Turkish steel producers continued to book deep-sea scrap cargoes for September shipments at stable prices on Wednesday August 4, market participants told Fastmarkets.

Base metals prices on the London Metal Exchange were mixed this morning, Wednesday August 4, and those on the Shanghai Futures Exchange were all weaker.

Contrary to earlier forecasts that new steelmaking capacity in North America would reverse the record-high price spike this year, analysts and market participants now have indicated that the additional production will not have much impact until deep in to 2022.

Due to a reporter error, the United States zinc and copper premiums for Tuesday August 3 were published in Fastmarkets’ price book after the scheduled time of 4pm GMT.

Fastmarkets yesterday launched a new index for the steel scrap import market in Turkey - the steel scrap, month-to-date deal-weighted average, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, $ per tonne.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally weaker this morning, Tuesday August 3, with LME copper and SHFE aluminium bucking the trend, but the drop in US ten-year treasury yield hints of a pick-up in haven buying.

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Hydrometallurgy company Hellenic Minerals has completed the construction of a nickel sulfate hexahydrate facility in Cyprus, paving the way for initial production there.

Domestic prices for hot-rolled coil declined across Europe over the week ended Friday July 30 due to the availability of competitive import offers.

The recent Covid-19 outbreak across southeast Asia is weighing on Thai aluminium billet demand in the region after five months of price rises, sources told Fastmarkets.