Hot-rolled coil (HRC) import prices to Saudi Arabia increased during the week ending Tuesday August 24; the market in the United Arab Emirates (UAE) was stable, sources told Fastmarkets.The market was slow in the UAE due to the summer season as well as to a lack of new projects, sources said.Saudi ArabiaChina offered HRC at $1,020-1,040 per tonne cfr Saudi Arabia, unchanged since last week.India o...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 24 that are worth another look....Read More
As the world's media spotlight falls on Afghanistan, Fastmarkets looks at why reported claims of incoming Chinese mining deals are unlikely to be fulfilled soon.Mes Aynak, Afghanistan's most well-known copper project, means "small copper deposit" in Pashto. Indications suggest it is anything but.The deposit holds 240 million tonnes of 2.3% grade copper ore, according to the United States Geologica...Read More
The spread between prices for 65% Fe iron ore and 62% Fe products have narrowed rapidly in recent weeks due to the former weakening at a faster pace than the latter.This has resulted in a mixed long-term outlook for high-grade fines, market sources told Fastmarkets.Narrowing spreadAs hints of the central Chinese government's intention of keeping this year's output from exceeding last year's began...Read More
Aluminium's three-month price on the London Metal Exchange, backed by a constrained physical market, was just $5.50 per tonne short of its latest year-to-date high on Tuesday August 24, with nickel and zinc also climbing back above key psychological levels while most commodities and equities ticked upward.Aluminium's futures contract showed an intraday high of $2,636.50 per tonne on Tuesday, just...Read More
Seaborne coking coal prices maintained their upward trend in the cfr China market amid continuous supply tightness on Tuesday August 24. The fob market increased amid stable buying interest, sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $386.83 per tonne, up $5.10 per tonne Hard coking coal, cfr Jingtang: $356.68 per tonne, up $3.78 per tonne Premium hard coking...Read More
Iron ore prices largely increased on Tuesday August 24 with active trading at China's ports.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $146.13 per tonne, up by $9.42 per tonne62% Fe low-alumina fines, cfr Qingdao: $147.96 per tonne, up by $10.74 per tonne58% Fe fines high-grade premium, cfr Qingdao: $113.91 per tonne, up by $7.27 per tonne65% Fe Brazil-origin fines, cfr Qingdao: $166.1...Read More
At some point in the not-so-distant future, the world is going to have another banking crisis... David Morgan interviewed on USA Watchdog by Greg HunterEconomic analyst and financial writer David Morgan says, at some point in the not-so-distant future, the world is going to have another banking crisis. Morgan contends in the next financial crisis, the banks are going to take depositors' money in...Read More
As the world's media spotlight falls on Afghanistan, Fastmarkets looks at why reported claims of incoming Chinese mining deals are unlikely to be fulfilled soon.Mes Aynak, Afghanistan's most well-known copper project, means "small copper deposit" in Pashto. Indications suggest it is anything but.The deposit holds 240 million tonnes of 2.3% grade copper ore, according to the United States Geologica...Read More
Domestic rebar producers in the United Arab Emirates reduced their prices on Tuesday August 24 amid low demand, sources told Fastmarkets.Demand was low because of the summer slowdown and falling prices; buyers preferred to wait to determine how much further prices will fall.The country's biggest producer, Emirates Steel, offered rebar at 2,610 dirhams ($710.46) per tonne, down from 2,957 dirh...Read More
RAPAPORT... Melissa Quick will join the board of directors of nonprofit group Gem Legacy after committing to the organization's mission following visits to mines in Africa. The president of Steve Quick Jeweler in Chicago, Illinois, Quick saw the positive impact the industry can have on artisanal gem-mining communities and wanted to help with fundraising, Gem Legacy said last week. Through her jewe...Read More
RAPAPORT... Mercury Free Mining (MFM) has appointed Avi Levy, the North America president of the International Gemological Institute (IGI), to its board of directors.Together with MFM, Levy will actively campaign to eliminate mercury use in mining through education and funding research that explores alternative methods, IGI said Monday. Levy's new position is part of an effort by IGI to advance it...Read More
Gonzalo Cuadra will retire from his role as commercial representative in Europe for Chilean copper producer Codelco after almost three decades with the company, according to an announcement circulated among customers on Tuesday August 24.Jos?(C) Ignacio P?(C)rez Paredes, who has been on the company's team in London since 2018 and with Codelco for 10 years, will succeed Cuadra as chief executive of...Read More
RAPAPORT... Christie's sold a 24.45-carat diamond pendant for $2 million at its recent online auction, the second-highest price the company has achieved for a jewel sold online.The heart-shaped, D-color, internally flawless, type IIa stone fell within its presale estimate at the August 4 to 18 Summer Sparkle sale, the company said last week. In total, the auction brought in $5.1 million. An emeral...Read More
RAPAPORT... Rough-diamond prices have fallen by up to 5% on the secondary market since Russia's state gem depository released a stockpile of goods last month, according to Alrosa.The Gokhran auction on July 23 brought almost $140 million in inventory into the supply chain, easing the sector's shortages, the Russian miner's deputy CEO, Evgeny Agureev, told Rapaport News Thursday.Rough has been...Read More
(IDEX Online) - International Gemological Institute (IGI), North America president Avi Levy has been appointed to the board of directors of Mercury Free Mining (MFM). MFM's mission is to reduce global mercury pollution which is caused by artisanal gold mining. The MFM says that such mining is responsible for 40% of global mercury pollution. The MFM says that more than 15 million...Read More
Long-time jewelry industry member Melissa Quick is to join the board of directors of Gem Legacy which works to expand beneficiation in colored gemstone mining areas and communities via children, education, and entrepreneurship. Quick has been a retail store owner for more than 25 years together with her husband and business partner Steve. She first visited East Africa, where many of the...Read More
(IDEX Online) - Australian jewelry chain Michael Hill has been hit by the repeated closedowns in Australia and New Zealand, but saw a large rise in online sales and net profit, the company reported in its fiscal year 2021 results. The group lost 10,447 store trading days in FY21: with 3,458 days lost in Australia, 6,525 days lost in Canada, and 464 days lost in New Zealand. Net profi...Read More
Members of the Sisan trade union for supervisors at the Andina copper mine have agreed to the latest labor offer from Codelco, the Chilean state-owned company said on Tuesday August 24.While the supervisors agreed to no increase in wages, they have settled for a one-off bonus of 5.07 million pesos ($6,453) per person, with 92% of union members voting for the deal, the company added. The supervisor...Read More
A summary of China's base metals imports for July 2021, according to Chinese customs data released on Friday August 20.Copper ore and concentrateJuly total: 1.89 tonnes, up by 12.9% month on month, up by 5.1% year on yearYear to date: 13.39 million tonnes, down by 10% year on yearRefined copperJuly total: 270,054 tonnes, down by 2.6% month on month, down by 52.5% year on yearYear to date: 2.07 mil...Read More