The domestic prices for hollow steel sections in both Northern and Southern Europe were unchanged this week ahead of the seasonal summer break, sources told Fastmarkets on Wednesday July 31.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?615-630 ($686-702) per tonne on Wednesday, flat week on week.Market participants reported very low levels o...Read More
Sales at Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) dropped by 12.1% in the second quarter from a year earlier because of weakness in markets both at home and abroad, it said.Its sales volumes totaled 1.16 million tonnes in April-June, down from 1.32 million tonnes in the second quarter of last year, it said in its earnings report on Tuesday July 30. The faltering Brazilian economy...Read More
Brazil's Companhia Sider??rgica Nacional (CSN) has increased its planned iron ore sales volumes for 2019 by 2 million tonnes or more than 5%, it said.CSN now expects to sell 40 million tonnes of iron ore during the year, the steel and iron ore producer said alongside its second-quarter earnings report on Tuesday July 30, up from its forecast of 38 million tonnes published in May,To...Read More
Metinvest chief executive officer Yuriy Ryzhenkov discusses with Marina Shulga the challenges the company has overcome and the strategies for its future prosperity.Metinvest, the largest steel producer in Ukraine, has faced the seizing of its assets by rebels, military action right next to its plants, raw material supply interruptions and debt restructuring over the last five years. Over this peri...Read More
When the Liberty Ounce is turned into money, its monetary value will not fall with falls in the price of silver bullion; its monetary value willby Hugo Salinas Price via PlataORIGIN OF THE "LIBERTY" SILVER OUNCEDon Jose Lopez Portillo became President of Mexico in 1976.In 1981, President of Mexico Lopez Portillo ordered the creation of a silver-ounce coin, the "Liberty Ounce", whose weight was t...Read More
Zinc premiums dipped in Europe but were flat elsewhere, reflecting the onset of the summer slowdown, although US demand for lead and zinc is reportedly improving. SHG zinc premiums drop in Antwerp, backwardation in forward curve re-emerges Cash/three-month spread swings to $13 backwardation vs contango last week Some US lead buyers picking up tonnages at low numbersNorth European premiums down, ba...Read More
The three-month nickel price on the London Metal Exchange climbed by 1.4% at the close of trading on Wednesday July 31, shaking off downward momentum emanating from an expected US Federal Reserve interest rate cut and subsequent dollar incline. Nickel futures closed at $14,490 per tonne on Wednesday, climbing from an intraday low of $14,255 per tonne while just over 7,000 lots of metal traded over...Read More
The Turkish steel mills have remained quiet in the deep-sea markets due to limited trading activity in te long steel and billet markets, sources said on Wednesday July 31.The mills in the country booked four deep-sea cargoes last week.Sources believed that the Turkish mills still needed scrap for August shipments but the weak rebar...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday July 31 that are worth another look.A fundamental industry that has always been a primary facilitator of global trade, shipping aims to be at the forefront of digital technology. This report explores initiatives at the Dutch Port of Rotterdam - Europe's largest port by cargo tonnage - and how those connect with global tra...Read More
Dramatic inflows of lead stock into London Metal Exchange warehouses this week have challenged the market notion of physical tightness following a suspension at Nyrstar's Port Pirie smelter, which has been cited as the key driver of a recent surge in the lead price. Total LME lead stock soared to 79,050 tonnes as of Wednesday July 31, up 42.5% from Monday's 55,475 tonnes. There were significant de...Read More
Gold futures settled higher Tuesday, marking a third straight session of gains, as investors digested economic data suggesting the U.S. economy remains healthy with low inflation, while waiting for a Federal Reserve decision on interest rates due Wednesday. August gold on Comex GCQ19, -1.14% added $9.30, or 0.7%, to finish at $1,429.70 an ounce, after gaining 0.1% a day ago. The metal marked its...Read More
The three-month nickel price on the London Metal Exchange climbed by 1.4% at the close of trading on Wednesday July 31, shaking off downward momentum emanating from an expected US Federal Reserve interest rate cut and subsequent dollar incline. Nickel futures closed at $14,490 per tonne on Wednesday, climbing from an intraday low of $14,255 per tonne while just over 7,000 lots of metal traded over...Read More
Dramatic inflows of lead stock into London Metal Exchange warehouses this week have challenged the market notion of physical tightness following a suspension at Nyrstar's Port Pirie smelter, which has been cited as the key driver of a recent surge in the lead price. Total LME lead stock soared to 79,050 tonnes as of Wednesday July 31, up 42.5% from Monday's 55,475 tonnes. There were significant de...Read More
Chinese buying activity appears to be supporting prices for premium low-vol hard coking coal despite a bearish outlook for the market among Indian buyers who pointed to ample supply and a subdued steel market in the South Asian country.A September-loading cargo of premium low-vol product was at $182.50 per tonne cfr China, sources told Fastmarkets on Wednesday July 31.Another cargo of the same pro...Read More
RAPAPORT... The Gemological Institute of America (GIA) and its sisterorganization, the American Gem Society (AGS), have established a scholarship inhonor of the contributions made by Beatrice Shipley. Shipley, the wife of GIA and AGS founder Robert Shipley,provided the emotional, financial and managerial support that enabled bothinstitutes to be created, the GIA said Tuesday. The Beatrice Shi...Read More
RAPAPORT... Yury Okoemov, one of Alrosa's deputy CEOs and head of its diamond-cutting division, is leaving the Russian miner, the company said Tuesday. Okoemov has been with the Alrosa since 1993. After his departure, employees of the cutting business will report directly toSergey Ivanov, Alrosa's CEO. Meanwhile, Alexander Matveev, a 10-year veteran and the headof Alrosa's legal department,...Read More
RAPAPORT... Pandora's US division will have new roles to fill, astwo senior executives leave the company. Laurie McDonald will exit the Danish jeweler after 15 years,the last three spent as the general manager of Pandora US, while JohnDePasquale, US vice president of wholesale sales, will depart after six yearsat the company. "[McDonald] has decided to leave the company to begin a newchapter...Read More
Petra Diamonds commented on the release of its share price performance for the financial year of 2019, saying it delivered "solid set of operational results for 2019," with improved safety, a production of 3.87 million carats - in line with guidance - and lower capital expenditure of $81.7 million, down from US$129.6 million in 2018 Petra generated $17 million of free cashflow in the second...Read More
Diamond miner Petra Diamonds’ share price on the LSE rose more than 25% on Tuesday after CEO Richard Duffy assured shareholders that it would not need to raise further equity to refinance its bond.The company’s share price had fallen since it published a trading update for the 2019 financial year and guidance for the 2020 financial year.Advertisement“We are executing our plans an...Read More