Luxembourg-based steelmaker ArcelorMittal has decided to resume its galvanizing capacity expansion project in southern Brazil in response to fast-growing demand in the country, the company stated in its fourth-quarter earnings report published on Thursday February 11.The project aims to increase cold-rolling and galvanizing capacity by 700,000 tonnes per year at ArcelorMittal's Vega do Sul un...Read More
A summary of ArcelorMittal's financial results for October-December 2020.In briefTotal steel shipments fell during the quarter compared with a year earlier due to global steel demand being lower than pre-Covid-19 levels despite a gradual improvement, ArcelorMittal said.The company's earnings increased as a result of a price recovery in Brazil; lower fixed costs and improved performance by its mill...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 11 that are worth another look.Luxembourg-based steelmaker ArcelorMittal has decided to resume its galvanizing capacity expansion project in southern Brazil in response to fast-growing demand in the country, the company stated in its fourth-quarter earnings report published on Thursday. The project aims to increase col...Read More
A shortage of containers to ship commodities around the world and the consequent soaring in associated freight rates have led to a revival of interest in breakbulk cargoes. Producers and physical traders of metals, agricultural, chemical and timber products have been starting to book shipments in breakbulk vessels, which cost far less and doesn't require vast amounts of equipment in port. On the m...Read More
Total London Metal Exchange off-warrant stock fell by 77,245 tonnes, or 3.9%, month on month to 1.88 million tonnes in December, according to its latest off-warrant stocks report. That is roughly the same amount by which stocks increased over November 2020, when data collected by the LME showed there was 1.96 million tonnes of metal held off-warrant. Although volumes of aluminium decreased by 4.9...Read More
If silver really is that important to...(by Half Dollar) "Fear porn".They say that's what I write.And they also say I'm not very good at it, and you know you've just gotta believe 'em, because they're so normal, so mainstream, yet still, all things considered, which isn't even really all that much, I guess that would make me like a "Fear Porn Star", and so now, I finally get it.Meh.Doesn't matter....Read More
With markets in China and much of Southeast Asia closed on Thursday February 11 ahead of Lunar New Year, trading on the London Metal Exchange this morning has been quiet with the base metals ranged between being down by 0.3% and up by 0.2%.The US Dollar Index remains on a back foot US 10-year treasury yields were weaker than they were at the start of the weakBase metalsThe three-month base metals...Read More
Something BIG CHANGED in the silver market.. by Steve St Angelo of SRSrocco ReportWith investment demand for Silver Eagles continuing to be very strong, the U.S. Mint sold nearly 7 million of the official coins in the first six weeks of the new year. Even Gold Eagles' sales hit a new record in January, pushing premiums up to $150+ for the one-ounce 2021 official coin. I believe we are going t...Read More
If you are looking for a reason why silver was capped at $30 and declined...The latest from Ted Butler, via Silver SeekIn the latest Commitment of Traders report (COT), the issue I have nearly beaten to death for decades - the concentrated short position in COMEX silver futures - took center stage to a degree that had me check and recheck the data. It seems the 4 largest shorts in COMEX silver dou...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US hot-rolled coil prices moved in line with our forecasts in January, with actual prices modestly exceeding our forecasts for the month. Fastmarkets' US HRC index averaged $1,099 per ton in January, slightly above our forecast price of $1,075 per ton for the month. W...Read More
Slower trading as Far East markets close for Feb. 12 Chinese New Year. High hopes for China retail recovery during the season. Global jewelry sales -15% in 2020 after swift 4Q rebound with US +5% to +10%, China +15% to +20%, according to Bain report. US demand stable. Large volume of goods on short-term memo since travel restrictions are limiting in-person sales. Alrosa confirms strong Jan. rough...Read More
RAPAPORT... Sapphires are the most desired colored gemstone among US consumers, followed by rubies, emeralds and amethysts, according to a recent survey by MVI Marketing. Some 46% bought fine jewelry featuring sapphire in the past two years, the study found. Ruby and emerald each attracted 41%, with 35% buying amethyst. Overall, 93% said they "loved" or "liked" all precious colored gemstones....Read More
RAPAPORT... Industry leader Jose Hess died on Tuesday at the age of 87, according to the World Jewellery Confederation (CIBJO), the organization he headed in the late 1990s.Hess passed away peacefully in his home in St. Augustine, Florida, CIBJO said in a statement Wednesday. He was distinguished for his life journey from Nazi Germany to the New York jewelry district via South America, as wel...Read More
Domestic prices for hot-rolled coil in Northern Europe increased day on day on Thursday February 11 due to good demand and long lead times, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?717 ($869.34) per tonne on February 11, up by ?,?8.67 per tonne from ?,?708.33 per tonne on Wednesday February 10.The index was also...Read More
RAPAPORT... A 23.58-carat diamond ring was the top lot at Christie's Jewels Online sale, fetching well above its high estimate.The piece, which featured a cut-cornered rectangular modified brilliant-cut, fancy-yellow, SI1-clarity stone, bracketed by two triangular-cut diamonds, brought in $325,000 against its $300,000 upper estimate, Christie's said Wednesday. In total, the auction running from Ja...Read More
(IDEX Online) - A 23.58-ct fancy yellow diamond, set in a platinum and gold ring fetched $325,000 in an online auction by Christie's New York.The price was above the high estimate of $300,000 in the Christie's Jewels Online that closed yesterday and achieved a total of $2,703,750.The top lot featured a cut-cornered rectangular modified brilliant-cut diamond natural color yellow diamond,...Read More
(IDEX Online) - BlueRock Diamonds says its Kareevlei mine, in South Africa, has a 10-year life after an updated resource statement indicated a a 53 per cent increase in net carats.The UK-based miner now says mine should yield 516,200 carats, compared to a 2018 estimate of 337,018 carats.It provides detailed breakdown of the five known diamondiferous kimberlite pipes (KVW01-5) at its deposit....Read More
RAPAPORT... Three weeks in March 2020 underscored how fast the situation could change during Covid-19. On the third of the month, JCK announced that its annual Las Vegas shows would take place as usual in late May and early June, despite the outbreak. On the 17th of the month, it called them off.What happened in between was unprecedented. The World Health Organization (WHO) declared the novel...Read More
(IDEX Online) - Two senior citizens had jewelry worth hundreds of thousands of dollars stolen in a terrifying armed carjacking.Their van was hit in the back by the perpetrators' car as they drove to a Sunday morning swap meet in Honolulu, Hawaii, USA.The 75-year-old driver said an armed man wearing a ski mask smashed the side window, pulled him out, pointed a gun at him and demanded the key.T...Read More
(IDEX Online) - When it comes to a wedding proposal, it seems the engagement ring is actually more important than a "yes".Just over half (51 per cent) of the 2,000 engaged Americans surveyed for De Beers said the ring was number one concern.Bizarrely, only 17 per cent said their top priority was that their partner should accept the proposal.Pictures of the proposal - during and afterward - were th...Read More