RAPAPORT... Sales of jewelry and other luxury items in Hong Kong slid inOctober, marking the second-highest monthly decline on record as protests in the municipality dented consumer sentiment. Revenue from jewelry, watches, clocks and other valuablegifts fell 43% year on year to HKD 3.92 billion ($500.2 million) during themonth, the municipality's Census and Statistics Department reported Mon...Read More
Italy's Marcegaglia Group has acquired 100% of the equity in re-roller Palini & Bertoli, also located in Italy, from Russia's Evraz for ?,?40 million ($44 million), the purchasing company said on Wednesday December 4.Palini & Bertoli has capacity for 400,000 tonnes per year of heavy steel plate.After the acquisition, the capacity of Marcegaglia's steel...Read More
The Iranian export billet market has been rather quiet in the first week of December amid reduced availability of material for shipment in January, Fastmarkets has heard.This was due to successful sales to Africa, the Middle East and Asia in previous weeks as well as increased domestic demand."Local buyers were worried about the fluctuation [in the value] of the Iranian rial after fuel subsidy iss...Read More
RAPAPORT... Tiffany & Co. and Pandora received high ratings on anannual list comparing responsible sourcing by the largest companies in thefashion industry. Tiffany garnered the top rating of AAA in the retail category for thefifth consecutive year, according to the yearly Environmental, Social and Government report by index and analytics provider MSCI, formerly Morgan Stanley Capital Internat...Read More
Aim-listed Firestone Diamonds has confirmed that stable grid power has been restored at its Liqhobong diamond mine, in Lesotho, and that the mine is processing at full capacity.The Lesotho Electricity Company-owned Muela hydropower station was brought back into operation on December 1, following a two-month shutdown period for maintenance.AdvertisementFirestone had to stall its processing plant op...Read More
LONDON – The crisis afflicting the diamond industry won’t end anytime soon, according to Liberum Capital Markets.There has been little good news this year. An oversupply of rough diamonds, a surfeit of polished stone stocks and falling prices have piled pressure on both the companies that dig them up and the lesser known businesses that cut, polish and trade them.Advertisement“Th...Read More
Galena provides a leading lightSPONSOREDgalena miningGlasenberg said in London this week the remaining 'old guard' of management would be transitioned out next year, and that he himself would follow, once the next generation was ready.Read More
Exore excels in Cote d'IvoireSPONSOREDexore resourcesArtemis all set thanks to unique approachSPONSOREDartemis resourcesDark Horse could be 2020 bolterSPONSOREDdark horse resourcesUS takes long-term position on mineral supplySPONSOREDverisk maplecroftThe good news was confirmation that the big Anglo-Australian miner will invest US$1.5 billion to extend the operations of its 116-year old Kennec...Read More
The Turkish steel producers have continued their purchases of deep-sea market scrap for January shipments, while prices became even more firm, sources said on Wednesday December 4.A steel producer in the Iskenderun region booked a Baltic Sea cargo, comprising 17,000 tonnes of HMS 1&2 (95:5) at $290 per tonne cfr.Another steel mill in the Marmara region booked a European cargo, comprising 20,000 to...Read More
Galena provides a leading lightSPONSOREDgalena miningIts share price has been on the rise over the past week since reporting it had Read More
Seaborne prices edged up slightly on Wednesday December 4 amid gains in the futures market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $89.06 per tonne, up $0.75 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $88.15 per tonne, up $0.75 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88.63 per tonne, up $0.43 per tonne.58% Fe fines high-premium, cfr Qingdao: $76...Read More
Seaborne coking coal prices remained stable on Wednesday December 4, as expected by participants, with traded levels for premium mid-vol materials staying above $140 per tonne cfr China.Fastmarkets indicesPremium hard coking coal, fob DBCT: $136.80 per tonne, down $0.06 per tonnePremium hard coking coal, cfr Jingtang: $147.09 per tonne, down $0.51 per tonne Hard coking coal, fob DBCT: $1...Read More
Non-haven markets are generally under pressure after United States President Donald Trump said he was prepared to wait until after the 2020 US presidential election for a trade deal with China.This has dented sentiment, sending gold prices and the yen higher, while US treasury yields have weakened. Asian equities are also weaker, led by a 1.6% fall in the Australia’s ASX 200. And the yua...Read More
Market participants have been surprised by the continued rise inAsian ferrous scrap prices, especially in the face of weak downstream demand. "Some people have been caught short and now have to purchase at higher prices after selling their cargoes previously," a trader in Vietnam told Fastmarkets on Wednesday December 4.Prices in Asia have been on an upward trend from early October, boosted by lim...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures responded to news that trade negotiations between China and the U.S. are progressing. Index futures moved lower following release of the November ADP Employment report released at 8:15 AM EST. Consensus was an increase to 138,000 from 125,000 in October. Actual was 67,000.C...Read More
China's hot-rolled coil exporters refused to lower their offers on Wednesday December 3 following price gains in the east of the country, although sources said domestic downstream demand was weakening.DomesticEastern China (Shanghai): 3,770-3,780 yuan ($533-534) per tonne, up 30 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, narrowing downward by 10 yuan per tonnePrices g...Read More
The three-month zinc price on the London Metal Exchange was higher during morning trading on Wednesday December 4, with its price action bolstered by the fresh cancelation of 2,325 tonnes in addition to a narrowing of the metal's benchmark cash/three-month spread backwardation. Zinc's outright price on the LME was recently seen trading at $2,240 per tonne, a gain of $38 per tonne against Tuesday's...Read More
Non-haven markets are generally under pressure after United States President Donald Trump said he was prepared to wait until after the 2020 US presidential election for a trade deal with China.This has dented sentiment, sending gold prices and the yen higher, while US treasury yields have weakened. Asian equities are weaker, led by a 1.6% fall in the Australia's ASX 200The yuan has weakened to 7.0...Read More
Dear Rich Lifer,The holiday season is often hailed as "the most wonderful time of the year". For most that is true!Filling your days with hot cocoa, classic movies, and the smell of pine trees, baking cookies, or logs burning on the fire, along with the company of friends and family to warm your heart can be festive indeed. But for some, especially those further north, the long, dark winter months...Read More
China's domestic rebar prices kept their downward trend on Wednesday December 4 as traders unloaded inventory. Eastern China (Shanghai): 3,970-4,000 yuan ($562-566) per tonne, down 20 yuan per tonne Northern China (Beijing): 3,700-3,740 yuan per tonne, down 10-20 yuan per tonneRising spot market inventory caused by weaker demand and high output led trading houses to urgently destock...Read More