The Shanghai copper cathode premiums extended recent declines in the week ended Tuesday December 10 amid bearish sentiment ahead of year-end and Lunar New Year in January, while US and European markets were little changed. Shanghai cif premium hits fresh four-month low. US and European premiums unchanged amid thin trading. Year-end destocking, closed arb continue to weigh in Shanghai Bearish senti...Read More
A summary of Trafigura Group's financial results for the 2019 financial year ended September 30, 2019. In brief: Earnings before interest, taxes, depreciation and amortization (Ebitda) increased 24% year on year to $2.129 billion for 2019. In 2019, the Trafigura Group registered gross profit of $2.978 billion, a 25% increase on 2018 Net profit was steady in the 2019 financial yea...Read More
Domestic prices for hot-rolled coil have moved up in the south of Europe this week, supported by reduced output from the region's mills and higher import offers, sources told Fastmarkets on Wednesday December 11.In the meantime, domestic HRC prices in the north of the EU stood largely unchanged day on day, although sentiment remains largely positive due to reduced production and a lack o...Read More
The price of steel rebar in the Southern European domestic market was little changed this week, but market participants believe increases are likely because of higher scrap costs, sources told Fastmarkets on Wednesday December 11. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?455-480 ($504-532) per tonne on Wednesday, down by ?,...Read More
RAPAPORT... De Beers has reduced its production outlook for next year and beyond amid uncertainty about the health of the diamondmarket.The miner now expects to recover between 32 million and 34million carats in 2020, compared to its earlier outlook of 33 million to 35million carats, parent company Anglo American said Tuesday. Its output is forecastto rise to between 34 million and 36 million cara...Read More
RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace feat...Read More
RAPAPORT... Alrosa's sales rose 5% year on year to $287.8 million inNovember, as the manufacturing sector began to rebound, the Russianminer said Tuesday. The monthly sales are the highest the company has reportedsince April, and the fourth highest of the year. "November sales growth [is] evidence that [the] midstreamsector, specifically in India, is on track to restore its balance," sa...Read More
(IDEX Online) - Production at Petra Diamonds' South African mines has been hit by ongoing rolling power cuts across the country. Following a request by Eskom, the South African electricity utility, Petra halted produced, hoisting and processing at the Cullinan, Finsch and Koffiefontein mines on December 9. On December 10, Eskom downgraded the situation from the unprecedented Stage 6...Read More
(IDEX Online) - Anglo America, parent company of De Beers Group, has cut its diamond production forecast for 2020 to 32-34 million carats. Previously, output for full year 2020 was anticipated to be 33-35 million carats.The company announced the reduction during an investor update call.De Beers' production forecast for 2021 has also been reduced to an estimated 24-36 million carats, down from...Read More
Diamond miner De Beers has launched its Forevermark jewellery brand in Belgium, through a partnership with jeweller Gautam Diamonds.Forevermark jewellery is now available in Gautam stores in the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij, as well as in three Antwerp Diamonds by Gautam stores in Brussels Airport.AdvertisementThe launch brings the total number of coun...Read More
(IDEX Online) - The industry has been rocked by the news of two violent crimes against jewelers in Florida and California. In the first incident, which took place in Costa Mesa, California on December 4, 65-year-old Pierre Maalouf left his store, the Diamond and Jewelry Exchange, around 6:30 p.m., and was walking to his car with some merchandise and jewelry. He was approached and a...Read More
(IDEX Online) - Forevermark, the diamond brand from the De Beers Group, is now available in Belgium thanks to a tie-up with Gautam Diamonds. The new partnership means the branded jewelry will be available to purchase from the historic Grand Place/Grote Markt and Galerie de la Reine/Koninginnegalerij stores in the city and in three Antwerp Diamonds by Gautam shops in Brussels Airport.With the...Read More
JSE-listed Harmony Gold has resumed shifts at its nine South African underground gold mines from Tuesday afternoon, after power utility Eskom had returned to lower stages of load-shedding. London-listed Petra Diamonds also resumed its South African mining operations on Tuesday, albeit at a 20% load curtailment.AdvertisementThe power utility on Monday implemented Stage 6 load-shedding for the...Read More
LONDON – The glut that’s depressing the diamond market will last another year, according to industry consultant Bain & Co.The inventory backlog will probably be cleared in the beginning of 2020, but it will take some time for the market to fully recover, Bain said in a report released on Wednesday. Bank financing to the industry’s midstream – the traders that buy rough...Read More
The Department of Mineral Resources and Energy (DMRE) announced on Tuesday that the much-anticipated request for information (RFI) for emergency supply- and demand-side solutions to close the gap left by Eskom’s underperforming coal-fired power stations, both old and new, would be published soon. It also indicated that the Section 34 Ministerial determinations needed to facilitate the procur...Read More
Turkish steel producers have gone the day without any deep-sea scrap purchases, but more cargoes from last week for January shipments were heard on Wednesday December 11.A steel mill in northern Turkey was heard booking a Baltic Sea cargo on Friday December 4, comprising 9,000 tonnes of HMS 1&2 (80:20), 14,000 tonnes of shredded and 5,000 tonnes of a mixture of bonus and busheling at an average pr...Read More
Iron ore seaborne prices were up on Wednesday December 11 as steel mills were heard to have kept production levels steady, prompting appetite for the raw material.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $94.67 per tonne, up $1.10 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $93.76 per tonne, up $1.10 per tonne.62% Fe low-alumina fines, cfr Qingdao: $94.19 per to...Read More
Seaborne coking coal continued to trade in a narrow range on Wednesday December 11, with Chinese buying activity driving the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $135.99 per tonne, down $0.26 per tonnePremium hard coking coal, cfr Jingtang: $148.56 per tonne, down $1.78 per tonneHard coking coal, fob DBCT: $122.33 per tonne, unchangedHard coking...Read More
Anglo American has cut its annual iron ore production targets at the Kumba operations in South Africa over the 2020-2022 period, but left those for its Minas Rio operations in Brazil unchanged.The miner said it now expects annual iron ore output of 42-43 million tonnes for the coming three years at its Kumba iron...Read More
Japan's Kanto Tetsugen has secured a higher price at its ferrous scrap auction for December, which is likely to boost sentiment in the Asian market for the steelmaking raw material.A total of 23,000 tonnes of H2 scrap were sold to two trading companies on Wednesday December 11 at the auction held by the cooperative of scrap dealers in Japan's most-industrialized region - 3,000 tonnes priced at ?2...Read More