The latest forecasts from Fastmarkets' team of analysts are ready to view.The recent announcement about Vale's resumption of operations in Brazil, along with new concerns about a slump in demand because of heavy rainfall in China, has resulted in the end of the iron ore price rally. There has also been pressure from tight steel spreads, with the operating margins for Chinese steel mills shrinking...Read More
The Northern Miner has compiled a list of the top 10, Canadian headquartered base metal and uranium juniors - with no production and which are not a royalty or streaming company. The ranking is based on market capitalization as of mid-June.1. Ivanhoe MinesUS$3.4 billion market capitalizationFor the fourth year in a year, Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) retains its commanding position ato...Read More
An explosion at Russia's Wolfram Co JSC UZTM plant has temporarily halted tungsten production there, a source at the company told Fastmarkets. Production was suspended for three days following the accident that took place on the night of Tuesday June 23 and was expected to resume on Thursday June 25 with no major impact on production, the source said. The accident happened when the plant was melti...Read More
RAPAPORT... The Gemological Institute of America (GIA) will reopen its New York grading laboratory this Monday following a three-month shutdown due to the coronavirus."As restrictions are lifted and the global gem and jewelry industry begins to recover, we are safely reopening GIA locations, returning staff to work and preparing to engage in our mission-driven activities," GIA CEO Susan Jacqu...Read More
Market uncertainty continues as Covid-19 cases rise again. Polished trading limited, but increase in online searches indicates efforts to fill specific orders. Major jewelers investing in e-commerce to stimulate multichannel sales and ease inventory requirements. Chow Tai Fook sees recovery in mainland China and plans 2020 expansion in lower-tier cities. Manufacturers operating at reduced capacity...Read More
Domestic prices for hot-rolled coil in Northern Europe remained fairly stable on Thursday June 25 from the day before, although steelmakers were looking for a price rise, sources have told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?394.38 ($445.10) per tonne on June 25, up by only ?,?0.01 per tonne from ?,?394.37 per tonne on June 24.Thursday'...Read More
RAPAPORT... Belgium's diamond trade continued to decline in May, but at a gentler pace that in the previous month as global markets gradually reopened. Total imports and exports of rough and polished stones fell 81% year on year, compared with an 89% slump in April, according to data from the Antwerp World Diamond Centre (AWDC).While the coronavirus still impacted the sector, the improvement...Read More
RAPAPORT... Alrosa has suspended operations at its International underground mine for up to two weeks after "several" employees tested positive for coronavirus.The Russian miner will only carry out work to ensure the safety and maintenance of the site, it said Thursday.Workers and contractors will receive compensation in accordance with labor laws."The company has developed several scenarios...Read More
(IDEX Online) - An African farmer has become an overnight millionaire after unearthing two huge slabs of Tanzanite, one of the world's rarest gemstones. Saniniu Laizer, 52, mined the stones, weighing approximately 20lb and 11lb, last week, and has now sold them to Tanzania's minerals ministry for $3.4m.Tiffany & Co first marketed the green, red, purple and blue stone in 1968 und...Read More
RAPAPORT... Gem Diamonds has recovered a 163-carat, type I yellow diamond at its Let??eng mine in Lesotho, the third over 100 carats the company has found this year.The unbroken stone, which the miner unearthed on Wednesday, follows the retrieval of a 114-carat, "high-quality," D-color diamond in March, and a 183-carat, type IIa, "exceptional" stone in February.In May, following the coronavirus lo...Read More
(IDEX Online) - Alrosa has halted operations at its International underground mine after several workers tested positive for COVID-19.The mine, also known as Inter (pictured), close to the town of Mirny, in the subarctic Russian republic of Sakha, will remain closed for up to two weeks.It opened in 1999 and yields some of the world's highest diamond grades, at 8.09 carats per ton.The workers...Read More
RAPAPORT... The Plumb Club, a trade organization connecting US jewelry suppliers, has shaken up its board and executive committee following an online meeting.Members elected Kristie Nicolosi, CEO of the Kingswood Company, to the board of directors, the Plumb Club said Wednesday. She has previously served as a national board member and treasurer of the Women's Jewelry Association and as a board mem...Read More
Copper scrap discounts in the United States were unchanged week on week amid continued slow scrap flows and while demand remained limited to the minimum volumes required to maintain production."I had hoped that by the middle of June we'd see a bigger pick-up of both copper scrap and primary metals. In terms of copper scrap, there is slight demand but there's been no pick-up yet," one consumer said...Read More
Fraudulent activity in the aluminium scrap market has picked up recently, according to market sources and industry organizations, with one scheme involving aluminium wheels causing particular damage.A recycler buying large amounts of aluminium scrap, primarily wheels, is fraudulently using the name of a real Canadian company, Linamar Corp; redirecting shipments; and not paying for material, accord...Read More
RAPAPORT... An Israeli diamond cutter with 45 years of experience in the trade turned to a surprising source of income when his business floundered due to Covid-19: driving a garbage truck.The story of Atzmon Breitbart might sound more worrying than inspiring. But the 66-year-old says he made the move mainly to avoid sitting idle - and prays he'll be able to return to diamonds when the pandemic is...Read More
Demand for copper in Europe is weak and economies are struggling to restart after coronavirus-related lockdowns, forcing copper producers to ship cathode to China instead. Chinese trading houses and copper product manufacturers told Fastmarkets that they were fielding a significant rise in offers of cathode produced in Spain and Germany, an unusual shift in traditional trade flows confirmed by Eur...Read More
The three-month lead price on the London Metal Exchange was the standout performer during morning trading on Thursday June 25, supported by a continued trend of stock withdrawals, while a steady incline in LME tin stocks softened the metal's wide backwardation. Lead's outright price on the LME was recently at $1,778.50 per tonne, climbing by just under 1% from Wednesday's closing price of $1,762 p...Read More
Broader markets were generally weaker this morning, Thursday June 25, with those equity markets that were open in the Asian-Pacific region mainly weaker by between 1% and 2%.Pre-market major western equity index futures were down this morning, following Wednesday's weakness. Gold prices hold up in high ground around $1,760 per oz.International Monetary Fund (IMF) cuts world growth forecast again,...Read More
US hot-rolled coil prices have slipped modestly below $24 per hundredweight ($480 per short ton) on short lead times, expectations of lower scrap prices and fears of renewed shutdowns should Covid-19 infections in the South and West spiral out of control, sources said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.90 per cwt ($478 per ton) on Thursday June 25, do...Read More
Prices for certain flat steel imports into the United States have dropped amid weakened domestic prices as well as rising concerns over underlying demand, restarted furnace capacity and surging Covid-19 cases - especially in the South, Midwest and West of the country.With some states being overwhelmed by increased novel coronavirus infections, it is possible that they will resume lockdowns, source...Read More