Morning Bites (part 1)
🇵🇪 Peru’s copper output declined 5% YoY in November, after the 1% YoY decrease in October, per MINEM data. Although the Peruvian government initially planned to boost domestic Cu supply 9% YoY in 2024 (after the 13% YoY gain in 2023), the output on an 11mo24 basis has in fact declined 1% YoY. The country is therefore likely to fail to reach its guidance. Given looming Cu supply disruptions and strong demand trends globally (especially in China), we reiterate our bullish view on copper
The joint production of Chile and Peru (~24% and ~12% of global Cu supply, respectively) inched up 2% YoY on a 11mo24 basis
#copper
https://metals-wire.com/sector/Copper
🇵🇪 Peru’s copper output declined 5% YoY in November, after the 1% YoY decrease in October, per MINEM data. Although the Peruvian government initially planned to boost domestic Cu supply 9% YoY in 2024 (after the 13% YoY gain in 2023), the output on an 11mo24 basis has in fact declined 1% YoY. The country is therefore likely to fail to reach its guidance. Given looming Cu supply disruptions and strong demand trends globally (especially in China), we reiterate our bullish view on copper
The joint production of Chile and Peru (~24% and ~12% of global Cu supply, respectively) inched up 2% YoY on a 11mo24 basis
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 2)
🏭Cooper treatment charges (TC) plunged to a record low of minus USD 8.3/t in early-2025, as Indonesian supply disruption exacerbates an already tight market, Bloomberg reports, citing Fastmarket data. The processing fee fell to its lowest point since 2013, as smelters compete to secure feedstock. Chinese smelters (~50% of the world’s output) are stepping up spot purchases amid the concentrate shortage: Jiangxi Copper last month signed concentrate supply deals for this year at $21.25/t, which is below the breakeven point of $35-40/t
We maintain our positive view on copper, given supply issues related to growing global demand for renewables, as well as surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
🏭Cooper treatment charges (TC) plunged to a record low of minus USD 8.3/t in early-2025, as Indonesian supply disruption exacerbates an already tight market, Bloomberg reports, citing Fastmarket data. The processing fee fell to its lowest point since 2013, as smelters compete to secure feedstock. Chinese smelters (~50% of the world’s output) are stepping up spot purchases amid the concentrate shortage: Jiangxi Copper last month signed concentrate supply deals for this year at $21.25/t, which is below the breakeven point of $35-40/t
We maintain our positive view on copper, given supply issues related to growing global demand for renewables, as well as surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 1)
🚘EU + UK passenger car registrations gained 4% YoY in December, vs. the -2% YoY in November. The figure was slightly ahead of our estimates (flat YoY), but remained 13% below the pre-COVID 2019 level. Total car sales in the region inched up 1% YoY in 2024
We maintain our view that the ongoing monetary easing cycle in the EU/US and China, increase in EU import duties (from 10% up to 45%) on Chinese BEVs (encouraging production of catalyst-containing cars), as well as the upcoming cancellation of EV-support programs in the US, might bolster PGM prices in 2025
In 2023, the EU+UK accounted for some 23% and 30% of world autocatalyst Pd and Pt demand, respectively
#cars
https://metals-wire.com/sector/PGM
🚘EU + UK passenger car registrations gained 4% YoY in December, vs. the -2% YoY in November. The figure was slightly ahead of our estimates (flat YoY), but remained 13% below the pre-COVID 2019 level. Total car sales in the region inched up 1% YoY in 2024
We maintain our view that the ongoing monetary easing cycle in the EU/US and China, increase in EU import duties (from 10% up to 45%) on Chinese BEVs (encouraging production of catalyst-containing cars), as well as the upcoming cancellation of EV-support programs in the US, might bolster PGM prices in 2025
In 2023, the EU+UK accounted for some 23% and 30% of world autocatalyst Pd and Pt demand, respectively
#cars
https://metals-wire.com/sector/PGM
Morning Bites (part 2)
💍Luk Fook’s 4Q24 LFL sales decreased 46% YoY in the diamond jewellery segment, in line with the 45% YoY drop in 3Q24, according to a press release from the retailer. Specifically, the company’s sales in HK and Macau slid 47% YoY
Despite currently weak retail demand in China, we maintain our view that consistently solid US sales (53% of global gem-set jewellery trade), especially in the seasonally most important pre-Christmas period, are likely to bolster the recovery in stressed global diamond market in 2025
#diamonds
https://metals-wire.com/sector/Diamonds
💍Luk Fook’s 4Q24 LFL sales decreased 46% YoY in the diamond jewellery segment, in line with the 45% YoY drop in 3Q24, according to a press release from the retailer. Specifically, the company’s sales in HK and Macau slid 47% YoY
Despite currently weak retail demand in China, we maintain our view that consistently solid US sales (53% of global gem-set jewellery trade), especially in the seasonally most important pre-Christmas period, are likely to bolster the recovery in stressed global diamond market in 2025
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
🇪🇺 Total car sales in the EU inched up 1% YoY in 2024, as surging demand for HEVs (+20% YoY in 2024) offset the weakening sakes of petrol and diesel cars.
