RAPAPORT... Alrosa has delayed its new supply contract for rough buyers until early next year due to uncertainty in the diamond industry, the Russian miner said Friday.The current market environment has made it hard for diamond companies to commit to long-term plans, Alrosa explained. As a result, the company will assess clients' allocations at the end of the first quarter of 2021, and has ex...Read More
(IDEX Online) - The first ever educational course dedicated to lab-grown diamonds is being launched for the industry by GSI.The New York-based lab has graded identified hundreds of thousands of lab-growns and will share its knowledge online through Laboratory-Grown Diamond Essentials."It is imperative that the jewelry industry has the ability to communicate about laboratory-grown diamonds confiden...Read More
(IDEX Online) - Alrosa is to extend existing three-year rough diamond supply contracts to help buyers respond to ongoing market uncertainties.The Russian miner usually analyzes trading activity at the year end, to determine who will be on its long-term client list and what product mix they'll be offered.It is delaying that assessment until the end of March 2021 "to support its clients amid th...Read More
(IDEX Online) - De Beers' diamond output showed a solid third-quarter recovery, down just four cent year-on-year despite the devastating impact of coronavirus.Total production was 7.2m carats compared with 7.4m carats in Q3 2019, according to figures released by parent company Anglo American. Output in Q2 of 2020 was less than half, 3.5m carats.Mark Cutifani, Anglo American chief executive, r...Read More
RAPAPORT... Sotheby's garnered nearly $18 million from its Important Jewels sale in New York, with a pink-diamond ring taking the top spot.The pear-shaped, 12.38-carat, fancy-pink, VVS2-clarity diamond ring fetched $4.6 million, or $373,337 per carat, falling within the price range the auctioneer had estimated. It led the auction house's first live jewelry sale in the state since the coronavi...Read More
Oct 27, 2020 Guest(s): David Garofalo President and CEO, Goldcorp There are very few large-cap gold miners the size of Newmont, Barrick, Goldcorp, and Randgold left for another 'mega-merger' to happen, and so consolidation in the sector will likely happen within the mid-tiers and junior miners, said David Garofalo, chairman and CEO of Gold Royalty Corp. and former CEO of Goldcorp. Garofalo said...Read More
The threat of economicallycrippling lockdowns, the promise of unending monetary stimulus, and theuncertainty of game-changing political outcomes – this is the “new normal” forinvestors.The COVID pandemic won’t beeradicated anytime soon. And even when it finally is, the economic and socialcosts will continue to be borne for years to come.In such an environment, allconvention...Read More
The threat of economicallycrippling lockdowns, the promise of unending monetary stimulus, and theuncertainty of game-changing political outcomes – this is the “new normal” forinvestors.The COVID pandemic won’t beeradicated anytime soon. And even when it finally is, the economic and socialcosts will continue to be borne for years to come.In such an environment, allconvention...Read More
The threat of economicallycrippling lockdowns, the promise of unending monetary stimulus, and theuncertainty of game-changing political outcomes – this is the “new normal” forinvestors.The COVID pandemic won’t beeradicated anytime soon. And even when it finally is, the economic and socialcosts will continue to be borne for years to come.In such an environment, allconvention...Read More
Polyus PJSC, Russia's largest gold producer, said its untapped Sukhoi Log deposit in Siberia holds the world's biggest reserves.Read full newsRead More
Three-month prices for all base metals on the London Metal Exchange lost momentum before the close on Friday October 23, falling in tandem with a drop in the US stock markets.The LME three-month copper price lost 0.5% to close at $6,876 per tonne, after seeing a low turnover of just over 9,900 lots on Friday.The LME three-month lead and zinc prices dipped by 1% and 0.6%, respectively, and the...Read More
Now is not the time for Freeport-McMoRan to be thinking about mergers and acquisitions, the mining company's chief executive officer says.According to Richard Adkerson, the company - which is just over half-way through a mega-project to transform its giant Grasberg copper-gold mine in Indonesia from an open-pit to an underground operation - is on the verge of creating huge shareholder value."I jus...Read More
Post-pandemic market dynamics for base metals will be defined by global economies' ability to recover from the fallout of Covid-19, panelists said during LME Week's China session on Thursday October 22. Panel consensus deemed China's economic growth responsible for the current recovery in the metals market, with London Metal Exchange China head Yang Liu alluding to the region's "very beautiful v-s...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ending Friday October 23.Europe The market was unchanged over the week after fourth-quarter delivery contracts were settled, while suppliers reporedt deals done for several hundred tonnes of standard-grade material within range. ...Read More
Key data from the pricing sessions in Europe, Asia and the United States for the week ending Friday October 23.China Seaborne 37% and 44% manganese port indices both slid after market sentiment weakened further amid falls in the portside ore and futures alloy markets amid growing port inventories.Portside manganese ore prices for both grades weakened further after some ore traders slashed the...Read More
A summary of aluminium producer Hydro's third-quarter results. In brief Underlying earnings before financial items and tax (EBIT) for the third quarter was at NOK 1,407 million compared with NOK 1,366 million in the same quarter last year, but up 3% from the second quarter. Hydro's net debt position decreased from NOK 13.2 billion to NOK 9.9 billion at the end of the quarter. Hydro held NOK 17.5 b...Read More
The United States silicon metal price reached $1.03 per lb on the high end on Thursday October 22, further surpassing domestic producers' $1 per lb cost of production and attaining its highest price since September 2019. The high end broke the psychological price barrier of $1 per tonne last week and rose for the third consecutive week in this Thursday's assessment because of recent widesprea...Read More
Adam HamiltonArchivesOct 23, 2020 The gold miners' stocks are still correcting, continuing to rebalance both technicals and sentiment. This sector's huge surge into early August spawned extreme overboughtness and universal euphoria, which are gradually being bled away. This same necessary and healthy corrective process is underway in gold itself, which overwhelmingly drives gold-stock price levels...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves. Read More
Global steel scrap prices have risen over the week to Friday October 23, following Turkey's re-entry into the market and a sharp rise in the prices of Japan-origin material.Turkish mills rejoin scrap market for higher-priced cargoesSentiment positive in US East Coast market despite no fresh dealsVietnamese mills' appetite grows for US material following spike in Japanese pricesTaiwanese scrap impo...Read More