Here are five Fastmarkets stories you might have missed on Tuesday June 30 that are worth another look.The definitive decision in the European steel safeguard case review failed to adjust the level of quotas to collapsed demand following Covid-19 crisis and is a "deep disappointment," European steel association Eurofer and European trade union IndustriAll said in a joint statement on June 30.Chine...Read More
After dwindling throughout 2019, Turkish exports of reinforcing bar to the United States surged during the first half of 2020; Fastmarkets examines the domestic and global factors that limited those shipments - and drove their return.Turkish rebar exports to the US through the first six months of 2020 reached 231,569.9 tonnes, accounting for 44.4% of the total 521,002 tonnes of rebar shipped to US...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US ERW under pressure through 2021 Electric-resistance welded oil country tubular goods prices are not expected to rebound in the United States this year while demand continues to fall. Only modest price gains are expected in the first half of next year, until inventories are brought in line with demand. We expect an an...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In previous reports, we noted that upside risks to our forecasts existed. These were based on Chinese steel production, and in turn alloy consumption, outperforming our expectations.Chinese crude steel production is rising each month in a year-on-year comparison, prompting our revised view that Chinese alloy consumption will...Read More
Here are five Fastmarkets stories you might have missed on Tuesday June 30 that are worth another look.The definitive decision in the European steel safeguard case review failed to adjust the level of quotas to collapsed demand following Covid-19 crisis and is a "deep disappointment," European steel association Eurofer and European trade union IndustriAll said in a joint statement on June 30.Chine...Read More
The mining industry does a huge amount of good for local communities, to say nothing of its essential contribution to society through the materials it produces. Unfortunately, it all too often manages to give itself a bad name, worsening negative perceptions of the sector through accidents, spills and a failure to act as a steward of the environments in which it operates. In the past month alone,...Read More
Swiss metal merchant MRI Trading has appointed Markus Nunnenmacher as its new chief executive officer, with longstanding head Iain Paterson stepping down from the role effective from July 1."This change represents an agreed retirement transition process whereby Iain Paterson will continue to serve as the President of the Board of Directors of MRI for...Read More
The London Metal Exchange three-month copper price closed above $6,000 per tonne for the first time since January 23 on Tuesday June 30.The price was buoyed by high-volume trading amid supply concerns brought on by the closure of Codelco's Chuquicamata smelter in Chile amid the Covid-19 infection in the country.The LME three-month copper price closed up by a fairly modest 0.8% at $6,015 per tonne...Read More
"The weight of all this delivery demand may eventually lead to a force majeure-style failure, but that's very likely not coming this month or next." by Craig Hemke via Sprott Money NewsJune 30, 2020Demand for physical delivery through the COMEX futures market continues, and this has significant implications for the future of the current fractional reserve and digital derivative pricing scheme.It'...Read More
There is a crude but important correlation between silver and the stock market, and the message shown in this chart is clear...by Clive Maund of Streetwise ReportsMuch of what is written in yesterday's parallel Gold Market update is equally applicable to silver, and it will not be repeated here.Although silver has picked up significantly since its March low it has greatly underperformed gold over...Read More
Seaborne coking coal prices across the board stayed relatively flat on Tuesday June 30 due to a lack of trading, Fastmarkets heard. Fastmarkets indicesPremium hard coking coal, fob DBCT: $113.46 per tonne, down $0.11 per tonne Premium hard coking coal, cfr Jingtang: $122.80 per tonne, down $0.01 per tonneHard coking coal, fob DBCT:...Read More
Asian-Pacific equities and pre-market major western equity index futures were stronger this morning, Tuesday June 30, while base metals prices were for the most part firmer too - this despite Federal Reserve chairman Jerome Powell saying the US economy faces "extraordinary uncertainty". China's manufacturing purchasing managers' index (PMI) climbed to 50.9 in June, from 50.3 in May, but Japan's in...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In previous reports, we noted that upside risks to our forecasts existed. These were based on Chinese steel production, and in turn alloy consumption, outperforming our expectations.Chinese crude steel production is rising each month in a year-on-year comparison, prompting our revised view that Chinese alloy consumption will...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong plunged in May, even as the market showed signs of recovery amid an easing of the city's coronavirus crisis.Revenue from jewelry, watches, clocks and other valuable gifts slid 70% year on year to HKD 2.02 billion ($261 million) for the month, as the halt to tourism continued, and many locals were unemployed or in difficult financial...Read More
RAPAPORT... Alrosa has resumed operations at its International underground mine following a brief suspension after several employees tested positive for Covid-19.Management at the Russian miner's Mirny mining and processing division, which oversees the site, decided to reopen International after the majority of workers tested negative for the virus, Alrosa said Tuesday. A total of 12 employees tes...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) has signed an agreement with China's Guangzhou Diamond Exchange (GZDE) that will create new trading opportunities for both parties."This agreement will further advance the strong and long-standing cultural and commercial ties that exist between the UAE [United Arab Emirates] and China," said Ahmed Bin Sulayem, CEO of the DMCC and chairman of th...Read More
RAPAPORT... The International Gemological Institute (IGI) is reopening its New York grading laboratory following a three-month closure amid the coronavirus pandemic."As the metropolitan area has been cleared to enter phase 2, the institute is safely restarting business operations," IGI North America president Avi Levy said Monday. Initially, the institute will implement a gradual rollout, limiting...Read More
(IDEX Online) - India's diamond industry is being urged to accept upon itself a third voluntary ban on rough imports.An appeal has been issued to halt all purchases between 10 and 31 July. It follows similar appeals on 23 April and 19 May.An estimated $7bn of rough and polished diamonds have been stuck in India, the world's cutting and polishing capital, since the country first wen...Read More
(IDEX Online) - Swarovski is to axe 600 jobs in response to a "massive" decline in sales.The family-owned Austrian business empire, known for its crystal jewelry and swan logo, will shed almost one in 50 of its 34,500 workforce as it embarks on a restructuring plan.Two hundred jobs will go at its headquarters in Austria's Tyrol region."The international luxury market has been hit hard by the...Read More
Fastmarkets has corrected its assessment of the price for European high-carbon ferro-chrome, which was published incorrectly on Friday June 26 due to a rounding error.The lower end of the weekly assessment of the price for MB-FEC-0004 ferro-chrome, high carbon, 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe, has been corrected to $0.82 per lb Cr from $0.825 per lb Cr in Price Book and $0...Read More