RAPAPORT... The traditionally slow summer felt like a distant memory this year. Instead, summer 2021 will be remembered for a sales surge in the wake of the pandemic.New York: Resuming client visits"After six months of almost no sales, September 2020 was one of the best we ever had," said Aron Suna, president of New York jewelry manufacturer Suna Bros. Since September, his sales have been "ve...Read More
The London Metal Exchange trading ring will reopen on Monday September 6, for the first time in 18 months, and chief executive officer Matthew Chamberlain admits that there have been a lot of tough conversations with members about its future.Ring trading will look very different after the restart. Closing prices will be traded electronically, via LMESelect, and only official prices will move back...Read More
(IDEX Online) - A "unique" collection of three Argyle diamonds - a pink, a red, and a violet stone - has been sold to a buyer in the US.Diamond Cutters International described it as "a multi-million dollar collection" but would not disclose the price paid by a collector from Houston, Texas.The so-called Millennia Collection (pictured) comprises:The Millennia Red, a 0.55-ct vs2- c...Read More
The IDEX Polished Price Index remained virtually static, albeit with slight rises at the start and end of August. It closed the month up by just 0.42 per cent, a slowdown from 2.20 per cent in June and 1.49 per cent in July. It also increased during April and May.IDEX Online subscribers please click here to read the full report. Read More
China Hongqiao, the world's largest producer of primary aluminium, has completed the first stage of its transition of over 2 million tonnes of aluminium production from Shandong to the company's hydro-powered smelter in China's Yunnan Province, it was announced during Fastmarkets International Aluminium conference this week. Speaking at the conference on Thursday September 2, Ron Knapp, internatio...Read More
Hot-rolled coil prices in the United States climbed above $97 per hundredweight ($1,940 per short ton) to a new record, with market participants expressing concern that upcoming mill maintenance will result in reduced availability of steel. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $97.08 per cwt ($1,941.60 per ton) on Thursday September 2, up by 0.86% from $96....Read More
The continuing shortage of container freight space and vessels could intensify further in the coming weeks, shippers of ferrous scrap told Fastmarkets this week."The lack of freight space for containers is a big problem now, and it's driving up costs and prices for shippers all over the world," a ferrous scrap seller in Singapore told Fastmarkets on Thursday September 2.Traders handling containeri...Read More
Prices in the United States for imported hot-rolled coil hovered near the same level seen two weeks ago, with foreign producers taking advantage of the wide spread between imports and domestic material to bolster US sales."Offers are as much as $400 per ton lower than domestic prices, with deliveries arriving in November and December," an East Coast distributor source said. "Yes, the foreigners ar...Read More
Prices for domestic steel reinforcing bar in the United States were stable this week, with market participants waiting to see if other mills will follow Steel Dynamics Inc's (SDI) price increase.Fastmarkets' price assessment for steel rebar, fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday September 1, unchanged since August 11 but up by 75.89% from $28 per cwt at the sam...Read More
Acciaierie d'Italia, formerly known as ArcelorMittal Italia and earlier known as Ilva, has temporarily stopped operation of its coke battery No12, a company source told Fastmarkets on Thursday September 2."Battery 12 of the coking plant started the final phase of refurbishment in line with environmental standards on September 1," the company source said. "This phase requires the suspension of...Read More
The Canada-based company had sought an urgent interdict to prevent the grant of a licence over the same area in July, when it also applied for a review of the refusal decision.It said yesterday the High Court of Namibia had rendered a decision to interdict and restrain the ministry of mines and energy from granting a licence over Haib, until the final determination of the application to review the...Read More
Future remains golden for Rox ResourcesSPONSOREDrox resourcesCashed-up Karora is doubling gold production at a blistering paceSPONSOREDkarora resourcesOzAurum drills in home of goldSPONSOREDozaurum resourcesThe Future of Tailings ManagementSPONSOREDThe government wants water usage from continental sources such as glaciers, rivers and lakes to be cut to 10% of the total by 2030 and 5% by 2050 from...Read More
Deep-sea steel scrap prices are expected to drop in upcoming bookings to Turkey, in line with falling finished steel prices in the country, market participants said on Thursday September 2.Sources said that suppliers in the United States were not currently offering material to Turkey because US domestic pricing negotiations remained unfinished. While a price drop is expected by some market partici...Read More
The lower house of the Brazilian Congress passed a personal and corporate income tax reform bill on Wednesday September 1 that included a 1.5 percentage point increase in mining royalties, while adding new commodities that will be subject to that change.The bill was approved by 398 votes against 77. It was intended to raise the Financial Compensation for Exploration of Mineral Resources - Cfem in...Read More
On August 31, New South Wales' Independent Planning Commission (IPC) announced it had blocked plans for a new coal mine in New South Wales' Southern Highlands.The IPC decided to refuse development of the $533-million Hume Coal and Berrima Rail Project due to the projects' social impact and effect on water resources. The project is incompatible with land use objectives for the area, the IPC sa...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. U.S. equity index futures were quiet prior to release of economic news at 8:30 AM EDT. Consensus for August Non-farm Productivity is an increase of 2.4% versus a gain of 2.3% in July. Consensus for the July U.S. Trade Deficit is $75.10 billion versus $75.70 billion in June. The Canadian D...Read More
Spot prices for Japanese exported scrap slid this week, reflecting weak demand from overseas buyers, market sources told Fastmarkets.But the end of the summer maintenance season at many domestic mills is set to shore up demand and spot prices in the coming weeks.Demand from key overseas market such as Vietnam and Taiwan remained very weak due to the Covid-19 pandemic in the former and cheaper cont...Read More
Seaborne iron ore prices fell on Thursday September 2, with the outlook remaining bearish despite a drop in steel inventories amid relatively active port trading, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $142.02 per tonne,down $1.41 per tonne62% Fe low-alumina fines, cfr Qingdao: $142.59 per tonne,down $1.64 per tonne58% Fe fines high-grade premium, cfr Qing...Read More
The seaborne premium hard coking coal cfr price and hard coking coal fob price soared on Thursday September 2 due to sustained tight supply. And some Chinese coke producers proposed the ninth round of price hikes since the start of August.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $443.02 per tonne, up $11.99 per tonneHard coking coal, cfr Jingtang: $403.85 per tonne, up $7.33 per...Read More
Domestic hot-rolled coil prices in China inched higher on Thursday September 2, after two consecutive days of moderate losses, with market sentiment improved by positive production and inventory data.DomesticEastern China (Shanghai): 5,670-5,690 yuan ($878-881) per tonne, up by 20 yuan per tonneThe most-traded HRC contract on the Shanghai Futures Exchange jumped to an intraday high of 5,618 yuan p...Read More