Sumitomo will temporarily stop operations at its Minera San Cristobal zinc-lead mine in Bolivia due to national restrictions imposed to contain the spread of the Covid-19 virus.On Thursday March 26, Sumitomo published a statement online, which said that it had decided to suspend operations due to all-day or night curfews being imposed in...Read More
A summary of the full-year financial performance of Brazilian aluminium producer Companhia Brasileira de Alum?-nio (CBA) in 2019, as reported by parent company Votorantim on Thursday March 26.In brief Brazilian demand for both upstream and downstream aluminium products fell in 2019, putting sales volumes under pressure.Lower aluminium prices and local premiums, alongside declining demand for the.....Read More
Glencore is placing its Raglan nickel, Matagami zinc and South African ferro-alloys operations on care and maintenance in response to Covid-19, the company said. Raglan and Matagami are both in Qu?(C)bec, Canada, where the government has ordered all non-essential businesses to close. The operations will be shut for three weeks. Located at the extreme limit of Northern Qu?(C)bec, the Raglan mi...Read More
A major aluminium producer has concluded multiple deals with Japanese consumers for April-June delivery to main Japanese ports (MJP) at a premium on a cif basis of $82 per tonne over the London Metal Exchange cash price, sources confirmed to Fastmarkets on Thursday March 26. This is the first deal between a producer and end consumers to be confirmed for the second quarter, according to market sour...Read More
European automaker and subsequent smelter shutdowns in the United Kingdom - enforced to halt the spread of the coronavirus - drove secondary aluminium ingot prices down in the region to an 11-year low on Wednesday March 25.European carmaker closures to combat the virus, which started in earnest with Volkswagen's Slovakia-site closure on Sunday March 15, have riled the secondary aluminium supp...Read More
Prices for imported steel billet in Egypt decreased in the week ended Thursday March 26 with market activity being very weak because of the Covid-19 pandemic, sources told Fastmarkets.The spread of Covid-19 in the country has caused market activity to soften significantly, the sources added.Egyptian natural gas prices were decreased by $1 to $4.50 per MMBtu this week, after electricity prices were...Read More
The 2019-nCoV coronavirus pandemic has led to parts of the Indian automotive sector closing down its operations, Fastmarkets heard this week.Some sector participants did so even before the country's government announced on Tuesday that it was imposing a 21-day lockdown from that day.Germany-based carmaker BMW has confirmed that its plant in Chennai will be closed from March 23 to March 31.Japan's...Read More
The Turkish markets for steel billet have crashed over the past week, following the sharp decline in imported scrap prices amid the spread of the Covid-19 pandemic, sources said on Thursday March 26.Fastmarkets' weekly price assessment for steel billet import, cfr main port Turkey, was $357-360 per tonne on Thursday, down from the $390-400 per tonne of last week.After the imported scrap prices cra...Read More
Domestic rebar and wire rod prices in Turkey have gone down over the past week due to a complete absence of demand resulting from the Covid-19 pandemic, sources said on Thursday March 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 2,950-3,030 Turkish lira ($458-471) per tonne on Thursday, down from the 3,100-3,150 lira per tonne of last week.Wi...Read More
Long steel export prices in Turkey have gone down sharply over the past week amid the Covid-19 pandemic, which has affected almost all markets, sources said on Thursday March 26.Steel producers in Turkey have reduced their offers on rebar to $390-395 per tonne fob on an actual weight basis, from last week's $425-430 per tonne, but only one bid was heard at $375 per tonne.Fastmarkets' weekly price...Read More
China's domestic hot-rolled coil prices fell on Thursday March 26 amid weak demand, while export trading was also thin with sellers exercising caution after many overseas buyers canceled their orders.DomesticEastern China (Shanghai): 3,350-3,370 yuan ($472-475) per tonne, down 40 yuan per tonneNorthern China (Tangshan): 3,280 yuan per tonne, narrowed downward by 20 yuan per tonneTrading activity w...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.Wood Mackenzie’s latest analysis reveals that China’s crude stock (including strategic and commercial petroleum reserves) could reach 1.15 billion barrels in 2020, equivalent to 83 days of oil demand.Wood Mackenzie senior...Read More
Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down. $2 trillion stimulus will inject liquidity into US economy and relieve stress among small businesses. Signet Jewelers closes stores; reports 2019 sales -2% to $6.1B, profit of $106M vs. loss of $657M the previous year. Share price rallies post-earnings but down -55%...Read More
Trading collapsed due to coronavirus shutdown in all key retail markets. Rising concerns about spread of COVID-19 within India. Surat polishing industry closed as the country enforces nationwide 21-day lockdown. Bharat Diamond Bourse in Mumbai closed. Government announces concessions to help small businesses with financial difficulties and prevent bankruptcies. Depreciation of rupee (-4% since Mar...Read More
RAPAPORT... Signet Jewelers returned to profit in the fourth fiscal quarter and recorded growth in same-store sales, as the company's turnaround plan appeared to be working before the coronavirus crisis hit.The retailer reported net income of $187.1 million for the three months ending February 1, versus a loss of $107.9 million a year earlier. Same-store sales rose 2.3%, even as total revenue...Read More
RAPAPORT... The Gemological Institute of America (GIA) has closed most of its laboratories and educational centers due to the coronavirus.The laboratory at its headquarters in Carlsbad, California, has shut temporarily, as have grading facilities in Antwerp, Johannesburg, Mumbai, New York and Surat. Meanwhile, its gemology schools in Carlsbad, Bangkok, Hong Kong, London, Mumbai, New Delhi, Ne...Read More
RAPAPORT... Alrosa has introduced a digital auction for its large rough diamonds in an effort to minimize disruption to its sales during coronavirus-related travel restrictions.The tender, which began Monday and runs through April 6, will take the place of the miner's live auction, it said Wednesday. Customers will be able to see a full 3D digital scan of each rough diamond, along with inform...Read More
LSE-listed Gem Diamonds has, in line with the Lesotho government’s three-week lockdown to combat the spread of Covid-19, temporarily placed its Letšeng mine on care and maintenance.Lesotho’s national lockdown will start on March 29 and end on April 21.AdvertisementFor the period of the lockdown, only essential maintenance will take place, with security and support staff performi...Read More
(IDEX Online) - Jewelry trade organizations are among 90 US groups urging President Trump to help businesses threatened by the coronavirus The signatories include Jewelers of America, Jewelers Vigilance Committee, the Women's Jewelry Association and the Tri State Jewelers Association."The economic harm from social distancing and mandatory store closures is real. Layoffs and economic hard...Read More
RAPAPORT... Three jewelry groups have joined the National Retail Federation (NRF) in its efforts to help small US retailers obtain financial aid from the government during the coronavirus shutdown.Jewelers of America (JA), the Jewelers Vigilance Committee (JVC) and the Women's Jewelry Association (WJA), along with 90 other retail industry trade groups, have signed a letter to the White House...Read More