The latest forecasts from Fastmarkets' team of analysts is ready to view.Recent weeks have brought two key developments with regard to trade policy on stainless steel products that will be to the detriment of consumers.In China, the country's stainless steelmakers no longer enjoy a 13% export rebate as of May 1, reducing greatly their incentive to export and instead leading them to focus on supply...Read More

The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices and margins for stainless steel producers have risen notably over the past few months in both Europe and the United States, but there are now signs that the rally is petering out.A clear reason for the halt to rising prices comes from the near 20% drop in nickel prices seen in late February/early March,...Read More

Base metals prices on the London Metal Exchange were little changed at the 5pm close of trading on Thursday June 10, with slight increases for aluminium and nickel, while prices dipped elsewhere on the complex.The three-month copper price fell by 0.9% to $9,890 per tonne during Thursday trading, down from $9,978.50 per tonne at Wednesday's 5pm close, despite reaching an intraday high of $9,992.50...Read More

Diamond market upbeat as orders stream in; dealers frustrated with sourcing difficulties. Prices firm due to supply shortages and steady US and Chinese demand. Rough trading strong as De Beers raises prices by estimated 5% for goods above 2 ct. Major jewelers gaining market share with robust e-commerce growth. Signet Jewelers 1Q sales +98% to $1.7B, profit of $138M vs. loss of $197M Chow Tai Fook...Read More

RAPAPORT... Sales at Signet Jewelers stormed past the company's expectations in the first fiscal quarter as the retailer's new strategy helped it capitalize on resurgent consumer demand.Revenue jumped 98% year on year to $1.68 billion in the 13 weeks that ended May 1 amid buoyant in-store and e-commerce sales, Signet reported Thursday. Same-store sales rose 107%, while group net profit stood...Read More

Turkish steel billet prices in both the local and export markets have decreased over the past week on limited demand, market participants said on Thursday June 10.Long steel prices in the country, on the other hand, increased slightly during the week because of higher materials costs.Most market participants in Turkey expected billet prices to increase in the next few weeks as well, because of inc...Read More

RAPAPORT... Alrosa's diamond sales remained stable in May as manufacturers continued to show demand despite challenges in the Indian market, the miner said Thursday. Revenue from rough and polished goods stood at $365 million, down 9% from $401 million in April but higher than the $40.1 million the company reported during the peak of the coronavirus crisis a year earlier. This reflected stron...Read More

RAPAPORT... The International Gemological Institute (IGI) has discovered a 6.18-carat synthetic diamond that fraudsters had misrepresented as natural by falsely pairing it with a mined-diamond grading report."This is the largest lab-grown diamond ever certified by a leading gemological laboratory where the sole purpose was to pass off a lab-grown stone as natural," Bob Van Es, IGI managing di...Read More

RAPAPORT... A diamond necklace by designer Andrew Clunn smashed its estimate at Sotheby's on Wednesday, selling for $4.1 million at the company's New York auction.The piece, set with 28 graduated, oval-shaped diamonds weighing more than 168 carats combined, achieved a price well above its $3 million high valuation at the June 9 Magnificent Jewels sale, Sotheby's said. This established a new record...Read More

(IDEX Online) - The historic Chrysler Diamond has sold for $5.07m at Christie's New York, above its high estimate of $4.5m.The 54.03-carat Type IaB D-color, internally flawless pear-shaped diamond (pictured) takes its name from the socialite Thelma Chrysler Foy.Her father Walter Chrysler started life as locomotive engineer. He went on to found the Chrysler car corporation and personally funde...Read More

The metals and mining industry is unlikely to invest significantly in Chile until uncertainty surrounding the country's fiscal framework is resolved, the chief financial officer of Freeport-McMoRan said. Kathleen Quirk, also president of the United States-based copper producer, said that Freeport was watching developments in Chile before making any further investment decisions. "I believ...Read More

(IDEX Online) - Alrosa today reported $365m sales of rough and polished for May, down slightly from $401m in April.Monthly sales since the start of the year have been steady, averaging $365m. By way of comparison, De Beers has averaged rough sales of $408m at the four sights completed so far this year.Alrosa says demand remains strong from the Indian midstream and is "robust" in all key regions."D...Read More

Mining companies will need to see higher copper prices before they fell any incentive to push forward with new projects, the chief financial officer of US producer Freeport-McMoRan has said.Higher prices will also be needed to attract more sources of copper scrap, Kathleen Quirk told Deutsche Bank's 12th annual global basic materials virtual conference on Thursday June 10."We believe we'll have to...Read More

(IDEX Online) - Gemologists from the IGI lab in Thailand spotted their biggest ever impostor stone - a 6.18-carat lab-grown that was being presented as a natural gem.It had been submitted for verification and came with a GIA certificate stating it was a natural diamond, D color, flawless clarity and triple excellent cut.The genuine stone had been fraudulently replaced with a lab-grown that had bee...Read More

Marex will not proceed with its plans to list its shares on the London Stock Exchange, the brokerage firm confirmed to Fastmarkets on Thursday June 10.Marex announced its intention to hold an initial public offering (IPO) on the LSE on May 14, when commodity prices were in a rally that had taken copper and iron ore prices to all-time highs just a few days...Read More

After a one-month consultation period, Fastmarkets has amended the timing specifications for its assessment of Italian SHG (special high grade) zinc premiums.The frequency of the assessments, which are currently weekly, will move to a fortnightly basis after the next assessment date on June 15. The change is due to the Italian zinc market being largely centered around long-term contracts...Read More

The European Commission (EC) plans to set a carbon border adjustment mechanism (CBAM) for imports of some goods, including steel and aluminium, to prevent the risk of carbon leakage, according to a draft of the EC's proposal seen by Fastmarkets on June 10.The mechanism will integrate into the EU's current system that it established for greenhouse gas emissions allowance trading via the application...Read More

Commodities trading house Trafigura believes a slowdown in Chinese demand growth for metals will fail to dent rising prices, while also announcing record profits in the first half of 2021."What's perhaps most striking about the recovery in metals demand is that, for the first time in at least a decade, this is not just a China story," Trafigura's chief economist Saad Rahim said."If fact, if anythi...Read More

Steel reinforcing bar prices in the United States increased again on Wednesday June 9, with another round of mill hikes expected soon.Fastmarkets' assessment for steel rebar, fob mill US was $44.50 per hundredweight ($890 per short ton) on Wednesday, up 1.14% from $44 per cwt the previous week.US marketThe increase follows recent mill hikes, rising shredded scrap prices in Chicago and Detroit...Read More

German flat steel producer Salzgitter has declared force majeure after a lightning strike over the weekend, the company's spokesman told Fastmarkets on Thursday June 10.The lightning strike on Saturday June 5 interrupted the power supply to the plant, and thus plant operations, market sources said."A lightning strike interrupted operations last Saturday. [But] we are back in operation and striving...Read More