Gem recovered 23,435 carats from its operations in Lesotho and Botswana in Q3, down 21% quarter-on-quarter, and cut its guidance for 2021 diamond production to 110,000-114,000ct, down from earlierRead More

Fastmarkets is extending the consultation period for its proposal to amend the name and specifications of its UG2 chrome ore price index.This is in response to market feedback following its proposal to make the amendment. Fastmarkets proposes to change the specification for its chrome ore South Africa UG2 concentrates index basis 42%, cif China to include increasing the minimum tonnage and de...Read More

FRANKFURT (Reuters) - The European Central Bank still sees a recent rise in euro zone inflation to above its 2% target as temporary and expects price pressures to ease next year, ECB President Christine Lagarde said on Thursday.She acknowledged the decline would take longer than ECB had initially expected but said favourable financing conditions created by its ultra-easy policy were still essentia...Read More

For anyone purely judging manganese ore supply in China by looking at port stocks, he or she could misread the market supply picture due to rising "invisible stocks" in the past one to two months, sources told Fastmarkets. Typically, ore stocks are either stored at ports or held by producers at their warehouses or local storage sites. While port stocks are visible and measurable, the latter can be...Read More

Here are five Fastmarkets stories you might have missed on Thursday October 28 that are worth another look.The United States Securities and Exchange Commission (SEC) sent a notice to Brazil-based miner Vale regarding a possible investigation surrounding the Brumadinho tailings dam disaster in 2019. Brazilian miner Vale will resume activities...Read More

OTTAWA, Oct 28 (Reuters) - The Bank of Canada is right to warn that inflation will persist well into next year and to signal that interest rates are likely to start moving higher sooner than previously thought, former Canadian central banker David Dodge said on Thursday.The central bank held here its key overnight interest rate at 0.25% on Wednesday, but nudged forward its guidance on a hike to...Read More

Oct 28 (Reuters) - Sibanye Stillwater reported a 5%fall in quarterly core earnings on Thursday due to lower averageprices for gold and platinum, but said prices are stabilisingand the outlook for precious metals is positive.The South Africa-based miner said group adjusted earningsbefore interest, taxes, depreciation and amortisation (EBITDA)fell to 14.90 billion rand ($984.02 million) for the thre...Read More

China's cobalt metal prices declined this week in response to weak demand and cautious downstream buyers - diverging from the international trend for higher benchmark prices.Fastmarkets' price assessment for cobalt 99.8% Co min, ex-works China was 395,000-410,000 yuan ($61,806-64,153) per tonne on Wednesday October 27, down by 2,000 yuan per tonne from 397,000-410,000 yuan per tonne on October 22...Read More

Submitted by OilPrice.comThe potential for a knock-on effect of rising fuel prices to be felt by other industries is becoming more likely, as oil and gas prices continue to rise to an all-time high, companies are finding it hard to maintain their costs and may have to shift this burden to the consumer any day now. Petrol prices have risen higher and higher this year, as oil makes a comeback in 20...Read More

Oct 28 (Reuters) - Facebook Inc (FB.O) CEO Mark Zuckerberg said privacy and safety would need to be built into the metaverse, as he opened the company's annual conference on virtual and augmented reality on Thursday.Facebook continues to battle criticism over its market power, its content moderation practices and harms linked to its social media platforms. The tech giant, which reports about 2.9...Read More

JOHANNESBURG, Oct 28 (Reuters) - South Africa's AngloAmerican Platinum (Amplats) is in talks to sell itsBokoni platinum mine to billionaire Patrice Motsepe's AfricanRainbow Minerals , the two mining firms said onThursday.Amplats, a unit of Anglo American, suspended mining atBokoni in 2017 and said it aimed to find an owner with thetechnical and financial capacity to restart the mine.Amplats shares...Read More

We've been writing about the evolving global supply shock for some time (most recently today when we addressed what may be required to normalize the supply chain bottlenecks). And yet, every day we read about another dramatic commodity spike or factory shutdown.In a recent report from Deutsche Bank's chief FX strategist George Saravelos, he discusses three sets of charts. They point to a...Read More

Here are five Fastmarkets stories you might have missed on Thursday October 28 that are worth another look.The United States Securities and Exchange Commission (SEC) sent a notice to Brazil-based miner Vale regarding a possible investigation surrounding the Brumadinho tailings dam disaster in 2019. Brazilian miner Vale will resume activities...Read More

Last night we noted the Czechs had the dubious honor of suffering the first yield curve inversion of this cycle...The first inversion of many pic.twitter.com/wNPpbhcbM6- zerohedge (@zerohedge) October 28, 2021Then overnight saw the stress spread to Australia's bond market, as a massive move higher in 2Y Yields undoubtedly triggered chaos in risk control departments.And that VaR shock is now s...Read More

A healthy price arbitrage for Japanese hot-rolled coil producers to export into steel markets in the Americas has enabled these mills to keep raising their steel scrap buying prices in recent months, sources told Fastmarkets.Japanese HRC exports to the Americas totaled 1.36 million tonnes in January-August 2021 under HS codes 7208 and 722530, up by 37.6% year on year, according to statistics from...Read More

Oct 28 (Reuters) - Jiangxi Copper Co,one of China's biggest copper producers, saw profits fall 33% inJuly-September from the previous quarter as prices for the metaldipped after a stellar rally. Copper prices surged to a record high this year as demandfor the metal widely used in power and construction reboundedamid a supply crunch after coronavirus curbs were lifted, butprices pared back some of...Read More

Buy-side sentiment in key Asian steel scrap markets has been hurt by news that Chinese trading firms were offering Southeast Asian buyers steel billet which was already imported into China, together with recent falls in the scrap price in Turkey, sources said on Thursday October 28.?EUR?Easing bulk freight costs reduce Bangladesh deep-sea bulk scrap prices?EUR?China import demand muted after steel...Read More

With the Atlanta Fed cutting its GDPNow estimate to just 0.2% yesterday...... there were big worries that today the BEA could reveal a shocker of a number, one far below the rapidly falling consensus estimate of 2.6%. Well, the Q3 GDP number just came out and it was bad, but not nearly as bad as it could have been: at 2.0%, it did indeed miss the 2.6% consensus by a lot but it could have been far...Read More

SAO PAULO, Oct 28 (Reuters) - Brazilian miner Vale SA will resume operations at its Onca Puma nickel mine,it said on Thursday, after obtaining a federal court orderlifting an injunction that had suspended an operating licence.Operations at Onca Puma were first halted in early Octoberbecause of alleged non-compliance with local regulations.A judge granted Vale an injunction on Oct. 7 allowing it to...Read More

By Helen Reid JOHANNESBURG, Oct 28 (Reuters) - Regulations governingdeep-sea mining will take longer to finalise due to the globalpandemic, a group of Latin American countries said, creatinguncertainty for companies looking to mine the sea bed formetals, including cobalt and nickel. The delayed negotiations also pose a potential difficultyfor companies seeking financing from investors to mine the...Read More