Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More

The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transaction: rebarRebarEast China, domestic, grade III 16-25mm...Read More

The three-month zinc price on the London Metal Exchange was lower at the close of trading on Tuesday February 25, with the price edging down by 0.3% in a broadly positive trading afternoon, while lead futures topped the base-metals complex.Zinc's outright price on the LME closed at $2,030 per tonne in the afternoon, failing to close in positive territory despite strong turnover throughout the day....Read More

Seaborne coking coal prices were largely unchanged on Tuesday February 25 due to a lack of trading activity in the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $159.20 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $167.13 per tonne, unchangedHard coking coal, fob DBCT: $142 per tonne, up by $0.37 per tonne ...Read More

Seaborne iron ore prices were down on Tuesday February 25 amid heightened concerns about the novel coronavirus (2019-nCov) outbreak outside China and the resulting risk averse attitude of traders. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $90.83 per tonne, down $1.05 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $91.84 per tonne, down $0.98 per tonne. 58% Fe fines high-premium, c...Read More

Harvey says there's huge amounts of silver standing for delivery. Here's an update...by Harvey Organ of Harvey Organ BlogFEB24//DOW PLUMMETS 1029 POINTS//NADAQ DOWN 355 POINTS ON HUGE NEW CORONAVIRUS CASES IN ITALY, SOUTH KOREA, IRAN//GOLD RESPONDS UP $28.40 TO $1674.50 AND SILVER UP 35 CENTS TO $18.91//IN THE ACCESS MARKET, THE BIS ORCHESTRATED ANOTHER RAID ON THE PRECIOUS METALS//BIG STORIES ON...Read More

Domestic prices for hot-rolled coil in Northern and Southern Europe were fairly stable day on day on Tuesday February 25, sources told Fastmakets.Although a lack of 'workable' import offers and good order books from European mills have been supporting bullish sentiment in the market, market participants have become more concerned with the negative effects that the coronavirus outbreak in Italy mig...Read More

The CIS steel billet export market strengthened this week after higher-priced bookings came to light on Tuesday February 25.A large cargo of Ukrainian material was sold to Latin America at $402 per tonne fob Black Sea, sources said.And the same producer sold 10,000 tonnes of billet to Ethiopia at $401 per tonne fob Black Sea, they added.Fastmarkets' daily steel billet index, export, fob...Read More

The US Midwest aluminium premium reversed a more than nine-month downtrend on Tuesday February 25 with some deals concluded at slightly higher premiums, but spot opportunities remain limited and trade disruptions have amplified uncertainty.Fastmarkets' aluminium P1020A premium, ddp Midwest US was assessed at 13.75-15 cents per lb on February 25, narrowing upward from the previous range of 13....Read More

A summary of base metals premiums from across the globe for the week to Tuesday February 25.Click on...Read More

The three-month nickel price on the London Metal Exchange outperformed its peers across morning trading on Tuesday February 25, with all base metals trading in positive territory, while complex-wide selling pressure that emerged on Monday afternoon continued to ease.Nickel's outright price on the LME was recently seen at $12,640 per tonne on Tuesday morning, up from Monday's closing price on $12,4...Read More

Consolidation across a broad section of markets is underway this morning, Tuesday February 25, while Monday's sell-offs pause as markets adjust to lower prices, but little has changed for the better.Given the novel coronavirus (2019-nCoV) is starting to spread across more countries and indeed major manufacturing countries at that, including Japan, South Korea and Italy, and the full impact of the...Read More

With the exception of that for lead, base metals prices on the Shanghai Futures Exchange were down at the close of the morning session on Tuesday February 25, with heightened risk aversion after a sell-off in global equity markets overnight pressuring the market.A sharp increase in the number of reported cases of the novel coronavirus (2019-nCoV) cases in Japan, South Korea, Europe and numerous ot...Read More

Prices for hot-rolled coil in the United States are holding just above $29 per hundredweight ($580 per short ton) while sources continue to expect steady pricing and market activity for the near term. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $29.06 per cwt ($581.20 per ton) on Tuesday February 25, a decrease of 0.1% from $29.09 per cwt on February 24...Read More

European steel producers, represented by regional steel association Eurofer, hope to achieve a further toughening of the region's existing safeguard measures on steel product imports, market sources told Fastmarkets on Tuesday February 25.The measures imposed by the European Commission (EC) are currently under review, and the producers hope that this will include a reduction by one-third of the li...Read More

Flat steel import prices in the United Arab Emirates and Saudi Arabia fell this week, with buyers waiting to see prices hit bottom before placing orders, sources told Fastmarkets on Tuesday February 25.Some market participants expected prices to fall because of weak demand, while others said demand could soon improve because stocks are low.UAEChinese hot-rolled coil was on...Read More

RAPAPORT... Gemological Science International (GSI) is urging extra diligence after receiving a lab-grown diamond bearing a treatment generally only found in natural stones."Diamond-growing technology continues to improve and growers are trying to mimic natural diamonds in every possible way," GSI chief information officer Nick DelRe said Monday.The organization's Mumbai lab identified a synt...Read More

RAPAPORT... Diamond trading in China remains slow, as retail is almost dead, bourses are quiet, and even getting rough goods into the country has hit obstacles. Dealers expect a release of pent-up demand when the coronavirus goes away, but for now, all they can do is manage a difficult situation."There is always demand for diamonds in China, but currently consumers can't go shopping, [as] hardly a...Read More

RAPAPORT... Sarine Technologies reported a loss in 2019, as soft demand in the first nine months outweighed a stronger fourth quarter.The diamond technology company reported a net loss of $1.4 million for the year, compared with a profit of $7.6 million in 2018. An oversupply of rough in the midstream, civil unrest in Hong Kong and tighter bank credit to India's manufacturing sector resulted...Read More

RAPAPORT... De Beers and its clients expect a slowdown in rough-diamond sales at the company's Botswana sight this week amid concerns about the coronavirus."It's fair to say there will be an impact on rough demand in the short term," De Beers chief financial officer Nimesh Patel said Thursday in an interview with Rapaport News. "I'd expect we'd see that at the [February] sight."The downturn i...Read More