Here are five Fastmarkets stories you might have missed on Monday June 14 that are worth another look.Brazilian steelmaker Usiminas will restart its No2 blast furnace (BF) at the Ipatinga mill, in southeastern Minas Gerais state, after almost eight months of downtime, the company said in a filing...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:?EUR? US sheet prices hit record highs again in May, with upward momentum persisting into June. Actual US hot-rolled coil prices averaged $1,553 per ton in May, largely in line with our forecast of $1,540 per ton. Prices remain supported by strong underlying sup...Read More
Manganese ore prices dropped on Friday June 11 after buyers in China staged resistance to rising offer prices from miners and liquidity decreased. Fastmarkets' index for manganese ore 44% Mn, cif Tianjin was calculated at $5.12 per dry metric tonne (dmtu) on Friday, down by 3.21% from $5.29 per dmtu a week earlier.Fastmarkets' manganese ore index 37% Mn, cif Tianjin edged down by 0.21% t...Read More
Futures prices on the London Metal Exchange were mixed at the close on Monday June 14, with a quiet day of trading for such metals as copper due to the Dragon Boat Festival holiday observed in China. Nickel logged the biggest price gain on Monday, with the three-month contract rising by 1.39% to $18,480 per tonne from Friday's closing price of $18,227 per tonne and by 3.29% from the...Read More
Here are five Fastmarkets stories you might have missed on Monday June 14 that are worth another look.Brazilian steelmaker Usiminas will restart its No2 blast furnace (BF) at the Ipatinga mill, in southeastern Minas Gerais state, after almost eight months of downtime, the company said in a filing...Read More
With long steel prices in Europe reaching historically high levels, construction activity is slowing in some regions due to reduced supplies and delays, with some market sources fearing a decline in industrial activity long term.Surging pricesLong steel prices in the European Union started increasing in the third quarter of 2020 on a pick-up in consumption and a recovery from the impact of the Cov...Read More
Futures prices on the London Metal Exchange were mixed at the close on Monday June 14, with a quiet day of trading for such metals as copper due to the Dragon Boat Festival holiday observed in China. Nickel logged the biggest price gain on Monday, with the three-month contract rising by 1.39% to $18,480 per tonne from Friday's closing price of $18,227 per tonne and by 3.29% from the...Read More
There was little liquidity in the iron ore market on Monday June 14 due to Chinese market participants being away for the Dragonboat Festival. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $220.77 per tonne, up $1.51 per tonne 62% Fe low-alumina fines, cfr Qingdao: $221.62 per tonne, up $0.37 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $195.22 per tonne, up $2.44 per tonne 65...Read More
The three-month price of copper was down 0.6% from Friday's close on the morning of Monday June 14, while most other prices on the London Metal Exchange rose despite low traded volumes due to public holidays in China and Australia.The three-month copper price was at $9,943 per tonne on Monday at 9am, falling from $10,003.50 per tonne at Friday's close, which was the first time the metal had closed...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:?EUR? US sheet prices hit record highs again in May, with upward momentum persisting into June. Actual US hot-rolled coil prices averaged $1,553 per ton in May, largely in line with our forecast of $1,540 per ton. Prices remain supported by strong underlying sup...Read More
RAPAPORT... Lab-grown diamond producer Green Rocks is launching a new facility in Israel, pledging to operate the center in accordance with a new sustainability standard.The production and research site in Nof Hagalil, northern Israel, will create "thousands of carats" of untreated synthetic diamonds, said Leon Peres, CEO of Green Rocks, in an online presentation last week. Headquartered in F...Read More
Activity in the European hot-rolled coil market has slowed significantly, with buyers holding back from making new deals and only a few producers making offers, sources told Fastmarkets on Monday June 14.Buyers have only been buying limited volumes if they have specific restocking needs or if they can secure back-to-back deals, they added.European distributors prefer to wait for the price trend to...Read More
RAPAPORT... Charm-bracelet maker Alex and Ani has filed for bankruptcy protection after accumulating high debts over the past few years.The company, which operates 74 retail outlets across the US, Canada and Puerto Rico, has been mired in financial challenges since 2018, chief restructuring officer Robert Trabucco said in a June 9 filing. The company's rapid growth created operational difficulties...Read More
Domestic prices for hot-rolled coil in Europe declined in the week to Friday June 11, but they remained at a high level.Buyers have been holding back from acquiring large volumes of coil at high prices, preferring whenever possible to pause their purchases to better monitor global trends while also waiting for the European Commission (EC) to conclude its safeguarding investigation.On Friday, the E...Read More
RAPAPORT... Jewelry sales in the US more than tripled in May, fueled by a release of pent-up demand amid a further reopening of the economy, according to Mastercard SpendingPulse.Sales in the category increased 203% year on year during the month, reflecting a comparison with May of last year, when many stores were closed due to the Covid-19 pandemic. However, jewelry spending also increased 45% ve...Read More
(IDEX Online) - Germany has, for the first time, apologized for the genocide in Namibia which claimed the lives of 75,000 tribes people - during which time it plundered untold reserves of the country's diamonds.German foreign minister Heiko Maas (pictured) has pledged $1.3bn aid to Namibia for the mass killings between 1904 and 1908 in what was then German South West Africa.Towards the end of...Read More
(IDEX Online) - The Swiss watchmaker Bovet 1822 has crafted a bespoke pair of his-and-hers watches that double as the dashboard clock of the new ultra-expensive Rolls-Royce Boat Tail.The one-off handcrafted car is said to be the most expensive in the world, with an estimated price tag as a high as $28m.Bovet designed and made a pair of reversible watches, together with a dedicated aluminium and ti...Read More
(IDEX Online) - New owners of the troubled Ekati mine, in Canada, predict a 4m carat output this year, after rescuing it from Dominion Diamonds.A group of creditors took on $70m of outstanding debt and pledged $85m of working capital facility for the mine in Northwest Territories. The deal was signed in February.The newly-formed Arctic Canadian Diamond Company, owned by DDJ, Brigade and Western As...Read More
Tungsten West is in the "advanced stages" of preparing its initial public offering in London's AIM market, with production at the Hemerdon mine to start next year.The UK-based tin and tungsten mining company acquired the Hemerdon mine, located in the south west of England, in 2019. The mine has a projected output of 3,800 tonnes per year of contained tungsten and 500 tpy of contained tin, and shou...Read More
Fastmarkets has settled its premium for the supply of aluminium to main Japanese ports (MJP) in the third quarter of 2021 at $172-185 per tonne over the London Metal Exchange cash price. The premium is 20.20% higher than the second-quarter benchmark of $148-149 per tonne and more than double the third-quarter of 2020 which settled at $75-79 per tonne cif MJP. The premium has risen for th...Read More