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Commodities News

Up-to-date news on raw materials


FT Mercati provides subscribers with a dedicated commodities news bulletin to stay up-to-date.
Here is a selection of the latest news:

3/27/2025

GLOBAL CRUDE STEEL PRODUCTION DROPS IN FEBRUARY- WSA

Global crude steel production fell by 3.4% in February year on year, with the 69 countries reporting to the World Steel Association producing a total of 144.7 million tonnes.
The decline reflects slowed output across major markets, though some regions bucked the trend with growth, according to the WSA’s latest data published.
CHINA, the world's largest steel producer, saw its output fall by 3.3% YoY to 78.9 million tonnes in February, with the country’s struggling real estate sector still weighing on domestic steel demand.
But while new housing starts were down by 29.6% year on year in January-February, infrastructure investment (excluding utilities) and the supply industries, as well as automotive output, rose in the same period by 5.6% and 13.9% year on year respectively.
Despite a drop in crude steel production since the start of the year, there was no significant movement in prices because the decline was in line with market expectations.
JAPAN recorded an even sharper year-on-year drop in output last month, declining by 8.5% YoY, to 6.4 million tonnes, while the country’s steel market has struggled with falling exports, rising competitive imports and a weakened domestic economy.
The market is also now facing US tariffs, though Japan is seeking exemptions because its steelmaking sector relies heavily on exports.
The US also reported a decrease, with crude steel output falling by 7.0% to 6.0 million tonnes.
GERMANY reported a sharp decline, with a 13.5% drop to 2.7 million tonnes, amid weak demand and economic challenges in the country and the European Union.
IRANI saw an even steeper collapse, with production plummeting by 21.8% to 1.7 million tonnes. In February, export markets for semi-finished products in the West Asian country have remained slow since late January due to weak demand and price uncertainty.
INDIA was the standout performer in crude steel production in February, increasing output by 6.3% year on year to 12.7 million tonnes.
BRAZIL saw only a minor decline of 1.6% in February but posted a small 0.9% increase in crude steel production for the January-February period.
SOUTH KOREA recorded a modest increase of 0.7% YoY in February, though overall output for the first two months of the year declined by 2.8%.
One of the few bright spots was AFRICA, where production grew by 7.6% to 1.9 million tonnes in February compared to the same period last year, though the region remains a small player in the global steel market. This sharp rise contrasts with a milder 1.7% growth in the January-February period, suggesting a possible short-term boost rather than sustained growth.

3/27/2025

EU - STEEL PLATE PRICES STEADY AMID MUTED DEMAND

European steel heavy plate prices have been broadly steady over the past week, sources told on Wednesday March 26, although Italian mills were said to be considering prices increases to offset higher slab costs.
ITALY = Despite the likely push for higher prices, there is not simply enough demand for plate and prices for commodity grade are more or less stuck. However, we see slab prices ticking up, so there will probably be another attempt to increase plate prices.
NORTHERN EUROPE = demand for commodity grade heavy plate remained limited.
The only positive situation is in ‘project business’ or for higher grades, with a limited number of specialist mills obtain interesting orders for offshore foundations, monopiles or wind farms.

3/27/2025

LME Copper Falls, Widening Gap With NY’s Comex Futures Contracts Amid Tariffs Fears

Copper prices on the London Metal Exchange continue to trade at a record discount to futures contracts on New York’s Comex, with the spread creating significant incentives for traders to ship to the U.S. ahead of expected tariffs. LME three-month copper is down 0.9% at $9,839 a metric ton, while U.S. prices spiked to fresh all-time highs on Wednesday following a Bloomberg report saying that the Trump administration aims to introduce levies within weeks instead of months. U.S. President Trump threatened to impose a 25% tariff on all copper imports and instructed the Commerce Department to investigate copper import tariffs on national security grounds. “The U.S. copper rush could leave the rest of the world tight on copper if demand picks up more quickly than expected,” analysts at ING say.

3/27/2025

3 April FREE WEBINAR - Aluminium and Aluminium Premiums: Fragile Balances between Duties and Uncertainties

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WEBINAR via zoom 03-4-2025 h 14.30 (about 40 min)
With Massimo Grifone of Cauvin Metals we update the situation of the Aluminium market and its premiums sandwiched between rates, cbam and green deals on one side and duties, wars and freight rates on the other.
https://us02web.zoom.us/webinar/register/WN_uVQY20zoQfCxhJXDEBZzSQ#/registration

3/27/2025

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
26 march= $ 75.96 /b (up from previous daily value)
(The OPEC Reference Basket (ORB) introduced on 16 June 2005, is currently made up of the following: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia , UAE and Venezuela.

3/27/2025

NICKEL PREMIUMS RISES IN EUROPE AS TARIFFS START TO BITE; CHINA PREMIUMS STEADY

Nickel briquette premiums rose in Europe in the week to Tuesday March 25, while premiums in China remained unchanged, Fastmarkets has learnt.
EUROPE = European premiums for briquettes rose on March 25, while premiums for full-plate cathodes and 4x4 cathodes were unchanged.
The premium range was well supported by indications from all market participants, but no fresh liquidity was reported.
The European full-plate market remained well supplied, with 39,652 tonnes of full-plate sitting in Rotterdam.
All market participants indicated prices within the assessed range, citing the stable nature of the uncut premium as a factor behind the lack of movement in 4x4 premiums.
Instead, the briquette sector burst into life with fresh liquidity reported above the new range.
That deal supported the move upward, although it was not fully reflected in the price because it was not felt to be indicative of trading conditions throughout the pricing session.
This was the first time that market participants had reported that US import tariffs were affecting the European nickel spot market, but they were uncertain how long the new market conditions would persist.
CHINA = Premiums for nickel full plate cathodes were unchanged in China during the week amid thin liquidity, while rising prices for raw materials were eroding Chinese refiners’ profit margins.
Demand remained weak in both the domestic and overseas markets, leading to quiet trading in the refined material.
Arbitrage opportunities also suppressed demand for seaborne materials.
Domestic refiners which relied on external supplies of mixed hydroxide precipitates (MHP) raw material were now concerned about rising input costs and narrowing profit margins, with limited supplies of MHP pushing the payables level upward, market sources said.