Base metals prices on the London Metal Exchange dipped slightly across the board during morning trading on Wednesday May 19, following a week of volatility and a growing sense of unease. "Although the first trading week of May looked super bullish, I am not in the camp that base metals can hold on to the gains made. Instead, I envisage the monthly close to turn negative," Fastmarkets analyst Andy...Read More

China's approach to addressing aluminium overcapacity is a "night and day" change from five years' ago, according to the chief executive officer of Alcoa Corporation, Roy Harvey. Harvey said that China had previously operated on a model of building a coal-fired power plant with a smelter connected and essentially repeating the process continually, increasing aluminium production and creating overs...Read More

Domestic prices for European heavy steel plate increased further in the week to Wednesday May 19, supported by good demand, sources told Fastmarkets.In addition, market sources said that lead times from domestic suppliers have been getting longer. German mills have already started trading October-December rolling plate, while Italian re-rollers have been offering July production."Demand is very go...Read More

RAPAPORT... The Responsible Jewellery Council (RJC) has joined a United Nations forum that aims to accelerate the implementation of the 17 sustainable development goals (SDGs).As a member of the United Nations Global Compact (UNGC) SDG Ambition Platform, the RJC will help its 1,400 member companies step up their sustainability efforts and set targets to meet specific benchmarks, it said last week....Read More

RAPAPORT... The Plumb Club has signed up Evolution Diamond and Cynergy Trading Corp. as its newest members, the industry organization said this week.Evolution is a lab-grown diamond manufacturer specializing in bridal, fashion and men's jewelry, The Plumb Club said Monday. Cynergy is the North American arm of India-based diamond-jewelry manufacturer Creations Jewellery."Both companies will be grea...Read More

Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.The most important driver of the zinc market in 2020 will be the performance of the world’s zinc smelting industry, according to Wood Mackenzie.The easing of trade tensions between the US and China, the struggling manufacturing...Read More

A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 19. Please click...Read More

(IDEX Online) - Alrosa reported a Q1 increase in net profits to $326m, up 13 per cent on Q4 2020.That's despite an eight per cent drop in quarter-on-quarter revenue (to $1.23bn) and a nine per cent drop in sales volume to 15.5m carats (gem quality and industrial).Its year-on-year performance hugely exceeded that of 2020, when the global pandemic brough the industry to a virtual halt. Net prof...Read More

RAPAPORT... The Gemological Institute of America (GIA) has provided $25,000 in scholarships that will fund distance-education courses for graduates of the Diamond Council of America (DCA).The money will enable individuals who have graduated from at least one course at the DCA to continue their education at the GIA in a number of courses, the DCA said Monday. Students may use scholarships to pay fo...Read More

(IDEX Online) - De Beers reported a fall in rough sales for a third consecutive month as India's Covid crisis hit midstream capacity. Provisional sales at its fourth sight of 2021 were $380m, the lowest this year. Sales in January peaked at $663m, a three-year-high. They fell to $550m in February and again to $450m in March. De Beers said it was still offering sight holders increased flexibi...Read More

RAPAPORT... US retail sales were flat in April as consumer spending slowed following stimulus-driven purchasing the previous month, the National Retail Federation (NRF) said.Revenue was unchanged over March's figure and rose 51% year on year, reflecting coronavirus-related store closures during April 2020, according to data the US Census Bureau reported last week. By contrast, March saw a 10% mont...Read More

Base metals prices were down by an average 3.2% on the London Metal Exchange at the close on Wednesday May 19, with fears of inflation continuing to creep into markets given new warnings from China and ahead of the release of the minutes from the Federal Open Markets Committee's latest meeting. Zinc's three-month price dropped by 3.9% to $2,939 per tonne at Wednesday's close, erasing the gains it...Read More

RAPAPORT... De Beers registered its weakest sales total since August as rough demand wobbled during India's Covid-19 wave.The fourth sales cycle of 2021 saw proceeds of $380 million, down from $450 million in the third cycle, the miner reported Wednesday. Revenues included the sight that took place in early May, as well as auctions."We continue to see robust demand for diamond jewelry in the...Read More

(IDEX Online) - GIA has highlighted another fraudulent attempt to pass off an "impostor" lab-grown diamond as a higher-value natural stone.The lab has already reported a number of gems being submitted for grading with fraudulent inscriptions.In the latest incident a 3.075-carat lab-grown was submitted for update in Antwerp, bearing the girdle girdle inscription of a 3.078-carat natural stone.The a...Read More

RAPAPORT... Alrosa saw a sharp rebound in profit in the first quarter as the mining company capitalized on a strong recovery in the diamond market.Net profit soared to RUB 24.02 billion ($325.9 million) from RUB 3.06 billion ($41.5 million) a year earlier, the Russian miner reported Tuesday. Revenue jumped 44% year on year to RUB 89.31 billion ($1.21 billion). Strong retail demand in the US a...Read More

A strategy to cool down commodity price spikes was top of the agenda China's weekly State Cabinet meeting on Wednesday May 19. Chaired by China's second most powerful politician, Premier Li Keqiang, the cabinet meeting discussed control measures to rein in the "unreasonable price rally", including ensuring sufficient supplies of main commodities. The aim is to prevent the rising costs pa...Read More

Glencore is to "gradually ramp up" its Mutanda copper-cobalt facility from care and maintenance to 20,000 tonne per year production of cobalt between the second half of 2022 through 2025, according to Ash Lazenby, cobalt trader at Glencore. This adds to comments from head cobalt trader, David Brocas, who had stated on Tuesday May 18 that the mining company would "not hesitate bringing back on...Read More

First Quantum Minerals has entered into a binding agreement to sell a 30% equity interest in the Ravensthorpe nickel-cobalt operation in Western Australia to South Korean steelmaker Posco for $240 million in cash, the company said on May 19.The Vancouver, Canada-headquartered company will retain a 70% interest in Ravensthorpe and continue to be the operator.Posco and First Quantum have also agreed...Read More

Domestic hot-rolled coil prices again increased day on day in Europe on Wednesday May 19 due to a combination of a shortage of material and strong demand, sources told Fastmarkets.On Wednesday, ArcelorMittal increased its official coil offers to ?,?1,150 ($1,403) per tonne ex-works, up by ?,?50 per tonne.The majority of European steelmakers have been holding back on making coil offers in the spot...Read More

US domestic wire rod prices rose by an average $50 per short ton ($2.50 per hundredweight) in May due to tightening supply; at the same time, more buyers have turned to imports to acquire needed material, pushing import prices above domestic prices in some cases.Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $49-51 per cwt ($980-1,020 per ton) T...Read More