Swedish stainless steel producer Sandvik is to cut 429 jobs from its Sandvik Materials Technology division later this year because of the negative impact on business of the Covid-19 pandemic. "Today, Sandvik gave notice of layoffs in Sweden for 429 positions within its Sandvik Materials Technology business area," the company announced on Tuesday June 16.The layoffs will occur at Sandvik'...Read More

(IDEX Online) - GIA (Gemological Institute of America) has launched an automated system that can distinguish lab-grown melee from natural stones.It's addressing concerns that simulants, laboratory-grown and HPHT treated natural diamonds, are deliberately being mixed in to parcels of natural diamonds.The GIA Melee Analysis Service sorts the screened diamonds by color range. Clients can also sp...Read More

(IDEX Online)- Three spectacular pieces of diamond jewelry, one featuring a 27.02 carat fancy brown-yellow diamond, are to be auctioned to support healthcare workers fighting coronavirus.They've been specially created by renowned Taiwan-born designer Anna Hu and will be sold by Christie's to help Diamonds That Care, a social responsibility initiative launched by Russian miners Alrosa.All...Read More

China has released a minimal amount of quotas in its eighth announcement in 2020 to allow importers to source copper and aluminium scrap from overseas, Fastmarkets understands. An extra 1,570 tonnes of copper scrap and 5,840 tonnes of aluminium scrap could be allocated for import into the country this year, the environmental ministry said on Tuesday June 16.So far...Read More

RAPAPORT... Arunkumar R. Mehta, a prominent leader of India's diamond industry, passed away on June 14, 2020. He was 80 years old.Shri Mehta worked in the diamond trade for more than 60 years and is counted among the founding fathers of the industry in India. He cofounded B. Arunkumar & Co. in Mumbai in 1960, which eventually became Rosy Blue, a prominent diamond manufacturing company. "I...Read More

RAPAPORT... Sotheby's will offer four jewels with high estimates totaling more than $28 million at its upcoming live auctions in Geneva and Hong Kong.The Geneva Magnificent Jewels and Noble Jewels sale, originally scheduled for April, will take place on June 23. The auction will feature a step-cut, 3.01-carat, fancy-vivid-blue diamond carrying a presale value of $4.3 million to $6.3 million, the a...Read More

The London Metal Exchange three-month lead price increased by more than 2% during morning trading on Tuesday June 16 against steady turnover, while a strong incline in nickel futures brought its outright price to nearby resistance. LME lead's outright price was recently at $1,782.50 per tonne on Tuesday morning, climbing from an intraday low of $1,746 per tonne, while turnover was moderate at some...Read More

Copper stocks in Shanghai bonded warehouses have increased from the all-time low recorded on June 1, following the closure of the import arbitrage window.Fastmarkets assessed Shanghai bonded copper stocks at 217,000-227,000 tonnes on Monday June 15, up by 2.3% from 212,000-222,000 tonnes on June 1."The growth [in bonded stocks] makes sense because there has been no import profit since mid-May," a...Read More

Markets were stronger across the board this morning, Tuesday June 16, reversing the weakness seen at the end of last week and during early trading on Monday.The Federal Reserve's action to extend buying to a wider base of corporate debt suggests the central bank will "do whatever it takes" to support market sentiment, and indeed markets, if it can. Base metals prices on both the London Metal Excha...Read More

The Shanghai Futures Exchange will start trading aluminium and zinc options from August 10 after receiving approval from the China Security Regulatory Commission, the exchange said on Friday June 12.Options are one kind of risk management tool. An option is a contract which offers the buyer the opportunity to buy or sell - depending on the type of contract they hold - the underlying asset. Unlike...Read More

Hot-rolled coil prices in the United States have remained rangebound on expectations of flat or lower domestic ferrous scrap prices in July and uncertainty about end-use demand, market participants said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.44 per hundredweight ($508.80 per short ton) on Tuesday June 16, up by 0.5% from $25.32 per cwt on Monday June...Read More

Domestic prices for hot-rolled coil in Northern Europe moved further down day on day on Tuesday June 16 due to low market activity, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was ?,?391.56 ($441.42) per tonne on Tuesday June 16, down by ?,?2.19 per tonne from ?,?393.75 per tonne on Monday June 15. The index was down by ?,?7.37 per to...Read More

Export offers for billet from the Commonwealth of Independent states increased over the weekend, although mills in no hurry to sell volumes, Fastmarkets understands.The mood in the market was nonetheless positive amid growing finished long steel production costs and the expectation of further growth in scrap prices."There are few offers in the market now, the lowest coming in at $380 per...Read More

Flat-steel import prices in the United Arab Emirates and Saudi Arabia increased although demand was weak, sources told Fastmarkets on Tuesday June 16.No deals were heard during the week.UAEOffer prices for hot-rolled coil (HRC) from China were heard in the UAE at $470 per tonne cfr, while one buyer believed $450 per tonne cfr is a workable price for Chinese HRC - but no deals were heard.India offe...Read More

Markets were stronger across the board this morning, Tuesday June 16, reversing the weakness seen at the end of last week and during early trading on Monday.The Federal Reserve’s action to extend buying to a wider base of corporate debt suggests the central bank will “do whatever it takes” to support market sentiment, and indeed markets, if it can. * Base metals prices on both the L...Read More

Steel rebar and billet prices in the United Arab Emirates increased this week despite only moderate demand, sources told Fastmarkets on Tuesday June 16.It came as no surprise, however, as market participants in the country were expecting prices to rise.Domestic rebarThe country's biggest producer, Emirates Steel, is offering rebar at 1,773 dirhams ($483) per tonne ex-works from June 16, up fr...Read More

Export slab prices from the Commonwealth of Independent States (CIS) continued to increase in mid-June despite lower activity, supported by the reduced availability of the material in the market.Ukraine-origin slab was offered to Turkey at $385 per tonne cfr, equivalent to $370-375 per tonne fob Black Sea last week, compared with previous bookings done at slightly above $370 per tonne cfr at the s...Read More

Rebar and wire rod producers from the Commonwealth of Independent States (CIS) increased their offer prices after hikes by Turkish suppliers this week, in response to higher scrap costs.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $267.66 per tonne cfr on Monday June 15, up from $260.12 per tonne on the same day last week.And the daily index fo...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesPrime minister Scott Morrison said yesterday that delays in approvals under the Environment Protection and Biodiversity Conservation Act 1999 cost industry A$300 million alone in 2019.Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 68 points in pre-opening trade. Index futures responded to news that the Trump Administration is planning a 1 trillion infrastructure package to stimulate the U.S. economy. U.S. construction stocks were notably stronger. Gains accelerated on news of a new steroid coronavirus treatment.Index futures moved higher followi...Read More