A correction is underway in the three-month base metals prices traded on the London Metal Exchange with prices off by an average of 0.5% on the morning of Thursday February 21, compared with Wednesday's closing levels.This morning's price pullbacks follow a day of strength on Wednesday when the complex closed up with gains averaging 1.2%, which saw copper pushed up through the top of resistance on...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths during Asian morning trading on Thursday February 21, with copper, tin and nickel edging higher, while the others were little changed to slightly weaker.The mixed movements follow the overnight release of the minutes from the US Federal Open Market Committee's (FOMC) January meeting, in which the central bank left open the...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 21 that are worth another look.Canada has established surtax-free quotas for imports of energy tubular products and wire rod originating from Mexico effective from February 2, an official from Canada's Ministry of Finance said.French mining and metallurgy company Eramet generated lower operating income f...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) is planning a 10-15% price increase for flat steel products by March 25 due to increased costs and a positive trend in international prices."Much more than the market trend, we are affected by higher costs," CSN commercial executive director Luis Fernando Martinez said during a call for analysts on Thursday February 21.The...Read More
Steelmaker Gerdau will halt operations for 60 days at blast furnace No1 at its Ouro Branco mill in the south-eastern Brazilian state of Minas Gerais, starting in early June 2019, the company said on Thursday February 21.The company does not expect the stoppage to affect sales volumes because it is already building up the inventory necessary to continue regular supplies to customers, chief executiv...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) has signed a deal to supply iron ore to international trading company Glencore.CSN's mining unit will receive a pre-payment of $500 million, and in turn will supply around 22 million tonnes of iron ore over a period of five years, CSN said late on Wednesday February 20."The transaction is part of CSN's deleveraging plan, a...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.Wood Mackenzie's research analysts have over 40 years' experience understanding and forecasting natural resources industry performance across exploration, extraction and production, refining and financial markets.We produce annual, ha...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have been largely stable over the past seven days with only minor increases reported, sources told Fastmarkets this week.European mills have been looking to increase prices to offset rising costs, with ArcelorMittal adding a further ?,?30 ($34) per tonne to its European coil steel offer prices on Tuesday - its second price in...Read More
Rising expectations for Hong Kong show (Feb.26), with hope that Chinese buyers will resume bulk orders following 2018 slowdown.Dealers uncertain about prices. Suppliers taking a lot of goods to the show. Top-makeRapSpec A2+ seeing steady demand and short supply. Rough market cautious aheadof De Beers sight, as manufacturers are squeezed by high rough prices andinflated polished inventory. De Beers...Read More
Suppliers optimistic for Hong Kong show, with signsof improvement in polished trading. Overseas buyers looking for top-make VS-I1goods, with shortages in select categories. Manufacturers maintaining lower production,as inventory of low-quality polished remains high. Tight liquidity due toreduced bank credit, squeezed profit margins and delayed payments from someoverseas clients. Local jewelry mark...Read More
RAPAPORT... A yellow diamond ring that once belonged to the royal familyof Hawaii sold for $519,500 at auction Sunday. The old-mine-cut, 34.28-carat, fancy-light-yellow,VS2-clarity diamond ring, set in platinum and white gold, was the lead item atthe Clars Auction Gallery sale in Oakland, California. It realized $15,155 percarat, according to Rapaport calculations. The piece - with a hi...Read More
Steel billet prices in the Turkish markets have been weakening over the past seven days because of softening demand and the latest downturn in scrap prices, sources said on Thursday February 21.Fastmarkets' weekly price assessment for billet imports into Turkey was $450-473 per tonne cfr on February 21, down from last week's $475-480 per tonne.Only one cargo from the CIS region to Turkey was heard...Read More
RAPAPORT... In a bold and somewhat savvy move back in January 2018, Tyson Foods, one of the largest food-processing companies in the US, took a minority stake in Memphis Meats, a startup in the budding cultured-meat industry. Despite the deal's sleeping-with-the-enemy feel, the investment sparked little controversy, as Tyson was the latest in a line of high-profile investors in the food-tech busin...Read More
The Diamond Producers Association (DPA) announced today the third wave of the Real is Rare, Real is a Diamond campaign. Entitled 'For Me, From Me', the campaign is inspired by the natural diamond industry's strongest growth engine, women self-purchase, which today represents one-third of all diamond jewelry sales in the US, a $43 billion diamond market that grew +4% in 2017, according to De Beers...Read More
Turkish domestic rebar and wire rod prices have continued to weaken due to the sluggish demand in the country, sources said on Thursday February 21.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,100-3,150 ($584-594) per tonne ex-works on February 21, down from last week's TRY3,180-3,250 per tonne.Domestic rebar prices in the Izmir and Karab? 1/4 k regions were TRY3,100-...Read More
Wholesale prices for lab-grown diamonds have fallen by up to 60 percent since De Beers began selling synthetic stones for jewellery in September, CEO Bruce Cleaver said on Thursday, adding margins for the sector would continue to fall.De Beers, part of mining group Anglo American, shocked the diamond industry last year when it announced it was reversing a decades-old policy of selling natural diam...Read More
RAPAPORT... De Beers' earnings fell in 2018 due to the costs of new initiatives such asits Lightbox synthetics business.Underlying earnings slid 34% to $349 million, as capital expenditure rose 53% to $417 million for the year, the company reported Thursday. That included outlays related to the launch of De Beers' lab-grown jewelry brand, as well as its Tracr blockchain program, and Gemf...Read More
Canadian miners continued going down the slippery slope in the last three months of 2018 due mostly to weak commodity prices, triggered by a slowdown in China's economy near the end of the year, the latest report by Ernst & Young (EY) reveals.As a result, EY's Canadian Mining Eye index - which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mi...Read More
Following a board review of the company’s diamond assets, Lucapa Diamond Company will prioritise production and cash generation from its two high-value diamond mines, the Lulo alluvial mine, in Angola, and the Mothae kimberlite mine, in Lesotho, to ensure shareholder value is maximised.This entails advancing the year-round Lulo kimberlite exploration programme to identify a possible source o...Read More
De Beers Group's latest course 'Synthetic Diamond Detection', is to be held at the Birmingham Assay Office on Tuesday 26th March 2019. The one-day intensive course has been designed by the De Beers Group Institute of Diamonds, in response to the rise in synthetic diamonds and the risk they pose to the integrity of the jewelry industry. Marion Wilson, Director of AnchorCert Academy, Birmingh...Read More