RAPAPORT... Rough trading does not incur India's new e-commerce tax, the country's Gem and Jewellery Export Promotion Council (GJEPC) confirmed after meeting with finance minister Nirmala Sitharaman.India introduced the equalization levy on April 1 for all overseas e-commerce operators. The minister explained that the new tax applied only to digital consumer sales and not business-to-business...Read More

RAPAPORT... The Natural Diamond Council (NDC) will debut its holiday advertising campaign next month, featuring an as-yet-unnamed Hollywood celebrity as the new face of diamonds. "The campaign celebrates the many emotional connections created by diamond jewelry, something that research shows will resonate strongly as we emerge from the crisis," NDC CEO David Kellie said Wednesday in a letter to in...Read More

A producer has offered fourth-quarter 2020 supply of aluminium to main Japanese ports (MJP) at a premium of $95 per tonne over the London Metal Exchange cash price, according to market sources.The number is 23.4% higher than the cif MJP premium for the third quarter of 2020, which settled at $75-79 per tonne.Major producers - Rio Tinto, South32, Alcoa and Rusal - are involved in negotiating quarte...Read More

RAPAPORT... India's major trade body has again urged members to avoid taking on unsellable diamond inventory, arguing that the industry's recent improvement has been only partial.While polished demand is increasing and some categories are in short supply, a full recovery faces obstacles, the Gem & Jewellery Export Promotion Council (GJEPC) said in a statement Tuesday."A good part of the i...Read More

When Nick Popovic was formally announced in August as Glencore's new head of zinc and lead trading, the news came as little surprise to watchers of the company.A long-running senior executive in the division, with experience leading the key Kazzinc group of assets, the move to succeed Daniel Mate was seen by many as a natural fit."Nick's been in the company for many years, he's a good safe set of...Read More

(IDEX Online) - The diamond industry must re-invent its supply chain and move on from traditional Sights and tenders in favor of new technology, says Lucara boss Eira Thomas.The COVID-19 pandemic and resulting travel bans have highlighted the need for paradigm shift, she argues in an open letter release yesterday."We can no longer harken back to a past era and unwisely cling to processes that have...Read More

(IDEX Online) - French luxury conglomerate LVMH has delayed its $16.2bn acquisition of US jeweler Tiffany & Co, following speculation that it was seeking a price reduction.The deal should have been concluded on 24 August, but both sides are understood to have agreed a proviso that the absolute deadline could be pushed back to 24 November.LVMH chief executive Bernard Arnault (pictured) reported...Read More

(IDEX Online) - Fugitive Indian jeweler Mehul Choksi is urging an Indian court to delay the screening of a Netflix documentary called Bad Boy Billionaires, featuring his nephew Nirav Modi.He's petitioned the high court in Delhi to demand sight of the program before it airs, fearful that it might contain material prejudicial to criminal charges against him.He is a key suspect, along with his n...Read More

RAPAPORT... India's polished-diamond exports fell in July but at a gentler pace than in earlier months as the US, Europe and China returned to more normal business levels. Polished shipments out of the country dropped 39% after heavier slumps in April to June, when demand dried up across major markets. India Trade Data for July 2020Read More

Finished steel imports into the United States soared month on month in July due to a massive influx of blooms, billets and slabs from Brazil, according to data from the US Department of Commerce's Enforcement and Compliance division. The US imported 2,440,509 tonnes of steel products in July, up by 1,173,037 tonnes (92.5%) from 1,267,472 tonnes in June but down by 307,627 tonnes (11.2%) from...Read More

Domestic prices for hot-rolled coil in Northern Europe moved further up day on day on Thursday August 27, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at ?,?449.89 ($531.71) per tonne on Thursday August 27, up by ?,?2.02 per tonne from ?,?447.87 per tonne on Wednesday August 26. The index was also up by ?,?18.01 per tonn...Read More

RAPAPORT... Gem Diamonds has recovered a 442-carat, type II diamond from the Let??eng mine in Lesotho, claiming the stone ranks among the largest gem-quality rough discovered this year. "The recovery of this remarkable 442-carat diamond, one of the world's largest gem-quality diamonds to be recovered this year, is further confirmation of the caliber of the Let??eng mine and its ability to consiste...Read More

Imported steel billet prices increased slightly in Egypt because of higher offer prices, sources told Fastmarkets on Thursday August 27.The reason demand was slow is because of weak construction activity, Egyptian sources said, amid the construction ban in the country - imposed on May 25 and due to last for six months.Although this...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe company is facing a possible production ‘gap', as DeGrussa/Monty in Western Australia is due to run out of ore in just over two years.Read More

88 Energy (ASX:88E) Prepares for Billion Barrel Farm OutSPONSORED88 energyScoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.Element 25's Butcherbird on songSPONSOREDelement 25Lithium no quiet place for AVZSPONSOREDavz mineralsMeridian has agreed to pay US$8.75 million and issue 4.5 million shares to two arm's length vendors, spread over 39 months and...Read More

Turkish steel billet prices have been largely stable over the past week but could be pushed up by stronger scrap costs soon, sources said on Thursday August 27.Fastmarkets' weekly price assessment for steel billet, domestic, exw Turkey, was $420-425 per tonne ex-works on August 27, unchanged week on week."The mills had lowered their billet offers to as low as $417 per tonne ex-works earlier this w...Read More

Turkish domestic long steel prices increased further over the past seven days in line with the weakening of the country's lira against the US dollar, sources said on Thursday August 27.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 3,860-3,870 lira ($523-524) per tonne on Thursday, up from the 3,790-3,810 lira per tonne of last week.The domestic r...Read More

Turkish export prices for steel rebar and wire rod have remained steady over the past week, but mills were trying for higher prices due to firmer costs for scrap raw material, sources said on Thursday August 27.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $430-440 per tonne fob on Thursday, unchanged from last week.Rebar export offers we...Read More

The Turkish steel producers have taken a break from deep-sea scrap purchases after booking a number of cargoes earlier in the week, sources said on Thursday August 27.The mills in Turkey booked six deep-sea scrap cargoes from various destinations at slightly higher prices this week, totalling around 220,000 tonnes.The most recent bookings brought the HMS 1&2 (80:20) price to $287.50 per tonne cfr...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.In the year 2020 to date in late August, the Fastmarkets 62% Fe iron ore benchmark has powered along and reached six-year highs, supported by Chinese demand, and despite the global economic uncertainty created by the Covid-19 pandemic. Iron ore demand has weakened almost everywhere except in China, where it has continued to...Read More