Northern European hot-rolled coil producers still face poor demand for flat steel, sources told Fastmarkets on Monday June 1.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?402.50 ($446.83) per tonne on Monday June 1, up by ?,?1.79 per tonne from ?,?400.71 per tonne on May 29.Monday's index was calculated based on the latest deals, "workable" pri...Read More
RAPAPORT... The Diamond Producers Association (DPA) has unveiled a new name and strategy it hopes will resonate with younger consumers and position it as a leading digital publisher of information about diamonds.The category-marketing organization is now the Natural Diamond Council (NDC), with its new consumer website - naturaldiamonds.com - serving as a resource and educational hub, executiv...Read More
RAPAPORT... Sales of jewelry and other luxury items in Hong Kong plunged to their lowest level on record in April, as business remained challenging even as the pandemic threat cleared locally.Revenue from jewelry, watches, clocks and other valuable gifts dropped 77% year on year to HKD 1.36 billion ($176 million) for the month, as tourism remained at a near standstill and consumer sentiment w...Read More
Metallurgical Corporation of China (MCC) has been excluded from the investment portfolio of Norway's largest asset manager because of activities at the Ramu NiCo mine in Papua-New Guinea, of which the East Asian company is the majority owner and operator.Storebrand, which made the exclusion on environmental behaviour grounds, told Fastmarkets that the the nickel and cobalt mine has discharged tail...Read More
RAPAPORT... The International Gemological Institute (IGI) has reopened several offices around the world following coronavirus-related closures, it said Thursday.Its centers in Antwerp, Hong Kong, Shanghai, Shenzhen, Bangkok, Tel Aviv, Dubai and Japan are now operational. It is carrying out certain remote services at its New York office, while operations at its locations in India vary accordin...Read More
(IDEX Online) - Jewelry stores have shown "encouraging signs" in post-COVID-19 China, according to De Beers. Paul Rowley, its executive vice president of diamond trading, said most retail outlets were now open again, although sales had yet to return to levels before the pandemic. "In China, most stores are now open again with consumers returning and encouraging signs are beginning to show,"...Read More
RAPAPORT... As difficult as the Covid-19 lockdown period has been, Sally Morrison, director of public relations at De Beers' consumer and brands division, sees opportunity for the diamond industry moving forward. In the first episode of the Rapaport Group's "The Recovery" webinar series, Senior Analyst Avi Krawitz discussed the state of the luxury market in the coronavirus era with the marketing e...Read More
The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday June 1, needing only a further slight push to rise above $5,500 per tonne - a level it has not breached since March 11 - while a smaller-than-expected fall in US monthly construction spending also supported the base-metals complex.Copper's underlying price on the LME closed at $5,484 per tonne on...Read More
Aluminium producer Norsk Hydro and battery cell maker Northvolt have formed a joint venture to harness recycling synergies between their two industries, Northvolt said. The Hydro Volt venture aims to leverage the Norwegian market for electric vehicles to secure a sustainable feed of battery materials. Northvolt, based in the Swedish city of Stockholm, said the joint recycling hub is slated to star...Read More
(IDEX Online) - Alrosa will allow customers to defer 100 per cent of June purchases, as it has done in April and May, in response to the ongoing COVID-19 pandemic. The Russian state-owned miner says it's offering "unprecedentedly flexible terms for its long-term clients" in an attempt to prevent a depressed market from being flooded. Until 2018, the 58 approved buyers on Alrosa's list co...Read More
An open import arbitrage window during May has led to significant declines in copper and zinc stocks in the Shanghai bonded zone, while aluminium stocks rose following a rush by participants to deliver more metal in bonded warehouses to satisfy growing appetite to import the light metal into China.Shanghai bonded copper stocks fall to all-time low Copper stocks at Shanghai bonded warehouses have d...Read More
Polished diamond prices for May reflect much more movement than for April, with an overall trend of modest rises, balanced by price drops in specific sizes and qualities. Much of the activity for both round and polished stones was among 0.50 to 1.99 cts. Smaller sizes were characterized by inactivity or limited price drops. Larger key sizes, over 3.00 cts saw clust...Read More
The three-month copper price on the London Metal Exchange inched up 0.8% during morning trading on Monday June 1, pushing back above nearby resistance levels amid strong turnover, while a 200-tonne outflow for LME tin stocks kept its price elevated. The copper price was recently at $5,420 per tonne, climbing from Friday's closing price of $5,376 per tonne. Daily trading volumes are strong at more...Read More
RAPAPORT... Petra Diamonds is considering whether to hold a rough tender in June after a market slowdown prompted it to cancel its May sale.Prices fell 27% in March and April compared with February as the Covid-19 pandemic reduced business activity throughout the supply chain, the company reported Friday. Having called off the May sale, it is now considering holding a tender in South Africa a...Read More
RAPAPORT... Christie's plans to relaunch its three live Magnificent Jewels sales during July, with the Geneva event set to feature a 100.58-carat diamond.The modified shield mixed-cut, D-color, type IIa diamond will go under the hammer on July 22 with a price estimate of $3.5 million to $4.5 million. Christie's will also hold its New York Magnificent Jewels auction on July 29, it announced Friday....Read More
Hot-rolled coil prices in the United States have slipped back below $25 per hundredweight ($500 per ton) after pushing above that threshold late last week amid uncertainty about whether the latest price increases from domestic mills would stick.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $24.98 per cwt ($499.60 per ton) on Monday June 1, down by 0.8% from $25.18 p...Read More
Steel plate prices in the United States have continued to hold steady after a round of price increases announced in late May again failed to gain traction on the market.US plate mills announced hikes of $40-50 per short ton ($2-2.50 per hundredweight) during the week ended May 22, but so far the follow-through has been hampered by pre-increase discounting and severe weakness in important end marke...Read More
The United States Department of Commerce has announced an affirmative circumvention ruling against imports of steel concrete reinforcing bar (rebar) from Mexico.Commerce issued an affirmative preliminary circumvention ruling against Mexican rebar on March 4.Commerce said imports of straight rebar that is bent at one or both ends and produced and/or exported to the US by Deacero SAPI de CV circumve...Read More
Prices for domestic and imported merchant bar quality (MBQ) steel in the United States remained flat in May amid stirrings of activity and an improving outlook.Fastmarkets' monthly price assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US was unchanged at $33.80 per hundredweight ($676 per short ton) on Friday May 29 after declining to that level on April 24; the...Read More
Domestic prices for steel hot-rolled coil in Northern Europe decreased further during the week to Friday May 29, due to low demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?400.71 ($444.84) per tonne on Friday, down by ?,?6.79 per tonne week on week and by ?,?25.54 per tonne month on month.Friday's index was calculated based on deals and "workable" price...Read More