Discounts for full-plate nickel cathodes in China swung back into premiums in the week to Tuesday November 5 and a newly-opened arbitrage import window refreshed spot appetite for material in the region, while buyers in Europe and the United States remained firmly on the sidelines. Asian nickel once more traded at a premium while an open arbitrage window enlivened spot activity in the regionEurop...Read More
Most zinc market focus was directed to long-term supply contracts that kicked off last week, keeping spot premiums quiet for most regions; meanwhile, the Taiwanese lead premium was the only mover this week. A persistent London Metal Exchange spread backwardation, relatively high zinc price and closed arbitrage window spot deals. Supply tightness pushed up the spot lead premium in Taiwan.&nb...Read More
A consortium including Singapore-headquartered DBS Bank and commodity trading firm Trafigura has completed its first pilot trade on an open-sourced blockchain trading platform, with $20 million-worth of iron ore to be shipped from Africa to China in November 2019.The trade finance platform, called ICC TradeFlow, is also backed by Singapore government agencies Infocomm Media Development Authority (...Read More
Domestic prices for hot-rolled coil (HRC) in Europe have been stable over the past week, but offer prices for material were expected to move upward, sources told Fastmarkets on Wednesday November 6.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was unchanged over the week at ?,?415-425 ($461-472) per tonne on November 6.The corresponding assessment for steel HRC...Read More
CIS billet suppliers failed to win deals at desired higher levels set over the past week despite the uptick in scrap prices as customers preferred to refrain from bookings amid slow demand for finished long steel products.Buyers' price ideas did not exceeed $365 pertonne fob Black Sea. Bids from customers in Egypt were heard at $375-380 pertonne cfr, or $355-360 per tonne fob Black Sea, ...Read More
Steel H-beam prices in Northern Europe moved down this week due to uncertainty over rising feedstock costs and weak demand, sources told Fastmarkets on Wednesday November 6. Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, ?,?530-560 ($588-621) per tonne on November 6, down from ?,?540-570 per tonne on October 30.Trading levels have already begun to r...Read More
Indian steel manufacturers expect the Indian government to trim its support for their exports following an adverse ruling by the World Trade Organization in a subsidy dispute brought by the United States."The [Indian] Ministry of Industry & Commerce was already looking at revamping trade and tax policies, which includes scrapping certain export incentive schemes that have now been termed as s...Read More
RAPAPORT... Borsheims is offering jewelry- and diamond-related luxury adventuresthrough its holiday catalog this year, catering to millennials' desire for transparencyand experiences. The jeweler - owned by Warren Buffett's Berkshire Hathawayconglomerate - is selling a number of trips revolving around productscarried in the store, it said Tuesday. For $25,000, customers can purchase atrip for...Read More
RAPAPORT... Gem Diamonds has reduced its sales guidance for the year, asa problem with its high-value satellite pipe has forced it to mine from thelower-value portion of its Let??eng mine in Lesotho. The miner now expects to sell between 111,000 and 113,000carats compared to the 115,000 to 119,000 it had previously stated in March.Although it will increase the amount of ore treated, and has n...Read More
RAPAPORT... Revenue from Angola's national diamond-trading company,Sodiam, rose 12% year on year in the third quarter amid an increase in theaverage price. Prices of Angola's diamonds have continued to increase sincethe implementation of the country's new, more competitive diamond-tradingpolicy last year, the government noted. The program allows miners to offer 60%of their production to clien...Read More
RAPAPORT... The International Gemological Institute (IGI) and industry veteran Peter Meeus have put in rival bids to acquire HRD Antwerp.Meeus, HRD's former managing director, lastweek submitted a proposal to buy at least 51% of the lab in partnership withtwo unnamed individuals, he told Rapaport News Wednesday. IGI also placed a bid for thelab in the past two or three months, sources said."A...Read More
RAPAPORT... Sightholders welcomed De Beers' decision to lower pricesat this week's rough-diamond sale, but noted that further discounts werenecessary to improve profits in the manufacturing sector. The company reduced prices of higher-end goods by 5% to7% at this week's November sight, and offered deeper cuts in cheaper categories,sources reported. The move was a response to uncertain polished dem...Read More
(IDEX Online) - The Israel Diamond Exchange (IDE) has announced that the next edition of the International Diamond Week in Israel (IDWI) will be themed "I Love Natural Diamonds." The IDE said this theme is in keeping with its video campaign produced in cooperation with the World Federation of Diamond Bourses.As well as diamond trading, the boutique event will feature a series of TED-like talk...Read More
(IDEX Online) - The Swiss Gemmological Institute (SSEF) has said its Automated Spectral Diamond Inspection (ASDI) device performed with 100-percent accuracy in an evaluation by the Diamond Producers Association's ASSURE testing project.The ASDI device, which was first released in 2014, can screen 6,500 small diamonds an hour.The testing was carried out by UL Verification Services, Inc., an in...Read More
(IDEX Online) - Kleinfeld Bridal is best known for its starring role on the reality TVs show Say Yes to the Dress. Now the retailer has partnered with Reeds Jewelers to create its first bridal jewelry collection.The collection of engagement rings and wedding bands are inspired by the selection of wedding dresses available at Kleinfeld. An as an homage to Kleinfeld's Manhattan flagship store,...Read More
The stainless steel scrap market in the United States was largely status quo this week, with most scrap dealers and processors indicating that the majority of business for this year had already been concluded and many already buying for 2020 shipments."With only eight weeks remaining in 2019, we need to start to see some indicators that hopes of an increase in mill orders and London...Read More
The Lesotho government has renewed the mining lease for LSE-listed Gem Diamonds’ Letšeng mine, CEO Clifford Elphick confirmed on Tuesday.The terms of the renewed mining lease were agreed with the Lesotho Mining Board following a statutory negotiation process. The lease was renewed for an immediate period of ten years with exclusive rights granted to Letšeng to renew the mining...Read More
The US ferrous scrap export market has improved coast-to-coast with recent cargo deals serving as a testament that prices have rebounded.A new sale reported on Wednesday November 6 continued the upward momentum. An East Coast exporter sold 22,000 tonnes of a 90:10 mix of No1 and No2 heavy melting scrap at $262 per tonne and 9,000 tonnes of shredded scrap at $265 per tonne.HMS 1&2 (90:10) usua...Read More
A Turkish steel mill purchased a cargo of ferrous scrap material from the United States at broadly stable prices on Wednesday November 6, following the trend seen in several other cargoes purchased earlier this week, sources have told Fastmarkets.A steel mill in the Iskenderun region purchased a US-origin cargo comprising 22,000 tonnes of HMS 1&2 (90:10) at $262 per tonne and 9,000 tonnes of shred...Read More
Mid-grade seaborne iron ore prices were rangebound on Wednesday November 6 amid continued uncertainty in the market.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.47 per tonne, up $0.17 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.29 per tonne, up $0.17 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.86 per tonne, up $0.17 per tonne.58% Fe fines high-premium, cfr Qi...Read More