Chinese power plants and steel mills have been asked by the authorities to stop importing thermal and coking coal from Australia, sources told Fastmarkets on Monday October 12.Utilities companies and steel mills were verbally notified during the Golden Week holiday (October 1-8) in China to stop importing Australian coal this year with immediate effect, sources said.State-owned steel mil...Read More
Here are five Fastmarkets stories you might have missed on Monday October 12 that are worth another look.German industrial group Thyssenkrupp did not confirm speculation that it has begun a sale process for its Italian stainless steel plant, Acciai Speciali Terni (AST), when the company spoke to Fastmarkets on October 12.Aluminium...Read More
The ferrous scrap market in the United States is facing a downward correction in November, with unsold material from the October trade and supply exceeding demand expected to pressure prices lower in a short shipping month, sources said.Only an onslaught of export deals or an early onset of winter weather limiting flows would be able to mitigate the downside, according to sources.Scrap dealer...Read More
Domestic prices for steel hot-rolled coil across Europe inched upward over the week to Friday October 9, although the momentum of the price changes slowed with buyers mainly in "wait-and-see" mode.Fastmarkets calculated its daily steel HRC index, domestic, exw Northern Europe, at ?,?493.50 ($583.43) per tonne on October 9, up by ?,?2.47 per tonne week on week and by ?,?17.25 per tonne month on mon...Read More
The three-month prices for zinc and lead on the London Metal Exchange were the standout performers at the close of trading on Monday October 12, with the prices of both metals climbing by just over 1% at settlement.Meanwhile, selling pressure for LME copper saw its underlying price edge lower, while forward spreads swung back into contango.Zinc's outright price on the LME closed at $2,440 per tonn...Read More
Here are five Fastmarkets stories you might have missed on Monday October 12 that are worth another look.German industrial group Thyssenkrupp did not confirm speculation that it has begun a sale process for its Italian stainless steel plant, Acciai Speciali Terni (AST), when the company spoke to Fastmarkets on October 12.Aluminium...Read More
Goldman Sachs has hired Nicholas Snowdon as a metals strategist in London, Fastmarkets understands.Snowdon joins from Deutche Bank and...Read More
Finland is building up Europe's next stage of battery metal evolution with Terrafame's new battery chemical plant, and trading house Trafigura is squarely in the mix. With Terrafame, Finland's government has resurrected the assets of formerly defunct Talvivaara Mining, and is shaping up to bring about the world's largest nickel sulfate plant early next year. Having initially invested in Terrafame...Read More
This bull market will likely be very exciting...David Smith on Palisade RadioTom welcomes David H. Smith, Senior Analyst for The Morgan Report, to the show. David discusses how to outperform other investors in the markets and what pitfalls to avoid. He outlines three strategies investors could deploy to find good opportunities.He gives us an overview of the metals current technical picture and the...Read More
The three-month prices for zinc and lead on the London Metal Exchange were the standout performers at the close of trading on Monday October 12, with the prices of both metals climbing by just over 1% at settlement.Meanwhile, selling pressure for LME copper saw its underlying price edge lower, while forward spreads swung back into contango.Zinc's outright price on the LME closed at $2,440 per tonn...Read More
The wait time for aluminium to be delivered from Istim's London Metal Exchange-registered warehouses in Port Klang, Malaysia was still over two months at the end of September, according to the latest LME queue report, and market participants believe it has grown even longer since the start of October. The queue was 61 days for aluminium on the last day of September, according to data released on M...Read More
Seaborne premium hard coking coal prices edged down on Monday October 12, on the news that steel mills in China have been verbally notified to halt imports of Australian coking coal.Fastmarkets indicesPremium hard coking coal, fob DBCT: $131.08 per tonne, down $1.76 per tonne Premium hard coking coal, cfr Jingtang: $140.14 per tonne, down $1.01 per tonneHard coking coal, fob DBCT: $...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US domestic prices for hot-rolled coil (HRC) moved sharply higher in September, in line with our expectations, but the magnitude of the rise exceeded our predictions. Domestic HRC prices averaged $566 per ton in September, exceeding our $540 per ton forecast price.A c...Read More
RAPAPORT... There was a moment during the 2019 Academy Awards ceremony that made the jewelry world stop and gasp. Lady Gaga, who would later that evening collect the coveted Oscar for best original song, stepped onto the red carpet in an Alexander McQueen dress, black leather gloves, and a storied yellow-diamond necklace by Tiffany & Co. The necklace's 128-carat center stone, which compan...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US domestic prices for hot-rolled coil (HRC) moved sharply higher in September, in line with our expectations, but the magnitude of the rise exceeded our predictions. Domestic HRC prices averaged $566 per ton in September, exceeding our $540 per ton forecast price.A c...Read More
RAPAPORT... The global market for secondhand hard-luxury goods is benefiting from emerging consumer trends that have intensified during Covid-19, according to Boston Consulting Group (BCG). The category is growing by 8% per year, the management firm said in a recent report.Rising online sales, changing consumer preferences and increased concerns about sustainability are driving demand for the...Read More
RAPAPORT... Belgium's polished shipments slumped last month as the cancellation of the September Hong Kong show and continued uncertainty around Covid-19 stalled the sector's recovery."Rough is performing really well; polished is still somewhat subdued," a spokesperson for the Antwerp World Diamond Centre (AWDC) told Rapaport News on Monday. "It's not like polished is flying out the doors any...Read More
(IDEX Online) - The vast new bourse being built in Surat is set to attract $20bn of exports from Mumbai and create 200,000 job when it opens next year. The world's largest office building - covering a site larger than The Pentagon in the USA - will boast nine 11-story towers, housing 4,400 offices and bringing merchants and manufacturers under one very big roof.The Surat Diamond Bo...Read More
(IDEX Online) - The proposed sale of the Ekati mine in Canada is off, after owners Dominion reached an "impasse" with its buyer's insurers. The troubled miner had hoped to complete the $146m sale next month to another subsidiary of its parent group, The Washington Companies.But they couldn't reach agreement on $280m of surety bonds posted with the Government of the Northwest Territo...Read More
RAPAPORT... Bonhams has hired Hans-Kristian Hoejsgaard, the former CEO of Baselworld owner MCH Group, as its chairman. He will replace Bruno Vinciguerra, who became global CEO of the auction house earlier this year.Hoejsgaard is the chairman of Swiss lingerie and textile company Calida Group, as well as non-executive director of MCH Group and Barclays Bank Switzerland, Bonhams said last week....Read More