Seaborne iron ore prices fell on Monday December 14 after steelmakers in China called on authorities to clamp down on price speculation after it led iron ore prices to surge to multi-year highs last week, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $154.37 per tonne, down $5.76 per tonne62% Fe low-alumina fines, cfr Qingdao: $154.71 per tonne, down $5.70 per to...Read More
It also seems apparent that the agreed upon trades over the past 3 days are over. Of course, all this happened before...by J. Johnson via JS MinesetGreat and Wonderful Monday Morning Folks, February Gold is down $14.80 with the last quote at $1,828.80 after hitting the low of London at $1,820 with the high to beat at $1,845.60. I had to hit the side of my screen this morning because...Read More
The nickel price rallied to a new year-to-date high in the morning of Monday December 14 on the London Metals Exchange, spurred by positive forecasts for electric vehicle sales in China and the approval of the Pfizer-BioNTech Covid-19 vaccine in the United States. Nickel's three-month price touched a new 2020 high during early trading of $17,780 per tonne, overtaking the previous year-to-date high...Read More
Transaction prices for domestic steel hot-rolled coil continued to rise across Europe in the week to Friday December 11, due to tight supply from both domestic and overseas suppliers and solid demand.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?606.25 ($734.19) per tonne on Friday, up by ?,?31.25 per tonne week on week and by ?,?81.75 per tonne...Read More
RAPAPORT... Lucapa Diamond Company has unearthed a 101-carat rough from its Mothae mine in Lesotho.The company found the D-color, type IIa diamond in the mine's southern lobe region, it said last week. It's the fourth 100-carat-plus rough the miner has recovered from the site since it commenced operations in January 2019. Last week, Lucapa unearthed a 127-carat, high-quality diamond from its Lulo...Read More
RAPAPORT... A 14.7-carat diamond ring was the top seller for Christie's in Paris, nearly tripling its high estimate.The marquise-cut, E-color, SI1-clarity stone sold for EUR 437,500 ($531,812), or $35,322 per carat, well above its EUR 150,000 ($182,333) upper valuation. It was one of a number of noteworthy diamonds that led the sale Paris Jewels sale, which took place from November 24 to December...Read More
RAPAPORT... De Beers lifted prices of select goods at last week's sight, reflecting strong rough trading and improving demand in the corresponding polished categories, industry insiders told Rapaport News.Prices climbed by 1% to 2% for 0.75-carat rough goods and larger, as well as for -7 sieve sizes, sources said following the December sale. The miner also adjusted assortments, making some bo...Read More
RAPAPORT... The Indian Diamond & Colorstone Association (IDCA) has unveiled its new board and leadership team following elections earlier this month.Haridas Kotahwala of Royal India USA will remain as president, the New York-based IDCA said Thursday. The board also elected Rajeev Pandya of Ashi Diamonds as vice president, Rutali Gandhi of Sagar Star Corp as secretary, Amit Jhalani of TBR...Read More
Several minor metals prices have increased sharply in the week ended Friday December 11 following rising offers from China and higher transportation costs while uncertainty about logistics and demand in the near term are preventing some traders from taking long positions, Fastmarkets learned. "Price increases are massive... Almost all materials are currently strongly moving higher," a minor metals...Read More
RAPAPORT... De Beers has reduced its production plan for the next two years, aiming to avoid releasing too much rough into the market as the diamond sector attempts to exit the crisis that dominated 2020.The miner expects to unearth 33 million to 35 million carats in 2021, down from its previous forecast of 34 million to 36 million carats, parent company Anglo American said Friday in a presen...Read More
(IDEX Online) - A fraudster who promised investors high returns and no risk in a rough diamond Ponzi scheme has been jailed for seven years by a US court.Jose Angel Aman, 52, and his partners claimed the money would be used to buy colored rough, which they'd sell on at a profit after having the stones cut and polished.Aman claimed the scheme was secured by an inventory he held worth $25m. He...Read More
(IDEX Online) - Grib Diamonds says it sold $35m of rough at its latest Antwerp sale, and described the market as "extremely buoyant".Overall prices were up by about five per cent, and all the 450,000 carats offered were sold."The main strength was in the bigger sizes but smalls and melees were also up," said head of sales Antony Dear. Increases among two-carat goods were in the high single di...Read More
(IDEX Online) - India's government is facing mounting pressure to reduce import duties on diamonds and precious metals to boost the jewelry industry's pandemic recovery.Manufacturers currently pay levies of 7.5 per cent on polished diamonds and 12.5 per cent on gold, silver and platinum."Duty reduction will boost the recovery, and help the industry, which is already a mega-employer, to g...Read More
Freeport-McMoRan Inc has completed the sale of its stake in the undeveloped Kisanfu copper-cobalt project in the Democratic Republic of the Congo to a wholly-owned subsidiary of China Molybdenum Co (CMOC), the company said. The project, which was discovered by Freeport's exploration team, was no longer deemed to be strategic to the company's long-term strategy after it sold its stake in the adjace...Read More
US copper miner Freeport-McMoRan and Chinese smelters including China Copper, Jiangxi Copper and Tongling Nonferrous have agreed annual copper concentrate supply contracts with terms set at their lowest levels in a decade. Treatment and refining charges (TC/RCs), discounts on exchange prices that compensate smelters processing concentrates into commodity-grade metal, were set at $59.50 per tonne /...Read More
UC Rusal has become the first aluminium producer to receive an 'A' level rating from CDP, parent company En+ Group said on Monday December 14. CDP is an international non-profit organization that supports companies and cities to disclose the environmental impact of major corporations. En+ Group said its metals segment Rusal was rated 'A' due to the work it had done to address climate risks ac...Read More
Chinese automotive production rose by 9.6% year on year in November, supporting prices of upstream materials such as steel and aluminium. Carmakers in the country produced 2.85 million units in November, up by 9.6% from a year ago and up by 11.5% from the month prior, China Association of Automobile Manufacturers said (CAAM) on Friday December 11. Auto sales totaled 2.77 million units, up by 12.6%...Read More
Bardoc eyes long-term growth in prime goldfields locationSPONSOREDbardoc goldDrill results multiply value options in front of YandalSPONSOREDyandal resources'Best discovery in my time': De Grey on the march at HemiSPONSOREDde grey miningOceanaGold commits to net zero emissions by 2050SPONSOREDoceanagoldThe pair first entered into negotiations in 2016 following CMOC's $2.65 billion purchase...Read More
US mining company Freeport-McMoRan has agreed 2021 copper concentrate treatment and refining charges with Chinese smelter counterparts at $59.50 per tonne / 5.95 cents per lb, the lowest since 2011, two sources with direct knowledge of the matter told Fastmarkets. Freeport first locked a deal with China Copper, making it the first time the Chinalco subsidiary has secured an annual contract on beha...Read More
Scoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.It also provided a production outlook to 2023, with the biggest increase seen in copper from 640,000-650,000t this year to 890,000t-1 million tonnes in 2023, once its 60:40 Quellaveco copper joint venture with Mitsubishi in Peru has come online."We expect to deliver sector leading volume growth of 20-25% over t...Read More