It's no surprise to most investors that the Fed is propping up the stock market. However, if we compare the Dow Jones Index versus the continued unemployment claims, something seriously wrong is going on. According to the St. Louis Federal Reserve, continued unemployment claims are nearly four times higher than the peak reached in June 2009. When the continued unemployment claims reached a...Read More

China is considering setting up a national iron ore fund to support the development of its domestic iron ore production, China Iron & Steel Association (Cisa) chairman He Wenbo said.The fund will use an estimated 90 billion yuan ($12.57 billion) from tax levies to support domestic iron ore development and ensure that China is capable of meeting up to 20% of its total iron ore demand.Income tax fro...Read More

Here are five Fastmarkets stories you might have missed on Thursday May 28 that are worth another look.Japanese carmaker Nissan intends to close three plants at its Nissan Barcelona operations in Spain from December 2020, the company said on May 28. The units affected will be at Zona Franca, Montcada and Sant Andreu.The Canada Border Service Agency (CBSA) has begun an anti-dumping investigation in...Read More

Domestic prices for hot-rolled coil in Northern Europe have been fairly stable day on day and sources said they were unlikely to fall significantly despite slow demand, sources told Fastmarkets on Thursday May 28.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?406.88 ($446.92) per tonne on Thursday May 28, down by ?,?0.62 per tonne day on day from ?,?407.50 pe...Read More

Export billet prices from the Commonwealth of Independent States (CIS) continued to weaken in the last week of May amid a lack of support from customers in Asia, particularly China.Chinese customers - who had been actively booking CIS-origin material - found the current import billet prices unprofitable considering the uncertainty in the finished long steel markets and the fluctuation of yuan agai...Read More

The LME three-month copper price was again trading above the psychological $5,300-per-tonne level on Thursday May 28, ending the day up 1.3% day on day at $5,322.50 per tonne, buoyed by the fresh cancelation of 19,000 tonnes earlier in the day.Copper futures extended their gains today with support from a considerable fresh cancelation of 19,975 tonnes from warehouses at Busan in Sou...Read More

Here are five Fastmarkets stories you might have missed on Thursday May 28 that are worth another look.Japanese carmaker Nissan intends to close three plants at its Nissan Barcelona operations in Spain from December 2020, the company said on May 28. The units affected will be at Zona Franca, Montcada and Sant Andreu.The Canada Border Service Agency (CBSA) has begun an anti-dumping investigation in...Read More

The LME three-month copper price was again trading above the psychological $5,300-per-tonne level on Thursday May 28, ending the day up 1.3% day on day at $5,322.50 per tonne, buoyed by the fresh cancelation of 19,000 tonnes earlier in the day.Copper futures extended their gains today with support from a considerable fresh cancelation of 19,975 tonnes from warehouses at Busan in Sou...Read More

Seaborne iron ore went up on Thursday May 28 with mid-grade iron ores such as Newman fines and Pilbara Blend fines from Australia performing well, sources told Fastmarkets. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $97.09 per tonne, up $1.72 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $98.89 per tonne, up $0.89 per tonne. 58% Fe fines high-grade premium, cfr Qingdao:...Read More

The China alumina market split into different directions this week with higher deals pulling up the high end while weak demand from other aluminium producers dragged the low end down, sources said on Thursday May 28.Fastmarkets' weekly price assessment for alumina metallurgical grade, ddp China was 2,150-2,250 yuan ($300-314) per tonne on May 28, widening on both sides from 2,180-2,230 yuan per to...Read More

The latest forecasts from Fastmarkets' team of analysts is ready to view.A couple of months into the global Covid-19 pandemic, the sell-off in steel markets appears to be abating.In parts of Asia, where the outbreak first occurred, steel prices - including those for coated steels - have rebounded since late April. The same is true of the US market as well. As we detail in our Americas analysis thi...Read More

Turkish domestic and export prices for steel billet have gone down slightly over the past week in line with the poor demand for finished steel, but imported billet prices have remained firm, sources said on Thursday May 28.Fastmarkets' weekly price assessment for steel billet, domestic, exw Turkey, was $365-372 per tonne on Thursday, down from the $370-375 per tonne of last week.Long steel produce...Read More

Bangladeshi steel mills are expected to return to the deep-sea market for steel scrap in bulk and containers in the coming weeks, market sources told Fastmarkets on Thursday May 28.Purchasing activity in Bangladesh has been extremely slow over the past three weeks, with demand decimated by the Ramadan period and the country's continuing Covid-19 lockdown.But signs of life are returning after Eid-a...Read More

(IDEX Online) - Police had to intervene after hundreds of merchants broke social distancing rules by gathering at Varaccha Diamond Market, in Surat. Industry bodies have been urging their members to stay away from Varaccha and the nearby Mahidapura market, where diamonds are traded for export via Mumbai. Authorities in Surat (pictured), the cut-and-polish hub, have allowed factories and workshops...Read More

(IDEX Online) - South Africa's small state-owned diamond miner Alexkor is trading recklessly and will run out of money within a month, a parliamentary committee heard.The company, which operates around Alexander Bay (pictured), on the country's West Coast, is technically insolvent, warned former administrator Lloyd McPatie."I propose as a department that we need to look at liquidati...Read More

(IDEX Online) - A 12.11-carat blue diamond ring could fetch $12.25m as the highlight of the first live Christie's auction since lockdown.The marquise-cut stone, described as an internally flawless fancy intense blue, will go under the hammer on 9 July at the Magnificent Jewels Auction in Hong Kong, which was postponed from 2 June.Sales have been taking place online since lockdown was introduc...Read More

Rio Tinto is considering a move into industrial-scale scandium oxide production after developing a pilot plant and seeing strong interest in the market, the company said this week. The potential timing, scale and investment in the industrial production of the rare earth metal - which is deemed a critical mineral in the United States, Canada, Australia and the European Union - are all bei...Read More

Global commodities miner-marketer Glencore will continue to take a disciplined approach to ensuring that it does not overproduce at a time of declining demand for some materials, the company's chief executive officer has said.Glencore prioritizes value over volume when it comes to production, Ivan Glasenberg said, pointing to its moves to reduce capacity in past cycles when supply has outweighed d...Read More

Japanese carmaker Nissan intends to close three plants at its Nissan Barcelona operations in Spain from December 2020, the company said on Thursday May 28. The units affected will be at Zona Franca, Montcada and Sant Andreu."The plan, presented after a lengthy study of options for Nissan's Barcelona operations, is now subject to consultation with workers' representatives," Nissan said.The company'...Read More

Aluminium producer Alcoa said it has started a consultation period for a collection dismissal process for staff, as well as the possible shutdown, of its San Cipri??n aluminium smelter in Spain."Alcoa met today with the representatives of the workers of San Cipri??n to inform them of the serious circumstances and of the unsustainable situation that the aluminium plant is going through due to inher...Read More