Seaborne iron ore prices went down further on Thursday July 16 with few deals done in the seaborne market and persistent concerns of weak demand due to floods in southern China, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $112.30 per tonne, down $0.68 per tonne.62% Fe low-alumina fines, cfr Qingdao: $113.05 per tonne, down $1.06 per tonne. 58% Fe fines high-grade premium,...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Upside breakout last weekThe price of aluminium on the London Metal Exchange surprised us with a break to the upside in the week ended July 10, when prices on the Shanghai Futures Exchange raced to three-and-a-half-year highs. While we think there is more short-term upside potential if technical and liquidity fact...Read More
Here's an update on silver, including the level and time frame that matters the most... by Steve St Angelo of SRSrocco ReportSilver closed Wednesday right on an important KEY LEVEL. For the silver price to continue higher, it needs to break above this level. The last time silver reached this same price was back in early September 2019. And, if silver continues in a positive direction in ear...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:Upward momentum in US domestic sheet steel prices came to a halt in the second half of June, wiping out earlier gains. Although the prices of hot-rolled coil (HRC), cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) increased on a monthly average basis, the d...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Prolonged flooding in China could limit the use of construction steel and drag down demand for steel rebar in the short term, which in turn could damp the demand for iron ore. So far, it has been reported that steel mills in the affected regions have continued to operate as normal. The floods have, however, caused a few days...Read More
Turkish steel mills continued their deep-sea scrap purchases at higher prices, sources told Fastmarkets on Thursday July 16.A steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (80:20) at $258.50 per tonne, shredded at $263.50 per tonne and plate and structural scrap (P&S) at $269.50 per tonne cfr. The cargo composition was not clear at the time of publication, but the traditio...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Upside breakout last weekThe price of aluminium on the London Metal Exchange surprised us with a break to the upside in the week ended July 10, when prices on the Shanghai Futures Exchange raced to three-and-a-half-year highs. While we think there is more short-term upside potential if technical and liquidity fact...Read More
Diamond markets quiet amid new wave of coronavirus infections. Demand selective with dealers filling specific orders from US and Chinese jewelers. Midstream inventory reduced as manufacturers limit rough buying. Lucara to sell 10.8 ct.+ rough to HB Group for price based on polished outcome. De Beers 2Q production -54% to 3.5M cts., sales -96% to $56M, 1H prices -21% to $119/ct. Alrosa production -...Read More
RAPAPORT... Alrosa's sales and production slumped to their lowest levels in over a decade in the second quarter amid unprecedented weak demand for rough diamonds during the coronavirus crisis.Rough sales fell 91% year on year to $74.1 million, lower than during the 2009 slowdown, as the miner allowed its contract customers to defer purchases to later in the year. Sales volume dropped 92% to 6...Read More
RAPAPORT... Sales at Richemont's jewelry brands plummeted in the first fiscal quarter as the coronavirus forced the company to shut most of its stores in major markets.Proceeds from the group's jewelry maisons, which include Cartier, Van Cleef & Arpels and Buccellati, dropped 41% to EUR 1.08 billion ($1.24 billion) in the three months ending June 30, the company said Thursday. Sales at wa...Read More
RAPAPORT... The current plight of Petra Diamonds is a frustrating example of the impact Covid-19 has had on the diamond industry, highlighting the lack of readiness for such a downturn.As an important mid-tier diamond miner, the company has annual production of around 3.5 million to 3.8 million carats, but is burdened by high debt from its efforts to extend the life of its operations and maintain...Read More
A summary of aluminium producer Alcoa's second-quarter results, according to a company report on Thursday July 16. In brief Alcoa maintained full operations at its refineries and smelters over the quarter, achieving higher production volumes despite the global negative impact of Covid-19. Its shipping volumes for aluminium and alumina also advanced in the second quarter with the compan...Read More
RAPAPORT... Lucara Diamond Corp. will sell all its rough diamonds over 10.8 carats through a manufacturing partnership with HB Group that will provide the miner with regular income during the market slowdown.HB, founded by Antwerp-based diamantaire Oded Mansori, will purchase any special-size rough produced from Lucara's Karowe mine in Botswana through the end of the year, the mining company...Read More
RAPAPORT... De Beers' sales and production nosedived in the second quarter as the coronavirus crushed diamond demand throughout the pipeline and forced shutdowns at several mines."Demand for rough diamonds was significantly impacted by a combination of Covid-19 restrictions [affecting] consumer demand and access to southern Africa, as well as severely limited midstream cutting-and-polishing...Read More
(IDEX Online) - The businessman who launched the Cofix chain of no-nonsense coffee shops in Israel is now moving into lab-grown diamonds.Avi Katz has just opened the first X Lab Diamonds store at a mall near Tel Aviv and plans a roll-out to London and Moscow, as well as more locations within Israel.His introduction in 2013 of a fixed five-shekel ($1.50) price for coffee and a range of other drinks...Read More
(IDEX Online) - US rapper Gucci Mane has spent $250,000 having his teeth studded with diamonds.The Hip Hop star, aged 40, already owns a a 35-carat diamond pinky ring, which was a $1m gift from his wife, Keyshia Ka'oir Davis, an Audemars Piguet Royal Oak Baguette watch (also $1m) and Three Amigos platinum chains, valued at $250,000.Now he's been showing off a video of his newly-sparkling...Read More
A summary of Anglo American's production results for the second quarter of 2020, according to a company results report released on Thursday July 16. In brief Anglo American attributed the 5% annual increase in copper concentrate to continued strong performance at Collahuasi mine in Chile, offset slightly by reduced output at Los Bronces due to drought conditions in central Chile. Attri...Read More
(IDEX Online) - A memorial to Cecil Rhodes, founder of the De Beers diamond empire, has been beheaded in South Africa.Damage to the statue, at the top of Table Mountain, Cape Town, was discovered on Monday. Nobody has claimed responsibilty for the attackCalls to remove monuments to Rhodes - accused of being a racist, a white supremacist and the father of apartheid - have intensified since the...Read More
The three-month nickel price on the London Metal Exchange was the biggest underperformer during morning trading on Thursday July 16, with the market facing risk-off pressure amid a recent oil spill from a large producer, while fresh stock withdrawals failed to stem a downward correction in the LME copper price. Nickel's outright price on the LME was recently trading at $13,245 per tonne, down by m...Read More
RAPAPORT... A New York-based designer plans to establish a trade organization to help jewelers from the black, indigenous and people of color (BIPOC) community progress in the industry."We will begin with a focus on education through outreach to high-school students," Angely Martinez told Rapaport News Tuesday. "We will then implement programs such as funding and mentorship for emerging talen...Read More