Seaborne iron ore prices fell on Thursday September 2, with the outlook remaining bearish despite a drop in steel inventories amid relatively active port trading, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao:  $142.02 per tonne,down $1.41 per tonne62% Fe low-alumina fines, cfr Qingdao:  $142.59 per tonne,down $1.64 per tonne58% Fe fines high-grade premium, cfr Qing...Read More

The seaborne premium hard coking coal cfr price and hard coking coal fob price soared on Thursday September 2 due to sustained tight supply. And some Chinese coke producers proposed the ninth round of price hikes since the start of August.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $443.02 per tonne, up $11.99 per tonneHard coking coal, cfr Jingtang: $403.85 per tonne, up $7.33 per...Read More

Non-binding offers have been made for the purchase of Glencore's warehousing and logistics firm, Access World, with the official due diligence process now underway, according to sources familiar with the matter.At least three Asia-based bidders are in the final stages of the process, which will require firm offers to be submitted at the end of the month, sources told Fastmarkets.A number of compan...Read More

Chile's state-owned mining entity Codelco announced on September 2 that it had reached an agreement with two of the three labour unions that are striking at its Andina mine."The workers associated with the SIIL and SUT Unions will resume their work on a date to be defined with the administration," Codelco said in a statement. The new wage agreement between the company and the Industrial Union of L...Read More

United States-based aluminium producer Novelis has concluded a $175 million capacity expansion project in Brazil and was already studying further increases to meet growing demand in the country for aluminium cans, its local vice-president for procurement, Alfredo Veiga, told Fastmarkets on Wednesday September 1.The company disclosed in November 2018 its plans to raise rolling capacity by 100,000 t...Read More

Copper scrap prices in the United States were steady on Wednesday September 1 amid solid demand and whipsawing Comex copper prices."Demand has held up well overseas, domestically it's fair," one trader source said. "Consumers have found a comfort level with their suppliers and everybody is making decent money at these spreads, so there've been no drastic...Read More

Dealers return from Las Vegas optimistic for holiday season. Good orders at JCK, Luxury, Antique and Couture shows signal positive sentiment among US independents. Major retailers did not attend but are seeing momentum online and in-store. Signet Jewelers 2Q revenue +101% to $1.8B, profit of $225M vs. loss of $82M a year earlier. Chow Sang Sang 1H sales +69% to $1.4B. Sustainability emerges as key...Read More

RAPAPORT... Signet Jewelers outperformed expectations in the second fiscal quarter as strategic changes paid off, prompting the company to lift its forecast for the full year.Sales more than doubled to $1.79 billion in the three months ending July 31, compared with $888 million in the equivalent period last year, the US retailer reported Thursday. It had predicted revenue of up to $1.65 billi...Read More

RAPAPORT... Gem Diamonds returned to the black in the first half of 2021 amid strong sales and a higher average price.The company reported a profit of $9.3 million for the six months ending June 30, compared with a loss of $1.7 million a year earlier, when Covid-19 temporarily shut down its Let??eng mine in Lesotho and restricted tenders. Profit also increased 121% over the first half of 2019, Gem...Read More

RAPAPORT PRESS RELEASE, September 2, 2021, Las Vegas... Diamond prices were stable in August, which is traditionally a slower period for the trade. Upbeat activity at the Las Vegas shows reflected the robust US market that has been driving demand. Retail jewelers are having a strong year, spurring optimism across the supply chain.The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds edged up 0....Read More

RAPAPORT... The traditionally slow summer felt like a distant memory this year. Instead, summer 2021 will be remembered for a sales surge in the wake of the pandemic.New York: Resuming client visits"After six months of almost no sales, September 2020 was one of the best we ever had," said Aron Suna, president of New York jewelry manufacturer Suna Bros. Since September, his sales have been "ve...Read More

The London Metal Exchange trading ring will reopen on Monday September 6, for the first time in 18 months, and chief executive officer Matthew Chamberlain admits that there have been a lot of tough conversations with members about its future.Ring trading will look very different after the restart. Closing prices will be traded electronically, via LMESelect, and only official prices will move back...Read More

(IDEX Online) -  A "unique" collection of three Argyle diamonds -  a pink, a red, and a violet stone - has been sold to a buyer in the US.Diamond Cutters International  described it as "a multi-million dollar collection" but would not disclose the price paid by a collector from Houston, Texas.The so-called Millennia Collection (pictured) comprises:The Millennia Red, a 0.55-ct vs2- c...Read More

The IDEX Polished Price Index remained virtually static, albeit with slight rises at the start and end of August.  It closed the month up by just 0.42 per cent, a slowdown from 2.20 per cent in June and 1.49 per cent in July. It also increased during April and May.IDEX Online subscribers please click here to read the full report. Read More

China Hongqiao, the world's largest producer of primary aluminium, has completed the first stage of its transition of over 2 million tonnes of aluminium production from Shandong to the company's hydro-powered smelter in China's Yunnan Province, it was announced during Fastmarkets International Aluminium conference this week. Speaking at the conference on Thursday September 2, Ron Knapp, internatio...Read More

Hot-rolled coil prices in the United States climbed above $97 per hundredweight ($1,940 per short ton) to a new record, with market participants expressing concern that upcoming mill maintenance will result in reduced availability of steel. Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $97.08 per cwt ($1,941.60 per ton) on Thursday September 2, up by 0.86% from $96....Read More

The continuing shortage of container freight space and vessels could intensify further in the coming weeks, shippers of ferrous scrap told Fastmarkets this week."The lack of freight space for containers is a big problem now, and it's driving up costs and prices for shippers all over the world," a ferrous scrap seller in Singapore told Fastmarkets on Thursday September 2.Traders handling containeri...Read More

Prices in the United States for imported hot-rolled coil hovered near the same level seen two weeks ago, with foreign producers taking advantage of the wide spread between imports and domestic material to bolster US sales."Offers are as much as $400 per ton lower than domestic prices, with deliveries arriving in November and December," an East Coast distributor source said. "Yes, the foreigners ar...Read More

Prices for domestic steel reinforcing bar in the United States were stable this week, with market participants waiting to see if other mills will follow Steel Dynamics Inc's (SDI) price increase.Fastmarkets' price assessment for steel rebar, fob mill US was $49.25 per hundredweight ($985 per short ton) on Wednesday September 1, unchanged since August 11 but up by 75.89% from $28 per cwt at the sam...Read More

Acciaierie d'Italia, formerly known as ArcelorMittal Italia and earlier known as Ilva, has temporarily stopped operation of its coke battery No12, a company source told Fastmarkets on Thursday September 2."Battery 12 of the coking plant started the final phase of refurbishment in line with environmental standards on September 1," the company source said. "This phase requires the suspension of...Read More