Domestic prices for hot-rolled coil in Europe decreased day on day on Thursday June 4 due to low demand, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?400.08 ($448.70) per tonne on June 4, down by ?,?1.92 per tonne from ?,?402.00 per tonne on Wednesday.Thursday's index was calculated based on deals heard at ?,?400-...Read More
Here are five Fastmarkets stories you might have missed on Thursday June 4 that are worth another look.Workers of Tata Steel Netherlands have voted in favor of industrial action to protest planned redundancies, trade union FNV Metaal said on June 4.Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladi...Read More
The government of South Africa has eased the country's lockdown, yet the continued threat of Covid-19 will dampen the recovery in chrome and manganese ore supply.The government of South Africa hopes its miners will ramp up production and bolster the flagging South African economy following the lowering of the nationwide alert on Monday June 1, easing restrictions to combat the Covid-19 virus. "Und...Read More
China's imports of chrome ore increased significantly in April, in contrast to the slump in the manganese ore imports that same month - Fastmarkets examines the drivers behind the surge in imports and factors contributing to its divergence from the manganese market.Chrome ore imports up on restocking activities Shipments of chrome ore to China surged in April due to extensive restocking early in t...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Thursday June 4, recovering from a morning slump to breach nearby resistance levels amid low turnover.Meanwhile, a weaker US dollar index and continued buying interest from Asia kept the base-metals complex supported through the afternoon.This came despite a broad downward revision of the European Centr...Read More
Seaborne premium hard coking coal prices diverged on Thursday June 4, with most market participants watching from the sidelines. Fastmarkets indices Premium hard coking coal, fob DBCT: $107.75 per tonne, up $1.29 per tonne Premium hard coking coal, cfr Jingtang: $114.38 per tonne, down $0.57 per tonne Hard coking coal, fob DBCT: $87.08 per tonne, down $0.58 per tonne Hard coking coal, cfr Jingtang...Read More
China's domestic rebar market maintained its upward trend on Thursday June 4 on early gains experienced by rebar futures, though high temperatures in several regions weakened demand.Domestic Eastern China (Shanghai): 3,620-3,650 yuan ($508-513) per tonne, up by 10 yuan per tonneThe most-traded October rebar futures contract rose to a high of 3,679 yuan per tonne in the first hour of trading. This...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Consolidation needed after technical gainsDespite structural oversupply, the London Metal Exchange aluminium price has enjoyed a technical rebound since the mid-May lows, which was in line with our short-term forecasts. But technical indicators now look overbought and the price must consolidate its recent gai...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron oreSentiment in the iron ore market continues to be dominated by concerns about supply disruptions in Brazil. Prices spiked above $100 per tonne after reports that there had been a recent surge of Covid-19 cases at Vale's three mines in Itabira. A...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Thursday June 4, recovering from a morning slump to breach nearby resistance levels amid low turnover.Meanwhile, a weaker US dollar index and continued buying interest from Asia kept the base-metals complex supported through the afternoon.This came despite a broad downward revision of the European Centr...Read More
Turkish steel billet prices increased over the past week due to strengthening demand and rising imported scrap values, sources said on Thursday June 4.Turkey has had a drop in the number of deaths related to the Covid-19 pandemic in the past few weeks with the reduced restrictions including a removal of the ban on travel, leading to some improvement in the steel markets.Domestic billet prices in T...Read More
Hong Kong emerging as important trade center with some post-coronavirus demand from China. US market mostly shut. New York and other regional centers closed due to Covid-19. Riots and looting are keeping jewelry stores closed following tragic death of George Floyd. India slowly reopening with Surat operating at 70% but Mumbai in lockdown except for limited staff handling exports. Rough markets at...Read More
RAPAPORT... BlueRock Diamonds has reached record production at its Kareevlei mine in South Africa, after resuming operations last month.Output since May 11, when the deposit reopened following a Covid-19 lockdown, totaled 41,500 tonnes of ore, averaging 2,000 tonnes a day, the company said Wednesday. The new daily average is 65% higher than the previous record, which it achieved in the fourth...Read More
RAPAPORT... The LVMH board met on Tuesday to discuss its takeover of Tiffany & Co., fueling rumors that the $16.2 billion deal was less certain than before Covid-19.The panel of directors "focused its attention on the development of the pandemic and its potential impact on the results and perspectives of Tiffany & Co. with respect to the agreement that links the two groups," LVMH said...Read More
RAPAPORT... Many US jewelers are coping with stolen property and the destruction of their premises following major looting sprees amid protests over the death of George Floyd."It was like a war zone," said Mark Clodius, owner of Clodius & Co. Jewelers in Rockford, Illinois, whose store was hit. "This has nothing to do with the protest. It was entirely for ill-gotten gain." Clodius, who ha...Read More
RAPAPORT... The Swiss Gemmological Institute (SSEF) has introduced a service that determines a pearl's species using DNA fingerprinting.The Basel-based laboratory has substantially expanded its database and capabilities, enabling it to identify each of the eight oyster species that account for the vast majority of gems available in the natural- and cultured-pearl trade, it said Tuesday. It ac...Read More
Russian President Vladimir Putin has declared a state of emergency after an accident at a plant operated by a subsidiary of top nickel and palladium producer Norilsk Nickel (Nornickel) caused a leak of 20,000 tonnes of diesel oil into a river within the Arctic Circle. Damage to a diesel fuel storage tank at a power plant operated by Norilsk-Taymyr Energy Co (NTEC) resulted in a leak near the Siber...Read More
(IDEX Online) - British miner BlueRock reports record output since it re-opened Kareevlei, in South Africa, after COVID-19 restrictions were eased.Production has been averaging almost 2,000 tons a day since 11 May 2020, up almost two-thirds on Q4 of 2019.Modifications to its ore-processing equipment have increased production at minimal cost and reduced operating costs at Kareevlei where five...Read More
Katanga Mining has been taken private by Glencore International AG after shareholders voted overwhelming in favor of a definitive agreement to amalgamate the company with 836074 Yukon Inc, a wholly-owned Katanga subsidiary. A special meeting of shareholders was held on Tuesday June 2, with the deal - recommended by the Katanga board - getting 99.9% approval during a vote. The result of the vo...Read More
The three-month copper price on the London Metal Exchange was down during morning trading on Thursday June 4, falling below the $5,500-per-tonne support level in a complex-wide downturn that saw risk appetite soften, while lead futures led on the downside with a 1.9% fall over the morning.Copper's underlying price on the LME was recently seen at $5,468 per tonne, down just under 1% from Wednesday'...Read More