RAPAPORT... The National Retail Federation (NRF) is predicting a 1.5% increase in US consumer spending on jewelry this Mother's Day, despite financial pressures arising from COVID-19.Americans will shell out $5.27 billion on the category this year, compared with $5.19 billion in 2019, the trade organization reported last week. Jewelry will retain its position as the top-grossing item for the...Read More
Zambia is highly unlikely to impose restrictions on the mining sector during the Covid-19 pandemic because current practices are working very well, a senior executive at First Quantum said. Hannes Meyer, the company's chief financial officer, said Zambia's population demographics have also aided the limited spread of the virus in the copper-rich country. "I don't think for one minute that we will...Read More
Over the past month, Chinese importers have been keen to buy overseas copper scrap at more competitive prices, with scrap production shrunk by the effects of the Covid-19 pandemic, as well as disruptions in the supply of substitute copper products from Africa."Buy, buy, buy whatever copper scrap, ingots, blister you see on the market. This is what I have been told," a major Chinese copper smelter...Read More
JOHANNESBURG (miningweekly.com) – The rapidly evolving Covid-19 crisis learning curve is still too steep to conclusively define what a ‘best practice’ response looks like from the mining industry, says the International Council on Mining and Metals (ICMM), which is facilitating a rapid exchange of information and knowledge to support the responses to the pandemic of its members.I...Read More
Base metals prices on the London Metal Exchange consolidated during morning trading on Tuesday April 28, characterized by thin volumes and sideways trading, while a 7,300-tonne fresh cancellation from Asian locations bolstered copper's price incline. The LME three-month copper price was recently at $5,188 per tonne, inching up by 0.1% from an intra-morning low of $5,170 per tonne. Trading turnover...Read More
JOHANNESBURG (miningweekly.com) – The Lesotho government has permitted diamond mines to reopen from Monday, ahead of the May 5 lockdown extension, Gem Diamonds said on Friday.Mining Weekly can report that Lesotho is authorising diamond-mining’s recommencement in the Mountain Kingdom, contingent on compliance with Covid-19 health and safety guidelines.AdvertisementThe small country surr...Read More
US hot-rolled coil prices have crashed below $23 per hundredweight ($460 per short ton) despite some mills trying to lift prices in tandem with an expected increase in scrap costs in May.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $22.63 per cwt ($452.60 per ton) on Tuesday April 28, down by 1.7% from $23.03 per cwt on Monday April 27 and down by 4.8% from $2...Read More
RAPAPORT... Technology company Everledger has partnered with De Beers sightholder Shairu Gems Diamonds and Atit Diamond Corporation to offer more transparent data on the goods they supply, as well as a mechanism to offset their carbon footprint.The London-based business, which provides blockchain services to the diamond industry, has teamed up with the suppliers to collect, track and report r...Read More
RAPAPORT... Kering's jewelry and watch divisions have been "hard hit" by COVID-19, dragging revenues down for the first quarter, the French luxury group reported Monday.The company, which owns Boucheron, Pomellato and Qeelin, said income for its "other houses" segment - including jewelry and watches - fell 4.1% to EUR 553.3 million ($597.1 million) in the three months ending March 31.It noted...Read More
The prices for steel billet and rebar in the United Arab Emirates fell over the past week due to weak demand during the Islamic holy month of Ramadan, as well as the continued effects of the Covid-19 pandemic, market sources said on Tuesday April 28. Authorities in the UAE announced a curfew from 10pm to 6am for the month of Ramadan, which started on April 23. Traditionally consumption of steel pr...Read More
Some flat steel import prices in the United Arab Emirates and Saudi Arabia decreased this week, with the markets very slow because of concerns about the spread of the Covid-19 pandemic as well as the start of Ramadan, sources told Fastmarkets on Tuesday April 28.No deals were heard during the week, with steel consumption reduced because the Islamic holy month of Ramadan started on April 23, when a...Read More
Prices in the market for steel billet exports from the Commonwealth of Independent States (CIS) continued to soften in late April, with some cargoes heard sold to customers in the Middle East with discounts.A large cargo of Ukraine-origin billet was reported sold to Saudi Arabia for around $360 per tonne cfr. According to various sources, the cost of freight would vary within the range of $20-25 p...Read More
China's domestic hot-rolled coil prices weakened on Tuesday April 28, with sentiment dampened by futures losses amid a drop in raw materials costs. Exporters, meanwhile, expect sellers globally to cut their offer prices amid bid drops, especially when mills remain in pressure to reduce inventories.DomesticEastern China (Shanghai): 3,260-3,280 yuan ($460-463) per tonne, down 30-40 yuan pe...Read More
The impact of Covid-19 is undeniably huge. It continues to make its presence felt across all commodity markets, including the ferrous supply chain, from raw materials down to finished steel products. One significant impact that can be tracked closely through spot pricing is the increasing disarray in price correlations between various segments of the ferrous supply chain after the Covid-19 pandemi...Read More
Metals prices were consolidating during morning trading on Tuesday April 28 after the promising start to the week faded on Monday, but talk that Chinese provincial governments are offering to subsidize inventory accumulation could well turn out to be a supportive factor. The mixed performance this morning is widespread with Asian-Pacific and pre-market western equity indices on divergent paths, wh...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesCopper production for the quarter increased 42.6% to 195,285 tonnes from 136,969t a year ago while gold production increased 39.4% to 68,788 ounces from 49,357oz.Read More
Editor's Note: Mining Journal is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to Mining Journal, click here Consolidated copper sales were 0.7 billion pounds for the March quarter, with the 2020 estimate now put at 3.1Blb based on US$2.30/lb, down from January's 2020 esti...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesIvanhoe said this week underground development at Kakula had accelerated ahead of schedule, with 13.5km completed - 4.2km ahead of plan. The company said a new development record of 1.Read More
Ferrous scrap prices in Mexico largely decreased in the week ended Friday April 24, with steelmakers applying reductionsfollowing lower monthly settlements in the United States' domestic scrap market.Three major scrap buyers were said to have cut prices by 200 pesos (about $8) per tonne last week. This follows a previous round of price cuts a week earlier. At the same time, two Mexican scrap...Read More
The Turkish steel producers have again gone quiet in the deep-sea scrap markets despite the sharp decrease in prices seen at the beginning of this week, sources said on Tuesday April 28.After around 10 days of silence, a Turkish steel mill booked a Baltic Sea cargo on April 27 at $242 per tonne cfr for HMS 1&2 (80:20) and $252 per tonne cfr for bonus, which sent the daily scrap indices down by mor...Read More