China's hot-rolled coil prices continued to drop on Thursday June 13, narrowing producers' already-slim margins further amid rising costs.DomesticEastern China (Shanghai): 3,820-3,830 yuan ($552-554) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,780-3,790 yuan per tonne, narrowing downward by 10 yuan per tonnePrices continued to drop during the day with trading activity remaining th...Read More
Gold prices scored back-to-back session gains on Wednesday, with global headlines emphasizing trade-war uncertainty, tensions in the Middle East and protests in Hong Kong providing a lift to the haven metal. "Renewed worries over the U.S.-China trade war and its impact on the global economy are pushing gold higher," said Mark O'Byrne, research director at GoldCore. Those "trade tensions may be pri...Read More
The price of steel billet imported into Egypt has decreased in the week to June 13 on lower offers due to a lack of domestic demand.Billet producers, from the Commonwealth of Independent States (CIS) in particular, expected demand to pick up after the observance of the Islamic holy month of Ramadan, but the market remained quiet this week.The recent drop in...Read More
Turkish steel billet prices have gone down in the domestic and export markets in line with the weakening cost of scrap, while import billet prices have been stable so far this week, sources said on Thursday June 13.Fastmarkets' weekly price assessment for domestic billet in Turkey was $430-440 per tonne ex-works on Thursday, down from the last week's $440-445 per tonne.Long steel mill Kardemir, in...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday June 13 that are worth another look.After China's spot tungsten concentrate price fell below a level widely considered to be the break-even point for most producers in the country, many in the market had expected the price to bottom out. But the price has defied this expectation and continues on a downward trend, most recently...Read More
Brazilian primary aluminium production declined for the 17th consecutive month on an annual basis during April 2019, data from national industry association Abal showed on Wednesday June 12.The aluminium industry in the country is preparing for the Albras smelter to return to full capacity and is preparing to discuss its import quota for the second half of the year.Primary aluminium production in...Read More
Workers in unions 1, 2 and 3 of Codelco's Chuquicamata copper mine have rejected the company's most recent contract offer and plan to go on strike from Friday June 14, Codelco said on Wednesday June 12.The strike is to begin during the first work shift on Friday after workers expressed their dissatisfaction with a 1.2% salary rise and a one-time benefits package - worth around $20,000 - without an...Read More
Employees at the Chuquicamata division of Codelco plan to go on strike from tomorrow, Friday June 14, after union-to-management talks broke down, the three workers' trade unions said on Thursday June 13.The members of the three workers' trade unions unanimously decided to begin industrial action on Friday after Codelco's latest offer failed to meet workers' expectations over medical expenses and p...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday June 12 that are worth another look.German copper refiner Aurubis has released chief executive officer and executive board chairman J? 1/4 rgen Schachler from his role two weeks prior to his scheduled departure. At the same time, the company has decided to discard its ?,?320-million future complex metallurgy strategy...Read More
Engelhart Commodities Trading Partners (ECTP) has withdrawn its US entity from London Metal Exchange warehousing services with immediate effect, according to a note released by the exchange on Wednesday June 12. The London-based commodities merchant has been reducing its physical base metals trading operations since November 2018,...Read More
Copper's three-month price on the London Metal Exchange was depressed during morning trading on Thursday June 13, with downward pressure emerging after just over 37,000 tonnes of cathode were delivered into LME-listed warehouses across Asia and Europe. The red metal's futures price is now showing signs of a move below the $5,800-per-tonne support level after reaching an intra-morning low of $5,811...Read More
The flat-rolled steel import market has remained largely quiet, with US buyers showing little appetite for foreign material given falling domestic prices. Still, prices for most flat-rolled imports moved lower in the two weeks to Wednesday June 12, with certain countries trying to match US prices in order to fill their quota volumes under Section 232."Imports for the moment are dead," one Midwest...Read More
Sentiment in the Commonwealth of Independent States (CIS) export billet market deteriorated in the second half of this week, following the drop in import scrap prices in Turkey and a lack of interest from the customers' side."Everyone was expecting huge sales after [the observance of the Islamic holy month of] Ramadan, but there have not been any sales over the past 10 days," an international trad...Read More
Disappointing Las Vegas showsfailed to add value for diamond dealers. Jewelry wholesalers did better,reflecting steady US market. Diamantaires focused on showcasing tech ratherthan diamonds; innovations included improved traceability programs, online salesplatforms and better inventory management. Brands pushing bridal as averageengagement-ring price continues to decline. Small De Beers June sight...Read More
Domestic long steel prices in Turkey have gone down over the past seven days, due to weak demand and falling imported scrap costs, sources said on Thursday June 13.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,200-3,220 ($551-554) per tonne ex-works on Thursday, down from last week's TRY3,330-3,400 per tonne.The domestic rebar price in the Izmir region was TRY3,220-3,2...Read More
Weak sentiment, withmanufacturers under pressure due to sluggish polished demand and tight profitmargins. Factories operating at reduced capacity, and some manufacturersslashing salaries of polished workers. Fewer foreign buyers in Mumbai after LasVegas shows. Steady orders for 0.30 to 0.99 ct., G-J, VS-SI diamonds, butprices continue to soften. Concern that rising demand for synthetics iscannibal...Read More
Turkish rebar and wire rod prices have gone down in line with the decline in imported scrap values, while demand has also been limited over the past week, sources said on Thursday June 13.The country's steel producers reduced their rebar offers to $460-470 per tonne fob on an actual weight basis, from the $480-490 per tonne offers heard before the Eid al-Fitr religious holiday last week.But the hi...Read More
RAPAPORT... Fresh off the boat from Las Vegas, and battling some serious jetlag, Rapaport news editor Avi Krawitz and publisher John Costello pick out their key takeaways and favorite moments from the JCK show. Image: Botswana President Mokgweetsi Masisi addresses the industry, visitor traffic at the show, and engagement rings were on display. (JCK Events)Read More
RAPAPORT... A Belle ??poque diamond ring sold for nearly 10 times itshigh estimate at Christie's London auction Wednesday. The piece, which was made around 1900 and features rose,single and old-cut diamonds, fetched GBP 112,500 ($143,000) against a highvaluation of GBP 12,000 ($15,200) at the Important Jewels auction. A circular-cut, 10.05-carat, E-color, VVS1-clarity, type IIadiamond ring so...Read More
The domestic price for hot-rolled coil (HRC) in the south of Europe has picked up over the past week, supported by production cuts, market sources told Fastmarkets on Thursday June 13.Steel mills in the region continued with their attempts to raise prices further, while bigger Italian buyers returned to purchasing imported material, according to market participants.Fastmarkets' weekly price assess...Read More