The sluggish hollow steel sections markets in Northern Europe must achieve higher prices or else tube producers will see their margins be eroded by stronger costs for hot-rolled coil (HRC), market sources have warned.A fresh increase of ?,?10-20 per tonne in the price of Northern Europe-origin hot-rolled coil (HRC) on Wednesday February 7 leaves tube mills with thin margins when transforming the m...Read More
- Bitcoin falls from $20,000 to below $6,000 and bounces back to $8000- Top 50 crypto currencies lost over 50% of value in 24 hours- Over $60 billion wiped off entire crypto currency market in 24 hours- Markets concerned about increased regulation, manipulation & country-wide bans- 'Growing global unease about risks virtual currencies pose to investors and financial system' - SEC- Gold acting...Read More
Automotive production in Mexico increased by 19.80% year-on-year in January, according to figures released by the country's automobile association, Amia, on Wednesday February 7.Output reached 349,414 units, compared with 291,754 vehicles in the corresponding month a year before.This positive result was mainly driven by higher demand from export markets. Exports of Mexican cars totaled 231,088...Read More
The former chief executive officer of Rio Tinto defended himself against fraud allegations made in a civil lawsuit and said he has always operated within the bounds of transparency and strong ethics. During an interview with Metal Bulletin on stage at the annual Mining Indaba in Cape Town, Tom Albanese made his first public statement on allegations that he, a former colleague and Rio Tinto deliber...Read More
The heads of mining companies should not be complacent about higher prices and need to continue to run their operations as efficiently as possible, the chief executive officer of Konkola Copper Mines (KCM) told Metal Bulletin. Steve Din said during an interview on the sidelines of the Mining Indaba conference in Cape Town, South Africa that the mining sector must avoid a tendency to become exubera...Read More
Domestic prices in Europe for hot-rolled coil (HRC) increased again this week and steelmakers have already made attempts to raise their offers further, sources told Metal Bulletin.The upward trend settled in the EU coil market has been supported by a combination of low availability of domestic material in Italy and the effects of trade defense measures in the region.Sources of imported HRC have be...Read More
(IDEX Online) - De Beers may investigate mining opportunities in Zimbabwe and in the Democratic Republic of Congo following the resumption of exploration for diamonds in South Africa's Northern Cape. "I'm excited about what I'm seeing in Zimbabwe," Phillip Barton (pictured above), chief executive officer of De Beers' South African unit, told Bloomberg News. "If we get licenses, we would hav...Read More
RAPAPORT... Consumers plan to spend $19.6 billion on gifts thisValentine's Day, with jewelry topping the list at $4.7 billion. A survey by the National Retail Federation (NRF) showed a 3%rise in the amount consumers intend to lay out on their loved ones over the holiday. Otheritems on the list were an evening out at $3.7 billion, flowers at $2 billion,$1.9 billion for clothing and $1.8 billion for...Read More
Prices for European domestic beams have fallen for the first time in 11 weeks after market participants slowed down their purchasing activities, market sources told Metal Bulletin on Wednesday February 7.The market hesitated because stockholders stopping buying amid the recent decrease in scrap prices and the wintry weather across Europe, one Northern European producer source said."At the end of J...Read More
(IDEX Online) - The Israel Diamond Exchange (IDE) officially launched its new innovation center, Diamond Tech, on the second day of the 7th International Diamond Week (IDWI). The technological incubator, located within the IDE complex, will host and support diamond related start-ups in a variety of fields, the IDE said. Through this initiative, IDE will promote new technologies that...Read More
RAPAPORT... The Gemological Institute of America (GIA) has appointedDuncan Pay as vice president and chief academic officer. Pay (pictured) will take charge of global education courses in gemology and jewelry design and manufacturing. He will replace senior vice presidentand chief learning officer Bev Hori, who will retire from the position in May. "I am immensely pleased that Duncan has tak...Read More
(IDEX Online) - Stargems Group, one of the UAE's leading international diamond companies, in collaboration with SACIM SARL (Anhui-Congo Mining Investment Company) tendered 641,962 carats of high-quality rough in the Emirate. Stargems has decided to expand into the diamond tendering business as the company envisions huge potential due to the growing diamond trade in Dubai, it said. M...Read More
The sluggish hollow steel sections markets in Northern Europe must achieve higher prices or else tube producers will see their margins be eroded by stronger costs for hot-rolled coil (HRC), market sources have warned.A fresh increase of ?,?10-20 per tonne in the price of Northern Europe-origin hot-rolled coil (HRC) on Wednesday February 7 leaves tube mills with thin margins when transforming the m...Read More
(IDEX Online) - The Indian Diamond & Colorstone Association hosted its 34th Annual Tucson Awards Gala at the AGTA Gemfair, honoring Temple St. Clair with its Designer of the Year award. Temple St. Clair said she was overwhelmed by the honor. She recounted how 30 years ago she travelled throughout India and was inspired by the art, architecture and antiques, which became the starting poi...Read More
RAPAPORT... Belgium's diamond trade declined last year, with the nationseeing a drop in shipments of both polished and rough stones. Polished exports fell 3.4% to $11.4 billion for the year,the Antwerp World Diamond Centre (AWDC) said Monday. By volume, exports slid 8% to 5 million carats, while the average price climbed 4.6% to$2,276 per carat. Net polished exports - representing expor...Read More
The latest metal markets news and price moves to start the North American day on Wednesday February 7. Base metals prices on the London Metal Exchange are mostly recovering during morning trading following Tuesday's sell-off.. Here is how the LME base metals complex looked at 12.12pm London time: For a snapshot of exchange news, check out our live futures report. Trading houses Transamine and Merc...Read More
RAPAPORT... Rio Tinto's diamond revenue rose 15% to $706 million in 2017,as global rough demand increased and Indian manufacturers replenished stockfollowing demonetization. Profit in the diamond unit almost doubled over the previous year, climbing 96% to $92million. Earnings before interest, tax, depreciation and amortization (EBITDA)grew 20% to $287 million. "Rough diamond demand was solid in 20...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Wednesday February 7.Most base metals traded on the Shanghai Futures Exchange were in positive territory during Asian morning trading on Wednesday, with only lead prices weakening. Nickel led the gains with a 1.6% rise amid a healthy demand picture and a recovery in the US stock markets, w...Read More
SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More
SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More