Here are five Fastmarkets MB stories you might have missed on Tuesday June 11 that are worth another look.Operations at the Nchanga copper smelter, the largest in Zambia by capacity, have been completely suspended during a dispute between the country's government and Indian company Vedanta, the majority owner of smelter operator Konkola Copper Mines, local media reported on Tuesday June 11. G...Read More
Secondary aluminium scrap prices in the United States have declined further, weighed down by volatile London Metal Exchange prices, softened demand and too much supply, sources said.Fastmarkets AMM's price assessment for non-ferrous auto shred (twitch) dropped by 2 cents on the low end and 1 cent on the high end to 49-51 cents per lb on Monday June 10. That price is down 9.9% from 55-56 cents...Read More
Southeast Asian raw materials producer Ok Tedi Mining announced a 17.1% decline in sales revenue in 2018 in its annual review published on Tuesday June 11.The Papua-New Guinea-owned company produces copper, gold and silver concentrate. It claimed that last year's decline in sales, which amounted to some $15 million, was due to the consequences of a major earthquake which caused a three-week produc...Read More
Operations at the Nchanga copper smelter, the largest in Zambia by capacity, have been completely suspended during a dispute between the country's government and Indian company Vedanta, the majority owner of smelter operator Konkola Copper Mines (KCM), local media reported on Tuesday June 11.Zambian news provider The Independent Observer reported that the license key for the software that controls...Read More
The global refined tin market may be experiencing a shortage in the delivery of tin concentrates that could cause fundamental market tightness and a higher three-month tin price on the London Metal Exchange, numerous supply-side sources informed Fastmarkets.This follows reports that China, the world's largest tin producer, is struggling to source consistent imports from its principal supplier, Mya...Read More
Brazilian production of light vehicles increased by 29.9% year on year in May due to a recovery in domestic consumption.The country produced 275,700 units in May, up from 212,300 units a year earlier, according to figures released by national car association Anfavea late last week.The increase in production was mainly due to a continuing recovery in domestic market consumption, Anfavea said.....Read More
RAPAPORT... Stornoway Diamond Corporation is looking for investors to help salvage its Renard mine, as the company continues to incur high financial losses. The miner called for offers to purchase its Canada operations after receiving $11.7 million in bridge financing - a short-term loan to maintain Renard until it can secure permanent financing or pay off existing debt, Stornoway explained T...Read More
The European Commission (EC) has prohibited the creation of a regional flat steel joint-venture by ThyssenKrupp and Tata Steel under EU merger regulations, the EC said on Tuesday June 11.The EC determined that the merger would have reduced competition and increased prices for various types of steel products, and the steelmakers had not offered adequate remedies to address those concerns, the EC sa...Read More
RAPAPORT... Sarine Technologies has partnered with 14 diamond manufacturers on its Diamond Journey provenance program, enabling retailers to tap a growing resource of polished stones certified through the initiative. "We expect to have tens of thousands of documented diamonds by year-end," Sarine CEO David Block said Monday. "With over 70 million diamonds being processed by Sarine's inst...Read More
The export market for steel slab from the Commonwealth of Independent States was quiet in the first week of July, with some major producers preferring to hold back their offers due to the uncertain market conditions.Market participants expected competition with Brazilian suppliers to escalate in the coming weeks because the South American country's quota for imports into the United States was clos...Read More
The CIS export rebar and wire rod market was quiet in the week to Monday June 10 due to the Eid holidays, marking the end of the holy month of Ramadan, in the major sales outlets.Customers preferred to take a wait-and-see position, expecting prices to decrease in the near term following the softening of import scrap prices in Turkey at the end of last week. Indications of rebar offers from Ukraine...Read More
RAPAPORT... Glenn Nord, the third president of the Gemological Instituteof America (GIA) and a pioneer of its corporate training program and globaloutreach, died Sunday aged 90. "Glenn Nord was a committed advocate for GIA's mission, andfor our students and the GIA staff," GIA president Susan Jacques said Monday."His business acumen and wisdom, shared over decades with GIA management andthe board...Read More
China's domestic hot-rolled coil prices bounced back on Tuesday June 11 amid robust trading supported by rebounding futures.DomesticEastern China (Shanghai): 3,840-3,850 yuan ($554-556) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,780-3,800 yuan per tonne, up 40-50 yuan per tonneTrading activity rose during the day amid gains in the futures market, in contrast with the subdued buy...Read More
RAPAPORT... Russian authorities have detained three members of an alleged criminalgang accused of stealing and selling high-quality diamonds belonging to Russianminer Alrosa. The thefts, which allegedly occurred over an extended period, werecommitted by an Alrosa employee working in its sorting andgrading department, the Investigative Committee of the Russian Federation claimed Monday. She c...Read More
Diamond manufacturers in Surat, Amreli, Bhavnagar and Ahmedabad are reported to have halved their production capacity following a sharp fall in prices of polished diamond and to prevent the build-up of excess inventory in a slow, depressed market. Melee prices are reported to have fallen as much as 25 percent since the beginning of this calendar year. About 20 percent of the 4,000 diamond polishin...Read More
Sarine Technologies Ltd. announced the launch of the Sarine Diamond Journey, an official partners' program with select diamond midstream suppliers. Following the Sarine Diamond Journey provenance tracking program's launch earlier this year, significant interest has been expressed by retailers interested in sourcing Sarine Diamond Journey documented goods. One of the major advantages of s...Read More
The Women's Jewellery Network (WJN) published a list of its new Ambassadors that were revealed this week. Commenting on the launch, WJN Managing Director Victoria McKay said: "This has been a truly humbling, inspiring and challenging process. We were overwhelmed by the response to our call for Ambassadors and as such, wanted to take the time to fully review and respond to every woman who had...Read More
RAPAPORT... Diamonds with proven ethical sourcing should sell for a higher price than others, participants in Rapaport's annual town hall meeting in Las Vegas concluded. "The biggest challenge for sourcing ethical diamonds is whether consumers are willing to pay extra for them," stressed one of the participants in the discussion that took place during last week's JCK show. "I believe there is...Read More
Ten years and ten months after the official opening in July 2008, production at De Beers Group Victor Mine in northern Ontario has come to an end. On May 26, the last of the economic ore was processed through the plant, followed by several days of low-grade ore and limestone to help purge the plant of any remaining diamonds. Mining activities in the pit ended on March 5, when the mine switched to...Read More
The Diamond Development Initiative (DDI), an international non-profit development organization, is seeking an Executive Director to provide strategic and operational leadership for its work on the social, economic, human rights and policy challenges facing the artisanal diamond mining sector in Africa and South America. The position includes working with stakeholders in governments, civil society...Read More