🚗💨Internal combustion engine (ICE) car registrations in the EU rose 1% YoY in 4Q24 (+2% YoY in 2024), vs. the 5% YoY decline in 3Q24. Petrol car sales were down 10% YoY in 4Q24 (vs. -15% YoY in 3Q24), while diesel car registrations dropped 14% YoY (vs. -20% YoY in 3Q24). Diesel cars accounted for 24% of pure-ICE car sales in 4Q24 (flat QoQ and YoY). HEV sales jumped 21% YoY (vs. +15% YoY in 3Q24), as buyers see them as an affordable compromise between pure-ICE and EVs
🚘EU+UK EV sales were flat YoY in 4Q24 (-2% YoY in 2024), after the 11% YoY drop in 3Q24. In particular, in 4Q24, BEV sales gained 2% YoY (vs. -10% YoY in 3Q24), while PHEV sales fell 4% YoY (vs. -14% YoY in 3Q24). The share of BEVs in total EV sales fell slightly to 68% in 4Q24, from 70% in 3Q24
#cars #EV #nickel #lithium #cobalt
https://metals-wire.com/news-reports
🇪🇺 Total car sales in the EU inched up 1% YoY in 2024, as surging demand for HEVs (+20% YoY in 2024) offset the weakening sakes of petrol and diesel cars.
🚗💨Internal combustion engine (ICE) car registrations in the EU rose 1% YoY in 4Q24 (+2% YoY in 2024), vs. the 5% YoY decline in 3Q24. Petrol car sales were down 10% YoY in 4Q24 (vs. -15% YoY in 3Q24), while diesel car registrations dropped 14% YoY (vs. -20% YoY in 3Q24). Diesel cars accounted for 24% of pure-ICE car sales in 4Q24 (flat QoQ and YoY). HEV sales jumped 21% YoY (vs. +15% YoY in 3Q24), as buyers see them as an affordable compromise between pure-ICE and EVs
🚘EU+UK EV sales were flat YoY in 4Q24 (-2% YoY in 2024), after the 11% YoY drop in 3Q24. In particular, in 4Q24, BEV sales gained 2% YoY (vs. -10% YoY in 3Q24), while PHEV sales fell 4% YoY (vs. -14% YoY in 3Q24). The share of BEVs in total EV sales fell slightly to 68% in 4Q24, from 70% in 3Q24
#cars #EV #nickel #lithium #cobalt
https://metals-wire.com/news-reports
Morning Bites (part 2)
🏦 China’s aggregate financing jumped 38% YoY in December to CNY 2.26tn, reversing from the 5% YoY drop in November. Overall, the figure was down 10% YoY in 2024. Traditional bank loans dropped 15% YoY in December (-20% YoY in 2024), but surpassed the consensus estimates by 16%. According to Trading Economics, December saw an increase in credit demand boosted by the government's stimulus measures
In our view, the positive effect from the new economic support measures recently announced by Beijing started to gradually materialise in late-2024, but more actions are still required to trigger a full-scale recovery in construction activity in 2025
China accounts for 52% of global steel consumption, and for 57% and 61% of world Cu and Al demand, respectively
#global
https://metals-wire.com/news-reports
🏦 China’s aggregate financing jumped 38% YoY in December to CNY 2.26tn, reversing from the 5% YoY drop in November. Overall, the figure was down 10% YoY in 2024. Traditional bank loans dropped 15% YoY in December (-20% YoY in 2024), but surpassed the consensus estimates by 16%. According to Trading Economics, December saw an increase in credit demand boosted by the government's stimulus measures
In our view, the positive effect from the new economic support measures recently announced by Beijing started to gradually materialise in late-2024, but more actions are still required to trigger a full-scale recovery in construction activity in 2025
China accounts for 52% of global steel consumption, and for 57% and 61% of world Cu and Al demand, respectively
#global
https://metals-wire.com/news-reports
Alcoa 4Q24 results - EBITDA margin slowly recovers
✏️Alcoa's 4Q24 revenues were above both the consensus and our forecasts (by +3% and +8%, respectively) due to upbeat alumina shipments. However, cost pressure was also higher than we had anticipated, so EBITDA matched our forecast (+6% vs. the consensus)
⛏Alcoa‘s outlook for its 2025 alumina production is 9.5-9.7mnt — a decrease of 3-5% YoY due to the curtailment of Kwinana refinery operations — while shipments are expected at 13.1-13.3mnt (flat YoY). Aluminum output is seen at 2.3-2.5mnt, up 4-13% YoY due to smelter restarts, while shipments are expected between 2.6-2.8mnt (vs. 2.6mnt in 2024)
