Competition in the global steel markets remains fierce and here Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in January 2020.1. Turkey: rebar, pig iron, cold-rolled coil2. China: copper, aluminium and ferrous scrap3. Morocco: HRC from Turkey4....Read More
The flat steel export market in the Commonwealth of Independent States (CIS) was slow in the week ending Monday February 3, with the only price changes being seen in cold-rolled coil.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $475-490 per tonne on February 3, unchanged week on week.The workable market level was still estimated around $475 per...Read More
RAPAPORT... Sterling Jewelers has asked the US Supreme Court to reverse a lower-court ruling allowing an arbitrator to decide whether the company underpaid more than 70,000 women in a class action gender-bias case.The case alleges that Sterling - the division of Signet Jewelers that oversees Kay Jewelers and Jared - failed to provide proper pay equity and equal-opportunity promotions to femal...Read More
RAPAPORT... Global gold-jewelry demand dropped 10% year on year in the fourth quarter to its lowest level since 2011 due to economic slowdowns in India and China, the World Gold Council (WGC) reported.Appetite for gold jewelry in India fell 17% for the quarter, as prices of the yellow metal reached record levels in the second half of the year. The domestic slowdown in the country and lower demand...Read More
RAPAPORT... The Responsible Jewellery Council (RJC) has added supply-chain certification for silver to its chain-of-custody standard.The certification, which is voluntary, allows those in the trade to offer verification that their materials are responsibly sourced. The RJC has previously only certified gold and platinum."Our standard offers a tool for member companies to provide third-party-certif...Read More
RAPAPORT... Russia's Eximbank has started offering credit to rough-diamond buyers through a loan deal with an Antwerp-based Alrosa client, the miner said.The state-owned lender has agreed to finance purchases for manufacturer and trader Dali Diamond via a two-year revolving credit line in euros, Alrosa said. Dali began using the funds during the miner's January trading session."[Since] we oft...Read More
RAPAPORT... Higher-priced luxury timepieces have gained popularity among consumers in the past five years, according to a report by Watches of Switzerland. Timepieces valued above GBP 10,000 ($13,073) represented 37% of the group's sales in the men's market in 2019, compared with 34% in 2014, the jeweler reported Thursday in its 2019 Luxury Timepiece Market Trends Report. Those priced between...Read More
The new year began much the same as it ended - at least as far as polished prices were concerned - with very little happening. In a pattern that seems to be repeating itself, January prices started at 120.99 and ended at almost the same point - 120.90 - with a slight dip at the mid-month mark that soon righted itself. OutlookPolished prices have been depressed for the p...Read More
(IDEX Online) - Diamonds Do Good, formerly the Diamond Empowerment Fund, has announced a partnership with JCK to launch the first annual Diamonds Do Good Jewelry Awards. The awards will honor members of the jewelry industry who have made charitable giving a successful and sustainable part of their business.The new awards are open to manufacturers and/or retailers of fine jewelry featuring pre...Read More
(IDEX Online) - Mountain Province Diamonds Inc. has notified the Nasdaq Stock Market LLC that it intends to voluntarily delist its common shares from Nasdaq Stock Exchange (NASDAQ). The Company's shares will continue to trade on the Toronto Stock Exchange (TSX) after the NASDAQ delisting becomes effective. The company said it is currently out of compliance with the rule requiring listed...Read More
CAPE TOWN (miningweekly.com) – Urgent steps are needed to revive the South African economy, Minerals Council South Africa chairperson Mxolisi Mgojo said on Monday.Speaking on the first day of the four-day Investing in African Mining Indaba, he said the Minerals Council was ready and willing to work with the government.Advertisement“We believe that the time has come to be more asse...Read More
(IDEX Online) - Sarine Technologies Ltd has announced that it has filed additional lawsuits in India for patent and copyright infringement against manufacturers of IP-infringing Galaxy machines. The company said that as part of these lawsuits, court-appointed commissioners recently conducted surprise inspections of various locations in Surat where such systems are allegedly being manufactured...Read More
The World Diamond Council (WDC) is asking stakeholders to review its System of Warranties (SoW) Toolkit, following its unanimous adoption as a working draft by the WDC board of directors and members.Stakeholders have until March 31 to submit comments to WDC.AdvertisementThe SoW toolkit was designed to assist members of the diamond trade to comply with the revised WDC SoW that was approved in 2018...Read More
The Turkish steel mills continued to hold back from deep-sea scrap purchases on Monday February 3, expecting lower prices to emerge, sources told Fastmarkets.The daily scrap indices went down by almost $10 per tonne on January 29, when a US cargo was heard sold at $275 per tonne cfr for HMS 1&2 (90:10).That was the sole cargo sold last week, with mills seeking even lower prices because they were s...Read More
Domestic auto bundle scrap prices in the Turkish market have weakened further, although slightly, over the past week in response to the fall in imported scrap values, sources said on Monday February 3.Turkish deep-sea scrap import prices have declined by around $10 per tonne, after a deal heard on January 29 for a United States cargo containing 30,000 tonnes of HMS 1&2 (90:10) at $275 per tonne cf...Read More
Seaborne coking coal prices were down on Monday February 3, although trading activity was relatively muted with participants awaiting Chinese buyers' next moves to gauge market direction.Fastmarkets' indicesPremium hard coking coal, fob DBCT: $150.79 per tonne, down $1.50 per tonnePremium hard coking coal, cfr Jingtang: $162.73 per tonne, unchangedHard coking coal, fob DBCT: $127.01 per tonne, unc...Read More
Seaborne iron ore prices fell on Monday February 3 amid fears of weakened demand caused by an expected slowdown in China's construction sector.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $80.38 per tonne, down $4.56 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $79.42 per tonne, down $4.56 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $81.61 per tonne, down $4.94 per tonne.58%...Read More
The direct-reduced (DR) iron pellet premium has reduced in contracts for shipments in the first quarter 2020 mainly on a weak scrap market and pessimistic buyer mood, sources told Fastmarkets. Fastmarkets' assessment of the iron ore DR-grade pellet premium, Middle East reference was $31 per tonne on Friday January 31, down from $39 per tonne on December 31."The scrap market's weak again...Read More
Sellers of Turkish rebar tested the Singapore market over the past week by issuing lower offers to the republic after the Lunar New Year holiday.They offered cargoes at $450-455 per tonne cfr to the Southeast Asian country. No other offers for cargoes of other origin were heard.Participants were largely just returning to the spot market during the week and were not actively looking to purchase mat...Read More
Global scrap prices fell last week due to weak downstream demand and market jitters following the outbreak of the Wuhan coronavirus in China. Turkish import prices slide on weak downstream demandUnited States' ferrous scrap export prices tumble in latest dealsTaiwan import prices dip on virus jittersIndian import prices dip in line with international pricesTurkeyTurkish imported ferrous scrap pric...Read More