Prices for hollow steel sections moved down across Europe over the past week, despite trading activity continuing, sources told Fastmarkets on Wednesday March 25.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?595-620 ($643-670) per tonne on Wednesday, down from ?,?600-630 per tonne one week previous."We are still working and are trying...Read More
RAPAPORT... Gemfields recorded a profit in 2019 as the cancellation of a Zambian export duty bolstered the value of the company's Kagem emerald mine.The miner earned $39.1 million for the year, compared with a loss of $60.4 million in 2018, it estimated in a trading update Tuesday. This mainly reflected the reversal of a $21.6 million impairment charge at Kagem following the government's susp...Read More
RAPAPORT... India's government has approved concessions to ease the financial situation for diamond and jewelry businesses after the country went into lockdown to curb the spread of the coronavirus.The finance ministry raised the minimum value of a default that could trigger bankruptcy proceedings for small- and medium-sizes businesses to INR 10 million ($131,160) from INR 100,000 ($1,310), t...Read More
RAPAPORT... Christie's has pushed back its New York and Geneva jewelry sales as the coronavirus spreads around the world.All three of the auction house's spring Magnificent Jewels sales, which generally occur between April and June, will now take place within a one-month period, according to the company's updated schedule.The New York Magnificent Jewels auction, which was due to take place in Apri...Read More
RAPAPORT... A number of jewelers and manufacturers are shutting temporarily following government orders amid the coronavirus outbreak.Stuller has closed its Louisiana headquarters and suspended all on-site operations in accordance with Governor John Bel Edwards's stay-at-home order, it said Monday. The site will remain closed through Sunday."Ultimately, we believe temporarily suspending opera...Read More
(IDEX Online) - Canadian miner Mountain Province has reported further losses - CAD128.8m ($89.9m), as demand for rough dropped.The 2019 figure was well down on the CAD18.9m loss ($13.2m) for 2018, largely as a result of a non-cash impairment loss on property, plant and equipment of CAD115.8 million ($81m).That was ins spite of an "exceptional year of production" in 2019 at its Gahcho Kue, in North...Read More
Various South African mining companies have pledged their support for President Cyril Ramaphosa’s Covid-19 directives and range of measures in respect of mitigating the impact of the pandemic on South Africa’s economy.The pledges follow the President’s address to the nation on Monday evening, announcing a 21-day lockdown for the country from midnight on Thursday, March 26, until...Read More
the coronavirus pandemic in his native South Africa.Fellow billionaire Johann Rupert, whose luxury conglomerate Richemont owns Mont Blanc and Cartier, is matching the donation with his own R1bn.Mr Oppenheimer, 74, sold his 40% stake in the family diamond firm, founded by his grandfather Ernest in 1929, to the Anglo American mining group for $5.1bn in cash in 2012. In a joint statement w...Read More
(IDEX Online) - The Diavik Diamond Mine in Canada is maintaining full production despite the coronavirus pandemic.But it is restricting the frequency of travel by rostering staff to work four weeks on, four weeks off. Operators Rio Tinto say they have reduced travel to and from the remote mine at Lac de Gras, 200km south of the Arctic Circle, to minimize spread of the disease.The standard two...Read More
Stainless steel scrap prices have fallen even further in the wake of the novel coronavirus spread in the United States, which has created additional problems for an already weak marketplace, sources told Fastmarkets.Scrap recycling facilities have been classified as essential businesses, but many are closing retail operations while maintaining services to industrial accounts."Industrial scrap cont...Read More
The global spread of the novel coronavirus (2019-nCoV) is seriously limiting deep-sea scrap trading in Turkey, with market players also struggling with mill closures, sources said on Wednesday March 25.A number of steel mills in Turkey have stopped or reduced production because of the pandemic. "I heard a steel mill in the Iskenderun region halted production and two steel mills in the Izmir region...Read More
Seaborne coking coal prices dropped on Wednesday March 25 as major consumer India announced a 21-day lockdown. Fastmarkets Indices Premium hard coking coal, fob DBCT: $154.91 per tonne, down $1.49 per tonne Premium hard coking coal, cfr Jingtang: $158.18 per tonne, down $6.48 per tonne Hard coking coal, fob DBCT: $141.64 per tonne, down $0.62 per tonne Hard coking coal, cfr Jingtang: $148 per tonn...Read More
Export prices for Japanese ferrous scrap continued to fall over the week to Wednesday March 25, but tighter supply offered some support to prices for Shindachi busheling, market sources have told Fastmarkets.Japanese scrap traders expected difficulties in procuring Shindachi material in the short term after carmaker Toyota closed several production lines for 3-9 days from Wednesday. And fellow car...Read More
National lockdowns in India and South Africa raised concerns about supply in the seaborne iron ore market on Wednesday March 25 and caused prices to rise for two consecutive days after a massive drop on Monday. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $87.34 per tonne, up $3.37 per tonne 62% Fe low-alumina fines, cfr Qingdao: $88.82 per tonne, up $3.32 per tonne 58% Fe fines high-gr...Read More
The trading of metals into India is likely to be severely affected by difficulties in opening letters of credit (LCs) now that the country is locked down to contain the spread of the novel coronavirus (2019-nCoV), sources told Fastmarkets on Wednesday March 25.The Indian government imposed the 21-day nationwide lockdown beginning Wednesday, which includes strict curfew measures on the country's 1....Read More
India's steel sector will not come under any restriction during the country's 21-day lockdown to contain the spread of the novel coronavirus (2019-nCoV), though mills continue to face various uncertainties with regard to the move.The steel ministry, in a letter addressed to the sector seen by Fastmarkets, said it was aware of problems faced by the country's steelmakers with regard to the entry of...Read More
United States politicians agreed a $2-trillion stimulus package to support the US economy during the ongoing novel coronavirus (nCoV 2019) pandemic, and markets, especially equity markets, have reacted well. The Dow Jones Industrial Average (DJIA) closed up by 11.4% on Tuesday March 24, while Asian Pacific equity indices followed up that positive performance with gains of between 2.7% and 8% this...Read More
Tin ingot premiums in the United States moved up in the week to March 24 on physical supply concerns, with similar fears affecting European market sentiment while Chinese premiums are flat amid ample availability.This all comes despite a near 27% decline in the London Metal Exchange tin price over a fortnightly period.European premiums hold firm but availability a concern. Supply concerns push up...Read More
China's aluminium producer Jisco has started to place their smelters on maintenance following a multi-year low aluminium price on the Shanghai Futures Exchange, sources told Fastmarkets on Wednesday March 25.The company idled 100,000 tonnes of aluminium capacity for an overhaul in the smelter, based in Jiayuguan city, last week but may increase the reduced capacity in the coming days if the low al...Read More
China's domestic rebar prices regained some strength on Wednesday March 25 on a pick-up in buying activity amid rising futures. Eastern China (Shanghai): 3,470-3,500 yuan ($491-495) per tonne, up 20 yuan per tonne Northern China (Beijing): 3,380-3,400 yuan per tonne, narrowed upward by 20 yuan per tonne A trader in eastern China said his sales volume during the day was about a third higher th...Read More