Hong Kong Exchanges & Clearing (HKEX) will launch US dollar-denominated London Metal Mini Futures for six base metals starting August 5, the exchange said recently. The company, which has wholly owned the London Metal Exchange since 2012, said that the new Hong Kong-listed contracts will be available for aluminium, zinc, copper, nickel, tin and lead. The move is the latest attempt from HKEX and th...Read More

Steel billet prices in Turkey have gone down slightly over the past seven days due to weak demand and a downturn in finished steel prices, sources said on Thursday July 18.The mills in Turkey were showing no interest in billet imports because of the sluggish sales of finished steel this week.Suppliers in the Commonwealth of Independent States (CIS) lowered their offers to $435-440 per tonne cfr Tu...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday July 18 that are worth another look.Hong Kong Exchanges & Clearing will launch US dollar-denominated London Metal Mini Futures for six base metals starting Monday August 5, the exchange said recently. Nickel's three-month price on the London Metal Exchange continued its rally throughout afternoon trading on Thursday J...Read More

Gold ended lower on Tuesday as a rise in U.S. retail sales contributed to a stronger U.S. dollar, pressuring prices for the precious metal. The upbeat retail sales number, however, also lifted prices for silver, brightening the metal's industrial demand prospects. A stronger U.S. dollar against both the euro EURUSD, -0.1241% and British pound GBPUSD, +0.0080% "have dampened whatever bullish edge...Read More

A summary of South32's base metals production volumes published on Thursday July 18 for the financial full year of 2019 ended June 30. IN BRIEF Aluminium  Production at South32's Hillside aluminium smelter increased by 3,000 tonnes to a record 715,000 tonnes during the 2019 financial year ended June 30, 2019.  Sales at the smelter increased by 4% in the June 2019 quarter to 191,000...Read More

Production at South32's Hillside aluminium smelter in South Africa increased by 3,000 tonnes to a record 715,000 tonnes during its 2019 financial year ended June 30, 2019, the producer said on Thursday July 18. Sales at the smelter increased by 4% in the June 2019 quarter to 191,000 tonnes from 183,000 tonnes in the same quarter in 2018. "We achieved record annual production at Hillside... Th...Read More

A summary of Anglo American's production results for the second quarter of 2019 following the company's results report released on Thursday July 18. IN BRIEF:  Anglo American produced 159,100 tonnes of copper concentrates in the second quarter of 2019, up by 1% from the 158,000 tonnes produced in the same period of 2018, mainly due to the strong performance of Los Bronces and Collahuasi mines...Read More

Aluminium producer Alcoa reported a net loss of $402 million in its 2019 second quarter results on Wednesday July 17. A majority of the net loss stems from its $319 million special item divestiture of Alcoa's 25.1% stake in the Ma'aden Rolling Co in Saudi Arabia. The company incurred an additional loss of $81 million in other special items as well. "We successfully divested our minority inter...Read More

A tentative bottom to ferrous scrap prices in the United States and a steadying in hot-rolled coil, combined with mill product hikes, led to a widening in the spread between the two products this month.Fastmarkets' steel scrap No1 busheling index, delivered Midwest mill, settled at $275.27 per gross ton on Wednesday July 10, the fourth consecutive monthly decline and off from $281.7...Read More

Steel reinforcing bar prices in the United States have fallen to pre-Section 232 levels, with import prices also declining due to fresh offers from Europe. Fastmarkets' price assessment for steel rebar, fob mill US, widened downward to $31.50-32.50 per hundredweight ($630-650 per short ton) on Wednesday July 17 from $32-32.50 per cwt two weeks earlier, with the price also down by 9.9% fr...Read More

The rebar and wire rod prices in Turkey's domestic markets have softened over the past week due to sluggish demand in the slow summer period, sources said on Thursday July 18.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY3,070-3,100 ($538-544) per tonne on Thursday, including 18% VAT, down from last week's TRY3,100-3,130 per tonne.The prices w...Read More

Turkish long steel export prices have gone down slightly over the past week in line with the limited demand for the materials, sources said on Thursday July 18.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey, was $450-460 per tonne on an actual weight basis on July 18, down from last week's $455-465 per tonne.The mills in Turkey have generally re...Read More

The price of steel billet imported into Egypt decreased in the week to Thursday July 18 because of lower offers and bids, while demand remained poor because of uncertainty about the application of import duties."Offer prices have fallen but there are no bookings because of the uncertainty about safeguard duties," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional...Read More

The export price for CIS-origin steel billet has tumbled with several new bookings done at lower prices, Fastmarkets heard on Thursday July 18.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $420 per tonne on July 18, down from $425 per tonne the day before. The price was in the range of $422-423 per...Read More

Domestic prices for heavy steel plate in Southern Europe fell over the past week due to a lack of buying activity, sources told Fastmarkets.Demand is expected to decrease further in August due to seasonal factors such as scheduled maintenances at the mills, they added.Fastmarkets' weekly price assessment for steel, domestic, plate 8-40mm, exw Southern Europe, was ?,?490-510 ($550-572) per tonne ex...Read More

Diamond market weak due tosummer slowdown and sluggish dealer demand. Manufacturers frustrated by tightprofit margins and hoping for rough price reduction at De Beers July sight. Cuttersmaintaining low polished production due to profit and liquidity squeeze. ABN Amrorestricts rough-sector lending out of concern for lack of profitability. ChowTai Fook FY1Q same-store sales +11% in China, -11% in Ho...Read More

Fewertransactions than this time last year, despite strong foreign-dealer presencein Mumbai. Buyers looking for bargains amid rumors of tight liquidity andfinancial distress. 0.30 ct. diamonds selling in parcels since prices ofcertified goods have declined. GIA has reduced grading fees for 0.30 by 10%. Soliddemand for SI1-I2 parcels. Manufacturers maintaining low polished production. RoundRead More

RAPAPORT...De Beers has lowered its production forecast for this year,noting that weakness in the diamond trade negatively affected itsperformance in the second quarter.Sales volume slumped 10% to 9 million carats in the threemonths ending June 30 due to an oversupply of goods, Anglo American, De Beers'parent company, reported Thursday. In light of that, it now expects to recover about31 million c...Read More

RAPAPORT...Retailers' attempts to maintain low diamond inventories are hurtingdemand across the trade, Alrosa warned after reporting its lowest quarterlysales since 2015. The Russian miner's sales slumped 26% to $807 million in thesecond quarter ending June 30, it reported Thursday. An oversupply of rough andpolished in the manufacturing and retail sectors has hurt appetite for thecompany's goods,...Read More

Various Indian online news outlets reported that Reliance Brands had come to an understanding with the 182-year old American jewelry brand Tiffany & Co. to bring Tiffany's to India. Reliance Brands is owned by Mukesh Ambani, India's richest businessman and industrialist. He is the chairman, managing director, and largest shareholder of Reliance Industries Limited (RIL), a Fortune Gl...Read More