Turkish export prices for steel rebar and wire rod have increased over the past week in line with the latest rebound in the cost of imported scrap, sources said on Thursday February 13.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $410-420 per tonne on Thursday, widening upward slightly from the $410-415 per tonne of last week.The mills i...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 13 that are worth another look.The China Iron & Steel Association (Cisa) is seeking the Chinese transport ministry's help to solve logistical problems experienced by steelmakers in recent weeks, especially those affecting the delivery of raw materials, market sources told Fastmarkets.The novel coronavirus (2019-nCoV) h...Read More
The novel coronavirus (2019-nCoV) has not affected China Hongqiao Group's aluminium production, which is operating at its full running capacity of 5.86 million tonnes in Shandong province, the company confirmed to Fastmarkets."Our aluminium production was not impacted by the novel coronavirus. Now we are running at almost 5.86 million tonnes of aluminium and this is our full operating capacity in...Read More
Aurubis copper cathode output dropped 15% in the October-December quarter after the European company conducted planned maintenance at its main smelter in Hamburg, Germany.In what is the first quarter of the company's financial year, cathode output was 234,000 tonnes, down from 274,000 tonnes in October-December 2018. The shutdown negatively...Read More
A summary of South32's earnings, alumina and aluminium production results for the first half of its 2020 financial year ended December 31, 2019. In brief: South32's underlying adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) declined by 48% to $678 million.Profits before tax have slumped 72% to $251 million from $908 million in first half of last year.Company reven...Read More
The three-month tin price on the London Metal Exchange consolidated during morning trading on Thursday February 13, with price action little affected by a 540-tonne inflow into LME-registered warehouses across Malaysia and Singapore, while lead futures gathered momentum over the morning. Tin's underlying price on the LME was recently seen at $16,575 per tonne, while volume was moderately high with...Read More
China imported 48,200 tonnes of tin ore and concentrate in 2019, a decrease of 14% from the prior year, according to data released by the International Tin Association (ITA) on Thursday February 13.Shipments from Myanmar, China's main supplier of tin, accounted for 89% or 42,900 tonnes of that amount, ITA data showed. But this is down by 21% from 2018 levels, with the decline said to be due to dec...Read More
A summary of the financial results for Turkey's largest steelmaking group, Erdemir, for 2019. Earnings fell by 33.50% due to the negative sentiment in Turkey since late 2018. The United States had doubled the tariffs imposed on steel from Turkey in August 2018, leading a sharp fall in the value of the Turkish lira against the US dollar. The duty was reduced back to 25% on...Read More
A summary of German diversified industrial group Thyssenkrupp's financial results for the first quarter of its 2019/20 financial year, ended December 31, including its steelmaking and steel-related divisions.In brief Earnings fall due to "difficult economic environment" and market situation at Thyssenkrupp Steel Europe; sales stable despite economic headwinds.Materials businesses affecte...Read More
Turkish domestic and export prices for steel billet have increased over the past week because of rising imported scrap values in the country, sources said on Thursday February 13.A few steel producers were heard selling billet to the local market at around $395-400 per tonne ex-works this week, which compared with offers as low as $390 per tonne last week."The billet prices in the local market hav...Read More
Weak demand has pushed the domestic price for rebar in Egypt down by as much as $16 per tonne over the week ended Thursday February 13, even though the import price for steel billet has increased, sources have told Fastmarkets.Some Egyptian rebar producers lowered their prices on February 10, when billet costs were falling with the help of a strong Egyptian pound.Domestic producers were offering r...Read More
Dealers and manufacturers cautious, with deep concerns about impact coronavirus will have on the market. Slump in Chinese demand as retail shuts down during peak season, leaving jewelers with high inventory. Chow Tai Fook suspends 40 Hong Kong-Macau stores and 80% of China locations. Liquidity tight as Far East customers delay payments. India's GJEPC appeals to banks and government for more time o...Read More
Sluggish market in absence of China and Hong Kong-based buyers. Demand down but suppliers maintaining steady prices for now. Manufacturers concerned polished prices will soften as coronavirus's impact on business spreads. Inventory levels rising again due to China slowdown and strong rough buying in Dec.-Jan. Purchase of commercial-quality rough cautious at start of Alrosa Alliance sale. RoundRead More
RAPAPORT... A panel discussion at the International Diamond Week in Israel highlighted challenges and benefits of source-verification initiatives in the diamond market. The discussion, moderated by Rapaport Senior Analyst Avi Krawitz, explored how various businesses across the supply chain approach the traceability issue. Panelists included David Block, CEO of Sarine Technologies; Ernie Blom,...Read More
RAPAPORT... Auction house Bonhams has postponed its upcoming Jewels and Jadeite sale amid an escalation in the coronavirus epidemic.The event, which had been due to take place in Hong Kong on March 12, will be rescheduled to a later date, a Bonhams spokesperson said Wednesday in an email to Rapaport News. It comes as the number of confirmed cases of coronavirus tops 60,000 worldwide, resultin...Read More
(IDEX Online) - As part of International Diamond Week Israel, a panel of experts discussed traceability and provenance in the supply chain to manufacturing and retail. The panel was moderated by Avi Krawitz, analyst and senior editor at Rapaport. Joining the discussion were Ernie Blom, president of the WFDB; Ofir Gur, head of Diamonds and Jewelry Administration at Israel's Ministry of Ec...Read More
RAPAPORT...The International Diamond Week in Israel (IDWI) closed Wednesday with participants noting steady trading among local dealers in the absence of Chinese buyers.Delegations from China and Hong Kong were scheduled to attend the three-day event, but canceled due to travel restrictions initiated during the coronavirus outbreak. Approximately 300 overseas buyers attended, organizers reported,...Read More
(IDEX Online) - Gem Diamonds has announced that its revenue for Q4 2019 increased 41% to $51.3 million (Q3 2019: $36.3 million)The volume of diamonds sold increased 17 percent to 29,945 (Q3 2019: 25,631) while the average per-carat price increased by 21 percent to $1,713 per carat (Q3 2019: $1,417 per carat). That figure improved to $1,753 per carat for the first tender of 2020.During Q4 2019, Gem...Read More
RAPAPORT... Italian luxury brand Bulgari has confirmed it will not be participating in the 2020 edition of Baselworld, a little over a week after Gucci announced it was exiting this year's show.The reasons behind Bulgari's departure were not specified in a statement Baselworld released Tuesday. However, the LVMH-owned brand "remains open" to a return next year, it noted. "We will take our dec...Read More
London-listed Gem Diamonds says following pressure on prices for larger high-quality diamonds last year, signs of improvement have been noted since December.Diamond prices for smaller commercial-type diamonds also remained under pressure for most of last year, with polished inventory levels remaining high for the company, but Gem on Thursday noted that the prices of these goods had also improved i...Read More