CIS rebar and wire rod producers turned bullish in the second half of February, because of a surge in scrap prices in Turkey in recent weeks.Indications of rebar offers from both Russia and Ukraine were reported at $440 per tonne fob Black Sea on Monday February 17, whereas in the first week of February a major Ukrainian producer was ready to sell rebar at $420 per tonne fob Black Sea.Last week, s...Read More
Ferrous scrap prices in Turkey rebounded on an improvement in demand from the country's steel mills during the working week ended Friday February 14. The upturn in Turkish prices sparked a recovery in the Indian markets, while prices in the United States were set to follow.Turkish prices increase amid higher buying interestTurkish buying brings signs of recovery in US export marketLow prices for J...Read More
The market of last resort has just re-ignited copper's cash-and-carry trade in China for the first time since 2018.Shanghai Futures Exchange copper futures have been trading in a deep contango following the delivery of 106,959 tonnes of copper cathodes onto the SHFE over the past two weeks - the biggest fortnightly inflow on records stretching back to 2003."Recently, the February to March carry is...Read More
After a month-long consultation period, Fastmarkets has discontinued its two zinc ingot premiums for the Indian market. Spot trading interest has been minimal for imported zinc due to the persistently soft rupee against the dollar and local production is said to be sufficient to meet domestic demand in India. Market participants cited a little interest in the following two bi-weekly premiums durin...Read More
Chris Griffith, chief executive officer and executive director of Anglo American Platinum, will step down from his position, the company said on Monday February 17.Griffith's last day at Anglo American Platinum will be April 16, 2020 after leading the company for more than seven years, the company said. His successor is expected to be a candidate from within...Read More
The three-month copper price on the London Metal Exchange was higher during morning trading on Monday February 17, climbing above nearby resistance against high turnover, while nickel held above $13,000 per tonne. Copper's underlying price on the LME was recently seen at $5,810 per tonne, up from Friday's closing price of $5,760 per tonne. Turnover was high at just over 6,500 lots exchanged by&nbs...Read More
China's race to contain the coronavirus (2019-nCov), combined with its financial stimulus, are providing the markets with more than enough hope, with risk-on being seen across most of the metals and many equity indices, especially in western markets, this morning, Monday February 17. But this apparent confidence is likely to be fragile as there is still much uncertainty surrounding the virus and i...Read More
Base metals prices on the Shanghai Futures Exchange were rangebound during morning trading on Monday February 17 with pessimism caused by the novel coronavirus (2019-nCoV) outbreak in China being tempered slightly by an announcement by the country's finance minister over the weekend.The minister, Liu Kun, wrote on Sunday in Qiushi, the Communist Party magazine, that his ministry would implement me...Read More
A summary of state-owned Steel Authority of India's (Sail) financial results for its third quarter covering the period of October to December, and the first nine months of its financial year 2019-20.In brief Sail reports higher sales and saleable steel production in the third quarter, but lower prices hurt earnings The company said the reduction in prices has hurt the financial performance of all...Read More
RAPAPORT... US retail sales could face growth challenges in February as supply chains are impacted by shutdowns at Chinese factories due to the coronavirus epidemic, the National Retail Federation (NRF) said.Imports of goods from the mainland will see a sharper-than-usual drop, with US retailers struggling to shift sourcing to other countries."February is historically a slow month for imports...Read More
Domestic prices for hot-rolled coil in Northern Europe rose in the week to Friday February 14 despite offers from non-European suppliers returning to the market. Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was ?,?479.34 ($519.12) per tonne on Friday, up by ?,?7.67 per tonne from ?,?471.67 per tonne a week earlier on February 7. The index was calculated based...Read More
RAPAPORT... Exhibitors at the IIJS Signature show in Mumbai expressed confidence India's strong wedding tradition and enduring love of gold would help the nation's jewelry industry overcome its current challenges.Economic uncertainty, high gold prices, tight regulation and the outbreak of the coronavirus in China have created difficulties for the Indian jewelry sector, traders told Rapaport News d...Read More
Tosyali Algeria plans to start production of hot-rolled coil by the end of 2022 and is targeting output of 2 million tonnes per year, a company spokesperson told Fastmarkets on Friday February 14.The steelmaker will mainly supply the material to automotive and white goods manufacturers, as well as to pipe makers,...Read More
RAPAPORT... Shares in Petra Diamonds slipped 16% in early trading Monday after the miner reported a net loss for the first fiscal half, and warned of operational problems that could affect annual production.The company reported a net loss of $10 million for the period ending December 31, an improvement on its $57.9 million loss the year before. The loss was due to a decline in rough-diamond p...Read More
The European Commission (EC) has initiated a review of existing safeguard measures into number of imported steel products, it said on Saturday February 15. "On the basis of [the European] Union interest considerations, [the EC] may have to review certain elements of the safeguard measures in order to take account of recent developments or changed circumstances. Furthermore, such a review should be...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume of rough goods.Proceeds for the year came to $1.3 billion from the sale of 9 million carats of rough diamonds, compared with 8.4 million carats in 2018, the government said in a Facebook post last week. That offset a 10% drop in the average price to $137 per ca...Read More
Import prices for steel slab in Southeast Asia and East Asia fell over the past week amid a downtrend in the regional hot-rolled coil market.The novel coronavirus (2019-nCoV) outbreak in China continued to weigh on prices for flat steel despite Chinese President Xi Jinping urging local businesses to gradually return to work. Fastmarkets' price assessment for steel slab imports, cfr Southeast Asia...Read More
(IDEX Online) - Indian manufacturer and exporter Star Rays has pledged to become the country's first carbon-neutral diamond company.It will encourage staff to save energy, cut down on single-use plastics and use public transport to get to and from work.The firm, a De Beers Sightholder, says it's working with consultants Carbon Expert to implement processes and best practices.Emissions an...Read More
The 2020 Kimberley Diamond Symposium and Trade Show will take place in Kimberley, in the Northern Cape, in early September, the South African Diamond Producers Organisation (Sadpo) has confirmed.New technologies and geological interpretations have revived activity in mid-size and small-scale diamond mining in the Northern Cape and North West provinces, and technological advances are driving greate...Read More
(IDEX Online) - Petra Diamonds blamed a weak market for its $10 million loss in the six months to December 2019.The firm saw its revenue down 6 percent to US$193.9 million (compared with H1 FY 2019: US$207.1 million) due to a decline in rough diamond prices, despite increased production at its mines in South Africa and Tanzania.It reported a net loss after tax of $10 million, compared with a...Read More