Steel slab exporters in the Commonwealth of Independent States (CIS) continued to enjoy higher prices in mid-September with support from strong demand for finished flat steel products in some customers' markets, Fastmarkets heard on Tuesday September 15.A cargo of slab from major Russian supplier Novolipetsk Steel (NLMK) was sold to Turkey at a price slightly above $470 per tonne cfr, sources told...Read More

RAPAPORT... Gemfields expects to suffer a loss of $56.7 million for the first half of the year amid the cancellation of most of its emerald and ruby auctions.The loss for the six months ending June 30 compares with a profit of $12.4 million for the same period a year ago, the miner said Monday. The company was able to hold only one auction, in February, before being forced to cancel those schedule...Read More

RAPAPORT... The World Federation of Diamond Bourses (WFDB) has voted in Yoram Dvash as its president for a three-year term, the organization said Tuesday.Dvash, who holds the same position at the Israel Diamond Exchange, had been the WFDB's acting president since Ernie Blom stepped down in April. The election took place at a WFDB working session during this week's virtual World Diamond Congre...Read More

RAPAPORT... Stornoway Diamond Corporation plans to resume operations at its Renard mine in Canada this month after half a year of inactivity, according to a minority shareholder.The miner, which was acquired by its lenders last year following heavy losses and mounting debt, closed the deposit in March as a result of the challenges imposed by the coronavirus pandemic. The resumption follows a revie...Read More

RAPAPORT... India's polished-diamond exports fell 26% year on year to $1.22 billion in August, a gentler decline than in previous months, as overseas jewelry demand improved, the country's Gem & Jewellery Export Promotion Council (GJEPC) reported."We have witnessed initial signs of recovery from markets like the US, China [and] Europe," GJEPC chairman Colin Shah said earlier this week. "E...Read More

The Turkish steel mills continued to hold back from deep-sea scrap purchases on the second working day of this week amid softening demand for finished long steel products, sources said on Tuesday September 15.Mills in Turkey booked seven deep-sea cargoes, totalling around 230,000 tonnes, early last week before withdrawing from the market on September 10.The most recent deep-sea bookings put scrap...Read More

RAPAPORT... Nonprofit group Gem Legacy will launch an auction of donated jewelry and loose gems to celebrate its second anniversary, with the proceeds going to fund new tool kits for artisanal miners in Africa."Tools are absolutely essential to small gem miners' success," Rachel Dery, director of communications and outreach for Gem Legacy, said last week. "The tool kit will provide them with more...Read More

(IDEX Online) - India's biggest show for the jewelry trade is to take place as a virtual event in October.The flagship India International Jewelry Show (IIJS) Premiere, which typically attracts 40,000 visitors and over 1,300 exhibitors, should have taken place in August but was axed because of the pandemic.Organizers GJEPC today said they were expecting 500 exhibitors and 10,000 buyers at IIJ...Read More

(IDEX Online) - Workers at the Diavik diamond mine, close to the Arctic circle, were surprised to find a grizzly bear prowling the cafeteria.It's not clear how the animal gained access to the site, at Lac de Gras, in Northwest Territories, Canada, but staff suspect it entered through external doors to the adjoining kitchen.A picture of the bear was posted on Facebook, captioned: "This is wild...Read More

(IDEX Online) - The Zimbabwe government has banned mining for diamonds and other minerals in its national parks.It was responding to calls from environmental and wildlife groups, who raised concerns about threats to biodiversity, tourism and the elephant population.Mining for diamonds, gold and coal is widespread in national parks across southern Africa, Shamiso Mtisi, of the Zimbabwe Environmenta...Read More

Chilean copper producer Codelco has agreed a 36-month labor deal with the union representing supervisors at the El Teniente copper mine, the state-owned company said on Monday September 14.Codelco said the 36-month labor contract renewal deal includes no pay rises to enable the company to secure unit profitability and to generate resources for Chile to tackle social and health issue...Read More

Rio Tinto is to launch its first closed-loop recycling program, offering customers in North America a new scrap take-back solution and the production of high-quality alloys made with recycled content. The service, which will be available from next year, complements the company's production of low-carbon aluminium and is designed to give its customers greater choice while they look to meet increasi...Read More

Low liquidity has added more pressure to the domestic alumina market in China, which has gone into a downtrend because of oversupply, several sources told Fastmarkets on the sidelines of the Qianhai Mercantile Exchange alumina seminar on Tuesday September 15."We were well covered by long-term contracts and have no need to buy from the spot [alumina] market," one alumina consumer based in Henan pro...Read More

The London Metal Exchange three-month zinc price increased marginally during the morning on Tuesday September 15, with a fresh cancelation of some 6,275 tonnes keeping its price above nearby support while thin volumes traded in Asia, despite better than expected economic data out of China.LME zinc's outright price was recentl at $2,516.50 per tonne on Tuesday, holding above the nearby $2,500-per-t...Read More

Base metals prices were for the most part firmer this morning, Tuesday September 15, supported by some good Chinese economic data. China's industrial production climbed by 5.6% year on year in August, after a 4.8% rise in July, while retail sales rose by 0.5% year on year in August, after a 1.1% fall in July.Asian-Pacific equities were mixed, however, with gains in China, Hong Kong and South Korea...Read More

The US Department of Commerce has announced an affirmative preliminary countervailing duty (CVD) determination on prestressed concrete steel wire strand from Turkey, according to a Tuesday September 15 statement. "Today, US Secretary of Commerce Wilbur Ross announced the affirmative preliminary determination in the countervailing duty investigation of imports of prestressed concrete steel wire str...Read More

Flat steel import prices in the United Arab Emirates and Saudi Arabia remained stable in the seven days to Tuesday September 15 due to a combination of limited demand and relatively high raw material prices. Most market participants said they believe prices will remain stable or increase further in the coming days, supported by the raw material costs. Fastmarkets' daily index for iron ore 65%...Read More

The prices for steel rebar in the United Arab Emirates (UAE) local market increased this week, while market sources expecting imported rebar prices to follow, Fastmarkets heard on Tuesday September 15.Domestic rebarThe country's biggest producer Emirates Steel was offering rebar at 1,936 dirhams ($527) per tonne ex-works for October-production orders in effect from September 15, up from 1,830 dirh...Read More

ArcelorMittal plans to restart production at its Sestao steel plant in Spain at the end of this month, the company told Fastmarkets on Tuesday September 15."Signs of a tentative recovery in demand have made it possible to restart the facility, which was idled in March this year following the drastic fall in demand as a consequence of the Covid-19 pandemic," ArcelorMittal said.ArcelorMittal Sestao....Read More

Al Ghurair Iron & Steel, based in Abu Dhabi, in the United Arab Emirates, has appealed to the United States Court of International Trade on the US Department of Commerce's affirmative circumvention determinations on anti-dumping and countervailing duty orders for certain Chinese corrosion-resistant steel products (Core). Abu Bucker Husain, the chief executive officer of Al Ghurair Iron & Steel, to...Read More