The new issue of the Steel Market Tracker is now online at metalbulletinresearch.com.In this edition, Fastmarkets' research team delivers key insights and forecasts into the long and flat products markets.This week's risks to our latest flat-rolled forecasts:The Chinese government is stepping up help to the economy, increasing banks' liquidity. But the spread of the coronavirus worldwide is likely...Read More

The mood in the European hot-rolled coil market has been negative since the announcements of plant closures by a number of major car manufacturers, sources told Fastmarkets on Wednesday March 18.This week, most major European car makers were set to close production units in response to the effects of the spread of 2019-nCoV coronavirus.Market activity, in the meantime, has been low due to risks re...Read More

Sales of passenger cars in the EU dropped by 7.41% year on year in February 2020, the second consecutive monthly decline.New car sales in Europe totalled 957,052 vehicles in February 2020, down from 1,033,608 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Wednesday March 18."This...Read More

Stainless steel scrap prices in the United States are being driven downward amid a major lockdown of essential industries as a result of efforts to contain the spread of the novel coronavirus (2019-nCoV).Scrapyards, like so many other businesses around the US, are feeling the impact of the coronavirus pandemic, with one large scrap facility closing retail buying, restricting all travel, requiring...Read More

Workers' trade union No1 for Escondida, the world's largest copper mine, has demanded that main owner and operator BHP adopt preventive measures for its employees in light of the 2019-nCoV coronavirus pandemic, and could go as far as requesting government intervention or going to court."We call on workers' organizations in general to demand that companies and the government prioritize health condi...Read More

Aurania Resources is pulling its staff from its copper and precious metals projects in Ecuador while the country enters lockdown mode in an effort to tackle the 2019-nCoV coronavirus pandemic. The company's flagship asset, the Lost Cities copper-gold project, is located in Cordillera de Cutucu in southeastern Ecuador.All employees have returned to their homes except for two field teams that were e...Read More

The LME copper price was sharply lower at the close of trading on Wednesday March 18, dropping by more than 8% because of broad-based risk-aversion, but the LME lead price surprisingly made gains over the afternoon. The three-month copper contract on the London Metal Exchange at its lowest since October 2016 at $4,745 per tonne in high volume-trading - on electronic trading platform LMEselect, mor...Read More

Automotive manufacturers in Europe have announced temporary production shutdowns at sites throughout the continent, because of the problems being created by the measures taken by governments to restrict the spread of the 2019-nCoV coronavirus outbreak.The latest suspensions followed a raft of announcements made at the beginning of this week.Rolls-RoyceUK-based Rolls-Royce Motor Cars will suspend p...Read More

Europe's top copper smelter, Aurubis, has said it aims to buy up to 10% of its own shares while announcing an equity buyback program on Wednesday March 18.Aurubis said it would spend up to ?,?200 million ($216 million) on purchasing its own shares in several tranches through stock market acquisitions. ...Read More

RAPAPORT... The American Gem Society (AGS) has canceled its Conclave amid gathering restrictions due to the coronavirus pandemic."The decision was made in light of a national state of emergency that was declared on Friday of last week and amidst growing concerns of the...outbreak," the organization said Monday.While AGS will not reschedule the event, which was slated to take place in Denver,...Read More

RAPAPORT... Tiffany & Co. is among a growing number of US retailers temporarily shuttering all locations across North America in an effort to stem the coronavirus spread."Effective immediately, we're temporarily closing all Tiffany stores in the US and Canada, as well as many other locations globally, to protect our teams, clients and communities," the jeweler said in an Instagram post Tu...Read More

RAPAPORT... To Our Friends Around the World,Our thoughts are with you and your families during these uncertain times. We pray for your health and well-being.As much of the world shuts down, we find ourselves practicing social distancing and isolation. Many of us are working from home, with children at home, giving us a new perspective on family and work. The unprecedented social and economic...Read More

RAPAPORT... De Beers' upcoming sight in Botswana will still take place despite the country's ban on arrivals from the US, China, India and Belgium, the miner has confirmed."While this is an extraordinary situation and COVID-19 has had an impact, our customers continue to express some demand for rough diamonds and have communicated their desire for the sight to proceed," a spokesperson for De...Read More

RAPAPORT... Belgian and Israeli industry organizations are jointly organizing a virtual trade show to compensate for the cancellation of major exhibitions around the world.The Online Diamond Trade Fair will run from March 30 to April 3, the Antwerp World Diamond Centre (AWDC) and the Israel Diamond Institute (IDI) said in a note to dealers Tuesday. It will be open only to exhibitors from Antw...Read More

The pricing trend of coated products in the United States is not being driven by what is happening at the moment, but by what is expected to happen in the next few months or the rest of the year, market participants told Fastmarkets.Fastmarkets' monthly price assessment for steel coil Galvalume, fob mill US climbed to $39 per hundredweight ($780 per short ton) on Tuesday March 17, down b...Read More

RAPAPORT... The organizers of the JCK Las Vegas and Luxury jewelry shows have delayed the fairs due to growing concerns over the coronavirus."Our top priority is the health and safety of our exhibitors, attendees, industry partners and staff," JCK said Tuesday. "After consulting with national experts [and] our customers, closely monitoring developments and reviewing guidance and advice...we have d...Read More

Wire rod prices and demand in the United States remained steady for the second month in a row, while sources were wary of the potential market impact from the spread of the coronavirus (2019-nCoV).Fastmarkets' assessment for steel wire rod (low carbon) industrial quality, fob mill US held at $31-32 per hundredweight ($620-640 per short ton) on Tuesday March 17, unchanged from the previous month. F...Read More

RAPAPORT... The Kimberley Process (KP) Intersessional Meeting will take place as a virtual conference this year, as European borders close to travelers due to the coronavirus pandemic.The annual forum, in which member states, civil societies and the diamond industry come together, was scheduled to take place in Moscow from June 8 to 12."COVID-19 is a global challenge without parallel in our l...Read More

(IDEX Online) - Online trading will help the diamond industry ride the Covid-19 storm, the president of the World Federation of Diamond Bourses said today."We are fortunate that both ecommerce and digital platforms have developed to quite an extent; they can be the vehicles for business in these times of social distancing," said Ernie Blom, president of the federation, which represents 30 bourses...Read More

(IDEX Online) - India's diamond bosses have voted unanimously to carry on working, despite fears over the Covid-19 pandemic.Stakeholders rejected proposals for a 15-day shutdown in Surat, the world's cutting and polishing capital, which employs 550,000 workers.Factory owners in Surat pledged instead to take precautions - hand sanitizers, face masks and regular screening of the diamond wo...Read More