Road blockades throughout Brazil have disrupted transportation on important routes in five different states, with access to main steel trade hub, S??o Francisco do Sul port, cut off by truckers' demonstrations, Fastmarkets learned on Thursday September 9.The port of S??o Francisco do Sul, in Brazil's southern state of Santa Catarina, had to stop unloading ships on Wednesday September 8, two source...Read More
Swedish steelmaker SSAB will deliver fossil-free steel to Finnish provider of cargo and load handling solutions Cargotec for cargo handling equipment manufacturing, SSAB said on September 8.SSAB and Cargotec will work together on the introduction of fossil-free steel to the cargo handling industry. The companies will start coordinated development toward the use...Read More
Here are five Fastmarkets stories you might have missed on Thursday September 9 that are worth another look.Truck transportation has ceased at the Brazilian S??o Francisco do Sul port and at least five ships have failed to be unloaded since Tuesday September 7, when demonstrations broke out across the country, a spokesperson for...Read More
Base metals prices on the London Metal Exchange were up across the board on Thursday September 9, supported by the lower dollar index.The three-month aluminium contract continued its surge during Thursday's trading, closing above $2,800 per tonne for the first time since 2008. The three-month price finished the session up by 1.6% at $2,839.50 per tonne after reaching an intraday high of $2,848 per...Read More
Seaborne iron ore prices fell on Thursday September 9 amid inspections by authorities in Jiangsu province, which may have prompted weakness in iron ore demand, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $130.26 per tonne, down $1.93 per tonne62% Fe low-alumina fines, cfr Qingdao: $130.92 per tonne, down $2.37 per tonne58% Fe fines high-grade premium, cfr Qingdao: $104.92 p...Read More
China's domestic rebar prices increased sharply on Thursday September 9 after the news that Jiangsu will restrict steel production in the remaining months of this year.DomesticEastern China (Shanghai): 5,410-5,440 yuan ($837-842) per tonne, up by 90-110 yuan per tonne.Jiangsu province will be conducting decarbonization compliance inspections of local enterprises with high energy consumption and em...Read More
Base metals prices on the London Metal Exchange were up across the board on Thursday September 9, supported by the lower dollar index.The three-month aluminium contract continued its surge during Thursday's trading, closing above $2,800 per tonne for the first time since 2008. The three-month price finished the session up by 1.6% at $2,839.50 per tonne after reaching an intraday high of $2,848 per...Read More
Germany's federal government plans to fund ?,?55 million ($65 million) for the construction of the first industrial-scale hydrogen direct-reduced iron (DRI) plant at ArcelorMittal Hamburg steelworks, the company said on September 8.The German government will provide half of the total required investment of ?,?110 million. The funding plan now must be approved by the European Commission (EC) before...Read More
Alumina prices soared over 10% on Thursday September 9 to their highest since April 2019 due to increased spot market tightness.Fastmarkets' alumina index, fob Australia, was published at $380.61 per tonne on Thursday, up by 13% from the previous day when the index was just $336.76 per tonne.A deal was concluded at $381.10 per tonne on a fob Western Australia basis for 30,000 tonnes and October lo...Read More
A major copper industry group in Chile has presented an alternative tax reform plan to the government, amid an ongoing legislative process to tap into revenues and retain mining-related capital from the Latin American country's inland given the red metal's price recent rally. On August 31, the Chilean Center for Copper and Mining Studies (Cesco), delivered its own proposal to the Chilean Sena...Read More
Aluminium prices on the London Metal Exchange rose to a new year-to-date high of $2,848 per tonne at the start of the day on Thursday September 9 while nickel strengthened to $20,255 per tonne during an early across-the-board uptrend.Nickel's three-month price is 2.7% higher on Thursday morning than its closing price of $19,713 per tonne on Wednesday. The stainless steel additive's previous year-t...Read More
Base metals prices were higher on the London Metal Exchange but mixed on the Shanghai Futures Exchange this morning, Thursday September 9, but equity markets in Asia-Pacific were weaker with participants once again nervous about possible central bank tapering. Market participants focused on whether the European Central Bank (ECB) will signal it is ready to start tapering - the ECB meets today Bet...Read More
Market sentiment positive. Dealers looking for goods after Las Vegas shows raise expectations for holiday season. Some uncertainty over US labor shortage and inflation that may disrupt upbeat consumer confidence. Manufacturers concerned about supply scarcities ahead of peak trading period. De Beers sees robust demand at $515M Aug. sight. Christie's to auction pair of Marie Antoinette diamond brace...Read More
RAPAPORT... Christie's expects to garner up to $4 million for a pair of diamond bracelets belonging to Marie Antoinette, former queen of France, at its Geneva sale in November.The set, which contains 112 diamonds, will lead the Magnificent Jewels sale, Christie's said Wednesday. The queen originally purchased the bracelets in 1776 for 250,000 livres, a huge sum at that time, the auction house note...Read More
Domestic steel reinforcing bar prices in the United States were flat in the week to Wednesday September 8, while imported rebar prices slipped.Fastmarkets' assessment for steel reinforcing bar (rebar), fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday, unchanged since August 11 but up by 68.38% from $29.25 per cwt at the same time last year.US marketMarket participants lar...Read More
RAPAPORT... De Beers' revenues continued to rise at its August rough sale as diamond demand persisted in the most important retail centers, the miner reported this week.Proceeds from the seventh sales cycle of the year came to $515 million, the most since February, the company said Wednesday. That figure was 54% higher than the equivalent period of 2020, when the Covid-19 crisis was still sap...Read More
RAPAPORT... During the recent Las Vegas jewelry shows, I had the opportunity to do something that has been surprisingly inaccessible to me in the more than 14 years I've been covering the industry - I got to try on some jewelry. I attend the shows primarily to assess the economics of the diamond market and to get a sense of sentiment among designers and jewelers. I tend to discuss design on a...Read More
(IDEX Online) - Alrosa bought more diamonds this week from Gokhran, the Russian state repository of precious gems and metals, as it sought to replenish its dwindling inventory.It said it purchased 80 per cent of the rough stones offered at auction on Tuesday but did not disclose the price it paid. It was previously reported that Gokhran would be offering 768,600 carats, worth about $19m, at its Se...Read More
The US Department of Commerce has issued final anti-dumping determinations on steel concrete reinforcing bar from Mexico following an administrative review, the agency said on Thursday September 9.The department determined that rebar from Mexico was sold in the United States at less than normal value during the period of review from November 1, 2018, through October 31, 2019. The following pr...Read More
Hot-rolled coil prices in the United States returned above $97 per hundredweight ($1,940 per short ton), with market participants projecting that upcoming mill maintenance shutdowns will keep inventories tight.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $97.11 per cwt ($1,942.20 per ton) on Thursday September 9, up by 21 cents (0.22%) from $96.90 per cwt on Wednes...Read More