Crude steel production in Argentina fell by in May due to a weak economy, national steel association Acero Argentino said.The country produced 406,800 tonnes of crude steel last month, down by 7.1% from 438,100 tonnes a year earlier, the association said on Friday...Read More
The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) has weakened during the week ending Tuesday June 18 amid slow market demand.Fastmarkets' weekly price assessment for HRC exported from the CIS was $470-485 per tonne fob Black Sea on June 18, moving down from $475-490 per tonne fob on June 10. "Demand is weaker than expected after [the Isla...Read More
RAPAPORT... Online retailer Enchanted Diamonds has gone into liquidation with liabilities of $1.7 million.The company, which also had a showroom in Times Square, Manhattan, filed for Chapter 7 bankruptcy in New York federal court on June 20. This follows a suspension of the company's Better Business Bureau (BBB) A+ accreditation, with BBB confirming it had received a spike in consumer complai...Read More
RAPAPORT... The government of Botswana is said to have expressedinterest in buying shares in Lucara Diamond Corp., the owner of the country'shigh-value Karowe diamond mine. "I have proposed...Lucara allow [the] government to invest inthe company," President Mokgweetsi Masisi told the Botswana Gazette. "Asa county we would benefit from such value." Lucara CEO Eira Thomas and Masisi met for a...Read More
The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) has remained moderate during the week ending on Monday June 24 amid slow market demand.Fastmarkets' weekly price assessment for HRC exported from the CIS was $470-485 per tonne fob Black Sea on June 24, unchanged week on week. Steel mills in the CIS have almost closed sales for July product...Read More
RAPAPORT... India's polished-diamond exports slid 15% year on year in May, reflecting a slowdown in the trade that's been evident for the past seven months. The last monthly increase was recorded in November, according to Rapaport records. The decline in May was the result of lower volumes, which outweighed an increase in the average price of goods, data from the Gems & Jewellery Export P...Read More
Reuters reported this week that "a long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy's largest lender, and smaller rival Banco BPM." Reuters wrote that "Italy's biggest banks are suspected of colluding with diamond brokers to scam their own customers ???,?" allegedly sellin...Read More
India, as the KP Chair for 2019, successfully hosted the KP Intersessional meeting in Mumbai. The meeting which started on 17th June concluded today, 21st June 2019. The KPCS is an international mechanism mandated by UN to reduce the flow of conflict diamonds which were being used to finance wars against legitimate governments. Mr. Alok Vardhan Chaturvedi, KP Chair and Director General of Foreign...Read More
The Diamond Council of America (DCA), a US accredited school that offers jewelers the opportunity to earn professional certifications in diamonds, colored gemstones and fine jewelry sales through distance education, announced that it has received a $25,000 grant from the Gemological Institute of America (GIA) to provide scholarships to DCA graduates to enroll in GIA online distance education cours...Read More
After a marathon twelve-hour auction, Christie's Maharajas & Mughal Magnificence auction achieved $109,271,875 with 93 percent sold by lot and 92 percent sold by value, establishing the highest total for any auction of Indian art and Mughal objects, and the second highest auction total for a private jewelry collection. Sale registrants came from 45 countries across five continents and the...Read More
The fourth edition of the Dubai Diamond Conference (DDC) will take place on September 26, 2019, at the Almas Conference Centre, Almas Tower, Dubai, United Arab Emirates. The one-day conference will gather global industry professionals to discuss the impact of technological innovation on the diamond industry, its supply chain and future prospects. Fluctuating prices and profitability combined with...Read More
Bank Windhoek, Standard Bank Namibia, RMB Namibia and South Africa's Absa Bank are reported to have joined Nedbank Namibia to raise around N$5,6 billion to finance the construction of Debmarine's new vessel, with Debmarine contributing N$1.4 billion. The investment is the biggest in the Namibian mining industry, and the biggest in the world's marine diamond mining sector. De Beers M...Read More
RAPAPORT... Transparency is a growing goal for wholesalers, but there'sanother "T" word that may be even more important: trust. In an industry definedby long-abiding relationships, assurances of ethical sourcing depend heavily ona seller's reputation for integrity. Opening up Transparency is now a "definite trend," according to EricMor, president of New York-based wholesaler Abe Mor Diamond Cutter...Read More
Turkish steel producers remained out of the deep-sea scrap markets at the beginning of the week, while suppliers were trying to keep offers firm, sources said on Monday June 24.Mills slowed their bookings last week, with almost 80% of all their July requirements booked. Although, this means they still need to book scrap, sources told Fastmarkets.As a result, suppliers were keeping their offers as...Read More
The Turkish domestic scrap prices continued to weaken over the past week in line with falling imported scrap values, sources told Fastmarkets on Monday June 24.Several steel producers in Turkey have reduced their buy prices for local auto bundle scrap by around TRY30-85 ($5-15) per tonne over the past seven days.Long and flat steel mill ??olakoglu cut its buy price for auto bundle scrap to TRY1,83...Read More
United States buyers resumed pig iron purchases in the week to Friday June 21 at higher prices on reduced pig iron availability, sources told Fastmarkets. Fastmarkets' import price assessment for pig iron in the US was $345-354 per tonne cfr on Friday, compared with $345 per tonne cfr in the week prior. Several purchases of 100,000 tonnes in total of Russia-origin pig iron for July-Augus...Read More
Iron ore prices weakened on Monday June 24 amid worries new restrictions on blast furnaces in China's steel hub will dent demand for the steelmaking raw material. MB 62% Fe Iron Ore Index: $116.77 per tonne cfr Qingdao, down $0.21 per tonne. MB 62% Fe Pilbara Blend Fines Index: $115.57 per tonne cfr Qingdao, down $0.21 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $117.78 per tonne cfr Qingdao,...Read More
Export pig iron sales from the south of Brazil resumed at lower prices on a weak scrap market and long lead times, sources told Fastmarkets on Friday June 21.Fastmarkets' weekly price assessment for pig iron exported from the southeastern Minas Gerais region of Brazil was $315 per tonne fob on June 21, narrowing downward by $5 per tonne week on week.One sale of high-phosphorous pig iron for August...Read More
Fresh production cuts in China's steel-heavy region of Tangshan in Hebei province worsened sentiment in the seaborne coking coal market on Monday June 24."Mills have been asked to follow the output restrictions guidelines according to the categories they have been classified under, so mills in Category A will have to slash output by 20% while the other mills will have to slash by at least 50%," a...Read More
Prices for seaborne iron ore concentrate and pellets rose last week in accordance with the strengthening of the wider iron ore market, though the situation for these niche products has yet to improve amid ample supply of domestic equivalents in China.ConcentrateThe weekly Fastmarkets MB 66% Fe Iron Ore Concentrate Index stood at $123.05 per tonne cfr China last Friday June 21, up $4.56 per tonne f...Read More