Seaborne iron ore prices managed to stay above $80 per tonne cfr on Wednesday April 1 despite weakening from a day earlier amid a softening rebar market in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $82.49 per tonne, down $0.83 per tonne 62% Fe low-alumina fines, cfr Qingdao: $83.80 per tonne, down $0.28 per tonne58% Fe fines high-grade premium, cfr Qingdao: $71.48 per tonne, do...Read More

The latest forecast from Fastmarkets' team of analysts is ready to view.Aluminium: Downside momentum maintainedThe aluminium price has continued to decline, with LME cash even falling below the $1,500 per tonne mark at the start of this week. Downside pressure and momentum remains in the short term while ex-China demand plummets amid auto production line closures and while smelters resist capacity...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.As oil price stumbles, outlook for welded markets weakensIn February, oil prices, already hit by the economic slowdown in Asia, turned lower on the failure of OPEC+ to reach an agreement on production cuts. This was enough to shake oil markets, but the collapse of global demand due to the pandemic has driven Brent below $30/...Read More

The latest forecasts from Fastmarkets' team of analysts is ready to view.This month's key ferro-alloy forecast highlights:While the ferro-alloy industry's initial response to the Covid-19 outbreak was marked by rising prices primarily in response to supply-side concerns, focus has now shifted somewhat. As Chinese activity slowly returns to more normal levels, for alloys with a strong Chinese produ...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.Coronavirus continues to shape scrap markets but tighter supply may partly offset lower demandWe have downwardly revised our ferrous scrap price forecasts for the following few months and, as a result, for the whole year of 2020, with the Covid-19 outbreak outside China stalling the markets. The Fastmarkets' daily benchmark...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.Having first hit Asia during early 2020, the Covid-19 viral outbreak is now having an even bigger impact on European countries and the US. Widespread lockdown measures have been put in place on people and industry, and economic activity has slowed markedly.For now, stainless steel markets in Europe and the US are yet to show...Read More

Iranian steel billet producers have returned to the market after the Nowruz break for the country's new year celebrations, and they had new offer prices despite a state of semi-lockdown in the country due to the Covid-19 pandemic.The country's major billet producer, Khouzestan, issued a tender for 30,000 tonnes of billet scheduled for delivery in May, and claimed to have sold it at $350 per tonne...Read More

An overview of the minor metals markets and the reasons for their latest price moves.Read More

Arconic Inc has completed its separation into two standalone companies, with one focused on aerospace and transportation, and the other on aluminium sheet, extruded and architectural products. The names of the two companies are Howmet Aerospace Inc, the new name for Pittsburgh, Pennsylvania-headquartered Arconic Inc; and Arconic Corp, according to statements issued on Wednesday April 1.Howmet...Read More

The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday April 1, with price action shedding some $133.50 per tonne against moderate volumes, while continued inflows saw aluminium futures dip below nearby support.Copper's outright price on the LME closed at $4,800 per tonne on Wednesday afternoon, climbing from an intraday low of $4,769 per tonne, wh...Read More

The South African port authority is looking to reserve Durban port for the shipment of essential goods only, revoking a separate statement by the country's maritime authority to allow processing of metals cargoes during the 21-day lockdown, Fastmarkets has learned. The Transnet National Ports Authority, TNPA, insisted on April 1 that the current arrangements for usage of the busiest port in sub-Sa...Read More

Fastmarkets will suspend the publication of the first Live Futures Report of the day from Monday April 6. The first Live Futures Report of the day is currently published during the morning session of the Shanghai Futures Exchange. Fastmarkets will continue to publish the Morning View, which references both London Metals Exchange and SHFE base metals contracts, equities and foreign exchange markets...Read More

RAPAPORT... The coronavirus outbreak has threatened Lucara Diamond Corp.'s ability to hold tenders in Botswana, and had a heavy negative effect on rough prices, the company said Tuesday.The Botswana government has given Lucara permission to hold sales in Antwerp as a temporary measure, the miner noted. The country will enter a 28-day lockdown starting Thursday after recording its first three cases...Read More

RAPAPORT... Gem Diamonds garnered $12.1 million from the sale of rough diamonds through its new flexible tender process."The results of the initial round of the flexible tender sales process for a selection of Let??eng's large diamonds demonstrates the continued demand for these high-quality diamonds," Gem Diamonds CEO Clifford Elphick said Wednesday. "The [money] raised from the sale maintai...Read More

Teck Resources has suspended its 2020 production guidance due to the high degree of uncertainty associated with the Covid-19 pandemic and has reduced production at its Highland Valley Copper (HVC) operations to 80-85% of normal levels. The cut follows Teck's implementation of a temporary slowdown of operations and reduction of crews by up to 50% of regular levels at HVC from March 25. The measures...Read More

RAPAPORT... Emerald Expositions has canceled its Couture and Antique Jewelry & Watch shows amid restrictions due to the COVID-19 pandemic.The organizer scrapped the two events due to a government shutdown of unnecessary business operations, a moratorium on large gatherings, and travel restrictions, it said Tuesday. They were scheduled to run from June 1 to 5 alongside the JCK Las Vegas an...Read More

Thomas Hodge is the new head of London Metal Exchange average price trading at commodity broker Sucden Financial, the company said in a notice on Wednesday April 1. A specialist in quantitative approaches to trading, Hodge joins from base...Read More

RAPAPORT... Signet Jewelers has furloughed a number of its employees to cut costs and ensure the long-term sustainability of its business."Due to the unprecedented impact of COVID-19 and the closure of our stores, we have moved quickly to proactively reduce expenses...to preserve liquidity," David Bouffard, Signet's vice president of corporate affairs, told Rapaport News Tuesday. "In addition...Read More

The owner of a jewelry store was shot dead during an armed raid in Stamford, Connecticut, USA. Mark Vuono, aged 69, suffered a fatal gunshot wound on Saturday afternoon (28 March).It's the first homicide of a jeweler in the United States since January 2018, according to Jewelers' Security Alliance.  The alarm was raised by a customer who entered the store at 2.45pm. ...Read More

(IDEX Online) - Gem Diamonds sold stones worth $12.1m at its first flexible tender sale, introduced as a result of coronavirus travel restrictions. Its sale of large, high quality diamonds from the Letseng mine, in Lesotho, should have taken place in Antwerp from 16 to 25 March. CEO Clifford Elphick said: The results of the initial round of the flexible tender sales process for a selection of Lets...Read More