❗️At spot, we expect Alcoa’s 1Q25F EBITDA to be moderately stronger QoQ, as the spot Al price is ~4% above the 4Q24 avg
#AA #Aluminium
https://metals-wire.com/company/AA_US
✏️Alcoa's 4Q24 revenues were above both the consensus and our forecasts (by +3% and +8%, respectively) due to upbeat alumina shipments. However, cost pressure was also higher than we had anticipated, so EBITDA matched our forecast (+6% vs. the consensus)
⛏Alcoa‘s outlook for its 2025 alumina production is 9.5-9.7mnt — a decrease of 3-5% YoY due to the curtailment of Kwinana refinery operations — while shipments are expected at 13.1-13.3mnt (flat YoY). Aluminum output is seen at 2.3-2.5mnt, up 4-13% YoY due to smelter restarts, while shipments are expected between 2.6-2.8mnt (vs. 2.6mnt in 2024)
❗️At spot, we expect Alcoa’s 1Q25F EBITDA to be moderately stronger QoQ, as the spot Al price is ~4% above the 4Q24 avg
#AA #Aluminium
https://metals-wire.com/company/AA_US
Morning Bites
🏭Global primary aluminium output grew 3.0% YoY in December, in line with the November dynamics, per the International Aluminium Institute data. Meanwhile, the figure was up 2.9% YoY in 2024. Chinese production (60% of global Al output) gained 4.5% YoY last month (+4.1% YoY in 2024). Overall, strong consumption dynamics in Asia (incl. grid) and the ongoing monetary easing cycle in key economies (EU/US and China) are likely to add further support to Al, which continues to trade below what we see as its fundamentally reasonable level (USD 2,900-3,000/t for 2025F, on our numbers)
We also note that there is limited potential for additional supply growth in China, as local Al output is capped at 45mnt (China produced 43.4mnt in 2024, per the IAI data)
#aluminium
https://metals-wire.com/sector/Aluminium
🏭Global primary aluminium output grew 3.0% YoY in December, in line with the November dynamics, per the International Aluminium Institute data. Meanwhile, the figure was up 2.9% YoY in 2024. Chinese production (60% of global Al output) gained 4.5% YoY last month (+4.1% YoY in 2024). Overall, strong consumption dynamics in Asia (incl. grid) and the ongoing monetary easing cycle in key economies (EU/US and China) are likely to add further support to Al, which continues to trade below what we see as its fundamentally reasonable level (USD 2,900-3,000/t for 2025F, on our numbers)
We also note that there is limited potential for additional supply growth in China, as local Al output is capped at 45mnt (China produced 43.4mnt in 2024, per the IAI data)
#aluminium
https://metals-wire.com/sector/Aluminium
Week ahead data releases in M&M
As the reporting season gains momentum, US Steel is scheduled to release its 4Q24 financials this week. Our EBITDA estimates are in line with the consensus
#reporting_season
https://metals-wire.com/events
As the reporting season gains momentum, US Steel is scheduled to release its 4Q24 financials this week. Our EBITDA estimates are in line with the consensus
#reporting_season
https://metals-wire.com/events
Morning Bites (part 1)
🔗Global crude steel output rose 6% YoY to 145mnt in December, after the +1% YoY in November, per World Steel Association data. China’s production (53% of global crude steel supply) jumped 12% YoY from the low base (but was still -2% YoY in 2024), while ex-China steel output slipped 1% YoY in December (flat YoY in 2024). The WSA numbers show that Russian and US production dropped 9% YoY and 2% YoY, respectively, last month, while EU supply gained 7% YoY. Indian output (~8% of global steel supply) grew 10% YoY in December, and was up 6% YoY on a whole year basis
We reiterate our view that the new economic support measures announced by Beijing might bolster the local property sector in 2025, but that more actions are required for a full-scale recovery in construction activity
