Here are five Fastmarkets stories you might have missed on Thursday April 15 that are worth another look.Trade unions at Liberty's Czech-based Ostrava plant have announced a strike alert amid allegations that the plant's emissions allowances will be lent to another Liberty-owned steel mill, Fastmarkets heard.Read More
Copper led the way in a price surge on the London Metal Exchange on Thursday April 15, rising at the close to its highest level since late February and spurring the rest of the complex, with aluminium setting a year-to-date high during trading.Copper's three-month price closed at $9,284 per tonne on Thursday at 5pm, the highest since February 25, when the metal reached its year-to-date high of $9,...Read More
London Metal Exchange aluminium continued to reach new multi-year highs while copper and lead were up by 1% on Thursday April 15 morning while nickel and tin fell from their Wednesday gains. LME aluminium's three-month price reached $2.356.50 per tonne during early trading, the most since October 2010, when the metal came to an intraday high of $2,358 per tonne. It was down slightly from that...Read More
Base metals prices on the London Metal Exchange have been edging higher in recent days, although this morning, Thursday April 15, they were looking mixed, while those on the Shanghai Futures Exchange were for the most part firmer. Concerns over China's policy on credit tightening in focus ahead of Friday's gross domestic product (GDP) dataAluminium sets fresh highs for the yearBase metalsLME three...Read More
Polished market seasonally slow. Uncertainty over impact of Mumbai lockdown as Maharashtra state tightens restrictions. GIA backlog expected to grow as Surat continues to produce diamonds. Concerns in colored-diamond market as GIA detects treatment in green stones. US retail upbeat as Mar. jewelry sales +106%, reports Mastercard. Signet 1Q forecast for revenue +88% to $1.6B. LVMH 1Q jewelry and wa...Read More
The diamond trade reduced its reliance on banks during Covid-19 and has adopted better compliance, governance and transparency standards in recent years.RAPAPORT... In the first issue of the Rapaport Research Report, which came out in January 2018, we highlighted the mistrust that existed between the diamond industry and its lenders. Diamantaires argued that the banks had an unjustified high-risk...Read More
Copper led the way in a price surge on the London Metal Exchange on Thursday April 15, rising at the close to its highest level since late February and spurring the rest of the complex, with aluminium setting a year-to-date high during trading.Copper's three-month price closed at $9,284 per tonne on Thursday at 5pm, the highest since February 25, when the metal reached its year-to-date high of $9,...Read More
Turkish steel mills have extended their silence in the deep-sea scrap market due to limited finished long steel demand, especially in the domestic market, participants told Fastmarkets on Thursday April 15.The most recent deep-sea trade was done at the end of the last week, when a steel mill in the Iskenderun region paid an average price of $436 per tonne cfr for 35,000 tonnes of HMS 1&2 (95:5) an...Read More
Areas of limited demand within the United States' copper scrap market kept most prices steady this week, according to sources.Fastmarkets' assessment of the copper scrap No1 copper discount, delivered to brass ingot makers rose to 27-30 cents per lb on Wednesday April 14 from 25-28 cents per lb at...Read More
Copper prices could reach $15,000 per tonne within five years, boosted by a sharp rise in demand for the metal, which has been described by Goldman Sachs analysts as the "new oil" for its use in green technologies, in a report released on Tuesday April 13.Goldman analysts, led by Nicholas Snowdon, have upgraded their 12-month price target for copper to $11,000 per tonne, predicting an average pric...Read More
London Metal Exchange aluminium continued to reach new multi-year highs while copper and lead were up by 1% on Thursday April 15 morning while nickel and tin fell from their Wednesday gains. LME aluminium's three-month price reached $2.356.50 per tonne during early trading, the most since October 2010, when the metal came to an intraday high of $2,358 per tonne. It was down slightly from that...Read More
Nornickel will increase its nickel production capacity from 65,000 tonnes currently to 75,000 tonnes by 2023 at its Nornickel Harjavalta refinery in Finland, the company said on April 14.Nornickel's Harjavalta refinery mainly produces nickel cathode, nickel briquette, salt and solution, along with cobalt as a by-product of using the sulfuric acid leaching approach with an over 98% extraction rate,...Read More
Base metals prices on the London Metal Exchange have been edging higher in recent days, although this morning, Thursday April 15, they were looking mixed, while those on the Shanghai Futures Exchange were for the most part firmer. Concerns over China's policy on credit tightening in focus ahead of Friday's gross domestic product (GDP) dataAluminium sets fresh highs for the yearBase metalsLME three...Read More
Tata Steel is to relocate and upgrade its steel tube-making operations at Corby in the UK as part of a ?25 million ($34.4 million) investment which will give the business the best chance of a strong future, the company said on Thursday April 15.The two-year investment project will involve the creation of a single high-tech warehouse within the East Works. This will allow the closure of the South...Read More
The steel billet and rebar market in Egypt was slow this week because of a lack of changes to the country's construction ban, sources told Fastmarkets on Thursday April 15.Market participants in Egypt were expecting the rules of the ban to be eased, however, no changes have been announced.The construction ban was first imposed in May 2020, with the rules slightly eased in September 2020 to al...Read More
Domestic and export billet prices in Turkey went down over the past week due to limited demand and negative sentiment in the market, sources told Fastmarkets on Thursday April 15.Fastmarkets' weekly price assessment for steel billet, domestic, exw Turkey was $580-585 per tonne on Thursday, down from $590-595 per tonne a week earlier.Mills in Turkey were offering billet to local buyers at $580-600...Read More
(Corrects paragraph 2 to show TechMet is an investor inLi-Cycle, but does not have a controlling stake, aftercorrection from company) April 15 (Reuters) - Mining investment firm TechMet, whichcounts the U.S. government as its largest investor, said onThursday it had closed its second round of funding at $120million, roughly 50% higher than initially expected. The firm, which is an investor in batt...Read More
Turkish domestic rebar prices have gone down over the past week with a slight recovery in the exchange rate of the Turkish lira against the US dollar, market sources said on Thursday April 15.The Turkish currency was trading at 8.100 lira to $1 on April 15, compared with 8.176 lira to $1 on April 8, according to Oanda.com.The strengthening of the lira led to a decrease in finished steel prices bec...Read More
Base metals prices on the London Metal Exchange have been edging higher in recent days, although this morning, Thursday April 15, they were looking mixed, while those on the Shanghai Futures Exchange were for the most part firmer.* Concerns over China’s policy on credit tightening in focus ahead of Friday’s gross domestic product (GDP) data* Aluminium sets fresh highs for the yearBase me...Read More
Agnico-Eagle (AEM), a TSX 60 stock moved above US$61.61 completing a double bottom pattern.Australia iShares (EWA) moved above $25.89 to an all-time high extending an intermediate uptrend. Vertex (VRTX), a NASDAQ 100 stock moved above $220.63 setting an intermediate uptrend.Regeneron (REGN), a NASDAQ 100 stock moved above $497.70 completing a double bottom pattern.Junior Gold Miners ETF (GDXJ) mov...Read More