This update corrects the contract reference for gold to April, which has higher open interest volume than the February contract. AFP/Getty Images Gold futures for April delivery settled above $1,300 an ounce on Friday, with prices for the yellow metal at their highest since June as the U.S. dollar pulled back and investors eyed geopolitical turmoil and global growth worries. Rising gold prices ref...Read More
The aluminium market mainly shrugged off the US Department of the Treasury's Office of Foreign Assets Control's (OFAC) long-awaited decision to remove sanctions imposed on producer UC Rusal on Sunday. The market said the removal of sanctions had been expected and therefore is already priced into the premium levels. But Rusal's next move will remain a crucial key to how the market develops in...Read More
Turkish deep-sea scrap import prices have gone up after a large number of cargoes were booked from European, Baltic Sea and US origins, sources said on Monday January 28.Several deep-sea bookings from a variety of locations came to light late on Friday after the deadline for the indices that day.A steel mill in the Izmir region booked a European cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) a...Read More
Here are five Fastmarkets MB stories you might have missed on Monday January 28 that are worth another look.Brazilian authorities and regulators are targeting Vale after the failure of the tailings dam at the global miner's C??rrego do Feij??o mine, at Brumadinho in the country's southeastern Minas Gerais state. The iron ore miner had 11 billion Reais ($2.91 billion) blocked by loca...Read More
RAPAPORT... Lucara Diamond Corp. has recovered a 240-carat, "top-white"rough stone from the high-value portion of its Karowe mine in Botswana, it saidMonday. The diamond is the second weighing more than 100 carats thecompany has found this year, after it unearthed a 127-caratstone earlier this month. The miner will put both diamonds up for tender in March, along with otherlarge stones it has...Read More
RAPAPORT... Petra Diamonds' shares fell more than 15% in early trading Monday after theminer reported a significant slide in rough-diamond prices at its flagshipCullinan asset. The average price plunged 31% to $96 per carat at the miner'sSouth African asset in the first fiscal half ending December 31. That compares with an average of $140 per carat for the nine and a half years spanning July...Read More
RAPAPORT... The Rapaport Group is organizing a trip to Sierra Leone for members of the diamond and jewelry trade wishing to gain insight into the artisanal mining sector.The visit will provide an opportunity to meet and interact with theartisanal digger community in the country. The mission willpromote greater understanding of the role of the artisanalsector inthe jewelry industry. It will hi...Read More
The European Commission (EC) has given the government of Greece two months to recover aid of ?,?135.8 million ($154.9 million) granted illegally to state-owned ferro-nickel producer Larco, or face the threat of court-imposed fines and financial penalties.On Thursday January 24, the EC sent a letter of formal notice to the Greek government demanding that it respond and demonstrate recovery of the a...Read More
The copper scrap discount in January has narrowed month on month for Chinese imports, mainly due to limited scrap availability following a drop in copper's outright price.No 2 copper scrap, which includes birch and cliff of 94-96% copper content, was being sold into the country at a discount of 24-30 cents per lb this month, Fastmarkets assessed. The spreads are smaller compared to 26-34 cents per...Read More
RAPAPORT... A high-value section of the Karowe minecontains a larger supply of diamonds than originally thought, Lucara DiamondCorp. said. A feasibility study at the Botswana-basedasset shows a 54% increase in indicated resources in the EM/PK (S) portion of itssouth lobe region, from which Lucara previously recovered the 1,109-caratLesedi La Rona and the 813-carat Constellation. "In 2019 we...Read More
Sherritt International Corp expects to see an increase in both its nickel and cobalt production in 2019 after several factors including adverse weather conditions impacted output last year. The Toronto, Canada-based company operates two nickel operations, the Moa joint venture in Cuba and the Ambatovy joint venture in Madagascar, with a combined capacity of more than 80,000 tonnes per year of nick...Read More
(IDEX Online) - Gemological Science International (GSI) announced that Co-Founder and President Debbie Azar has become the newest member of the 24 Karat Club. Since 1902, The 24 Karat Club, located in Manhattan, has fostered the interests of the jewelry industry. "With a profound belief that values and integrity are found in creating lasting relationships, The 24 Karat Club aligns with GSI...Read More
(IDEX Online) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, has announced the appointment of Regina Ciarleglio as Director of Membership. She will oversee the operations of the Membership Department, including membership development and retention. "We are thrilled to welcome Regina Ciarleglio to Jewelers of America," said JA...Read More
Lucara Diamond Corporation's Karowe mine, in Botswana, has yielded another significant find – a 240 ct top white gem diamond.It will be shown alongside the 127 ct, top white gem diamond recovered earlier this year, together with other exceptional diamonds recently recovered from Karowe at Lucara's upcoming diamond tender that will close on March 7.Advertisement"This . . . diamon...Read More
Spot treatment charges (TCs) for zinc concentrates rose in January with the market continuing to trade at prices significantly higher than $200 per tonne.Fastmarkets assessed TCs for spot zinc concentrates at $210-240 per tonne on Friday January 25, up from $210-230 per tonne last month, reflecting a rise in the number of deals made at higher prices and a wider spread in trades.The spot zinc conce...Read More
(IDEX Online) - The Diamond Producers Association, in association with Lakm?(C) Fashion Week, announced the winners of 'The Real Cut', a platform which will bring together emerging diamond jewelry designers from iconic jewelry brands to define future trends while drawing on their inspiration from diamonds. Shazia Motiwala of A.S Motiwala, Bhavana Jhakia of Om Jewellers, Rupam Singhal of Or...Read More
Angola produced a total of 9.43-million carats of diamonds last year, which brought in revenues of $1.2-billion. These figures were reported to Angolan news agency Angop by Endiama President Ganga Júnior. Endiama stands for Empresa Nacional de Prospecção , Exploração, Lapidação e Comercialização de Diamantes de Angola (the National Com...Read More
The Comex copper price failed to maintain last week's momentum over the weekend, with the market awaiting fresh news on US and Chinese trade talks.Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 4.15 cents to trade at $2.6875 per lb on the morning of Monday January 28."Copper is trying to keep most of the gains...Read More
Asia led global crude steel output growth in 2018, accounting for 1.3 billion tonnes of production - an 8.33% increase - according to statistics published by the World Steel Association (Worldsteel) last Friday January 25.Steelmakers across the world produced a total of 1.79 billion tonnes of crude steel last year, up 4.68% compared with 1.71 billion tonnes a year earlier. China, the world's large...Read More
The price for rebar imported to Singapore fell again on Monday January 28 due to ample supply from Ukraine. Fastmarkets MB assessed the import price for rebar in Southeast Asia - which mainly looks at cargoes sold into Singapore on a theoretical weight basis - at $460 per tonne cfr for the week to Monday, narrowing downward from $460-470 per tonne cfr a week earlier. Some 100,000 tonnes of Ma...Read More