The Brazilian steel association, A??o Brasil, has slashed its forecasts for steel production and consumption in 2019, because of a weak performance in the first half of the year, it said on Thursday July 25.Steel output was now expected to reach 35.55 million tonnes this year, growth of only 0.40% from the 35.41 million tonnes produced in 2018.This compared with the previous expectation for growth...Read More
The price of steel billet imported into Egypt fell in the week to Thursday July 25 on lower offers, with demand still poor due to continuing uncertainty over import duties."Offer prices have fallen but there are no bookings because of the ongoing uncertainty about safeguard duties," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and...Read More
Domestic prices for heavy steel plate have been largely stable across Europe over the past week in the slow market, sources told Fastmarkets this week.Demand will decline further in August due to the traditional market slowdown over the summer period."The market is slow, which is normal at this time of the year," an Italian source said."Mills will try to increase offers [for plate] in Se...Read More
China's hot-rolled coil prices rebounded on Thursday July 25 in line with rising futures bolstered by expectations of stricter production curbs toward the end of the month.DomesticEastern China (Shanghai): 3,840-3,860 yuan ($558-561) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10 yuan per tonnePrices rebounded amid an increase in trading activity in the...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transaction: hot-rolled coilHot-rolled coilEast China, domestic, commercial-grade...Read More
Summer lull continues. Polished suppliers cautious for 2H amidtrade-war uncertainty, weak dealer demand and tight manufacturing profit.Miners reducing rough supply, with De Beers allowing additional deferrals atJuly sight. De Beers 1H revenue -17% to $2.6B, earnings -7% to $187M, roughprice index -4%. Petra lowers 2020 production plan to 3.8M cts. US jewelrysales stable, despite weakness at majors...Read More
Trade cautious amidtight liquidity and diminishing credit. Some overseas buyers in Mumbailooking for bargains from companies that need to boost cash flow. 0.30 to 0.49ct. selling well in parcels after suppliers stopped certifying SI goods.Manufacturing down by estimated 25% to 30% compared to a year ago. Improvementin cheap melee suggests some resistance to CVD. RoundRead More
RAPAPORT... It's the summer! But that doesn't stop us talking aboutdiamonds.In the July episode of the Rapaport Diamond Podcast, theeditorial team discusses the troubles in the industry. Plus, what are the positives in the sector right now?We also critique a recent marketing video from the IsraelDiamond Exchange, and ponder how the trade should handle the current challenges.Image: A still from the...Read More
RAPAPORT... Sales and profit from watches and jewelry at LVMH Mo?<
RAPAPORT... A collection of jewels detailing the story of Indiandiamonds over six centuries is set to go on sale for the first time. Approximately 35 pieces belonging to diamond dealerBenjamin Zucker will feature in an exhibition at Les Enluminures in New York,the gallery said Thursday. Many of the jewels have previously appeared at theWalters Art Museum in Baltimore, the Yale Peabody Museum...Read More
RAPAPORT... De Beers' profit dropped in the first half of the year asweak demand at the trade and consumer levels impacted diamond prices, thecompany said Thursday. The rough market was subdued due to high inventories inboth the midstream and the retail sector, as well as a slowdown in growth ofconsumer demand, the miner explained. The US-China tariff dispute, protests inHong Kong and the strong U...Read More
RAPAPORT... Diamond exporters will be allowed to ship goods out of India for trade showsor consignment without paying goods and services (GST) tax, the government has announced.The revision rules that these items don't constitute "supply," Indian authorities said last week following several meetings with the Gem and Jewellery Export Promotion Council (GJEPC). Therefore, members of the trade h...Read More
The first Israel Diamond Week in Shanghai, held July 16-18, ended "on a high note and is expected to become an annual event", the Israel Diamond Exchange (IDE) website reported.. Shanghai Diamond Exchange (SDE) President Qiang Lin hosted a delegation led by IDE President Yoram Dvash. More than 15 prominent Israeli diamond companies as well participated. The event included an Israeli exhibition of...Read More
Alrosa reported that since 2006, the company has financed the cost of land reclamation and the recovery of habitat that was typical to the area before the sites were mined. During the past 13 years, Alrosa allocated more than $15 million for the restoration of the fertile layer and the planting of dozens of grass, shrub and tree species in the areas affected by mining and processing. The total are...Read More
Tiffany & Co. is urging the Second Circuit to uphold a $25 million trademark victory against Costco Wholesale Corp. over diamond engagement rings, asking the appeals court to ignore the retailer's "false narrative," according to the Law360.com website. Tiffany and Costco have been engaged in a legal battle for the past six years, i.e. since 2013. Tiffany first brought its the case against...Read More
Anglo-American - and its subsidiary De Beers - published their results for the first half of 2019. For Anglo-American, rough diamonds constitute less than ten percent of its earnings. Anglo's chief earnings come from coper ($789 million), PGMs i.e. precious metals ($824) Bulks, i.e. a collation of products such as coal, iron ore, aluminum and other minerals ($3.36 billion!) and diamonds ($518...Read More
Aim-listed Firestone Diamonds has achieved a solid operational performance for the financial year ended June 30, with guidance achieved on all items.CEO Paul Bosma on Thursday said it was, nevertheless, a tough year from a market and pricing perspective, particularly for the smaller, lower-value goods.AdvertisementHe expects these conditions to persist for the rest of this calendar year.He added,...Read More
RAPAPORT... Gem Diamonds has recovered a diamond weighing 123.5carats, its third white stone over 100 carats this year, and its second thismonth. It found the high-quality, type II stone at its Let??eng minein Lesotho on July 20, the company said Tuesday. The miner also unearthed a140-carat white diamond from the deposit on July 6, and a 161-carat stone inMarch. In total, the company has ret...Read More
Diamond miner De Beers’ earnings before interest, taxes, depreciation and amortisation (Ebitda) for the six months ended June 30 decreased by 27% year-on-year to $518-million.Challenging trading and economic conditions in the period under review contributed to the lower Ebitda.AdvertisementThe diamond miner cited a number of challenges for rough diamond sales in the reporting period, resulti...Read More
RAPAPORT... US retail sales rose in June, amid improved consumersentiment and a healthier economic outlook, according to the National RetailFederation (NRF). Total purchase value grew 2.3% year on year in June, withthe three-month moving average, which includes April, May and June sales, up3.7% over the same period a year ago. The moving average for the three monthsto May rose 3.3% over the y...Read More