The Civil Society Coalition (CSC), an alliance of international civil society organisations affiliated to the Kimberly Process Certification Scheme (KPCS) issued a statement last week, asking the UN and the KP to classify Zimbabwe's gemstones as conflict diamonds in order to prevent their sale in the global market. The Statement came at the conclusion of the United Nations General Assembly�...Read More
The India Jewellery Park of Mumbai, a mega initiative by the Government of India to take India's jewellery manufacturing and trade to a new level, was inaugurated earlier this month. The project will enjoy a total investment of more than $10 billion and once in operation is expected to generate an annual turnover of $30 billion The foundation stone laying ceremony was attended by Suresh Prab...Read More
China's hot-rolled coil prices weakened on Monday March 11, leaving traders with the expectation that mills would lower their export offers this week following last week's sparse trading activity.DomesticEastern China (Shanghai): 3,790-3,810 yuan ($564-567) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,740-3,760 yuan per tonne, down 20-30 yuan per tonneSpot prices for HRC dropped...Read More
An investigation resulting from a US bankruptcy court order has suggested that Samuels Jewelers Inc., Mehul Choksi's US-owned company, may have sold lab-grown diamonds (LGDs) to customers with fraudulent grading reports that presented them as natural diamonds. The fraudulent reports were produced by a laboratory controlled through one of Choksi's businesses on the British Virgin Islands, the inves...Read More
GABORONE – Diamond-rich Botswana expects mineral revenues in the 2019/20 fiscal year to drop by 4% to 13.6-billion pula ($1.26-billion) due to a decline in royalties and dividends, a minerals ministry budget document showed on Thursday.Mineral Resources Minister Eric Molale said in the document that global diamond demand was showing signs of slowing down. Retail jewellery sales fell dur...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: Hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
RAPAPORT... Sales at Alrosa fell 36% year on year to $345.6 millionin February as a slowdown in the rough market continued. Rough-diamond sales dropped 36% to $340.6 millionfor the month, according to Rapaport calculations based on Alrosa reports.Polished revenues slid 45% to $5 million. Overall demand has improved versusJanuary, however, with total sales up 23% month on month, the Russian miner s...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. ...Read More
Iron ore export volumes from Brazil increased by 21.62% year-on-year in February 2019, according to figures from the country's foreign trade ministry, MDIC.The country exported 28.93 million tonnes of iron ore last month, compared with 23.79 million tonnes in February 2018.Iron ore export revenues increased by 21.60%, to $1.53 billion, from...Read More
The Turkish steel mills have continued to book deep-sea scrap this week, with prices remaining little changed, sources said on Monday March 11.A steel mill in the Izmir region booked a UK cargo on Monday, comprising 25,000 tonnes of HMS 1&2 (80:20) at $320 per tonne cfr.As a result of...Read More
Scrap prices in Turkey's domestic market have shown mixed dynamics over the past week, sources told Fastmarkets on Monday March 11.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,700-1,820 ($312-334) per tonne delivered on Monday, narrowing upward from the TRY1,650-1,820 per tonne of last week.The slight change in the assessment came after a numbe...Read More
Iron ore prices continued to fall on Monday March 11, with buyers cautious amid retreats in the futures and swaps markets.MB 62% Fe Iron Ore Index: $83.79 per tonne cfr Qingdao, down $1.98 per tonne. MB 62% Fe Pilbara Blend Fines Index: $83.19 per tonne cfr Qingdao, down $1.98 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $85.66 per tonne cfr Qingdao, down $2.59 per tonne. MB 58% Fe Premium Ind...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 Mining Area C fines, traded at the April average of two 62% Fe indices at a discount of...Read More
Seaborne coking coal prices were flat on Monday March 11 in the absence of trades, but market participants have raised concerns over possible logistical disruptions in Queensland, Australia.Developments at the Dalrymple Bay Coal Terminal (DBCT) and near it could affect coal supply from the port, sources said.A train derailed close to the DBCT on Sunday while at the port, issues relating to its unl...Read More
Seaborne iron ore pellet and concentrate prices were mixed last week amid persistently lackluster demand.PelletsThe Fastmarkets MB 65% Fe Blast Furnace Pellet index was at $127.52 per tonne cfr China last Friday March 8, down by $3.12 per tonne from a week earlier.A tender for 64% Fe Indian KIOCL pellets was concluded around $115-117 per tonne fob. Traders said workable prices for this product on...Read More
Despite further poor economic data at the end of last week, the three-month base metals prices on the London Metal Exchange were for the most part higher this morning, Monday March 11.With the exception of tin that was down by 0.2%, the rest of the complex were up between 0.3% for copper and 1.3% for zinc. Copper was recently quoted at $6,414 per tonne, compared with $6,395.50 per tonne at Friday&...Read More
Fastmarkets will host a free web seminar on Monday April 8 at 9.30am London time to introduce the new Fastmarkets-settled London Metal Exchange cash-settled cobalt contract. Learn how Fastmarkets assesses the cobalt market and how you can manage your risk with the new LME cash-settled contract. Click here to register for the webinar. Date Monday April 8, 2019 Time 9.30am London time Join us and th...Read More
The London Metal Exchange launched a new cash-settled cobalt contract, settled against Fastmarkets' benchmark standard-grade cobalt price, on Monday March 11.Physical cobalt prices have seen dramatic swings in recent years, coinciding with mounting interest in the minor metal, arising from the boom in the use of battery and electric vehicles, and leading to stronger calls for a new way to hedge co...Read More
U.S. equity index futures were higher this morning. S&P 500 futures up 4 points in pre-opening trade. Index futures were virtually unchanged following release of January Retail Sales report. Consensus was a decrease of 0.1% versus a revised drop of 1.6% in December. Actual was an increase of 0.2%. Excluding auto sales, consensus for January Retail Sales was an increase of 0.2% versus a revised...Read More
A three-percentage-point cut to the rate of value-added tax (VAT) paid by Chinese manufacturers of metals and minerals will have little effect on export markets, traders have told Fastmarkets.Market sources claim that the low levels of VAT exporters pay now will make the reduction more theoretical than actual.Chinese prime minister Li Keqiang announced the tax cut on March 5. The top rate of VAT,...Read More