Liberty Steel, part of the GFG Alliance, has restarted Adhunik Steel in India six months after it acquired the plant, the company said on Thursday October 22. The company said that it had restarted the first phase of production at Adhunik Metaliks Ltd and Zion Steel following the acquisition of the steel businesses in February 2020. The acquisition of the Indian site is a strategic investment in o...Read More
Demand for rebar and billet in Egypt failed to improve in the week to Thursday, October 22, despite the authorities reducing safeguard duties on the products, sources told Fastmarkets.Steel billet and rebar prices in Egypt were unchanged as a result, they added. The duty for imported billet was cut to 13% for the cif market last week, with a $60-per-tonne minimum, compared with ...Read More
The European Commission (EC) has opened an anti-dumping (AD) probe into imports of steel wind towers originating in China, the commission said on Wednesday October 21.The investigation started after the European Wind Tower Association lodged a complaint on behalf of European producers on March 17 - the association represents more than 25% of the total European production of steel wind towers.The p...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
The latest forecasts from Fastmarkets' team of analysts are ready to view.US ERW OCTG edges higher, seamless could followRising substrate costs helped support US ERW OCTG prices this month, especially at the upper end of the range of offers. Seamless OCTG and linepipe prices, meanwhile, held firm compared with September prices. The fundamentals remain weak, with rig counts going up...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Iron ore remains the most bullish commodity of the year, with prices fuelled by Chinese demand and supply disruptions in Brazil, along with bullish sentiment. But prices are expected to come down because Brazilian exports have begun to recover, and have reached their highest level since the Brumadinho dam disaster in 2019. W...Read More
Meanwhile in China, Communist Party officials begin a four-day policy plenum today, to lay out a five-year plan to guide the economy to 2025.Gold has dropped below US$1,900 an ounce on the spot market, to about $1,895/oz at the time of writing.Base metals closed lower in London on Friday as the virtual LME Week wound up, where one panel had heard metals demand could stagnate in 2021 due to a secon...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
China's making an UNPRECEDENTED move into physical silver, and it's having a SIGNIFICANT impact both the physical and paper markets...Samuel Briggs via KinesisAndrew Maguire explores the marketwide implications of China buying up vast quantities of gold and silver. Andrew Maguire reveals China's making an unprecedented move into physical silver, while also securing huge quantities of gold dor?(C)...Read More
RAPAPORT... WD Lab Grown Diamonds has entered into patent sublicensing agreements with two synthetics companies, enabling them to distribute chemical vapor deposition (CVD) stones in North America and beyond.The deals with Altr and Altr (India), as well as with Evolution Diamond, relate to intellectual property belonging to the Carnegie Institution of Washington, the science organization behi...Read More
RAPAPORT... Rio Tinto has asked a Canadian court to allow it to sell its partner's portion of rough diamonds from the Diavik mine to recoup more than CAD $120 million ($91.4 million). Dominion Diamond Mines, which owns 40% of the joint venture, filed for creditor protection in April, citing mounting debt and an inability to sell its diamonds during the coronavirus pandemic. It has since missed two...Read More
RAPAPORT... US consumers ranked jewelry low on their list of gifts to buy and receive from loved ones, as many plan to curb their spending this holiday season amid strong concerns about economic stability.The category was the bottom pick when it came to items shoppers would purchase as a gift, chosen by only 24% of respondents in Deloitte's recently released 2020 Holiday Retail Survey, which predi...Read More
RAPAPORT... Sotheby's garnered $17.9 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 coronavirus p...Read More
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