The United States' nickel briquette premium widened in the week to Tuesday August 6 with regional premiums on material offered in a greater range, while China's nickel premium market declined on a lack of import incentive and Europe remained quiet amid summer slowdowns. US briquette premium widens with business concluded at a variety of levels Chinese premiums down on widened arbitrage loss and go...Read More

Secondary lead premiums dipped in the Indian market in the week ended Tuesday August 6, on a decline in the value of the rupee and a rebound in the price of lead, while zinc premiums edged higher in Northern Europe. Rupee depreciation, lead price rebound weigh on spot demand in India for secondary leadNorthern European premiums higher on easing spreadsShanghai zinc premiums remain low due to persi...Read More

Glencore has further cut its copper guidance for 2019 amid a slide in the red metal price, citing a slower-than-expected ramp-up in African copper operations, the trader-miner said on Wednesday August 7. Glencore has reduced its 2019 full-year copper guidance to 1.4 million tonnes, according to its half-year results report released on Wednesday. The reduction comes from a 50,000-tonne cut in the o...Read More

The price of rebar produced and delivered in Northern Europe has remained stable over the past seven days because of limited summertime demand, sources said on Wednesday August 7.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?500-520 ($560-583) per tonne on Wednesday, unchanged since July 10.The market was very slow because of ho...Read More

The price for rebar produced and delivered in Southern Europe was stable in the week to Wednesday August 7 because of limited market activity during the typically slower summer months. Fastmarkets' weekly price assessment for rebar, domestic, delivered Southern Europe, was unchanged week on...Read More

The prices for domestic mesh-quality wire rod in both Northern Europe and Southern Europe were unchanged over the past week due to the summer slowdown, sources told Fastmarkets on Wednesday August 7.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?495-500 ($555-560) per tonne on Wednesday, unchanged week on week.Many market partici...Read More

The price paid for steel billet exported from Iran weakened in the first week of August following the drop in the global iron ore market.Iranian producers were offering billet scheduled for October shipment at $400-405 per tonne fob Iranian ports, sources told Fastmarkets, but this price was rejected by customers in the major sales outlets in Asia and the Middle East."The slump in iron ore prices...Read More

A Swiss unit of HSBC has agreed to pay a record EUR 294.4 million ($330 million) to settle fraud claims against its Belgian business, which mainly serves members of the Antwerp diamond trade.In 2014, a Belgian judge charged HSBC Private Bank (Switzerland) with crimes including organized tax fraud, money laundering and forgery of documents. The bank is also suspected of having deliberately encourag...Read More

Domestic market activity for hot-rolled coil (HRC) in the EU has remained slow over the past week, with no change in prices, sources told Fastmarkets on Wednesday August 7.Demand was expected to be almost nil in August due to the seasonal slowdown.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was stable at...Read More

Pessimism continued to dominate the CIS export market for steel billet in the first week of August amid the weakening of the finished long steel markets both in the CIS and in customers' domestic territories.Another reason for the dullness of sentiment was the recent sharp drop in global iron ore prices, following the lack of demand from China, which is the largest global iron ore importer. This p...Read More

RAPAPORT... Tiffany & Co. will open its doors in India in an effort to capitalize on its already strong image and brand awarenessin the country, the company said Wednesday. The luxury jeweler will partner with Reliance BrandsLimited, which is part of the Reliance Industries conglomerate owned by Mukesh Ambani, recentlyranked by Forbes as the richest man in Asia. Tiffany will open stores i...Read More

RAPAPORT... Stuller has promoted Alix Gonsoulin to vice president of itsbridal, fine-jewelry and findings division, it said Tuesday. Gonsoulin started as director of diamond-and-gemstonefashion with the US-based jewelry manufacturer in 2012, and was most recently it executive director of product development. "Alix has shown an exceptional ability to workcross-functionally throughout the organ...Read More

Steel H-beam prices in Northern and Southern Europe were flat week on week ahead of the expected seasonal slowdown in August, sources told Fastmarkets on Wednesday August 7.Fastmarkets assessed the price for steel beams, domestic, delivered Northern Europe, at ?,?570-600 ($639-672) per tonne on August 7, unchanged from the previous week.Prices and demand have remained firm with the market heading...Read More

RAPAPORT... Mountain Province's profit increased in the second quarter amid a stronger Canadian dollar that reduced its debt levels, it said Tuesday. Profit jumped 61% to CAD 10.3 million ($7.8 million) for thethree months ending June 30, as it recorded exchange-rate gains of CAD 7.5million ($5.6 million) due to the appreciation of the currency against its US counterpart. The Canada-based com...Read More

RAPAPORT... Sales at India's Titan Company increased in the first fiscal quarter, but growth was weaker than the jeweler had expected due to challenging conditions in the domestic market.Revenue climbed 16% year on year to INR 52.08 billion ($736.7million) in the three months ending June 30, while profit rose 11% to INR 3.64billion ($51.4 million). Sales were strong in studded and wedding jew...Read More

RAPAPORT... De Beers' first-half earnings highlighted the many challenges facing the diamond trade. But beyond the sharp declines the mining company suffered, CEO Bruce Cleaver and chief financial officer Nimesh Patel were insistent with their messaging: This, too, shall pass.The executives recognized that the challenges came from within the trade rather than a slump in consumer demand, even as th...Read More

RAPAPORT... Global demand for gold jewelry rose 2% year on year to 531.7tonnes in the second quarter amid an expansion of the Indian market, theWorld Gold Council (WGC) reported. Appetite for gold jewelry in India climbed 12% to 168.6tonnes in the three months ending June 30, the highest increase in two years. Thequarter contained 37 days considered auspicious in India for getting married, compare...Read More

Quality emerges at Galan's blue-chip lithium addressSPONSOREDgalan lithiumLondon-based brokerage Peel Hunt has initiated coverage of the company, saying Alpala remained firmly on the radar of reserve-hungry majors. Peel Hunt entered the fray with a ‘buy' rating, noting the company's significant potential as a take-out target."We firmly see Alpala in the next round of mega-copper projects...Read More

Stainless steel scrap prices in the United States have continued to rise, with the London Metal Exchange cash nickel value moving closer toward the $7-per-lb mark."If you told me two months ago that stainless steel scrap would be the shining light of hope in the scrap market in the late summer, I would have laughed in disbelief," one large domestic scrap dealer said."With LME nickel maintaining he...Read More

Bulk cargo sales to Turkey, Bangladesh and Vietnam have infused some energy into the US ferrous scrap export market, showing signs of stability in prices.A scrap broker sold a cargo to Turkey out of Florida on Tuesday August 6 - consisting of a 90:10 mix of No1 and No2 heavy melting scrap and shredded scrap - at an average price of $294 per tonne.The sale was relatively comparable...Read More