Fastmarkets proposes changes to the location specification of its northern China domestic hot rolled coil price assessment.The new location will be Tangshan instead of Beijing after market participants increased their focus on Tangshan's HRC prices. This amendment will allow Fastmarkets to consider more spot liquidity within its assessment of domestic HRC prices in north China.The consultation per...Read More
RAPAPORT... The International Institute of Diamond Grading and Research(IIDGR) has changed its name to De Beers Group Industry Services to enableconsumers to clearly identify it as part of the De Beers group. "[The rebranding] will make things clearer and simpler forcustomers, and [will] make the business's position as part of De Beers Groupmore obvious," David Johnson, head of strategic clie...Read More
Chinese vanadium pentoxide (V2O5) producers may be unable to achieve their scheduled production ramp-up plans in 2019 due to cost pressures stemming from the comparatively low V2O5 price so far this year and persistent stringent environmental inspections across the country, market sources told Fastmarkets MB. Many Chinese V2O5 producers planned to ramp up their operations in 2019, encouraged by ha...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
China's hot-rolled coil producers raised export prices on Tuesday June 25 amid continual gains in the domestic market.DomesticEastern China (Shanghai): 3,910-3,920 yuan ($568-570) per tonne, up 10-20 yuan per tonneNorthern China (Tianjin): 3,850-3,860 yuan per tonne, up 10-20 yuan per tonnePrices rose further during the day with more and more participants becoming more bullish about the market.The...Read More
Following the United States' decision - by means of a decree by President Donald Trump - to withdraw benefits under the Generalised System of Preference (GSP), the price of polished diamonds exported by India to the US will increase with seven to eight percent, according to rating agency CRISIL. Currently, the US accounts for about half of the India's diamond exports to the US, at...Read More
The leading India daily Times of India (ToI) reported that "due the slum in [the] diamond industry for the past couple of years," two large companies, one in Mumbai and one of Surat are unable to pay off their debts to their banks, saw their credit lines withdrawn, and are basically bankrupt. One Mumbai-based diamond manufacturing and trading company is said to be "saddled with huge borrowings fr...Read More
India's Enforcement Directorate (ED) has termed as a facade an affidavit submitted by the fugitive Indian diamantaire and jewelry manufacturer Mehul Choksi in which Choksi claimed that his health problems prevent him from doing so. The ED consequently offered to provide an ambulance and a team of medical experts to bring Choksi back from Antigua and to provide him with all necessary treatment...Read More
Aim-listed Kefi Minerals on Friday reported that fieldwork had started at its Hawiah exploration licence, in Saudi Arabia.The fieldwork began with a modest cost but a potentially high-impact induced polarisation and resistivity geophysical survey aimed at better defining the large volcanogenic massive sulphide target for drilling.AdvertisementThis survey follows the previous self-potential (SP) ge...Read More
The Dubai Multi Commodities Centre (DMCC) welcomed 1,868 new companies to its free zone in 2018, a 12 percent increase compared to 2017. The construction of Uptown Dubai, DMCCs new district, is also well underway to accommodate the demand for additional space, DMCC announced. "We have established our position as the preferred free zone for companies looking to set up their businesses in the region...Read More
The Namibian reported earlier this week that businessman David Shimwino denied having any links to Gem Diamonds, the company that won a N$300 million contract to valuate Namdeb diamonds over the next five years. Namibia's Central Procurement Board (CPB) awarded the N$300 million contract to Gem Diamonds Namibia, while Global Diamond Valuators Namibia, the firm that currently provides the val...Read More
De Beers' fifth sales cycle of its "Global Sightholder Sales and Auction Sales" of 2019 was reported to be as low as $390 million. Bruce Cleaver, CEO, De Beers Group, said: "While overall retail sentiment for diamond jewelry in the US remains solid, a more challenging environment in China and higher than normal polished diamond inventories in the midstream resulted in a cautious approach from...Read More
Turkish steel mills remained silent in the deep-sea scrap markets amid firm offers and reduced material requirements for July, sources said on Tuesday June 25.Turkey's domestic steel producers reduced their deep-sea scrap purchases last week after booking a number of cargoes for July.Producers still need some more scrap for July shipment, however, sources said, adding that this would make supplier...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 oreVale, tender, 100,000 tonnes of...Read More
Metallurgical coke prices in China are trending down this month, with market participants expecting further drops in the coming weeks due to steel mills' narrowing margins and ample inventories.Metallurgical coke prices have fallen by 100 yuan ($14.54) per tonne after steelmakers opposed a fourth round of price rises due to shrinking profit margins.East China's Rizhao Iron & Steel and north China'...Read More
Fastmarkets wishes to clarify the specification of the Vietnam steel scrap assessment, which is based on heavy melting scrap 1&2 of 80:20 quality.The name of this price, which from July 5 will have the symbol MB-STE-0783 exclusively associated with it, has been amended to steel scrap HMS 1&2 (80:20), cfr Vietnam, $/tonne. The specifications for this price are as follows:Assessment: Steel...Read More
Weakness persisted in the seaborne coking coal spot market on Tuesday June 25 with participants in both the China and ex-China segments keeping to the sidelines amid poor demand."End users' interest in seaborne coking coal cargoes is thin amid weakness in the metallurgical coke market," a Chinese trading source said.A second Chinese trader said that offers for premium low-vol hard coking coal rema...Read More
Quality emerges at Galan's blue-chip lithium addressSPONSOREDgalan lithiumThe company is a force to be reckoned with following a US$380 million recapitalisation at the end of last year led by Pala Investments. Top drawer investors include JP Morgan, BlackRock, Capital Group, CIBC and Red Kite.The action centres on the underground Pumpkin Hollow copper project near Reno, Nevada, in the Yeringto...Read More
Greenland shines brightly in the rare earth spotlightSPONSOREDgreenland mineralsBlack Rock readies for race to graphite productionSPONSOREDblack rock miningE25 powering towards Butcherbird PFSSPONSOREDelement 25Finally, a changed mining tech M&A landscapeSPONSOREDatricoAccording to Orion's bankable feasibility study, released this week, the project has an NPV post-tax of A$408 million (using a...Read More
Greenland shines brightly in the rare earth spotlightSPONSOREDgreenland mineralsBlack Rock readies for race to graphite productionSPONSOREDblack rock miningE25 powering towards Butcherbird PFSSPONSOREDelement 25Finally, a changed mining tech M&A landscapeSPONSOREDatricoAccording to Orion's bankable feasibility study, the project has an NPV post-tax of A$408 million (using an 8% discount rate),...Read More