Five grades of steel scrap will no longer need to undergo customs inspections at ports in China when they are imported into the country, beginning on June 10.But five other grades of the steelmaking raw material will undergo such inspections from the same date.China's General Administration of Customs said on Thursday June 3 that it would no longer carry out imported commodity inspections on a lis...Read More

Turkish prices for flat steel products increased during May 2021, but the direction of price movements in June will depend on global price trends, especially in China, sources told Fastmarkets on Wednesday June 2.Market participants did not expect any price decreases, though. Steel prices in China did decrease from April until May 27, but they then started to rise again.Hot-rolled coil export pric...Read More

Here are five Fastmarkets stories you might have missed on Thursday June 3 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.BHP, the majority owner and operator of...Read More

Positive employment data from the United States boosted the Dollar Index to its highest level since mid-May and triggered a selloff on the London Metal Exchange on Thursday June 3, with most metals' prices going down by 2-3%.Copper's three-month contract on the LME was most affected on Thursday, with its closing price falling by 3.5% to $9,788.50 per tonne at the 5pm close, from $10,147 per tonne...Read More

Prices for steel billet imported into Egypt decreased during the week ending Thursday June 3 because of global price falls, although demand for rebar was better, sources have told Fastmarkets.Global prices for billet have been decreasing recently, because of limited buying by customers in China.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $653 per tonne on June 2, falling...Read More

Domestic European prices for hot-rolled coil were fairly stable day-on-day on Thursday June 3, supported by a persistent material shortage and strong demand, sources told Fastmarkets.The majority of Northern European producers were reported to be sold out of third-quarter-rolling coil, and suppliers in the region were ready to pay higher prices for material with earlier shipment.Italian producers,...Read More

Here are five Fastmarkets stories you might have missed on Thursday June 3 that are worth another look.Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.BHP, the majority owner and operator of...Read More

Technology entrepreneur Elon Musk once described the ongoing use of fossil fuels and their generation of a vast carbon footprint as "the dumbest experiment in human history."Not everyone will agree with his assessment of the petroleum, gas and coal sectors, which have powered the world's growth for decades. Nonetheless, the twin goals of supply chain security and sustainability are now driving a t...Read More

Positive employment data from the United States boosted the Dollar Index to its highest level since mid-May and triggered a selloff on the London Metal Exchange on Thursday June 3, with most metals' prices going down by 2-3%.Copper's three-month contract on the LME was most affected on Thursday, with its closing price falling by 3.5% to $9,788.50 per tonne at the 5pm close, from $10,147 per tonne...Read More

Iron ore prices pushed up on Thursday June 3, supported by rising steel and coke values, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $210.99 per tonne, up $1.80 per tonne62% Fe low-alumina fines, cfr Qingdao: $212.81 per tonne, up $1.31 per tonne58% Fe fines high-grade premium, cfr Qingdao: $184.58 per tonne, up $2.28 per tonne65% Fe Brazil-origin fines, cfr Qingdao: $241....Read More

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were generally weaker on Thursday June 3 morning, although nickel bucked the trend on both exchanges.Brent crude oil continues to rally, reaching $71.71 on Thursday morning.China's Caixin services purchasing manager's index eases to 55.1 in May, from 56.3 in April.Base metalsLME three-month base metals prices were genera...Read More

It makes you wonder if this scheme is close to the end of the road...Dave Kranzler with Chris Marcus via Arcadia EconomicsDave Kranzler: Is there a global silver shortageWith the US Mint admitting that there's actually a "global silver shortage," it makes you wonder if this scheme is close to the end of the road. Dave Kranzler joins me to discuss silver supply and the interesting comments from the...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.Global welded pipe prices surged in May as strong demand and still-insufficient supply lifted flat steel prices.The biggest jumps were seen in China, which was hit by the unexpected announcement of the elimination of export rebates on welded pipes in April. Chinese seaborne prices reached $1,570 per tonne fob for longitudina...Read More

Russia's largest steelmaker, Novolipetsk Steel (NLMK), will start producing hot-briquetted iron (HBI) and increase its iron ore and pellet output by 2027-2028, the company told Fastmarkets.NLMK will construct a new metals and mining facility at its Stoilensky mining and beneficiation plant, it said.The start of the open-pit mine expansion is planned for 2022 with construction due to be most active...Read More

Turkish steel producers extended their silence in the deep-sea scrap import markets amid weakening demand for finished long steel products, sources told Fastmarkets on Thursday June 3.The most recent deep-sea trade was concluded at the end of last week, when a steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (80:20) at $503 per tonne and shredded scrap at $513 per tonne cfr.S...Read More

Prices for copper scrap in the United States steadied this week amid slack buying demand; many consumers have already filled their immediate quotas and are now looking at volumes for August delivery, according to sources."There are those looking for narrower discounts due to the down trade with Comex. It appears wishful thinking," one trader said. "We find consumers have covered all of their requi...Read More

Supply shortages driving uptrend in prices. 1 ct. RAPI +0.8% in May. Inventory declining; number of 0.30 to 0.50 ct., RapSpec A3+ stones on RapNet -23% since April 1. Large US and Chinese retailers stimulating demand. Scarcities and rising prices making it hard for dealers to replenish polished goods. Major suppliers with inventory and efficient online systems are selling at strong premiums compar...Read More

RAPAPORT... The US has approved plans for fresh tariffs on a range of foreign goods, including jewelry, but has delayed the implementation to allow negotiations to continue, the government announced Tuesday.The new duties of up to 25% came in response to digital services taxes in Austria, India, Italy, Spain, Turkey and the UK that - according to the US - discriminated against American e-comm...Read More

RAPAPORT... Grib Diamonds has signed up for Sarine Technologies' provenance program, enabling the Antwerp-based trader to provide source verification for the rough it offers.Grib, which sells rough from AGD Diamonds' Grib mine in Russia, will use the traceability information to complement the Sarine technology it already offers customers, the Israel-based equipment provider said Wednesday. Th...Read More

RAPAPORT... Midway through 2021, retailers were beginning to plot a path back to normalcy. More than a year has passed since the initial shutdowns, and in the interim, store owners have had plenty of time to reassess and reorganize. Self-purchasing and online shopping have both increased, and custom work continues to be strong, jewelers say. Now, businesses are looking forward to an optimistic sum...Read More