Seaborne coking coal prices were down on Tuesday February 4, with spot trading activity resuming after over a week. Fastmarkets indices Premium hard coking coal, fob DBCT: $147.89 per tonne, down $2.90 per tonne Premium hard coking coal, cfr Jingtang: $160.13 per tonne, down $2.60 per tonne Hard coking coal, fob DBCT: $127.01 per tonne, unchanged Hard coking coal, cfr Jingtang: $140.82 p...Read More
Are the concentrated short sellers about to be subject to a major squeeze?Ted Butler interviewed by Dunagun Kaiser on Reluctant Preppers?EUR
Haven asset gold should perform better in 2020 if you take a bearish position on the global economy, ED&F Man Capital Market's independent senior commodity consultant Edward Meir said after topping the 2019 Apex precious metals leaderboard with 97.73% accuracy. Fastmarkets published its Apex full-year 2019 competition results last week."My general feeling on gold is that putting numbers out r...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable on Tuesday February 4 but were expected to rise further, sources have told Fastmarkets.Despite bullish sentiment in the market, buyers have avoided booking big volumes, preferring to make deals only for sufficient volumes to maintain their stocks at balanced levels, according to market sources.Fastmarkets' daily steel hot-ro...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday February 4 that are worth another look.As international exchanges continue to encourage trade in their ferrous contracts, Fastmarkets asks market experts for their views on progress in steel price risk management over the past year and the outlook for 2020.Port of Shanghai, the world's biggest port by container throughput, and o...Read More
Port of Shanghai, the world's biggest port by container throughput, and other major ports in China will waive the extra storage fees incurred during the logistics lockdown imposed in relation to the novel coronavirus outbreak. Shanghai International Port Co, the operator of Port of Shanghai, said on February 1 that cargo holders do not have to pay for their use of container storage space from Janu...Read More
Swiss miner-trader Glencore produced 46,300 tonnes of cobalt in 2019, up 10% from 42,200 tonnes in 2018, mainly due to the ramp up in operations at Katanga in the Democratic Republic of Congo. Cobalt production at Glencore's African copper assets, which includes Katanga and Mutanda, totaled 42,200 tonnes - contained in hydroxide - in 2019, up 10% from 38,400 tonnes a year earlier. The scale down a...Read More
Frederic Sese has joined Kamoto Copper Company (KCC) as its commercial director. Sese was previously in the raw materials and buying team at ArcelorMittal, and later Aperam. He also...Read More
Aluminium market participants remain wary of reduced consumption, logistical backlog and bearish macroeconomics as a result of the coronavirus outbreak from Wuhan city in Hubei province, China.The outbreak has pressured futures prices on exchange for primary aluminium and have stoked growing bearish sentiment in the secondary aluminium and scrap market. The effect of the coronavirus on global alum...Read More
The three-month copper price on the London Metal Exchange rose by 2% during morning trading on Tuesday February 4, with price action supported by increased liquidity, while nickel futures topped gains and breached nearby resistance. Copper's outright price on the LME was recently at $5,674 per tonne compared with Monday's closing price of $5,525 per tonne. Turnover was significantly high, with 15,...Read More
Import prices for steel rebar in the United Arab Emirates increased over the past week, despite only limited demand, while billet prices remained unchanged, sources told Fastmarkets on Tuesday February 4.Demand was constrained because buyers were holding back to see the direction of prices after China's return to the market after the extended Lunar New Year holiday, they added. The...Read More
Buyers were looking for clarity in the flat steel import markets in the United Arab Emirates and Saudi Arabia this week, with prices rising but uncertainty about the direction the market will take when the Chinese new year holiday break finishes.Higher offers and deals were heard for flat steel imports, Fastmarkets heard on Tuesday February 4, but the market was unsure because buyers did not know...Read More
Europe's anti-dumping duty on imports of wire rod originating from China will expire after October 16, 2020, unless a review is initiated, the European Commission (EC) said on Monday February 3.The EC had maintained a 24% anti-dumping duty that was applied to all imports of Chinese wire rod, except material from Valin Group, on which the rate was 7.9%, following the previous expiry review in Octob...Read More
As international exchanges continue to encourage trade in their ferrous contracts, Fastmarkets asks market experts for their views on progress in steel price risk management over the past year and the outlook for 2020.Speaking with Fastmarkets a year ago, Phillip Price, steel derivatives expert, and since then founder of Pool, said that he had seen a sea change in the steel sector's attitude towar...Read More
Eastern China's rebar prices continued to weaken on Tuesday February 4 due to destocking pressure, though those in the northern region held steady on an inactive market.Eastern China (Shanghai): 3,360-3,400 yuan ($480-486) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,540-3,560 yuan per tonne, unchangedMost participants in Shanghai and Beijing were still away from the market due...Read More
Flat steel suppliers to Russia's Central Federal District around Moscow increased offers for material, citing reduced availability, while in the secondary market there were no reports of improved demand, Fastmarkets learned on Monday February 3.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia was 41,000-42,500 roubles ($643-659) per tonne on Februa...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong slid in 2019 to their lowest level in 10 years, as social challenges continued to hinder tourism and weaken consumer sentiment. Revenue from jewelry, watches, clocks and other valuable gifts fell 22% to HKD 66.2 billion ($8.52 billion) for the year, the municipality's Census and Statistics Department reported Tuesday. That represents...Read More
RAPAPORT... Gucci has become the latest major brand to skip this year's Baselworld show, citing the new timing of the event as its reason for staying away, according to the fair's organizers.The dates of the 2020 exhibition - April 30 to May 5 - were "too late" for Gucci, a spokesperson for the show's management said Tuesday in an email to Rapaport News. "We very much regret that Gucci will n...Read More
RAPAPORT... Organizers of two upcoming jewelry trade shows in Hong Kong have postponed the events as the coronavirus continues to spread beyond mainland China.The Hong Kong International Diamond, Gem & Pearl Show, which was due to take place from March 2 to 6, and the Hong Kong International Jewellery Show, scheduled for March 4 to 8, will now run from May 18 to 21. They will happen concu...Read More
RAPAPORT... Edward Asscher, president of Royal Asscher Diamond Company, will take over as president of the World Diamond Council (WDC) in June for a two-year term.Asscher, currently vice president of the WDC, will succeed Stephane Fischler, who will exit during the WDC's annual general meeting in the first week of June, ahead of the Kimberley Process (KP) intersessional in Moscow. Asscher previous...Read More