Base metals prices on the London Metal Exchange were on divergent paths at the close on Thursday January 25, with the weak dollar still the key supportive factor. The dollar index continued to crumble further; it is now down 13% since the turn of the year and hit a low of 88.43 today. "For the time being, it seems that commodity markets want to push higher, with a weaker dollar being a formidable...Read More

Both buyers and producers were in wait-and-see mode in the export market for CIS-origin pig iron during the week ended Thursday January 25, due to uncertainty about further price changes."After [the price of] scrap dropped by $20 per tonne, big buyers have been asking if a lower price for pig iron is on the horizon and have adopted a wait-and-see attitude," a trader told Metal Bulletin.Smaller buy...Read More

Rio Tinto is in preliminary talks to sell its stake in the Grasberg mine to the Indonesian government, according to the chief executive officer of Freeport-McMoRan.The US company, which operates the Grasberg mine through its 90.64%-owned PT Freeport Indonesia (PT-FI) subsidiary, is providing information to assist the sale process but has no control over its outcome, Richard Adkerson said. "The Ind...Read More

Turkish steel mills went quiet again in the deep-sea scrap markets on Thursday January 25, but are expected to book more cargoes soon, according to market sources.The mills in the country took time out for a short break for price negotiations at the beginning of the week and returned to the market for a Baltic Sea cargo sold at $354 per tonne cfr for HMS 1&2...Read More

The latest metal markets news and price moves to start the North American day on Thursday January 25.Base metals prices on the London Metal Exchange were little changed during morning trading, while most metals held on to Wednesday's rally.The weak dollar remains a key supporting factor for base metals prices. It fell to a low of 88.81 this morning, its lowest since 2014.Here is how the LME base m...Read More

Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Thursday January 25.Base metals prices on the Shanghai Futures Exchange were stronger across the board during Asian morning trading on Thursday, with nickel leading the gains amid weakness in the dollar and firm demand.Check Metal Bulletin's live futures report here.LME snapshot at 01.51am...Read More

Dealers gaining confidence, with firm pricesand steady demand expected in 1Q. Far East orders slowing as jewelers complete ChineseNew Year preparations. Shortages supporting prices. Robust rough market duringDe Beers sight as cutters increase production. Fewer independent US jewelers -4%to 26,031 in 2017. Michael Hill closing US stores as 1H global sales +5% to$273M. Forevermark holiday sales volu...Read More

(IDEX Online) - De Beers reported a five percent rise in rough diamond production for the fourth quarter of 2017 to 8.1 million carats, reflecting stronger trading conditions as well as the contribution from the ramp-up of the Gahcho Ku?(C) mine in Canada.   In Botswana, production increased marginally to 5.5 million carats. Orapa's production increased 14 percent, mainly due to planned incre...Read More

State-owned financial services provider Export Credit Insurance Corporation (ECIC) is keen to deepen partnerships with South African exporters who offer their capital goods and services in international and emerging markets, including in Africa. Further, the corporation’s mandate also extends to partnerships with South African registered entities that would like to engage in cross-border inv...Read More

(IDEX Online) - Jim Vimadalal, who previously worked at the Indian offices of Rio Tinto and Swarovski, has been appointed as Director of ALROSA's representative office in Mumbai.   The official opening of the Indian office is scheduled for March 2018. Currently, preparation works for the opening are underway, ALROSA said. The representative office won't be engaged in trading activi...Read More

RAPAPORT...Alrosa plans to launch a representative office in Mumbai inMarch, appointing former Rio Tinto and Swarovski executive Jim Vimadalal tolead the operation. The base will focus on relationships with the Indian market,rather than engaging in trading activity, the Russian miner said Thursday. Vimadalal (pictured), who will join Alrosa as director of the office, hasworked in Rio Tinto's sales...Read More

(IDEX Online) - Mountain Province Diamonds reported that 2017 output exceeded guidance, with its fourth quarter diamond production from the Gahcho Ku?(C) diamond mine being approximately 797,000 carats.   The firm owns 49 percent of the operation, which is located in Canada's Northwest Territories, with De Beers Canada owning the rest.   David Whittle, the Interim President and Chief Ex...Read More

South African industrial group Torre Industries is exhibiting at the 2018 Investing In African Mining Indaba, with the aim of increasing the group’s brand awareness among local and international mining industry players. The JSE-listed group has nine business units across three segments: parts and components, analytical services and capitalequipment. These segments service the mining, automot...Read More

RAPAPORT... The Israel Diamond Exchange (IDE) will launch a partnershipwith Chinese e-commerce giant Alibaba Group, enabling traders to sell goods onlineto businesses and consumers in global markets.Some 150 bourse members have formed an online store thatwill sell diamonds on the retail site, IDE president Yoram Dvash said in aninterview with Rapaport News Wednesday. Starting February 6, the busin...Read More

(IDEX Online) - Jewelers of America (JA) presented actress Debra Messing with the GEM Award for Jewelry Style, while Sally Morrison was the recipient of the GEM Award for Lifetime Achievement at its 16th annual GEM Awards in New York.   Meanwhile, Irene Neuwirth won the GEM Award for Jewelry Design. The other nominees in the Jewelry Design category were Coomi Bhasin and Nikos Koulis. The awa...Read More

RAPAPORT... Michael Hill will close its US operations after a run of disappointing sales results in the "challenging" and "loss-making" market, the Australia-based jeweler said Wednesday. "Our time in the highly competitive US jewelry market taughtus a lot and helped to strengthen our core business, including the developmentof our bridal-collection strategy," said CEO Phil Taylor. "Howev...Read More

Mining software company MICROMINE will provide previews of its major product releases – Geobank 2018 and Micromine 2018 – at the Investing in African Mining Indaba, which will take place at the Cape Town International Convention Centre from February 5 to 8. The company will showcase its entire suite of solutions, including data management solution Geobank, three-dimensional modelling a...Read More

(IDEX Online) - The VicenzaOro International Jewellery Show has closed, with organizers reporting a 10 percent increase in buyers - coming from 130 countries - compared to the January 2017 edition to more than 36,000 entries to the event.   The presence of international buyers from the most important countries for the global gold and jewelry sector is growing strongly, they said, with Italy s...Read More

Ferro-alloys trader Massimiliano Gentile has joined Belgian trading house Metraco, the company told Metal Bulletin. Formerly a senior trader at Euromet SA in Switzerland, Gentile will trade ferro-titanium from...Read More

RAPAPORT... De Beers production jumped 22% to33.5 million carats in 2017, driven mainly by increased output from its Gahcho Ku?(C) andOrapa mines, the company reported Thursday.The Gahcho Ku?(C) mine, in which De Beers has a 51% stake, launched operations in late 2016, and has been operating at intendedcapacity since the second quarter of last year. De Beers' share of production at the Canada-loca...Read More