Here are five Fastmarkets stories you might have missed on Tuesday July 28 that are worth another look.Brazilian long steel producers have announced an 8% domestic rebar price increase for September after having already raised their prices by around 10% in July, sources told Fastmarkets this week.After successfully taking advantage of...Read More

Resource nationalism is one of the key risks miners will face in the increasingly volatile macroeconomic environment worsened by the Covid-19 pandemic, global law firm White & Case told Fastmarkets this week. This is due to the stretched national budgets that governments are facing after supporting their economies through monetary and fiscal policies amid the Covid-19 outbreak, as well as increase...Read More

Just when you thought it might be impossible to see another new record in silver demand, wait until you see what this week's silver ETF trust data showed!by Chris Marcus of Arcadia EconomicsJust when you thought it might be impossible to see another new record in terms of silver demand, wait until you see what this week's silver ETF trust data showed.Where a record amount of silver was allegedly d...Read More

LME three-month base metals prices failed to make significant gains at the close on Tuesday July 28, stalling ahead of tomorrow's clarification on US fiscal stimulus measures.The US Federal Reserve announced today that it had extended its existing lending facilities, from September 30 to December 31, to combat the economic fallout of the Covid-19 pandemic.But the market still remain...Read More

After successfully taking advantage of the open arbitrage between London Metal Exchange and the Shanghai Futures Exchange aluminium prices in the previous quarter, Rusal is focusing on expanding its market share in Asia. In an interview with Fastmarkets on Tuesday July 28, Rusal sales and marketing director Roman Andryushin said the Chinese aluminium market could be a long-term focus of Rusal. "I...Read More

Iron ore prices mostly rose on Tuesday July 28 after trading sentiment recovered due to an easing in tensions between the United States and China. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $106.66 per tonne, down $1.02 per tonne 62% Fe low-alumina fines, cfr Qingdao: $109.79 per tonne, up $0.13 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $95.55 per tonne, up $1.11 per ton...Read More

RAPAPORT... The Federation of Belgian Diamond Bourses has closed all four of Antwerp's trading floors following a spike in coronavirus cases in the city.The national government tightened social-distancing rules on Monday to prevent a repeat of the full lockdown it instituted during the first virus wave. The province of Antwerp is responsible for more than half of the country's new infections,...Read More

RAPAPORT... The Israel Diamond Exchange (IDE) has urged the government to establish an international free-trade area in the bourse complex, arguing that the tax-free zone would attract foreign companies and boost the local industry.The plan would help the Israel sector recover from the unprecedented slowdown that the coronavirus has triggered, IDE president Yoram Dvash told a meeting of the p...Read More

RAPAPORT...  LVMH, which owns Bulgari and Chaumet, saw sales of watches and jewelry slump in the first half of 2020 as the coronavirus reduced tourist spending and affected demand from wholesale customers.The category endured the worst performance of the luxury group's major product types, with revenues falling 38% year on year to EUR 1.32 billion ($1.55 billion), LVMH reported Monday. The di...Read More

(IDEX Online) - Veteran diamantaire Edi Faltz is offering a lifeline to those in the industry who have been shunned by traditional banks.He says he is aware of the plight of many diamond dealers who have been refused banking facilities or actually had their accounts closed.He is part of a group that opened Digital International Bank, Inc. based in the US territory of Puerto Rico, in 2016, and is a...Read More

RAPAPORT... Rio Tinto has given customers flexibility with their rough purchases since the Covid-19 crisis began, allowing them to buy only what they needed."We provided full flexibility for all our customers and worked constructively with individual Rio Tinto select diamantaires during the pandemic to understand, and operate in line with, their needs," a company spokesperson told Rapaport Ne...Read More

(IDEX Online) - A New York diamond dealer is accused of defrauding two investors out of $170,000 in a get-rich-quick scheme.Brian L. Schumacher, 55, former head of Rochester-based Integra Diamonds, has been charged with wire fraud and wire fraud conspiracy and faces up to 20 years in prison and a fine of $250,000 if convicted.Both alleged victims invested $100,000. One was promised a minimum $60,0...Read More

RAPAPORT... India's diamond shipments continued to fall in June, albeit at a slower rate than in April and May as the coronavirus crisis eased in some of its export markets. Polished exports slumped 47% to $898 million for June, and dropped 53% to $5.28 billion for the first half of the year, according to data from the Gem & Jewellery Export Promotion Council and Rapaport calculations.Exp...Read More

(IDEX Online) - Climate change is threatening Russia's diamond trade, says a new report by the investment banking company Morgan Stanley.Ninety per cent of the country's diamond reserves are produced in areas covered by a thick Arctic permafrost, which is rapidly melting."Climate change in permafrost areas . . . leads to the release of large amounts of methane and carbon dioxide, reduces...Read More

(IDEX Online) - Swarovski is to axe around 1,600 jobs as it battles tough competition and COVID-19 losses.The family-owned Austrian business empire, known for its crystal jewelry and swan logo, will cut a third of the 4,600 jobs at its Tyrol headquarters, according to the APA news agency.A month ago, the company announced it would be shedding 600 jobs in response to a "massive" decline in sales.No...Read More

RAPAPORT... The Gemological Institute of America (GIA) has teamed up with IBM Research to develop an automated system for grading the clarity of a diamond.The artificial intelligence (AI) technology uses data from tens of millions of diamonds GIA laboratories have examined in the past, applying the institute's existing grading standards. It's already in limited use at the GIA's New York and C...Read More

RAPAPORT... Baselworld owner MCH Group has established Houruniverse, a new trade fair for the watch, jewelry and gemstone industries that will run virtually throughout the year and feature an annual live event.Buyers and sellers can use the show's website to network and exchange information during the year. The live event, which will replace the canceled Baselworld show, will take place in Ap...Read More

Domestic prices for hot-rolled coil in Northern Europe remained stable day on day on Tuesday July 28 due to the seasonal slowdown in demand, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at ?,?410.00 ($480.82) per tonne on Tuesday July 28, up by ?,?0.34 per tonne from ?,?409.66 per tonne on Monday.Tuesday's index...Read More

LME three-month base metals prices failed to make significant gains at the close on Tuesday July 28, stalling ahead of tomorrow's clarification on US fiscal stimulus measures.The US Federal Reserve announced today that it had extended its existing lending facilities, from September 30 to December 31, to combat the economic fallout of the Covid-19 pandemic.But the market still remain...Read More

88 Energy (ASX:88E) Prepares for Billion Barrel Farm OutSPONSORED88 energyScoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.IronRidge shows its mettleSPONSOREDironridge resources Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesWinu's inferred resource is 503 million tonnes at 0.35% copper and 0.55 grams per tonne gold, or 0.45% copper equiva...Read More