(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
Brazil's largest flat steel producer, Usiminas, is to restructure its capital goods and engineering subsidiary to serve its core business after five years of sustained losses and unsuccessful divestment attempts.Usiminas Mec??nica will now focus on providing services to the parent company and its other subsidiaries and move away from external projects, the company said - althou...Read More
Rupert Resources on a Roll at IkkariSPONSOREDCardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesThe operation is expected to process 75% feed from the Main Lens over a projected 12-year mine life, blended with 25% feed from the Esso Len...Read More
Turkish rebar and wire rod export prices have gone down over the past week, with poor demand convincing producers to reduce their offer prices, sources said on Thursday June 25.Turkish steel producers lowered their offers for rebar exports to $415-420 per tonne fob on an actual-weight basis to encourage sales, down from last week's $425-430 per tonne. However, apart from a small containerized...Read More
The billet import price decreased in Egypt because of lower offers and bids in the week to Thursday June 25, sources told Fastmarkets. CIS-origin billet was offered this week at $395-400 per tonne cfr, and buyers believed $375-380 per tonne cfr may be a "workable" price for the material. No deals were heard in the assessment period because of weak rebar consumption. As a result, Fastmarkets' weekl...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesEl Domo has a measured and indicated resource of 9 million tonnes grading 5.2% copper equivalent, or 8.3g/t gold equivalent for 2.4Moz.Read More
Iranian billet producers maintained offers to overseas customers in the week to June 24, supported by demand in the domestic market, Fastmarkets learned. "Around 100,000 tonnes of billet were sold in the Tehran Metal Exchange [Iran Mercantile Exchange in the week to June 24]. Local demand is crazy and cargo was sold at much better prices than the export market can accept," one trader said on Wedne...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 forec...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 18 points in pre-opening trade. Index futures moved slightly higher following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 1,350,000 versus 1,508,000 last week. Actual was.1,480,000. Consensus for first quarter annualized real GDP was a drop of 5.0% versus a gain of 2.0% in the four...Read More
German steelmaker Salzgitter has taken a "concrete" step toward its low-carbon production goal by agreeing to a feasibility study with its industrial partners, the company announced on Wednesday June 24.The company agreed with the Federal State of Lower Saxony, the City of Wilhelmshaven and its industrial partners, logistics company Rhenus and energy company Uniper, to conduct a feasibility study...Read More
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