Turkish steel mills continued their deep-sea purchases of scrap cargoes for August shipments, with prices rising further, sources said on Tuesday July 2.A steel mill in the Iskenderun region booked a Baltic Sea cargo late on July 1, comprising 29,000 tonnes of HMS 1&2 (80:20) at $297.50 per tonne and 6,000 tonnes of bonus at $307.50 per tonne cfr.The same mill booked a...Read More
The price paid for flat steel products imported in the United Arab Emirates (UAE) and Saudi Arabia increased over the past week, while demand for materials was limited, sources said on Tuesday July 2.The increase in price for steelmaking raw materials is one of the reasons for higher prices in the steel rebar market this week.Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) was...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday July 2 that are worth another look.It has been more than half a year since the seaborne iron ore market got a new tool to manage the price risks associated with exposure to the high-grade segment. And judging by the performance of the Singapore Exchange's 65% Fe iron ore futures contract so far this year...Read More
A deal struck between the European Union and South America's Mercosur trading group will boost trade between the two blocs in non-ferrous metals and related products, Fastmarkets heard on Tuesday July 2.The agreement must now be ratified by both sides, but it is intended to phase out all EU duties charged on industrial goods, including metals and metal items, over a period of 10 years.In return, t...Read More
Tin futures prices came down by more than $1,200 per tonne in afternoon trading in London on Tuesday July 2, in what traders and analysts described as a technically-led retreat for the metal.At $17,600 per tonne, the London Metal Exchange's benchmark 3-month tin futures contract was down by 7.1% or $1,355 per tonne against the previous day's close."[A price of] $17,500 [per tonne] is the next psyc...Read More
Tin's three-month price on the London Metal Exchange was down by around 3% during morning trading on Tuesday July 2, with market participants pondering the metal's sudden decline against sizeable volumes traded. The flurry of selling activity in tin took place mostly overnight, with the metal reaching an intra-morning high of $18,980 per tonne at around 1:10am London time, before declining to curr...Read More
Optimism that the resumption of US-China trade talks meant a trade deal was once again on the agenda led to a relief rally in base metals prices in early trading on Monday July 1, but disappointing manufacturing purchasing managers' index (PMI) data across most regions has led to the gains being reversed.Manufacturing PMI data for Japan, China, Australia, Taiwan, South Korea, Mexico, the EU and JP...Read More
Base metals prices on the Shanghai Futures Exchange were all down during morning trading on Tuesday July 2, with a raft of disappointing manufacturing data out across China and Europe dampening the recent positivity stemming from the Group of 20 (G20) summit in Japan over the weekend.Investors have switched focus from the recent positive developments in the US-China trade war after the release of...Read More
Global crude steelmaking capacity could increase by 3.9-4.9% from 2018 to 2021 if current investment projects are all realized, the Organization for Economic Co-operation & Development (OECD) said in a paper published on Tuesday July 2.The OECD calculated that, if current and planned capacity-building projects are realized and there are no closures over the three-year period, the additions to glob...Read More
Prices for imported and domestic rebar in the United Arab Emirates have increased over the past seven days, but demand was still weak, sources said on Tuesday July 2.The reason for the higher prices for rebar was increases in the prices for raw materials.Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) scrap was calculated at $292.09 per tonne cfr on July 1, compared with $273.8...Read More
Chinese cold rolled coil and hot-dipped galvanized coil (HDG) export prices rose during the week to Tuesday July 2 on bullish market sentiment following output cuts in China's steelmaking hub of Tangshan, while demand remained weak in multiple import markets.The price of Chinese CRC and HDG had tracked gains in the upstream Chinese hot-rolled coil market over the pricing week.Fastmarkets MB's dail...Read More
RAPAPORT... As the who's who in the glitzy world of high-valuediamond auctions gathered in Geneva in May, there was an understated tone tothis year's pilgrimage to the Swiss city. While Sotheby's and Christie's playedup their offerings of magnificent jewels, which usually boost market sentimentwith the records they set, dealers approached the sales with some trepidation.The big-stone market,...Read More
China's hot-rolled coil prices plunged on Tuesday July 2 after Tangshan's local government eased up on steelmaking restrictions in the region announced just a week earlier.DomesticEastern China (Shanghai): 3,920-3,930 yuan ($569-572) per tonne, down 80-90 yuan per tonneNorthern China (Tianjin): 3,880-3,890 yuan per tonne, down 40-50 yuan per tonneA futures trader in Shanghai said that many market...Read More
RAPAPORT...A delegation from Jewelersof America (JA) has met with US lawmakers and congressional staff to discuss trade and tax concerns affecting its members. Themeeting, which took place on Capitol Hill in Washington, DC, on June 19, was led by theJewelers of America Political Action Committee (JAPAC). It was the ninth in aseries of annual advocacy "fly-ins" by the committee. Theevent covered to...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
RAPAPORT... The Gemological Instituteof America (GIA) will offer remote learning to students in China, expanding its collaborationwith ShanghaiJiao Tong University (SJTU). The GIA's distance-educationprograms will allow participants to access equipment and gemstones in self-studystudent workrooms at SJTU, enabling them to complete the courses' practicalaspects. "Education is thecornerstone of GIA'...Read More
RAPAPORT PRESS RELEASE, July 2, 2019, Las Vegas ... Diamond market sentiment was weak in June due to sluggish demand and tightening manufacturing profits. Suppliers are reducing prices to raise liquidity, as they're under pressure from banks to repay their loans. The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds fell 1.4% during the month and 3.1% in the first half of the year. The index is...Read More
China's domestic rebar prices retreated on Tuesday July 2 after Tangshan eased its steelmaking restrictions for July.Domestic Eastern China (Shanghai): 4,000-4,030 yuan ($584-588) per tonne, down 30-40 yuan per tonneNorthern China (Beijing): 3,950-3,980 yuan per tonne, narrowed downward by 10 yuan per tonneChina's steel production hub in the northern region released a notice on Tuesday detailing l...Read More
The Gemological Institute of America (GIA) distance education programs, including student workrooms, will be available in China through a cooperative program at Shanghai Jiao Tong University (SJTU). GIA's Graduate Gemologist (GG), Jewelry Design, accelerated Graduate Diamonds and accelerated Graduate Colored Stones programs are already available on campus at SJTU. Prospective students will no...Read More
RAPAPORT... Trans Hexhas issued a warning about its capacity to continue as a going concern, stating there was"material uncertainty" around its ability to fund its short-term liquidityrequirements. The notificationcomes amid continued operating losses for the business. Trans Hexrecorded a loss of ZAR 9.3 million($654,592) for its South African operations during the 2019 fiscal year ending March 31...Read More