LME three-month base metals prices, apart from zinc, closed up on Tuesday May 26, in part driven by the impact of China's ongoing monetary easing policy and the onset of economic restarts across Europe. A speech given today by People's Bank of China governor Yi Gang buoyed London Metal Exchange base metals prices at the beginning of the day's trading, according to INTL FC Stone's Natalie Scot...Read More
The disconnect between London Metal Exchange and SHFE aluminium prices has opened an arbitrage window to China, but the international aluminium market is wary of taking advantage of it, Fastmarkets understands.The front month aluminium contract on the SHFE last traded at 13,235 yuan ($1,855.41) per tonne on Tuesday May 26, while the LME aluminium three-month price closed at $1,506.50 per tonne on...Read More
Triland Metals has canceled its annual party, which was set to take place during LME Week in London on Monday October 19."We are living through unprecedented times and a great deal of uncertainty. The coronavirus pandemic has meant it is essential to limit social contact and avoid large gatherings," Triland chief executive office Martin Pratt said on May 26."It is also clear that global travel wil...Read More
Fastmarkets is proposing to amend the specification of its price assessment for ferro-tungsten basis 75% W, in-whs dup Rotterdam, $/kg W. According to preliminary market feedback, one-tonne big bags are the most commonly accepted packaging by consumers of ferro-tungsten in Europe and are regularly traded in the spot market. The proposed change will avoid potential price differential between d...Read More
LME three-month base metals prices, apart from zinc, closed up on Tuesday May 26, in part driven by the impact of China's ongoing monetary easing policy and the onset of economic restarts across Europe. A speech given today by People's Bank of China governor Yi Gang buoyed London Metal Exchange base metals prices at the beginning of the day's trading, according to INTL FC Stone's Natalie Scot...Read More
RAPAPORT... US jewelers have restarted business in many states following a more than two-month shutdown to stem the spread of Covid-19.Signet banner Kay Jewelers has opened nearly 120 stores across the country, while business has resumed at about 100 Jared locations. Some of Signet's stores are open to the public, while purchases at others can only be made online and picked up curbside, the compan...Read More
RAPAPORT... Swiss watch exports plunged in April as coronavirus lockdowns brought the entire supply chain to a near halt."Swiss watch exports were extremely low in April as a direct result of the standstill in production, distribution and sales, causing them to collapse," the Federation of the Swiss Watch Industry reported Tuesday.Shipments slid 81% to CHF 328.8 million ($339.1 million) for t...Read More
RAPAPORT... India's diamond shipments declined heavily in March as the coronavirus crisis hit the US market. Polished exports slumped 48% to $960 million, while rough imports fell 65% to $293 million as Indian manufacturers demonstrated less demand. The country's total rough and polished trade fell 48% to $1.57 billion - the lowest monthly total since Rapaport records began in 2009.Exports of...Read More
The disconnect between London Metal Exchange and SHFE aluminium prices has opened an arbitrage window to China, but the international aluminium market is wary of taking advantage of it, Fastmarkets understands.The front month aluminium contract on the SHFE last traded at 13,235 yuan ($1,855.41) per tonne on Tuesday May 26, while the LME aluminium three-month price closed at $1,506.50 per tonne on...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has reopened its trading floor following a two-month nationwide lockdown due to the pandemic.The hall will operate under a new format to comply with government health-and-safety rules, the IDE said Sunday. The measures include a divided floor, with one area for polished trading and another for rough. The bourse has also put a limit on the number o...Read More
After a consultation period, which ended on May 21, Fastmarkets is reducing the frequency of its lead premium price assessments for the Indian and Southeast Asian markets.The following four price assessments will now be published once every two weeks on Tuesday, instead of weekly. Changes will take effect from Tuesday May 26. MB-PB-0087 - Lead 99.97% ingot premium, cif India, $...Read More
(IDEX Online) - Dominion Diamond Mines is to sell its assets to avoid bankruptcy, recall is furloughed workers and resume operations. The troubled Canadian company, which has been in creditor protection since April, has reached an agreement with The Washington Companies, which will acquire its assets for $126m and assume responsibility for most of operating liabilities. The privately held conglome...Read More
Vale Canada has entered into a 60-day exclusivity period with Australian specialist zinc miner New Century Resources to negotiate the sale of a 95% stake in Vale New Caledonia (VNC), Fastmarkets understands.Subject to successful due diligence and negotiation, New Century will take majority ownership of VNC while Soci?(C)t?(C) de participation mini??re du Sud cal?(C)donien will retain the remaining...Read More
(IDEX Online) - Angola's Catoca mine is cutting production after state-owned miner Endiama revised down its 2020 forecast by 80 per cent. The world's fourth largest mine accounts for three-quarters of the country's annual output. Endiama says total output will be just 2m rather than the 10m carats originally forecast. De Beers and Alrosa, jointly responsible for...Read More
(IDEX Online) - The DELGATTO Diamond Finance Fund (DDFF) today (26 May 2020) launches the diamond industry's first ever online finance platform, on IDEX Online.Dealers who have inventory on the IDEX Online trading platform will be able to click on any individual stone or stones and receive an immediate financing estimate from DELGATTO Diamond Finance Fund.This offers the diamond and jewelry i...Read More
Triland Metals has canceled its annual party, which was set to take place during LME Week in London on Monday October 19."We are living through unprecedented times and a great deal of uncertainty. The coronavirus pandemic has meant it is essential to limit social contact and avoid large gatherings," Triland chief executive office Martin Pratt said on May 26."It is also clear that global travel wil...Read More
From future raw material investments to China's resurgence in lithium-iron-phosphate (LFP) battery chemistries, Fastmarkets analysts and reporters consider six key discussion points dominating the battery and electric vehicle markets. The below themes were raised from questions during Fastmarkets' webinar "Covid-19 and the battery raw materials supply chain" on May 19. To listen again to the webin...Read More
Domestic prices for hot-rolled coil in Northern Europe dropped further during the week to Friday May 22, due to low trading activity.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?407.50 ($443.92) per tonne on Friday, down by ?,?4.38 per tonne week on week and down by ?,?37.50 per tonne month on month.Friday's index was calculated based on deals and "workable...Read More
Workers at Tata Steel's plant at IJmuiden in the Netherlands staged a lightning protest on Tuesday May 26, but output was unaffected, the company said.A group of company employees used trucks to block the entrance to the plant to protest Tata Steel's policy in the Netherlands."We can confirm a number of employees took unplanned action near the gates of our IJmuiden steelmaking site in the Netherla...Read More
CIS export slab prices have continued to climb in the second half of May, supported by Turkish customers accepting higher-priced deals.A 30,000-tonne cargo of Ukrainian slab was reported sold last week at $360 per tonne cfr Turkey, equivalent to around $350 per tonne fob Black Sea, sources told Fastmarkets.Turkish customers accepted higher slab offers following a surge in domestic and export...Read More