The three-month price of nickel on the London Metal Exchange was the base metals complex's standout performer on Tuesday August 4, closing above the psychological level of $14,100 per tonne for the first time since January in a 1.2% rally from the previous day's close.Nickel's LME three-month price spanned a wide $270 per tonne intra-day range, hitting a high of $14,135 per tonne before closing at...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.?EUR? US domestic prices for hot-rolled coil have moved down in line with our expectations, averaging $508 per tonne in July compared with our forecast price of $519 per tonne. While we are forecasting coil price increases in August, we have revised our expectations downward. Although steelmakers are reporting improving dema...Read More

RAPAPORT... Chow Sang Sang is expecting profit to plummet for the first half of the year amid store closures and a sharp decline in tourism to Hong Kong.Profit will fall between 65% and 70% year on year to an estimated HKD 200 million ($25.8 million) in the six months ending June 30, compared with HKD 615 million ($78.4 million) a year ago, the company warned last week. The jeweler was forced to s...Read More

RAPAPORT... The American Gem Society (AGS) will resume grading synthetic diamonds after an eight-year pause.The group will offer digital reports for lab-grown stones as part of its Only My Diamond (OMD) platform, an online service to help the user understand the different grading elements, it said Monday. The reports will feature unique color and clarity terminology, laser inscriptions that clearl...Read More

RAPAPORT PRESS RELEASE, August 4, 2020, Las Vegas... Polished diamond prices firmed in July due to supply shortages for select categories. Sentiment remained weak and trading levels low amid new Covid-19 restrictions.The RapNet Diamond Index (RAPI?,,?) for 1-carat polished diamonds rose 1.9% during the month, buoyed by improving investment demand and scarcity of D, IF diamonds. The index has falle...Read More

German copper alloy maker Wieland Group has expanded into hot tin plating in the United States via the acquisition of metal fabricators Marjin Inc and Nasco Inc, the company announced on Tuesday August 4. Wieland completed the purchases of the companies - both of which are based in Waterbury, Connecticut - on July 31, the Ulm-based company said.These companies are "a terri...Read More

Output of mined copper from Chile fell by 0.7% during June 2020, compared with the corresponding month in 2019, amid renewed Covid-19-related restrictions in the country, data from Chilean copper commission Cochilco showed on Tuesday August 4.Chile produced 466,500 tonnes in copper content in the month, down from 469,900 tonnes a year before, according to Cochilco. This was the first monthly year-...Read More

RAPAPORT... Mumbai-based diamond manufacturer Asian Star believes jewelry demand will remain sluggish through the end of the quarter as the coronavirus weighs on consumer spending."Economic disruption caused by Covid-19 has changed consumer behavior, as people have become conservative in spending," the company said last week. "Consumer sentiment is expected to improve over a period of time.... The...Read More

Spot supply of blister copper improved to boost the intermediate copper product's refining charges (RC) in July, mainly due to arrival of delayed African cargoes at Chinese ports, Fastmarkets heard.Fastmarkets assessed 98-99% blister copper RC, spot, cif China at $135-155 per tonne for July, up 20% from $110-132 per tonne one month earlier. A few parcels were even reported being bought close to $1...Read More

Amid mixed trading activity and a lower dollar index, the London Metal Exchange three-month lead price succumbed to selling pressure during morning trading on Tuesday August 4 while aluminium futures held on to gains made on Monday against moderate turnover. Lead's outright price on the LME recently traded at $1,845.50 per tonne, falling from a morning high of $1,871 per tonne, while turnover was...Read More

(IDEX Online) - Christie's has sold a pendant necklace with a 116-carat diamond for $6,290,500 in its first "live" auction in New York since coronavirus.The pear-shaped brilliant-cut diamond (pictured) is 115.83 carats, F color, VVS1 clarity and the platinum necklace includes more than 50 other diamonds, of up to 5.50 carats. The price was shy of its $7m high estimate.The auction house said i...Read More

(IDEX Online) - Dubai is halving business set-up fees to attract new diamond companies and offering 12-months' free membership its diamond exchange. It launched the campaign by lighting up its message on the world's tallest building, the 830-meter high Burj Khalifa (pictured). The emirate has built up a $25bn-a-year diamond trade in the last 30 years, capitalizing on low taxation and co...Read More

The metals and equity indices were headed in different directions this morning, Tuesday August 4, with equities up and metals down, but good data may well push metals prices higher as the day progresses - especially given better-than-expected US vehicle sales in July. Nasdaq set another record high on Monday.US total vehicle sales rose to 14.5 million units annualized in July, sales were expected...Read More

(IDEX Online) - India's diamond polishing capital is slowly re-opening after a third lockdown, despite more than 1,700 workers testing positive for COVID-19.City authorities in Surat (pictured) have relaxed some earlier restrictions. From 1 August they have been allowing diamond markets to open six hours a day instead of four, and allowing two workers per polishing mill rather than one, provi...Read More

US hot-rolled coil prices have rebounded above $22.50 per hundredweight ($450 per short ton) as mill lead times increasingly stretch into the typically busier autumn months - although questions remain as to whether the Covid-19 pandemic might disrupt those usual seasonal patterns.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.64 per cwt ($452.80 per ton) on Tuesd...Read More

Hot-rolled coil prices in the United States weakened on Monday August 3, with some discounting still evident because of uneven demand during a period when the Covid-19 pandemic has become more problematic in some US states.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.13 per hundredweight ($442.60 per short ton) on Monday, down by 1.8% from $22.53 per cwt on Fri...Read More

Domestic prices for hot-rolled coil in Northern Europe were stable day on day on Tuesday August 4 due to the seasonal market slowdown, but sentiment in the market remained positive, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at ?,?412.50 ($484.81) per tonne on Tuesday August 4, unchanged from Monday.Tuesday's index was base...Read More

Flat steel import prices in the United Arab Emirates and Saudi Arabia increased this week in response to global price hikes, sources told Fastmarkets on Tuesday August 4. Market participants were just returning in the second half of the assessment period from Eid al-Adha celebrations and demand was moderate because of the holiday at the end of last week. UAE Offer prices for hot-rolled coil from I...Read More

The prices for steel rebar and billet in the United Arab Emirates increased this week, while market participants were just returning from the Eid Al-Adha holiday, which was celebrated at the end of last week, market sources said on Tuesday August 4.Domestic rebarThe country's rebar producers were still offering the product at 1,770-1,773 dirhams ($482-483) per tonne ex-works for orders to be produ...Read More

CIS export slab market was largely quiet in the week to Monday August 3 amid limited availability of material in the region as well as religious holidays in some of the customers' markets. Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $400-405 per tonne on Monday, up from $400 per tonne a week earlier. Some Russian producers of slab and finished flat stee...Read More