A summary of base metals premiums from across the globe for the week to Tuesday May 28. Please click...Read More
European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans its German subgroup took out to finance asset investment, but will also be on the hook for a ?,?26.7 million ($29.9 million) fine from the European Union, the company said on May 24.A group of German banks loaned Recylex's German subgroup, which includes zinc-oxide manufacturers Norz...Read More
Fastmarkets proposes to move the weekly publication day of five price assessments - two nickel pig iron (NPI) prices, two laterite nickel ore prices and one nickel sulfate price - from Tuesday to Friday.The proposed specifications are listed in full below:Assessment: Laterite nickel ore 1.8% cif China $/tonne Quality: Loose mud. 1.8% Ni, 15-20% Fe, Water content 30-35%, Si:Mg ratio <2Quantity:...Read More
Auroch Minerals has signed a binding agreement with fellow Australian miner Minotaur Exploration to acquire its Western Australian Saints and Leinster nickel sulfide deposits for A$1.5 million ($1.03 million), Fastmarkets learned on Tuesday May 28.The Saints deposit houses 1.05 million tonnes of unexploited 2% nickel-containing ore while the smaller Leinster deposit comprises 600,000 tonnes of une...Read More
The three-month nickel price on the London Metal Exchange dropped by 1.2% during morning trading on Tuesday May 28, capped by thin buying interest across Asian trading hours while US-China trade tensions continued to hang over commodity markets. Nickel prices had soared by more than 4% toward the end of last week, with the metal's three-month price reaching a one-month high of $12,495 per tonne on...Read More
Markets are in semi-limbo while they wait for developments on US-China trade and Chinese stimulus; the release of Chinese purchasing managers' index (PMI) data on Friday May 31, if poor, may well prompt more stimulus.Asian equities firmer after poor Chinese industrial profits boost expectations for stimulus Markets likely to focus on Friday's Chinese PMI data Base metals Three-month base metals pr...Read More
Prices for cold-heading quality (CHQ) and high-carbon wire rod declined in the United States after costs for raw materials fell and buyers grew more confident that they'll enjoy an abundance of supply from producers. Fastmarkets AMM's monthly pricing assessment for cold-heading quality wire rod dropped to $43.50 per hundredweight ($870 per short ton) North American delivered duty paid Great Lakes...Read More
Toronto-based Alamos Gold has received the amended permit for expansion of the Island Gold mine to 1,200 t/d from the provincial Ministry of the Environment, Conservation and Parks. The mine is located about 83 km northeast of Wawa, Ontario, Canada.Alamos said the permit was received ahead of schedule. Underground mining rates are to reach 1,200 t/d in 2020, and the company is seeking ways to reac...Read More
Plate prices in the United States have fallen again in the wake of a hot-rolled coil slump, putting the domestic plate market at its lowest point in more than 15 months.Fastmarkets AMM's price assessment for domestic cut-to-length plate dropped sharply week on week, moving to $41.50 per hundredweight ($830 per short ton) on Friday May 24. That price is off by 4.6% from $43.50 per cwt one week earl...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week due to limited demand amid the observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 28.The observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. Ramadan began earlier t...Read More
The UK's Insolvency Service has made contact "with more than 80 potential trade purchasers" interested in buying troubled UK long steel producer British Steel, it said on Tuesday May 28.Sixty of the potential bidders have been sent non-disclosure agreements, with official expressions of interest due by early June, the UK's Official Receiver, part of the UK's Insolvency Service, said.British Steel...Read More
RAPAPORT... A pink diamond ring named for its resemblance to bubble gumfetched $7.5 million at Christie's Hong Kong auction. The rare cushion modified brilliant-cut, 3.43-carat,fancy-vivid-purplish-pink, internally flawless diamond sold for $2.2 million per carat. The ring, designed by Moussaieff, features pear-shaped pink diamondsand marquise-cut white diamonds surrounding the center stone....Read More
RAPAPORT... Gemological Science International (GSI) has identified undisclosed lab-grown white sapphire melee set in pendants that had been submitted as natural-diamond jewelry. The pendants, which GSI's NewYork lab had received for a routine screening, contained near-colorless synthetic sapphires, placed next to natural white diamonds. "While the industry has taken considerable steps to add...Read More
RAPAPORT... Swiss watch exports fell 0.4% to CHF 1.76 billion ($1.75million) in April, amid continued weak demand in Hong Kong. "The negative change in exports to Hong Kong accentuated theslowdown in growth that began in late 2018," the Federation of the Swiss WatchIndustry reported Tuesday. The percentage decline suffered from an unfavorable comparison with April 2018, when shipments t...Read More
Gemological Science International (GSI), the New York headquartered, global gemological organization and a leader in diamond identification and screening, recently identified synthetic white sapphire melee in jewelry. The synthetic sapphires were detected during a routine jewelry screening procedure. GSI's New York Screening and Testing Department received diamond pendants for screening and f...Read More
Luxury market intelligence agency The Futurist is supporting a new marketing and research project of the Plumb Club of suppliers to the US jewelry, diamond and watch industries. Using data acquired through this research, the symbols of the Polar Star and the Sun, and the constellations, were identified as significant trending iconic motifs that resonate with the consumer. The Plumb Club has create...Read More
Turkish domestic ship scrap prices have inched up over the past week, while auto bundle scrap prices have remained largely stable, sources said on Tuesday May 28.Only one steel mill in the Izmir region raised its buy price for ship scrap last week, by $3 per tonne to $295 per tonne, in line with the increasing imported scrap values.So Fastmarkets' weekly price...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of...Read More
Seaborne iron ore prices corrected down on Tuesday May 28 after Monday's surge, amid a retreat in futures and steel prices.MB 62% Fe Iron Ore Index: $106.11 per tonne cfr Qingdao, down $2.51 per tonne. MB 62% Fe Pilbara Blend Fines Index: $104.59 per tonne cfr Qingdao, down $2.22 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $109.52 per tonne cfr Qingdao, down $1.83 per tonne. MB 58% Fe Premium...Read More
Canada's Nutrien Ltd, the world's biggest producer of potash fertilizer, said on Tuesday that it was evaluating whether to expand its annual production capacity by 5 million tonnes after 2023, around the time that metals miner BHP is considering a move into potash.In a presentation to investors in Toronto, Chief Executive Chuck Magro said the additional capacity would consist of expansions to exis...Read More