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Recent deep-sea and short-sea cfr Turkey scrap deals
Recent deep-sea and short-sea cfr Turkey scrap deals
London, 5 June (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 1-Jun 30,000 406 (80:20) June Iskenderun USA HMS 1/2 80:20, shred, bonus Y 29-May 40,000 397 (80:20) June Marmara Cont.Europe HMS 1/2 80:20, shred, bonus Y 28-May 40,000 414 (90:10) June Izmir USA HMS 1/2 80:20, shred, bonus Y 28-May 40,000 409 (80:20) June Samsun Scandinavia/Baltics HMS 1/2 80:20, shred, bonus Y 18-May 37,000 406 (80:20) June Turkey Cont.Europe HMS 1/2 80:20, shred, bonus N 14-May 40,000 408.50 (80:20) June Turkey UK HMS 1/2 80:20, shred, bonus N 14-May 37,000 405 (80:20) June Marmara Baltics HMS 1/2 80:20, shred, bonus Y Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 2-Jun 3,000 378 (80:20) June Marmara Romania HMS 1/2 80:20 Y Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US adds 172,000 jobs in May, jobless rate flat
US adds 172,000 jobs in May, jobless rate flat
Houston, 5 June (Argus) — The US added 172,000 nonfarm jobs in May, partly driven by local government and hospitality hiring, while job growth for the prior two months was revised sharply higher, suggesting surprising strength for the labor market as Gulf war impacts begin to push up inflation. Job gains in April were revised up by 64,000 to 179,000 and March employment was revised higher by 29,000 to 214,000, for combined gains of 93,000 more than previously reported, according to the Bureau of Labor Statistics (BLS). Economists surveyed by Trading Economics had expected median gains of 85,000 in May. "Payrolls have surprised the consensus to the upside for three straight months, a relatively rare occurrence," Pantheon Macroeconomics said in a note. "That pace is unlikely to be sustained." The jobless rate held steady at 4.3pc. Following the release of the report, Fed funds futures were tracking about 66pc odds the Federal Reserve will hike its target rate by at least a quarter point by the end of the year, up from about 50pc on Thursday. The Federal Reserve said in its latest Beige Book report on economic conditions that in May most regions reported "... a low-hire, low-fire environment, with workers increasingly reluctant to change jobs because of economic uncertainty. Hiring remained selective and primarily focused on critical roles or attrition replacement." Average hourly earnings rose by an annual 3.4pc in May, down from 3.6pc in April. Employment in mining, oil and gas extraction rose by 5,000 in May and is up by 10,000 since February. Manufacturing added 7,000 jobs but is down by 46,000 from a year earlier, while construction added 17,000. The information technology sector shed 2,000 jobs. Employment in local government rose by 55,000. Federal government added 1,000 jobs. Health care added 35,000, about in line with the monthly gain over the prior 12 months. Social assistance gained 12,000, also near trend. Leisure and hospitality added 70,000 jobs, about four times the trend, with restaurants and drinking places adding 48,000. Transportation and warehousing were up by 1,000 and are off by 92,000 since reaching a peak in February 2025. Air transport lost 9,000, largely reflecting the shutdown of Spirit Airlines. Financial activities declined by 22,000 and is down by 107,000 from a recent peak of May 2025. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan adds funding for Rapidus semiconductor project
Japan adds funding for Rapidus semiconductor project
Tokyo, 5 June (Argus) — The Japanese government has invested an additional ¥150bn ($960mn) in domestic semiconductor producer Rapidus through the Information-technology Promotion Agency (IPA), the economy, trade and industry ministry (Meti) said today. Additional support will help fund investment in equipment for the mass production of 2-nanometre semiconductors, as well as research and development of next-generation 1.4nm technology, the government said. The investment follows a ¥100bn injection in fiscal year 2025-26 (April 2025-March 2026), bringing total government investment in the company to ¥250bn. The government also plans to provide subsidies of ¥631.5bn in fiscal year 2026-27 and around ¥300bn in fiscal year 2027-28, Meti said. Rapidus aims to begin mass production of 2nm semiconductors in fiscal year 2027-28 and start advanced packaging production in fiscal year 2028-29. Despite continued government backing, the company is expected to require additional private-sector funding, targeting around ¥1tn in private equity and more than ¥2tn in private financing. Japan has expanded support for its semiconductor industry since designating semiconductors as a critical material in 2022, citing economic security concerns and the need to strengthen domestic chip production. The project is a key pillar of the government's growth investment programme, Japan's trade and industry minister Ryosei Akazawa, said at a press conference today. "This project is a national undertaking that must succeed for the benefit of Japan. We will continue to make every effort to ensure its success," Akazawa said. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fire hits Tata Steel UK’s Port Talbot pickling line
Fire hits Tata Steel UK’s Port Talbot pickling line
London, 4 June (Argus) — A fire at Tata Steel UK's Port Talbot mill on the evening of 3 June was restricted to the pickling line, a company representative has told Argus . Market participants say it could affect galvanising, oiling and painting processes, as well as hot-dipped galvanised (HDG) output. "All personnel were accounted for and evacuated from the area safely. At this time, the emergency services remain on site and are working with local teams to completely extinguish the fire. The incident is not related to the safe and successful demolition of the empty, redundant gas holder earlier yesterday evening," Tata Steel UK said. "The hot mill was unaffected and will restart [as soon as possible]," a company representative told Argus . He added that Tata Steel UK has "a reasonable inventory", but that it is "too early to say" whether customer deliveries will be delayed. It is also unclear whether downstream galvanising or other coated products supplied from Tata's UK network will be affected, or whether any pickled/oiled, hot-rolled or galvanised substrate output will be disrupted, he said. Repair of the pickling line may take some time, and these works could hit HDG output, some participants said. But the company might try to restart its Llanwern unit, about 46 miles away. "Converting slab into hot-rolled coil is still possible, but converting hot-rolled coil into pickled product is not, at least until the Llanwern line is... restarted," a market participant said. "Tata has some feedstock stock at Llanwern, so galvanising can continue for now... It may take about two weeks to restart this unit." The fire occurred amid tense discussions over UK steel safeguard quotas, which take effect on 1 July. On 2 June , the UK introduced a transitional exemption mechanism that could soften the impact of import quotas. Under this arrangement, relevant goods under contract before 14 March will be exempt from the 50pc out-of-quota duty that will apply until 30 September. The exemption was granted following the efforts of a working group led by the International Steel Trade Association and comprising the British Constructional Steelwork Association, British Independent Reinforcement Fabricators Association, British Stainless Steel Association, Confederation of British Metalforming, Metal Packaging Manufacturers Association and National Steel Association, a trader said. "[The Port Talbot fire] will have an effect on the market. It shows the high risk of relying on single source of steel." In October 2024, Tata Steel ceased ironmaking at Port Talbot and paused steelmaking pending construction of a 3.2mn t/yr electric arc furnace that is due to be commissioned in late 2027-early 2028. During that period, the business will import slab and hot-rolled coil to support manufacturing and distribution in Wales, England and Northern Ireland, as well as Norway, Sweden, France, Germany and the UAE. Tata Steel UK deliveries totalled 520,000t in January-March. Deliveries for the fiscal year to 31 March 2026 hit 2.2mn t, down from 2.51mn t a year earlier because of "subdued market dynamics", according to Tata. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.