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
RAPAPORT... Revenue from the retail division of Warren Buffett's Berkshire Hathaway rose 2.5% to $16 billion in 2019, the company reported Saturday.The increase for the segment, which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler, was boosted primarily by the company's car business. Pretax earnings for the entire retail unit grew 1.6% to $874 million for the year...Read More
RAPAPORT... US couples spent 4% more on engagement rings in 2019, according to a survey by wedding resource The Knot.Consumers that took part in the study paid approximately $5,900 on average for their engagement ring in 2019, versus $5,680 the previous year, The Knot said last week. That came despite the average amount the 25,000 respondents paid for a wedding remaining steady at $33,900, co...Read More
(IDEX Online) - Authorities in Angola have seized 6,579 carats of rough diamonds in a crackdown on illegal mining and immigration. Nineteen cars and $275,000 in cash were also confiscated, according to the government-run Angop news agency. Operation Transparency was aimed at more than 700 small diamond prospectors in the country. Two thirds were found not to meet the interior ministry's requ...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa has generated A$2.84-mllion in revenue from the sale of 1 223 ct of diamonds from its Lulo mine, in Angola.The ASX-listed company noted that its latest Lulo parcel had achieved an average price of A$2 324/ct.AdvertisementThe latest sale brought the total diamond sales for 2020 to A$7.9-million, averaging A$2 842/ct of diamonds sold.To watch Cre...Read More
(IDEX Online) - Another Hong Kong event has been forced to re-schedule because of the coronavirus outbreak. The 9th AEC Gems & Jewelry Presidents' Summit, originally scheduled for 3 March, will now take place on 19 May. It will form a part of two other Hong Kong shows, which have both been postponed amid health fears. The Hong Kong International Diamond, Gem & Pearl Show 2020 (...Read More
(IDEX Online) - A parcel of 1,223 carats of alluvial diamonds from the Lulo mine, in Angola, has sold for $1.9 million. The Lucapa Diamond Company is exploring hard-rock kimberlite sources in the Canguige tributary catchment area, which hosts some of the world's most valuable alluvial diamonds. The sale, the second this year, achieved an average price of $1,535 per carat and brings the total...Read More