The latest forecasts from Fastmarkets' team of analysts are ready to view.US market under pressureUS prices for welded pipe products were under pressure because market participants, especially distributors, have started to take steps to generate cash and were moving material if they were able to do so, even if it meant selling at low prices.We expect more such "fire sales" in the coming months, bu...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.August 2020 has seen the prices of most steel products move up in tandem around the world, in contrast to recent months when steel prices have moved in different directions depending on the market.This dynamic has been seen in most coated steel markets as well, with the prices for hot-dipped galvanized coil (HDG), pre-painted...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.US market at risk of slidingPrices for pipe products were at a floor in the United States in mid-August, and have been broadly stable at that level since the start of the second quarter, but they are at risk of declining further in the coming months.Drilling rig counts have yet to find a floor and have fallen below most esti...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 moved down in line with our expectations, averaging $461 per ton in July versus our forecast price of $460 per ton. Although domestic HRC prices slipped to less than $450 per ton in late July/early August, we maintain the view th...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:Prices across most ferro-alloy markets trended stable to lower in August as demand remained subdued in major markets, apart from China where steel output continues to rise at a rapid pace, supporting demand for ferro-alloys. As alloy makers seek to remedy supply/demand imbalan...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:Numerous ore and alloy markets enjoyed upward pricing momentum in the first half 2020, with supply-side constraints supporting prices despite collapsing demand from steelmakers and other key end users. While supply side issues related to Covid-19 lockdowns have been resolved,...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.In the year 2020 to date in late August, the Fastmarkets 62% Fe iron ore benchmark has powered along and reached six-year highs, supported by Chinese demand, and despite the global economic uncertainty created by the Covid-19 pandemic. Iron ore demand has weakened almost everywhere except in China, where it has continued to...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.There has been an increasing bullishness in Chinese steel market sentiment recently, with rising post-Covid-19 optimism about the country's economy for the second half of 2020, especially after the government announced an infrastructure spending boost. Although we believe that high prices are justified, they remain far from...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Heavy rains in China, which can negatively affect iron ore supplies and pig iron production, and bolster demand for scrap, continued in July 2020. Although this was more an upside risk to our bearish base case one month ago, Chinese scrap prices remained strong. The firm prices gained support from the rains and from a more g...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This year has come with several unexpected events which increased the bullish case for iron ore prices, while the Chinese government's spending on infrastructure is likely to boost iron ore demand and add upside support to prices. But supply disruptions and a demand surge which caused price spikes are now easing. We do not e...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. A look at stainless steel price movements through August reveals the ongoing battle being faced by stainless steelmakers in Europe and the United States while they try to pass on rising costs to consumers. In these regions, prices on most grades of stainless steel are little changed from July, rising by around 2% at most -...Read More
The latest forecast from Fastmarkets' team of analysts is ready to view.As we enter the summer season across the northern hemisphere, almost half a year has passed since the Covid-19 pandemic began to seriously affect Europe and the United States.One would not really be able to tell that such a dramatic event had occurred by looking at stainless steel prices, however, because they are more or less...Read More
The latest forecasts from Fastmarkets' team of base metals analysts are ready to view, including an upgrade to our aluminium price forecasts.Aluminium: Price forecasts raisedWe correctly expected the macro reflationary theme to raise the prices for all base metals but, with it being the base metal with by far the weakest fundamentals, we had expected the price of aluminium to underperform relative...Read More
Turkish steel mills have continued their deep-sea scrap purchases for September-October shipments at higher prices, sources told Fastmarkets on Thursday September 3.A steel mill in Northern Turkey booked a Baltic Sea cargo comprising 10,000 tonnes of HMS 1&2 (80:20) at $300 per tonne, 13,000 tonnes of shredded at $305 per tonne and 4,000 tonnes of bonus at $310 per tonne cfr late on Wednesday.Anot...Read More
Positive sentiment as the trade adapts to the Covid-19 selling environment. Polished prices firming due to shortages. 1 ct. RAPI +3.2% in Aug. Manufacturers seeing better profit margins after De Beers and Alrosa reduced rough prices. Polished production increasing but coronavirus restrictions still limiting Surat factories. Rough trading steady. Momentum likely to continue through October as retai...Read More
RAPAPORT... Signet Jewelers' revenue and profit beat expectations in the second fiscal quarter as stores unlocked their doors and the retailer upgraded its digital capabilities."Sales improved sequentially throughout the second quarter as we reopened stores and remained agile and innovative in these unprecedented times," CEO Virginia Drosos said Thursday. "During the quarter, we also scaled o...Read More
RAPAPORT... Jewelry was one of the top-selling categories at Macy's during the second fiscal quarter, even as overall sales declined at the department-store chain.Group revenue dropped 36% to $3.56 billion in the three months ending August 1, while comparable-store sales - at owned and licensed shops open for at least a year - fell 35%, the retailer reported Wednesday. However, sales rose at its "...Read More
RAPAPORT... Rio Tinto will offer a record-breaking diamond at its penultimate pink-diamond tender as it prepares to close the Argyle mine.The 2.24-carat, fancy-vivid-purplish-pink diamond, known as Argyle Eternity, will headline the Argyle Pink Diamonds Tender, which has run since 1984. It is the largest round brilliant diamond of fancy-vivid color the company has ever put up for sale. The tender...Read More
RAPAPORT... The resurgence in rough-diamond trading will persist for another two months as manufacturers fill supply shortages and retail demand rises, dealers predicted."There's still a gap, because demand is there, and supply is very limited and will be limited for a couple of months," a sightholder said. Polished originating from rough bought in August won't hit the market until mid-Octobe...Read More
Peru's copper production continued to increase on a monthly comparison in July but output was still lower than a year ago, while the reopening of zinc mines drove output higher compared with the same month of 2019, the country's energy and mines ministry, Minem, said on Wednesday September 2. Copper output reached 198,796 tonnes in July, down by 2.2% from 203,321 tonnes a year before, Minem's data...Read More