Here are five Fastmarkets MB stories you might have missed on Wednesday May 15 that are worth another look.Rising inventories of manganese ore at Chinese ports amid soaring import volumes were being fueled by changes to alloy smelters' purchasing habits, offset by low stocks at plants, market participants told Fastmarkets.Trafigura has consolidated its leadership team in the non-ferrous...Read More
Global premiums held over the week ended on May 14, while tin prices on the London Metal Exchange have been erratic and frequently at odds with record-low global stocks.Thin spot trade in the United States provides no basis for change but some offers trend down.Price volatility inhibits European trade.Chinese premiums extend lengthy flat-line trend.Premiums hold, but US buyers emboldenedThe US pre...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 15. Please click...Read More
Garry Jones, former chief executive officer of the London Metal Exchange, has been appointed as independent non-executive director and remuneration committee chair at ICBC Standard Bank, Fastmarkets understands. Jones was appointed as CEO of the LME after its acquisition by the Hong Kong Exchanges & Clearing (HKEX) in 2012 and fulfilled the role until 2017, when current CEO Matthew Chamberlain...Read More
The record-high backwardation in the LME cash/three-month spread pushed the zinc premium in Europe to a historical low and the Taiwan zinc premium to decline for the first time in five months, while the recent drop in the LME lead price attracted buying interest in India and pushed the premium up. The European zinc premium fell to a historical low amid a record high LME backwardationTaiwan zinc pr...Read More
An uninspiring macro picture from China, which released its latest slew of lackluster economic data on Wednesday May 15, kept base metals prices on the London Metal Exchange relatively firm during morning trading on the same day."This morning's Chinese data is weak [and] the immediate reaction in the Chinese equity markets is muted," John Browning of BANDS Financial said.The markets seem to have a...Read More
U.S. lawmakers on Tuesday moved closer to developing a national electric vehicle supply chain policy, with senators voicing bipartisan support for legislation designed to parry China's dominance in metals production and battery manufacturing.The Senate's Energy and Natural Resources Committee held a hearing on the American Mineral Security Act, which would help streamline regulation and permitting...Read More
Vale might invest as much as $250 million in Brazilian slab producer Companhia Sider??rgica do Pec?(C)m (CSP) over the next three years, to improve the steelmaker's balance sheet, the miner told Fastmarkets on Tuesday May 15.Despite recording an operating profit recently, CSP faces erosion of its capital, mostly because of the need to pay interest expenses and the depreciation of the Brazilian Rea...Read More
RAPAPORT... Hong Kong-based M&B Diamonds expects to sell a record-setting purple diamond for more than $10 million, after buying the stone from Alrosa. The cushion modified brilliant-cut, 11.06-carat diamond isthe largest fancy-deep-purple-pink stone the Gemological Institute of America(GIA) has examined, according to the August 2018 grading report. Alrosa originally debuted the gem...Read More
RAPAPORT... The US diamond and jewelry industry is facing the possibility of higher tariffs on goods from China as the trade warescalates. The Trump administration has proposed a levy of up to 25% on products from China worth a total of $300 billion, the US Trade Representative (USTR) announced on May 9. Raw materials and accessories used in the jewelry trade are among the 3,805 items on the...Read More
RAPAPORT... Sotheby's brought in a total of $42 million at its Genevaauction Tuesday as an emerald and diamond necklace with royal connectionsfetched $3.6 million. The Van Cleef & Arpels Art Deco piece, which includesdiamonds, as well as 11 cabochon Colombian emeralds with a total weight of morethan 75 carats, went for more than double the price it achieved when it wasfirst sold at auctio...Read More
The Dubai Multi Commodities Centre and the China Gems and Jade Exchange signed a memorandum of understanding to create new trading opportunities between the United Arab Emirates and China.The China Gems and Jade Exchange is a national-level gemstone trading platform approved by the State Council of China.In a press release, the parties explained that the idea is to connect buyers and sellers of g...Read More
An accident at a steel mill owned by Brazilian steelmaker Companhia Sider??rgica Nacional (CSN) on Wednesday May 15 injured around 20 employees but had no impact on production there, the company said.The accident at the plant in Volta Redonda city, in Brazil's southeastern Rio de Janeiro state, was caused by a reaction during the removal of slag from equipment during the steelmaking process, CSN s...Read More
Steel H-beam prices in Northern and Southern Europe were stable this week, although pressure from falling scrap costs remains a feature of the market and beams prices could fall in the near future, sources told Fastmarkets on Wednesday May 15.One factor behind the lack of price movement, particularly in Southern Europe, was the Made in Steel event taking place in Milan, Italy, from May 14-16, wher...Read More
ABN AMRO published its report with the bank's results for the first quarter of 2019. The report makes no mention whatsoever about the diamond, gem and jewelry sector. Following is an excerpt from the message by Kees van Dijkhuizen, CEO of ABN AMRO Group: ""We are building a future-proof bank through continued Innovation & Technology (I&T) improvements supported by product and process rat...Read More
Israel's diamond trade is preparing for the Las Vegas shows, the most important group of shows for the gems and jewelry trade in the United States. Dozens of Israeli diamond companies have been planning for this event for months and are looking forward to a very good show. The United States is the Israeli Diamond Industry's largest market for polished stones, accounting for close to half...Read More
Petra Diamonds announced it sold its 424.89-carat 'Legacy of the Cullinan Diamond Mine' to Stargems Group / Choron of Belgium, for just under $15 million. This exceptional D color Type IIa gem mined from the Cullinan C-Cut adds to the most famous diamonds to have originated from this historic mine. Commenting on the sale, Petra's CEO, Richard Duffy, said: "This is a significan...Read More
The price of rebar produced and delivered in Northern Europe has widened downward by ?,?5 ($6) per tonne amid hesitant end-user buying activity and continued concerns about demand, market participants told Fastmarkets on Wednesday May 15."Apparent demand from the construction sector is okay, but there is buyer hesitation, which is leading to some nervousness from mills, and they might drop the pri...Read More
DMCC, the world's leading Free Zone for commodities trade and enterprise signed a Memorandum of Understanding with the China Gems and Jade Exchange (CGJE), creating a strategic alliance with China's official trading platform for gemstones and jade. Feryal Ahmadi, Chief Operating Officer, DMCC, and Mr. Yuk Chan, Co-Founder and Executive Vice President, CGJE, signed the agreement during a...Read More
Club Degli Orafi and the Studies and Research Department of Intesa San Paolo reported that for the Italian jewelry manufacturing industry and trade, 2018 had been a disappointing year. Once the undisputed leader in high-end jewelry design and manufacturing. Italy is struggling in a highly competitive sector. Jewelry design and production giants such Turkey and Thailand continue to challenge Italy'...Read More