Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
China's upcoming steel scrap futures looks set to be a game changer for the international community dealing in the steelmaking raw material.It will open up a whole new world of opportunities for both domestic and international traders, especially those who have been looking to capitalize on the massive size of China's domestic scrap market.While the Dalian Commodity Exchange (DCE) has yet to relea...Read More
Market participants in China are increasingly confident that Chinese authorities will revive steel scrap imports into the country in 2021 following the release of new domestic scrap classification standards.A draft of the new standards for ferrous and stainless scrap for China's domestic market was released late last month. Market participants expect these standards to be launched and implemented...Read More
Zinc concentrate treatment charges continued to slide in October, falling to a 26-month low with near-term demand continuing to outweigh immediate supplies of material, Fastmarkets has heard.Fastmarkets' latest monthly assessment for zinc spot concentrate TC, cif China, was $85-105 per tonne on Friday October 30, down by 13.6% from $100-120 per tonne on September 25.The market for zinc concentrate...Read More
Three-month base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday November 5, with a prolonged US election process limiting investor sentiment despite a continued decline in the US dollar index, while aluminium's forward spreads widened over the afternoon.Aluminium's underlying price on the LME closed at $1,897.50 per tonne on Thursday afternoon, declining...Read More
The Turkish deep-sea scrap import market remained steady on Thursday, with mills continuing to seek material for December shipment to replenish stocks, sources said on Thursday November 5.A steel mill in the Izmir region booked a deep-sea cargo of 25,000 tonnes of HMS 1&2 (80:20) from Venezuela at $290 per tonne cfr. The scrap is scheduled to be shipped in the first half of December.However,...Read More
The prices of steel billet in the Turkish markets have increased over the past week, in line with firmer scrap costs and tight supplies of long steel, sources said on Thursday November 5.Turkish steel mills were booking scrap earlier this week at firm prices, with the mills trying to replenish their stocks after agreeing some long steel export sales, according to the sources.After the latest booki...Read More
Here are five Fastmarkets stories you might have missed on Thursday November 5 that are worth another look.Mexican steelmaker Ternium intends to start operations at its new hot-rolling mill in the country's northeastern Pesquer?-a city in July 2021, it has announced.Australia-origin copper concentrates bound for China are being diverted...Read More
As the aluminium price surges to an 18-month high, alumina market participants are debating how it is influencing the raw material's market direction. The London Metal Exchange three-month price hit $1,913 per tonne on Wednesday November 4 - the highest since April 2019 - and closed trading at $1,908.50 per tonne at the LME 5pm ring kerb. The aluminium price has been on an upward trajectory over t...Read More
It has been two weeks since South Africa's cabinet approved a chrome ore export tax to support its chrome sector, and Chinese buyers say they would have little option but to accept the higher costs. China is the world's largest chrome ore importer and would therefore bear the brunt once the export tax is carried through. But the East Asian country has no choice but to brace for the price rise beca...Read More
Market participants in China are increasingly confident that Chinese authorities will revive steel scrap imports into the country in 2021 following the release of new domestic scrap classification standards.A draft of the new standards for ferrous and stainless scrap for China's domestic market was released late last month. Market participants expect these standards to be launched and implemented...Read More
Three-month base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday November 5, with a prolonged US election process limiting investor sentiment despite a continued decline in the US dollar index, while aluminium's forward spreads widened over the afternoon.Aluminium's underlying price on the LME closed at $1,897.50 per tonne on Thursday afternoon, declining...Read More
As the aluminium price surges to an 18-month high, alumina market participants are debating how it is influencing the raw material's market direction. The London Metal Exchange three-month price hit $1,913 per tonne on Wednesday November 4 - the highest since April 2019 - and closed trading at $1,908.50 per tonne at the LME 5pm ring kerb. The aluminium price has been on an upward trajectory over t...Read More
Seaborne premium hard coking coal and hard coking coal prices in the cfr China market went up on Thursday November 5 due to the ongoing restriction on Australian coking coal imports, sources told Fastmarkets.Fastmarkets indicesPremium hard coking coal, fob DBCT: $106.25 per tonne, down $0.55 per tonne Premium hard coking coal, cfr Jingtang: $139.47 per tonne, up $2.45 per tonneHard coking coal, fo...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Flat product prices in the US moved largely in line with our expectations in October, posting impressive gains across the product range, and slightly exceeding our forecasts for coil products.Domestic hot-rolled coil prices averaged $722 per tonne in October, exceeding our forecast of $705 per tonne forecast price.Although w...Read More
Domestic prices for hot-rolled coil in Northern Europe moved up day on day on Thursday November 5, due to long lead times at European mills and a lack of import offers, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?511.34 ($597.98) per tonne on Thursday November 5, up by ?,?6.23 per tonne from ?,?505.11 per tonn...Read More
High voter turnout as US election reflects divided country. Rising expectations for holidays despite American election uncertainty and second round of Covid-19 lockdowns. Consumer spending expected to be in line with last year. Jewelers begin seasonal promotions early, with emphasis on e-commerce. Polished prices stabilizing as buyers complete holiday orders. 1 ct. RAPI +1% in Oct. Rough trading s...Read More
RAPAPORT... Sarine Technologies will launch a diamond-scanning center in Dubai following Israel's peace deal with the United Arab Emirates (UAE).The Israel-headquartered company will partner with Trigem, a Dubai-based provider of services to the diamond industry, which will operate the center under license from Sarine. Members of the trade will be able to use Sarine's Galaxy inclusion-mapping...Read More
Steel rebar and billet prices have remained stable in Egypt in the week ending Thursday November 5, with demand being very weak, sources have told Fastmarkets.Egypt had reduced the safeguard duty it imposed on billet and rebar imports the week before.The duty for imported billet has been reduced to 13% for the cif market but with a minimum of $60 per tonne. This compared with a 16% duty and $75 pe...Read More
RAPAPORT... Mountain Province's revenue fell 14% year on year to CAD 47.3 million ($36.1 million) in the third quarter as Covid-19 limited the miner's ability to sell rough.The company held only one standard sale during the three months ending September 30, compared with two or three during a usual quarter, it reported Wednesday. Its revenue for the period came from that tender in Antwerp, as...Read More
RAPAPORT... Lucara Diamond Corp. has sold a 549-carat diamond to Louis Vuitton through a partnership that will see the luxury retailer craft bespoke pieces to match client requests. "In line with their long tradition of personalization, Louis Vuitton envisages...the ultimate personalized high-jewelry experience, and the opportunity to create a truly unique gem, a storied family heirloom," Lucara s...Read More