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
Activity returned to the Turkish deep-sea scrap import market in the middle of the week with a fresh cargo sold at lower prices than earlier deals, sources said on Wednesday August 7.A steel mill in the Iskenderun region booked a US cargo, comprising 20,000 tonnes of HMS 1&2 (90:10) and 20,000 tonnes of shredded at an average price of $294 per tonne cfr.The price for the shredded portion of the ca...Read More
Seaborne premium hard coking coal prices appeared to have stabilized on Wednesday August 7, with buyers continuing to take positions.Top Australian brands have been reported changing hands at $161 per tonne fob Australia since last Friday, on steady buying interest, according to sources.A premium mid-volatility cargo traded for a price just above $157 per tonne fob, up from transaction levels of $...Read More
Cargill has closed its base metals risk management business with the departure of staff across the United States, including Minneapolis-based Federico Stiegwardt, global head of the unit. Other departures include Cesar Canali and Justin King in New York, Cart Bechtel in Chicago, and associated support teams, people familiar with the matter told Fastmarkets. David Arteaga had already indicated to C...Read More
Seaborne iron ore prices continued to fall on Wednesday August 7 amid very limited buying interest among steel mills.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $93.31 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $91.81 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $9...Read More
Gerald Group subsidiary SL Mining will re-evaluate its plan to increase iron ore production to 6 million tonnes per year after the export ban put in place by the government of Sierra Leone late last month.It had also suspended operations at its Marampa mine on July 3 this year after the country's Minister of Mines and Mineral Resources, Foday Rado Yokie, issued...Read More
We have long held the view that there is a race against time between the trade disputes tipping the global economy toward recession and a trade deal spurring growth while businesses restock as their confidence recovers. For now, the slip toward recession seems to be winning. Equities in Asia were mixed on Wednesday August 7 after a mixed performance in western markets on Tuesday, but more central...Read More