(IDEX Online) - The COVID-19 pandemic could see sales of rough diamonds globally fall by as much as 40 per cent. Lockdown measures have badly hit all stages of the diamond value chain from rough diamond miners, through cutters and polishers to the jewelry end market, according to Moody's, the international rating agency.  "We forecast a 30 to 40 per cent fall in global revenue from rough...Read More

RAPAPORT... Lending to India's gem and jewelry industry fell 18% during the past two fiscal years as the 2018 Nirav Modi banking scandal continued to fuel caution among banks, according to credit agency CARE Ratings.Outstanding credit to the sector declined 1% to INR 721 billion ($9.54 billion) during the fiscal year ending March 31, 2019, from INR 727 billion ($9.63 billion) on March 30, 201...Read More

The three-month tin price on the London Metal Exchange was the standout performer at the close of trading on Monday June 8, keeping well supported throughout the afternoon amid falling exchange stocks, while aluminium futures breached $1,600 per tonne at the close for the first time since March 19.Tin's underlying price closed at $16,665 per tonne on Monday afternoon, up from an intraday low of $1...Read More

Workers at Italian flat steel producer ArcelorMittal Italia will go on strike on Tuesday June 9 to protest job cuts, presented as part of new industrial plan, Italian trade unions Fim, Fiom and Uilm said on June 6. ArcelorMittal presented a new industrial plan to the Italian authorities last week that included 5,000 job cuts, market sources told Fastmarkets. In early March this year, before the Co...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesThe Montana Department of Environmental Quality (MTDEQ) had issued a positive record of decision for Black Butte in April which it described as "the most protective hard rock mining permit this agencyRead More

The main workers' union representing employees of Cobre Panam??, Utramipa, is pressuring Panamanian authorities to reopen the largest copper mine in Central America as soon as possible due to the suspension of labor contracts in late April, Fastmarkets heard."We demand an immediate reopening of the mine," a union announcement read on Sunday June 7. "We have already had four fortnights without pay....Read More

Honda and Nissan will restart operations at their respective UK facilities today following pandemic related shutdowns, the companies said on Monday June 8. Honda will restart production at its Swindon site over the week commencing June 8, where there will be a staggered return with all shifts returning. New safety measures will be introduced, including temperature checks, staggering of shifts and...Read More

Konkola Copper Mines (KCM) said the debt it owes to the Copperbelt Energy Corporation (CEC) is a result of a lack of investment from its parent company, Vedanta Resources, and that the best solution is for it to be sold to another investor. The Zambian copper producer, which Zambia's High Court ordered into liquidation last year, is 79.4% owned by London-listed Vedanta.Since then, Vedanta has been...Read More

Base metals prices were mixed this morning, Monday June 8, after a positive performance on Friday following the surprisingly strong employment report in the United States.Asian-Pacific equities, although stronger this morning, were not up by the same extent as western equity indices were on Friday. * China's exports rose by just 1.4% year on year in May after rising by 8.2% in April. Imports fell...Read More

Fastmarkets' benchmark copper concentrates treatment and refining charge (TC/RC) index edged down marginally on Friday June 5 with more tonnages offered by miners for spot sale.The index stood at $49.6 per tonne/4.96 cents per lb, compared with $49.7 per tonne/4.97 cents per lb a week ago.Smelters have been buying cargoes at $52-55 per tonne with bids as high as $60 per tonne. Buying interest is n...Read More

The three-month tin price on the London Metal Exchange was higher during morning trading on Monday June 8, with price action bolstered by a fresh cancellation of 220 tonnes, while continued volatility in the LME lead price saw selling pressure emerge over the morning. Tin's outright price on the LME was recently seen at $16,595 per tonne, up from Friday's closing price of $16,550 per tonne, while...Read More

Hot-rolled coil prices in the United States rose to their highest level in more than two months after mills' efforts to raise prices gained additional traction in the market.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $25.88 per hundredweight ($517.60 per short ton) on Monday June 8, up by 2.5% from $25.25 per cwt on Friday June 5 and up by 3.6% from $24.98 per cw...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 21 points in pre-opening trade. The Canadian Dollar added 0.10 to US74.64 cents following release of May Canadian Housing Starts at 8:15 AM EDT. Consensus was a drop to 153,000 units from 166,500 units in April. Actual was an increase to 193,500 units.International Flavours and Fragrances slipped $0.48 to $137.38 after...Read More

Fastmarkets' weekly price assessments for the CIS export steel market will not be published on June 8 because of a public holiday in Ukraine. Instead, the prices will be published on June 9. The prices affected:CIS export cold rolled coil $ per tonne fob Black SeaCIS export hot rolled coil $ per tonne fob Black SeaCIS export heavy plate (10-50mm) $ per tonne fob Black SeaCIS export rebar $ per ton...Read More

Retail prices for rebar decreased in Egypt, with market participants expecting producer prices to follow down and in line, sources told Fastmarkets on Monday June 8.Rebar is now sold at E ?9,200-9,750 ($566-599) per tonne including 14% VAT in retail market, narrowing downward from E ?9,200-10,100 per tonne, Egyptian traders informed Fastmarkets.On May 21, Egypt's...Read More

Prices for steel rebar in Russia's Central Federal District around Moscow stabilized over the past week, while trading activity remained modest, sources told Fastmarkets on Monday June 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, including 20% VAT was at 31,500-32,000 roubles ($459-466) per tonne on Monday, same as last week.Buying was sti...Read More

The imported deep-sea scrap prices in Turkey have continued to move up with more deals heard in the market, sources said on Monday June 8.Turkish steel mills have been active in the deep-sea scrap markets for the past couple of weeks since the easing of Covid-19-related restrictions and improving domestic demand for steel products in Turkey.Three new scrap cargoes were heard late on Frid...Read More

Turkish domestic scrap prices have continued to increase over the past week in line with the strengthening domestic rebar market, sources said on Monday June 8.The domestic rebar market in Turkey has been improving in the past couple of weeks amid the easing in the restrictions under Covid-19 measures, Fastmarkets was told.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) dome...Read More

Despite active trading, seaborne premium hard coking coal prices dropped on Monday June 8 because of concerns over import restrictions in China and weak ex-China demand.Fastmarkets indicesPremium hard coking coal, fob DBCT: $108.34 per tonne, down $1.65 per tonne Premium hard coking coal, cfr Jingtang: $115.28 per tonne, down $1.24 per tonneHard coking coal, fob DBCT: $87.25 per ton...Read More

Iron ore prices surged on Monday June 8 following Vale's suspension of its Itabira complex, despite its iron ore fines guidance being unchanged, sources said.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $105.67 per tonne, up $4.93 per tonne.62% Fe low-alumina fines, cfr Qingdao: $108.65 per tonne, up $5.41 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $94.53 per tonne, up $5....Read More