stock in the country to Southeast Asia and Europe, where supply is tight, with export arbitrage terms turning positive since Russia's invasion of Ukraine

Turkish mills have been forced to pay $6 per tonne more for United States-origin ferrous scrap with the extreme curtailment of Black Sea billet shipments into global markets acutely intensifying demand for Turkish material, and there are more hefty increases for US ferrous scrap export prices on the horizon, sources told Fastmarkets

Key Asian markets Taiwan and the Philippines will have to rely more on higher-priced steel billet from Southeast Asia if they can no longer procure Russian material amid the ongoing Russia-Ukraine conflict, according to sources

Cobalt market participants have reported that this week’s Russian invasion of Ukraine will compound the tightness in availability of units in the spot market while some opt to steer clear of handling Russian material

The highly influential Midwest premium (MWP) for primary aluminium in the United States reached a fourth record-high in the past six assessments on Friday February 25, following Russia’s invasion of Ukraine the day before

Prime steel scrap prices were a hot topic ahead of March’s ferrous trade, following the announcement that Russia sent troops into eastern Ukraine on Monday February 22 in a move that could threaten the United States’ pig iron supplies and force mills to rely more heavily on prime scrap

High-level talks between Russia, the US and military bloc NATO wrap after strong warnings of military actions in the Black Sea