The latest forecasts from Fastmarkets' team of analysts are ready to view.Having first hit Asia during early 2020, the Covid-19 viral outbreak is now having an even bigger impact on European countries and the US. Widespread lockdown measures have been put in place on people and industry, and economic activity has slowed markedly.For now, stainless steel markets in Europe and the US are yet to show...Read More

The new issue of the Seamless OCTG & Linepipe Market Tracker is now online at metalbulletinresearch.com.In this edition, Fastmarkets' research team delivers analysis of seamless OCTG and linepipe across international markets:Covid-19 underscores pipe outlookUnsurprisingly, the concern in the seamless pipe markets across the regions is the effect of the spread of Covid-19 on public health and econo...Read More

RAPAPORT... De Beers and Alrosa continued to see rock-bottom sales in June as buyers rejected the miners' high rough prices in favor of cheaper goods from smaller suppliers."[The major miners] want to hold on to prices, so people don't see any [incentive] to buy because it's difficult to sell and make money," a sightholder told Rapaport News. "[Manufacturers and dealers] are already sitting o...Read More

RAPAPORT... Luk Fook's revenue and profit fell in fiscal 2020 as the coronavirus and social unrest in Hong Kong hampered sales.Overall revenue for the Hong Kong-based jewelry retailer dropped 29% to HKD 11.23 billion ($1.45 billion) for the year ending March 31, it reported last week. Net profit plunged 42% to HKD 867.7 million ($112 million).The company's retail revenue in mainland China slid 28%...Read More

European steelmakers have been insisting on price rises for domestic hot-rolled coil despite demand remaining low, sources told Fastmarkets on Monday June 29.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?395.00 ($443.07) per tonne on Monday, up by ?,?1.25 per tonne from ?,?393.75 per tonne on June 26.Monday's index was...Read More

RAPAPORT... Pandemic or not, Chow Tai Fook has no intention of slowing its expansion into China, with plans to open approximately 450 stores on the mainland during the current fiscal year, managing director Kent Wong told Rapaport News. A vast majority of those new locations will be in tier-4 and tier-5 cities, which have population sizes of around 200,000 to 300,000, and are growing at a fas...Read More

The Turkish steel mills continued to shy away from deep-sea scrap purchases at the beginning of this week, expecting lower prices soon, sources said on Monday June 29.The mills in Turkey booked only two deep-sea cargoes last week, which totaled 67,500 tonnes.Producers have been keeping their deep-sea scrap purchases at a low level because of the limited demand and, therefore, falling prices for lo...Read More

Brazilian aluminium consumption was likely to show a two-digit percentage decrease in 2020 amid the restrictions enforced in the country to combat the Covid-19 pandemic, the president of local aluminium association Abal, Milton Rego, told Fastmarkets on Friday June 26.The country consumed 1.49 million tonnes of aluminium products last year, according to data from Abal. But since the pandemic hit B...Read More

Russian miner Nornickel has reported another industrial incident in the Norilsk region of Siberia - an overflow at the Talnakh concentrator, which the company said on Sunday June 28 presents "no threat of waste leakage.""The company is cooperating with Russia's ecology watchdog Rosprirodnadzor and the ministry of emergency situations to monitor the situation and assess whether any damage has occur...Read More

Steady buying over the afternoon brought the three-month zinc price on the London Metal Exchange higher at the close of trading on Monday June 29, eradicating the metal's morning price weakness, while nickel futures topped gains despite minimal volume traded on the day. Zinc's outright price on the LME closed at $2,061.50 per tonne, climbing from an intraday low of $2,020 per tonne, while turnover...Read More

Huaxing alumina refinery, in Shanxi province of northern China, has closed one alumina production line following an equipment accident, several sources told Fastmarkets on Monday June 29. It could take 20-30 days to return the production line to full operation, removing around 50,000-80,000 tonnes of alumina supply from the Chinese domestic market over the period, according to market estimates. Hu...Read More

Poor physical aluminium market conditions have forced people to store excess metal, pushing total aluminium stocks on the London Metal Exchange to more than 1.6 million tonnes.Aluminium stocks rose by 2.9% last week, up for a seventh consecutive week, with inventories now sitting at their highest level since April 2017.Current on-warrant stock levels now stand at 1.6 million tonnes - 108% higher t...Read More

The three-month copper price on the London Metal Exchange consolidated higher during morning trading on Monday June 29, although it remained firmly below the $6,000 per tonne threshold. Copper's outright price on the LME was recently at $5,956.50 per tonne, up from a morning low of $5,924 per tonne, but firmly below the $6,000 per tonne threshold, despite spiking above the resistance level on Frid...Read More

Prices for domestic and imported merchant bar quality (MBQ) steel in the United States again remained flat this month while market participants reported that demand was rising, although only modestly in some locations. Fastmarkets' monthly price assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US was $33.80 per hundredweight ($676 per short ton) on Friday June 26, unc...Read More

Prices for steel plate in the United States weakened for the first time since early May after mills grew slightly more flexible on post-hike pricing in an effort to book enough orders to find destinations for the current pace of rollings.But participants emphasized that pricing stability remains the prevailing theme in the plate market. They credit the plate mills' two rounds of price-increase ann...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe agreement paves the way for the government to fund and construct a power plant at Tavan Tolgoi.In February, Rio and Turquoise Hill submitted a feasibility study to the government for a US$924 million power plant.Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe parties have agreed to work towards finalising...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe smelter produced 321,000 tonnes of copper in 2018. In addition to reducing copper production, the decision will also reduce the production of sulphuric acid which is used to leach copper at other operations.The suspension follows less than a week after Codelco suspended work on projects at its Chuquicamata division to prevent t...Read More

Hot-rolled coil prices in the United States have slipped below $24 per hundredweight ($480 per short ton) on stagnant demand and high inventory levels.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.70 per cwt ($474 per ton) on Monday June 29, a 1.3% decline from $24 per cwt on Friday June 26 and off by 4.9% from $24.92 per cwt a week earlier on June 22. Inputs we...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe final environmental impact assessment (EIS) for the road was filed with the Bureau of Land Management at the end of March and Trilogy was hoping for a record of decision within Read More

Egypt consumed 312,000 tonnes of rebar in May 2020, 35.36% less than the 482,700 tonnes consumed in May 2019, Egyptian sources told Fastmarkets.This is the lowest rebar consumption figure for the last ten years, sources noted. Comparatively, Egypt consumed 452,800 tonnes of rebar in April 2020, sources said.If consumption continues to fall at this rate, market sources expect the country's annual r...Read More