RAPAPORT... The National Retail Federation (NRF) has forecast strong growth in US holiday sales, as consumers look for something to celebrate even as coronavirus cases rise.Retail sales in November and December are forecast to advance 3.6% to 5.2% year on year, for a total of between $755.3 billion and $766.7 billion, the organization noted Monday. The average increase over the past five years was...Read More
RAPAPORT... De Beers will associate its corporate identity more closely with Forevermark, enabling the diamond-jewelry brand to benefit from group-wide efforts in the realm of sustainability and responsible sourcing."Aligning Forevermark more closely with the De Beers name will ensure Forevermark more directly maximizes the benefit of its association with De Beers, and that we have a single,...Read More
Canadian zinc miner Trevali has moved to hedge a significant portion of its 2021 zinc production at current price levels, with exchange prices at 18-month highs.Trevali hedged 25% of its 2021 production, equivalent to 26,988 tonnes, at a price of $1.23 per lb or $2,712 per tonne, it said in a notice to shareholders on Tuesday November 24.The current December 2021-December 2022 forward price spread...Read More
(IDEX Online) - Swiss company Synova says its automated diamond cutting technology can now handle fancy shapes as well as rounds.The DaVinci Diamond Factory was unveiled last September, promising to reduce production time from "from some weeks to only a few hours".The company, part-owned by De Beers, has now expanded the system (pictured) beyond round-brilliants to cut fancies as well."We've...Read More
(IDEX Online) - Three people have been arrested over the last November's $1bn raid on Germany's historic Green Vault museum - described as the world's biggest heist.Stolen treasures included the famous 18th century 49-carat Dresden white diamond bought by August the Strong, then Elector of Saxony, and valued at $12m, as well as a sword encrusted with nine large and 770 smaller diamo...Read More
RAPAPORT... Swiss technology provider Synova has expanded its automated diamond-cutting system to include fancy shapes. The company, which is part-owned by De Beers, unveiled the DaVinci Diamond Factory last year at the Dubai Diamond Conference. Synova claims the machine will significantly speed up diamond manufacturing from weeks to hours, improve accuracy and symmetry, and reduce costs. How...Read More
Trader Tiberius Group has appointed Bob Katsiouleris to its executive management board as part of the company's drive to expand its global footprint, the company told Fastmarkets on Tuesday November 24.Katsiouleris will join Tiberius with immediate effect, and will help to drive its position as a global market participant in the trading of aluminium, lead and zinc, it added.He will also help to bu...Read More
Fastmarkets is issuing a consultation on its proposal to discontinue pricing the physical tin markets on a seaborne basis to China.China is the world's top producer of tin, for example, in 2019 it was the ranked as the 16th biggest importer, taking in just 3,000 tonnes.Imports have risen substantially in 2020 but buying has been sporadic and market participants have indicated that this is not a su...Read More
Fastmarkets is issuing a consultation on its proposal to discontinue pricing the physical copper cathode premiums on a seaborne basis to Japan.Japan is a major producer of grade A registered refined copper cathodes and exports more than half-a-million tonnes per year of refined copper, importing only negligible amounts.The price to be discontinued is:MB-CU-0385-copper grade A cathode premium, cif...Read More
Imports of finished steel to the United States surged month on month in October due to higher bloom, billet and slab, reinforcing bar and cold-rolled sheet volumes, according to US Census Bureau data.The US imported 1.36 million tonnes of steel products in October, up 18.9% from nearly 1.15 million tonnes in September, preliminary Census data showed.Imports of bloom, billet and slab climbed by 191...Read More
Brazilian flat steel distributors increased their sales volumes by 17% on an annual comparison in October, in a recovering domestic market, according to local distribution association, Inda.Sales totaled 371,700 tonnes in October, compared with 317,700 tonnes in October 2019, Inda said on Tuesday November 24. Month on month, volumes were down 7.8% from September's 403,100 tonnes.In total...Read More
Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia increased over the past week because of globally strong demand, but buyers were holding back in the expectation that prices will soon fall, sources said on Tuesday November 24.There is a national holiday in the UAE on December 1-3, so working days will be limited next week.UAEHot-rolled coil from Indian suppliers...Read More
Steel billet and rebar prices in the United Arab Emirates increased this week, although most producers were fully booked and were not offering any products, sources told Fastmarkets on Tuesday November 24.Domestic rebarThe country's steel producers were offering rebar at 1,984,1,985 dirhams ($540) per tonne ex-works, with orders to be produced in December, but only a few producers had allocat...Read More
European steelmakers need to consolidate to gain better control over pricing and the supply-demand balance as well as to better tackle rising production costs, but it will not solve the major problems of the European flat steel market, sources told Fastmarkets.And in November 2020, rumors about two major potential sales of European mills have finally been confirmed: Tata Steel in Netherlands is in...Read More
Trader Afrimet Resources (AMR) will invest up to C$650,000 ($497,000) in Canadian exploration company Tantalex Resources Corp in a private placement that gives AMR shares and rights to buy additional shares in Tantalex.As part of the transaction, Hadley Natus, AMR's founder, becomes director and chairman of the board of Tantalex - one of many management changes announced by Toronto-based Tantalex...Read More
The base metals on the London Metal Exchange were firmer across the board this morning, Tuesday November 24, although those on the Shanghai Futures Exchange were mixed following the weakness seen on the LME on Monday.* US president-elect Joe Biden plans to nominate former Federal Reserve chair Janet Yellen to become Treasury Secretary...* ...the market seems to see Yellen as a safe pair of hands*...Read More
CME Group's busheling futures trade spiked to 1,028 lots (20,560 tons) on Monday November 23; all prices jumped day on day, with the January-June 2020 contracts rising to between $380 and $385 per gross ton, widening the spot-futures contango up to $85.The front month December contract received six trades at $350 per ton before settling $10 higher day on day at $352 per ton, according to the excha...Read More
Mexican steelmakers raised their buying prices for ferrous scrap in the week to Friday November 20 on tight supply of the raw material and strong demand for steel products.There were reports of price increases from most major scrap buyers during the week, with firm demand for all grades. Prices in the central region of Baj?-o remained higher than the average prices near the northern city of M...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 25 points in pre-opening trade. Dollar Tree gained $3.20 to $100.81 after reporting higher than consensus third quarter revenues and earnings.Abercrombie & Fitch added $1.79 to $22.68 after reporting higher than consensus third quarter revenues and earnings.Wells Fargo advanced $0.84 to $27.14 after Raymond James u...Read More
The Turkish deep-sea scrap import market went quiet on the second working day of the week, with mills instead focusing on finished long steel and billet sales, sources told Fastmarkets on Tuesday November 24.After a steel mill in the Marmara region booked a European cargo at an average price of $332.50 per tonne cfr for a mixture of HMS 1&2 (75:25), shredded and bonus on Monday, mills we...Read More