Gold and silver may have formed a short term top yesterday. If tomorrow's US December nonfarm payrolls matches ADP jobs, then gold and silver can see further sell off. Signing of the US-China trade deal and the details released thereof will be closely watched next week. Iran situation will be fragile over the coming weeks and months. There will be phases of escalation of geopolitical situation i...Read More
The Chinese alumina price recently reached a floor and began entering into a rebound on the spot market, however, excess market supply has limited the uptrend, market participants said."The bearish news of large quantities of imported material continuing as well as an oversupplied domestic market have been digested by the market already so we assume the price will enter an upward trend from now on...Read More
The three-month zinc price on the London Metal Exchange had declined at the close of trading on Thursday January 9, dipping below nearby support levels after a fresh inflow of 1,500 tonnes into Singapore capped momentum gained earlier in the week.Zinc's outright price on the LME closed at $2,377 per tonne this afternoon, dipping back below nearby resistance after reaching an intraday and two-month...Read More
There has been a flurry of buying activity in the Chinese alumina market at the start of January, supporting the benchmark alumina price above $270 per tonne. Fastmarkets calculated the benchmark daily alumina index, fob Australia at $277.36 per tonne on Thursday January 9, up from $275.77 per tonne on Wednesday. The index has traded between $275 and $277 per tonne since December 27. Key driv...Read More
Physical iron ore prices fell on Thursday January 9 following derivatives losses amid paused restocking from Chinese mills and a big increase in steel inventories.62% Fe fines, cfr Qingdao: $94.37 per tonne, down $1.85 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $93.46 per tonne, down $1.85 per tonne.62% Fe low-alumina fines, cfr Qingdao: $95.22 per tonne, down $1.65 per tonne.58% Fe fines...Read More
Turkish steel producers have broken their silence in the deep-sea scrap markets after a mill in the Marmara region bought a European cargo, sources said on Thursday January 9.The mill booked the European cargo - comprising 15,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of shredded and 15,000 tonnes of bonus at an average price of $300 per tonne cfr - late on Wednesday January 8. .....Read More
Liberty Steel Group will cut 355 jobs at its UK steelworks in Stockbridge, South Yorkshire and Newport, South Wales due to "challenging market conditions", the company said on Thursday January 9. This follows a move late in 2019 when the GFG Alliance announced plans to consolidate all its steel businesses into one global group named Liberty Steel Group. The company said it has decided to redu...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 9 that are worth another look.The World Trade Organization has made a final ruling that the Moroccan authorities violated parts of the WTO's Anti-Dumping Agreement in its imposition of tariffs on hot-rolled coil imports from Turkey.Mining and trading company Mitsui is ceasing copper concentrate blending in South Korea,...Read More
Key data from the price assessment on Thursday January 9. Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam at $95-100 per tonne on Thursday, up from $90-100 per tonne the day before and from $85-95 per tonne at the beginning of January.Key drivers:Supply for P1020 in Rotterdam, and other European ports, is tight, especially for certain shapes or other specifications. Alumini...Read More
There has been a flurry of buying activity in the Chinese alumina market at the start of January, supporting the benchmark alumina price above $270 per tonne. Fastmarkets calculated the benchmark daily alumina index, fob Australia at $277.36 per tonne on Thursday January 9, up from $275.77 per tonne on Wednesday. The index has traded between $275 and $277 per tonne since December 27. Key driv...Read More
Mining and trading company Mitsui is ceasing copper concentrate blending in South Korea, an indication that grades and arsenic levels are improving at copper mines where it holds stakes, Fastmarkets understands. For several years, Mitsui ran a light-asset blending facility in the coastal port of Mokpo to process copper concentrates from Los Bronces and Collahuasi copper mines that have historicall...Read More
The three-month aluminium price on the London Metal Exchange was little moved during morning trading on Thursday January 9, with price action largely unaffected by a fresh cancelation of some 119,675 tonnes out of LME-registered warehouses in Asia. Aluminium's underlying price on the LME was recently seen at $1,795 per tonne, trading just $10 per tonne shy of its intra-morning high and keeping bel...Read More
Negotiations for annual supply of equivalent-grade (EQ) copper cathode in China for 2020 have recently concluded, with this year's premiums slightly above those for 2019, market sources told Fastmarkets.The 2020 EQ cathode premium is roughly around $20+ per tonne for cathodes from the Democratic Republic of the Congo and Zambia, but approximately $40+ per tonne for the popular brand of Luanshya fr...Read More
Base metals traded on the Shanghai Futures Exchange were on divergent paths at the close of morning trading on Thursday January 9, with easing tensions between Iran and the United States providing a slight boost to risk sentiment.This follows comments from US President Donald Trump on Wednesday in which he said Iran "appears to be standing down" after the latter fired missiles at two bases in Iraq...Read More
ArcelorMittal will resume production from blast furnace (BF) B at its Asturias plant in Spain on January 11, the company said on Tuesday January 7.The BF has been stopped for maintenance since November 6, 2019.The decision to stop the equipment was part of the company's plan to reduce European steel production by 3 million tonnes per year, announced last May. The...Read More
Fastmarkets' index for domestic hot-rolled coil in Northern Europe inched up on Thursday January 9, with sources expecting prices to continue rising.Fastmarkets' daily steel hot-rolled coil index domestic, ex-works Northern Europe, was ?,?441.15 ($491.03) per tonne on Thursday January 9, up from ?,?440 per tonne on January 8.The calculation of the index was based on achievable prices heard at ?,?4...Read More
Domestic prices for long steel products in the Turkish market have gone down slightly due to a recent strengthening of the country's lira against the US dollar, sources said on Thursday January 9.The Turkish lira gained against the dollar on Thursday, with the United States and Iran appearing to retreat from further conflict and reducing the tensions in the Middle East.The Turkish currency was tra...Read More
Diamond trading seasonally quiet, but diamantaires in positive mood as they return from New Year break. Dealers waiting for memo sale results to assess holiday season. Concern that US economic growth will slow in 2020 election year. Optimism for mainland China during Jan. 25 lunar festival. Hong Kong retail sluggish. Manufacturers cautious about raising factory production, despite expected 1Q inve...Read More
Jewelry wholesalers cautious due to high gold price and volatile rupee-dollar exchange rate. Diamond trading centered on filling last-minute orders for Chinese New Year. Good demand for 0.30 to 0.60, D-G, I1+ stones. Diamantaires expect upturn in coming weeks as US dealers return for post-holiday trading. Manufacturers maintaining stable polished production below capacity. RoundRead More
RAPAPORT PRESS RELEASE, January 9, 2020, Las Vegas... Jewelry Connoisseur by Rapaport is launching a weekly newsletter to help you keep up to date with all the latest news and trends in the diamond and jewelry sector. Whether you are a diamantaire, retailer, designer or jewelry enthusiast, you'll find something that appeals to your interests among the broad range of subjects the Jewelry Connoisseu...Read More