Prices for imported rebar in the United Arab Emirates have weakened over the past week, in line with lower offers and a lack of demand, sources said on Tuesday June 18.Domestic rebar The domestic rebar market in the UAE was sluggish due to a drop in demand during the summer period. The UAE's largest producer, Emirates Steel, was offering rebar at 1,881 dirhams ($512) per tonne ex-works this week,...Read More
The price for flat steel products imported in the United Arab Emirates (UAE) and Saudi Arabia was fairly stable over the past week, except for hot-rolled coil, while the demand for material was limited, sources said on Tuesday June 18.UAEOffers for HRC were at around $520-530 per tonne cfr from all supplying regions this week, but demand was sluggish due to falling prices.Fastmarkets' weekly price...Read More
Eastern China's hot-rolled coil prices dropped further on Tuesday June 18 amid a sustained bearish outlook for the sector among most market participants.DomesticEastern China (Shanghai): 3,730-3,750 yuan ($539-541) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,740-3,750 yuan per tonne, unchangedParticipants remained pessimistic about price trends in the HRC market, and are not ex...Read More
RAPAPORT... Business Botswana called out De Beers for failing to providesubstantial opportunities for the country's businesspeople, ahead of the miner'sforthcoming negotiations over a new sales agreement. "The benefits deriving from the diamond industry haveunfortunately not been enjoyed by Batswana entrepreneurs," Gobusamang Keebine,president of the employers' advocacy group, said in a speec...Read More
RAPAPORT... Tango Mining sold a 5.28-carat rough diamond for $7,730 per carat, boosting sales from it Oena project in South Africa. The diamond was one of 190 stones totaling 333.25 carats, which the miner sold at a tender at the Kimberley Diamond Exchange in the third quarter ending May 31. The miner achieved an overallaverage price of $1,198 per carat for rough at the sale. The miner...Read More
RAPAPORT... HRD Antwerp has launched a new drop-off center in London'sHatton Garden, its first foray into the UK market, it said Tuesday. The location, which is part of an effort to combat theaccidental mixture of natural and lab-grown stones, will serve as a deliverypoint for UK jewelers sending diamonds and jewelry in for grading. Itemssubmitted to the center will then be shipped to HRD's g...Read More
BidFair USA, an entitywholly owned by Drahi, will pay $57 per share of common stock to all Sotheby'sshareholders, the auction house said Monday. The deal, which has already received board approval, is a 61%premium over the auction house's closing price on June 14. Drahi, an avid art collector and Sotheby's patron, has along-term vision for enhancing the company's value, CEO Tad Smith explain...Read More
Shamiso Mtisi, the Zimbabwean lawyer who heads the Kimberley Process (KP) Civil Society Coalition (CSC), was one of the three speakers who addressed the Opening Session of the Kimberley Process Intersessional Meeting (KPI) on June 17, in Mumbai, India. In his address Mtisi noted that this year is the KP's last chance, in the current reform cycle, to cut the diamond sector's ties to what...Read More
The June Hong Kong Jewellery & Gem Fair announced it will feature a dedicated Gemological Laboratories Zone that" industry stakeholders cannot afford to miss," the show organizers said. Scheduled for June 20 to 23 at the Hong Kong Convention & Exhibition Centre (HKCEC), the June Fair will bring together the major names in the world of gemology, including the Asian Gemmological Institute a...Read More
RAPAPORT... Jewelry appraisers will become more important than ever, with a new wave of recycled estate pieces expected to become available. "We want to get a better understanding about what the appraiser community should do as millions of Americans will be selling their jewelry," Martin Rapaport, chairman of the Rapaport Group, said in a recent town hall meeting at the JCK Las Vegas sho...Read More
Aim-listed BlueRock Diamonds, the owner and operator of the Kareevlei diamond mine, in Kimberley, has sold a 24.98 ct diamond recovered earlier this month for $190 000.Executive chairperson Mike Houston on Friday commented that the company was delighted with the sale of its largest diamond to date, adding that its recovery and sale demonstrated the potential of Kareevlei.Advertisement“We con...Read More
Bain & Company, a leading advisor to the global luxury goods industry, published the "Bain Luxury Goods Worldwide Market Study, Spring 2019," and said that the global personal luxury goods market reached a "new normal" pattern of growth, following back-to-back years of strong performance in 2017 and 2018. In 2018, 6 percent global growth (at a constant exchange rate) led to ???EUR? ?260 billi...Read More
U.S. retail sales improved in May 2019, putting at rest expectations that the US economy would be shrinking following poor reports from the job market in recent months. monthly jobs report. Various American news sources quoted a Commerce Department report that said that retail sales had risen 0.5 percent last month in May, while what had initially been reported as a 0.2 percent decrease in A...Read More
RAPAPORT... The US jewelryindustry sees social media as instrumental in overcoming digital challenges, a recent report by JCK found. Ofthe 500 respondents surveyed in the JCK's 2019 State of the Jewelry Industry Report, 46% identified connecting with clients viasocial media as their top digital strategy. Some 39% chose non-traditionaladvertising as the most effective approach and 37% consider...Read More
China is unlikely to become a major supplier in the ferrous scrap export market over the short to mid-term, due largely to robust demand in that country's domestic market, according to a top executive at Turkey-based ??olakoglu Metalurji. "I believe China is going to consume all the [ferrous] scrap internally. It's not going to export," chief executive Ugur Dalbeler said on Tuesday June 18, speaki...Read More
BidFair USA, a company owned by the French-Israeli collector and entrepreneur Patrick Drahi, has taken ownership of Sotheby's, the 275-year-old auction house. Drahi, who paid $3.7 billion for the auction house, is planning to take the publicly traded company private, which means that Sotheby's will no longer be traded on the New York Stock Exchange (NYSE). The acquisition may have a sign...Read More
Seaborne iron ore prices soared across the $110-per-tonne-cfr mark again on Tuesday June 18 after a dip on Monday, amid bullish trading in derivatives and physical markets.MB 62% Fe Iron Ore Index: $112.28 per tonne cfr Qingdao, up $4.07 per tonne. MB 62% Fe Pilbara Blend Fines Index: $111.08 per tonne cfr Qingdao,up $4.07 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $114.46 per tonne cfr Qing...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 oreBHP, Global Ore, 80,000 tonnes of 62% Fe Newman fines, traded at $111 per tonne...Read More
The seaborne coking coal spot market picked up some strength on Tuesday June 18 despite falling prices for metallurgical coke in China.A cargo of premium mid-vol hard coking coal, with laycan set for late June, was sold to a northeastern Chinese end user at $201 per tonne cfr China, various sources confirmed during the day.The price is a bit higher than current market rates, but is down $0.70 per...Read More
RAPAPORT PRESS RELEASE, June 5, 2019, Las Vegas ... Members of RapNet, the world's largest diamond tradingnetwork with daily listings valued at $7.5 billion, voted overwhelmingly againstintroducing services for synthetic diamonds. The following are the votingresults for the issues polled. Should RapNet provide listings for synthetic diamonds?No: 5,934 (79%),Yes: 1,607 (21%).Should Rapaport publish...Read More