Here are five Fastmarkets stories you might have missed on Tuesday August 4 that are worth another look.The United States Midwest aluminium premium hit a nearly four-month high on August 4, with the market widely assuming further increases due to expectations that Canada will again face US tariffs - a factor that has continued to boost offers and tighten discounting. Price fluctuations i...Read More
Chinese demand for imported billet increased sharply in the first six months of 2020 due to higher domestic prices in China in comparison with those beyond its shores, and market participants expect this situation to persist in the second half.Buyers in China started importing billet in large quantities since the second half of 2019, and the volume of imports grew gradually month on month.In Janua...Read More
The three-month price of nickel on the London Metal Exchange was the base metals complex's standout performer on Tuesday August 4, closing above the psychological level of $14,100 per tonne for the first time since January in a 1.2% rally from the previous day's close.Nickel's LME three-month price spanned a wide $270 per tonne intra-day range, hitting a high of $14,135 per tonne before closing at...Read More
Spot supply of blister copper improved to boost the intermediate copper product's refining charges (RC) in July, mainly due to arrival of delayed African cargoes at Chinese ports, Fastmarkets heard.Fastmarkets assessed 98-99% blister copper RC, spot, cif China at $135-155 per tonne for July, up 20% from $110-132 per tonne one month earlier. A few parcels were even reported being bought close to $1...Read More
Seaborne premium hard coking coal prices slumped on Tuesday August 4 following a recent transaction sealed at lower prices, with market participants attributing the downtrend partly to China's import restrictions on coking coal. Fastmarkets indices Premium hard coking coal, fob DBCT: $106.40 per tonne, down $1.96 per tonne Premium hard coking coal, cfr Jingtang: $116.38 per tonne, down $2.27 per t...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.?EUR? US domestic prices for hot-rolled coil have moved down in line with our expectations, averaging $508 per tonne in July compared with our forecast price of $519 per tonne. While we are forecasting coil price increases in August, we have revised our expectations downward. Although steelmakers are reporting improving dema...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The price for steel scrap in China has risen recently, amid high mill operating rates and at a time of heavy rain, but it remains at a premium to hot metal, we estimate. Heavy rains in China tend to increase the moisture content of iron ore stockpiles, which can cause issues during the sintering process, and this may have en...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:Numerous ore and alloy markets enjoyed upward pricing momentum in the first half 2020, with supply-side constraints supporting prices despite collapsing demand from steelmakers and other key end users. While supply side issues related to Covid-19 lockdowns have been resolved,...Read More
The three-month price of nickel on the London Metal Exchange was the base metals complex's standout performer on Tuesday August 4, closing above the psychological level of $14,100 per tonne for the first time since January in a 1.2% rally from the previous day's close.Nickel's LME three-month price spanned a wide $270 per tonne intra-day range, hitting a high of $14,135 per tonne before closing at...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.?EUR? US domestic prices for hot-rolled coil have moved down in line with our expectations, averaging $508 per tonne in July compared with our forecast price of $519 per tonne. While we are forecasting coil price increases in August, we have revised our expectations downward. Although steelmakers are reporting improving dema...Read More
RAPAPORT... Chow Sang Sang is expecting profit to plummet for the first half of the year amid store closures and a sharp decline in tourism to Hong Kong.Profit will fall between 65% and 70% year on year to an estimated HKD 200 million ($25.8 million) in the six months ending June 30, compared with HKD 615 million ($78.4 million) a year ago, the company warned last week. The jeweler was forced to s...Read More
RAPAPORT... The American Gem Society (AGS) will resume grading synthetic diamonds after an eight-year pause.The group will offer digital reports for lab-grown stones as part of its Only My Diamond (OMD) platform, an online service to help the user understand the different grading elements, it said Monday. The reports will feature unique color and clarity terminology, laser inscriptions that clearl...Read More
RAPAPORT PRESS RELEASE, August 4, 2020, Las Vegas... Polished diamond prices firmed in July due to supply shortages for select categories. Sentiment remained weak and trading levels low amid new Covid-19 restrictions.The RapNet Diamond Index (RAPI?,,?) for 1-carat polished diamonds rose 1.9% during the month, buoyed by improving investment demand and scarcity of D, IF diamonds. The index has falle...Read More
German copper alloy maker Wieland Group has expanded into hot tin plating in the United States via the acquisition of metal fabricators Marjin Inc and Nasco Inc, the company announced on Tuesday August 4. Wieland completed the purchases of the companies - both of which are based in Waterbury, Connecticut - on July 31, the Ulm-based company said.These companies are "a terri...Read More
Output of mined copper from Chile fell by 0.7% during June 2020, compared with the corresponding month in 2019, amid renewed Covid-19-related restrictions in the country, data from Chilean copper commission Cochilco showed on Tuesday August 4.Chile produced 466,500 tonnes in copper content in the month, down from 469,900 tonnes a year before, according to Cochilco. This was the first monthly year-...Read More
RAPAPORT... Mumbai-based diamond manufacturer Asian Star believes jewelry demand will remain sluggish through the end of the quarter as the coronavirus weighs on consumer spending."Economic disruption caused by Covid-19 has changed consumer behavior, as people have become conservative in spending," the company said last week. "Consumer sentiment is expected to improve over a period of time.... The...Read More
Spot supply of blister copper improved to boost the intermediate copper product's refining charges (RC) in July, mainly due to arrival of delayed African cargoes at Chinese ports, Fastmarkets heard.Fastmarkets assessed 98-99% blister copper RC, spot, cif China at $135-155 per tonne for July, up 20% from $110-132 per tonne one month earlier. A few parcels were even reported being bought close to $1...Read More
Amid mixed trading activity and a lower dollar index, the London Metal Exchange three-month lead price succumbed to selling pressure during morning trading on Tuesday August 4 while aluminium futures held on to gains made on Monday against moderate turnover. Lead's outright price on the LME recently traded at $1,845.50 per tonne, falling from a morning high of $1,871 per tonne, while turnover was...Read More
(IDEX Online) - Christie's has sold a pendant necklace with a 116-carat diamond for $6,290,500 in its first "live" auction in New York since coronavirus.The pear-shaped brilliant-cut diamond (pictured) is 115.83 carats, F color, VVS1 clarity and the platinum necklace includes more than 50 other diamonds, of up to 5.50 carats. The price was shy of its $7m high estimate.The auction house said i...Read More
(IDEX Online) - Dubai is halving business set-up fees to attract new diamond companies and offering 12-months' free membership its diamond exchange. It launched the campaign by lighting up its message on the world's tallest building, the 830-meter high Burj Khalifa (pictured). The emirate has built up a $25bn-a-year diamond trade in the last 30 years, capitalizing on low taxation and co...Read More