Japan's JX Nippon Mining & Metals, a mining and smelting unit of JXTG Holdings Inc, said on Monday that Seiichi Murayama, senior executive officer, will become its new president on June 26, replacing the current president Shigeru Oi.Under a long-term vision through 2040 announced on Monday, JX Nippon Mining aims to transform itself into a company focusing on advanced materials from a company cente...Read More
SailingStone Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill (TSE, NSYE: TRQ), is expected to vote against the re-election of the Canadian miner's board members this week, during the company's annual meeting.The San Francisco-based investor claims the four independent directors were handpicked by Rio and are not representing the interest of all investors.SailingSto...Read More
Turkish steel producers continued to book deep-sea scrap cargoes with the help of falling prices, sources said on Monday May 13.A steel producer in the Izmir region booked a Baltic Sea cargo, comprising 10,000 tonnes of HMS 1&2 (80:20) at $286 per tonne, 12,000 tonnes of shredded at $291 per tonne and 3,000 tonnes of bonus at $296 per...Read More
Here are five Fastmarkets MB stories you might have missed on Monday May 13 that are worth another look.China will implement import tariffs on more than 5,000 types of goods from the United States starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on Monday May 13. Fastmarkets reporters present 12 key things le...Read More
The International Copper Study Group (ICSG) has estimated that the global balance between output and consumption of refined copper will widen to a deficit of 190,000 tonnes in 2019.This forecast figure was up from an earlier forecast deficit of 65,000 tonnes, published by ICSG in October 2018, as a result of global trade uncertainty, economic weakness and static levels of mine production.The group...Read More
The global alumina market may tighten in the coming month after around 1.7 million tonnes of Chinese alumina production was suspended on environmental infringements this month, sources told Fastmarkets on Monday May 13. Xinfa Group has closed two production lines out of four at its Jiaokou alumina plant, removing 1.3 million tonnes per year of alumina output after the local authorities launched a...Read More
Alba Minerals (TSX-V:AA) announced that it entered into an agreement with Journey Exploration to acquire all of its issued and outstanding share capital.The logic behind the buyout is that Journey holds a 100% interest in five prospective vanadium and uranium properties in Colorado and Utah.Yellow Circle mine workings. Photo by Alba Minerals.According to Alba, the projects are in and adjacent to t...Read More
The International Wrought Copper Council (IWCC) has elected Dr Erwin Mayr, chief executive officer of the Wieland Group, to serve as chairman of the group, which is the international association for the copper and copper-alloy fabricating industry.Mayr succeeds Stefan Boel, formerly of Aurubis, who was the longest serving chairman in...Read More
Copper concentrates treatment and refining charges (TC/RCs) in the Asia-Pacific region continued to fall last week, attributed to copper smelters rushing to make spot purchases during LME Asia Week in a tight global concentrate market and amid a number of major refined production expansions. Fastmarkets' Asia-Pacific TC/RC index dropped to $59.60 per tonne/5.96 cents per lb on Friday May 10,...Read More
The current trading environment would support higher domestic steel prices in Brazil, but low demand and a decrease in the cost of ferrous scrap were being considered before any adjustments were announced, steelmaker Gerdau has said."We will continue to watch how consumption evolves in the country to decide whether or not to increase prices," chief executive officer Gustavo Werneck told investors...Read More
The price range for CIS export slab has narrowed downward by $5 per tonne fob week on week, amid a weak market for finished steel, Fastmarkets heard on Monday May 13.Fastmarkets' weekly price assessment for CIS export slab was $450-460 per tonne fob on May 13, down from $450-465 per tonne fob a week earlier.CIS-origin slab offers to Europe were heard at $480 per tonne fob, market participants said...Read More
China's domestic hot-rolled coil market fell further on Monday May 13 after trading activity fell, while exporters too lowered their prices.DomesticEastern China (Shanghai): 4,020-4,030 yuan ($589-590) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 3,890-3,900 yuan per tonne, down 10 yuan per tonneHRC prices in China's major markets fell on Monday after mills lowered their offers by...Read More
Import prices for steel slab in Southeast Asia and East Asia declined over the past week due to sluggish trading activity in the spot market. Fastmarkets MB's weekly import price assessment for slab in Southeast Asia and East Asia was $460-470 per tonne cfr on Monday May 13, down $10 per tonne from a week earlier. One shipment of slab produced in Iran was booked at $420 per tonne cfr to Thail...Read More
RAPAPORT... Cartier and Van Cleef & Arpels have filed a lawsuitagainst a Florida jeweler, claiming willful infringement on a number of theluxury jewelers' famous trademarked collections. Scott King, registered for business as Florida Diamond Brokers andKing Jewelers, allegedly sold imitations of jewelry belonging to theRichemont-owned divisions, the May 6 suit, filed in the US District Co...Read More
RAPAPORT... Sales at Alrosa fell 21% year on year to $318.7 million inApril amid a continued slowdown in the Indian manufacturing sector. Rough-diamond sales dropped 20% to $315.8 million for themonth, while polished revenue plummeted 68% to $2.9 million. "In the first months of 2019, the global diamond market saw somewhat weaker demand from cutters and polishers due to both diamond-stocknorm...Read More
RAPAPORT... Watches of Switzerland will proceed with an initial publicoffering (IPO) on the London Stock Exchange in an effort to reduce its debt and support growth.The UK-based luxury-watch retailer plans to raise approximately GBP 155million ($201.6 million) by selling new and existing company shares, it said last week. It will use those funds to pay offits current GBP 120 million ($150.1 m...Read More
The weak Turkish lira and renewed trade tensions between the United States and China have dampened demand for imported hot-rolled coil in Vietnam.The Fastmarkets MB weekly import price assessment for HRC in Southeast Asia - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $530-540 per tonne cfr for the week ending Monday May 13, uncha...Read More
RAPAPORT... Shares in Mountain Province rose 12% Friday after it increased its production guidance for the Gahcho Ku?(C) deposit. The Canada-based miner has made plant modifications at thesite that will allow it to process between 3.2 million and 3.3million tonnes of ore in 2019. Mountain Province had previously stated it expected toprocess between 3.1 million and 3.2 million tonnes. The chan...Read More
RAPAPORT... The Dubai Multi Commodities Centre (DMCC) will offer rough lab-grown diamonds at tender for the first time, as it aims to diversify the emirate's trade. The sale, which will be run by Hong Kong-based diamondtrading firm Tony's Auction World, will feature 50,000 carats of synthetic stones created using chemical vapor deposition (CVD). The tender will take place in the Almas Tower a...Read More
The online publication FirstPost reported earlier this month that India's Central Bureau of Investigation (CBI) had registered "a fresh case against absconding diamantaire Jatin Mehta, Winsome Diamonds and Jewellery and a Jordanian Hathyam Salman Ali Obaidah for allegedly cheating Bank of India for Rs 82.55 crore [approx. $12 million]." During the past years, CBI filed at least six...Read More