RAPAPORT... A flawless white diamond with a high estimate of nearly $13million will head up April's Magnificent Jewels and Jadeite auction atSotheby's in Hong Kong. The oval brilliant-cut, 88.22-carat, D-color, flawless, typeIIa stone is one of only three oval diamonds over 50 carats offered in auctionhistory, Sotheby's said Tuesday. The stone - which has a presale estimate of$11.2 milli...Read More
The Comex copper market continued to move in a positive direction on Wednesday February 20, with global trade talks between the United States and China showing progress.The copper price for March settlement on the Comex division of the New York Mercantile Exchange increased 2.25 cents to $2.8970 per lb. Additionally, the red metal's price remains elevated against a backdrop of falling London....Read More
On Wednesday, hopes that an escalation of the trade war between the US and China can been avoided (or at least postponed) sparked a massive rally in mining stocks - already buoyed by climbing metals prices.US President Donald Trump said yesterday he may not increase tariffs on Chinese products on March 1, as talks about the trading relationship between the world's two largest economies continue in...Read More
A report published by Fitch Solutions states that due to the prevalence of off-grid remote mineral deposits in Sub-Saharan Africa and the fact that traditional grid-power tends to be unreliable in those mines, mining companies operating in the region should invest in renewable energy.According to the market research firm, off-grid mines could benefit from reducing their dependency on diesel while...Read More
RAPAPORT... Swiss watch exports were flat in January at CHF 1.62 billion ($1.62 billion), as a drop in orders from Chinaoutweighed solid growth in other major export markets. "The main markets reported growth, except for China, whichexperienced one of the most unfavorable base effects of the last four years," the Federation of the Swiss Watch Industry reported Tuesday. Exports to China...Read More
RAPAPORT... The average amount US couples spent on engagement rings dropped 2% in 2018, according to a survey The Knot released lastweek. While 28% of the 14,000 respondents spent more than $6,000on their ring, the national average was approximately $5,680, down from $5,764in 2017, the data showed. In 2018, "high-spenders" - those whose nuptials cost more than$60,000 - spent an average of $13...Read More
2019 is off to a great start for Lucara Diamond Corp, with the Canada-headquartered mining company having recovered another large diamond at its Karowe mine, in Botswana.The large find is a 223 ct, high white gem diamond, which will be shown alongside the 240 ct and 127 ct top white gem diamonds found last month, at the upcoming March 7 tender.AdvertisementLucara is listed on the TSX.To watch Crea...Read More
Wire rod prices in the United States have decreased due to slower market activity while import pricing remains firm due to a lack of fresh offers, market sources said.Fastmarkets' assessment for industrial quality low-carbon rod was $38.25-40 per hundredweight ($765-800 per short ton) fob mill on Tuesday February 19, down from $39.25-41.25 per cwt previously. Prior to the latest drop, wire rod pri...Read More
Argentina's sole flat steel producer, Ternium Siderar, expects its steel shipment volumes to decrease in the first quarter of 2019, and to start a recovery only in the second quarter, due to continuing inventory adjustments among clients."The company expects steel shipments to continue decreasing during the first quarter of 2019, reflecting the usual seasonality of the first quarter and the effect...Read More
Ternium does not expect that the iron ore supply disruptions in Brazil will have any early effects on output from its slab-producing unit in the country, chief executive officer M??ximo Vedoya said during a conference call to discuss results for 2018.The local branch of the Latin American group, called Ternium Brasil, is supplied with some 7.3 million tonnes per year of iron ore from Vale, he adde...Read More
The price for rebar produced and delivered in Southern Europe remained flat on Wednesday February 20, with producers still unable to pass on higher raw materials costs - even with the added pressure of exhausted import quotas for Turkish rebar.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?510-520 ($577-588) per tonne delivered on Wednesday.Producers r...Read More
On Wednesday, hopes that an escalation of the trade war between the US and China can been avoided (or at least postponed) sparked a massive rally in mining stocks - already buoyed by climbing metals prices.US President Donald Trump said yesterday he may not increase tariffs on Chinese products on March 1, as talks about the trading relationship between the world's two largest economies continue in...Read More
Alderan unlocking Frisco potentialSPONSOREDalderan resourcesThe regulator found 18 irregularities related to Caserones with 11 deemed "severe".Read More
Turkish scrap import prices went down as expected on Wednesday February 20, following news of a fresh deal for a deep-sea cargo.A steel mill in the Marmara region booked a UK cargo of 10,000 tonnes of HMS 1&2 (80:20) at $316 per tonne cfr.The news of this cargo sent the daily scrap indices down sharply on Wednesday.The daily index for Northern Europe-origin HMS 1&2 (80:20) was...Read More
The decision will in effect limit supply from 2022-23, although CEO Ivan Glasenberg said a price impact would likely come from the decision."I believe it will put pressure on the price," he said during the 2018 results presentation.The cap will be around 150 million tonnes a year. Despite an 8% higher year-on-year adjusted EBITDA of US$15.8 billion, the company's profits fell 41% compared to...Read More
Seaborne iron ore prices fell across the board on Wednesday February 20 amid a quiet trading day, while Fortescue Metals Group (FMG) announced its product discount levels for March.MB 62% Fe Iron Ore Index: $88 per tonne cfr Qingdao, down $1.21 per tonne. MB 62% Fe Pilbara Blend Fines Index: $87.40 per tonne cfr Qingdao, down $1.21 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $89.10 per tonne...Read More
Alderan unlocking Frisco potentialSPONSOREDalderan resourcesThe company was revitalised last year when a leadership shakeup saw Colin Bird take the helm as chairman and the appointment of Laurence Read as CEO. Bird has created a strong following over a 40-year career, which includes the sale of Zambian copper-nickel explorer Kiwara plc to First Quantum for US$260 million a decade ago. Read has a l...Read More
Seaborne coking coal prices were largely stable on Wednesday February 20 with market participants describing supply and demand as being in a tight balance.A prompt cargo of premium hard coking coal was sold at $203.20 per tonne cfr China earlier in the day to an end user in Tangshan, in China's Hebei province. This is just $0.30 per tonne below a transaction involving the same brand of materials t...Read More
China's steel and iron ore futures fell during morning trading on Wednesday February 20, while the coking coal and coke contracts ended the session a tad higher than their opening prices.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,592 yuan ($531) per tonne, down 38 yuan per tonneMay hot-rolled coil: 3,591 yuan per tonne, down 27 yuan per tonneDalian Commodity Ex...Read More
BHP expects metallurgical coal prices to remain above long-term marginal costs with the support of Chinese policies and incremental demand from India and Southeast Asia despite volatility within and across the years.The Chinese government's focus on pollution controls has continued to drive sales of its high-quality coking coal in the 2018 calendar year, the miner said on Tuesday February 19. The...Read More