#steel
https://metals-wire.com/sector/Steel
🔗Global crude steel output rose 6% YoY to 145mnt in December, after the +1% YoY in November, per World Steel Association data. China’s production (53% of global crude steel supply) jumped 12% YoY from the low base (but was still -2% YoY in 2024), while ex-China steel output slipped 1% YoY in December (flat YoY in 2024). The WSA numbers show that Russian and US production dropped 9% YoY and 2% YoY, respectively, last month, while EU supply gained 7% YoY. Indian output (~8% of global steel supply) grew 10% YoY in December, and was up 6% YoY on a whole year basis
We reiterate our view that the new economic support measures announced by Beijing might bolster the local property sector in 2025, but that more actions are required for a full-scale recovery in construction activity
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🇨🇳Investment in China’s grid infrastructure fell 3% YoY in December, after the +8% YoY in November, per NBS data. Overall, the figure was up 15% YoY in 2024, and was 22% above the 2020-23 average. On our numbers, the grid accounted for 10-15% of Cu and Al demand in China, so upbeat investments (due to growing installations of renewable energy) are fundamentally supportive of demand for these base metals
Although State Grid sees only a 10% YoY capex increase in 2025, the actual figure might be higher, in our view: historically the company often exceeded its investment guidance
🥈Solar panel installations in China rose 29% YoY in December (also +29% YoY in 2024), vs. +18% YoY in November, per NEA data. Given the solid demand for renewable energy in China, we maintain our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global transition to clean energy in 2024-30
#silver #copper #aluminium
https://metals-wire.com/news-reports
🇨🇳Investment in China’s grid infrastructure fell 3% YoY in December, after the +8% YoY in November, per NBS data. Overall, the figure was up 15% YoY in 2024, and was 22% above the 2020-23 average. On our numbers, the grid accounted for 10-15% of Cu and Al demand in China, so upbeat investments (due to growing installations of renewable energy) are fundamentally supportive of demand for these base metals
Although State Grid sees only a 10% YoY capex increase in 2025, the actual figure might be higher, in our view: historically the company often exceeded its investment guidance
🥈Solar panel installations in China rose 29% YoY in December (also +29% YoY in 2024), vs. +18% YoY in November, per NEA data. Given the solid demand for renewable energy in China, we maintain our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global transition to clean energy in 2024-30
#silver #copper #aluminium
https://metals-wire.com/news-reports
Morning Bites (part 1)
🔗CISA mills' daily crude steel production in mid-January was reported at 2.07mnt, up 0.3% vs. the previous ten days, and down 1.1% YoY. Meanwhile, YTD (through 20 January), the output rose 0.6% YoY, per CISA data. Local steel inventories grew 2.7% over a 10-day period (-15.8% YoY)
We maintain our view that the new economic support measures announced by Beijing in late-2024 might bolster the slowly picking up Chinese property sector, but more actions are required in 2025 for a full-scale recovery in construction activity, we believe
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production in mid-January was reported at 2.07mnt, up 0.3% vs. the previous ten days, and down 1.1% YoY. Meanwhile, YTD (through 20 January), the output rose 0.6% YoY, per CISA data. Local steel inventories grew 2.7% over a 10-day period (-15.8% YoY)
We maintain our view that the new economic support measures announced by Beijing in late-2024 might bolster the slowly picking up Chinese property sector, but more actions are required in 2025 for a full-scale recovery in construction activity, we believe
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🥉Global mined copper production jumped 3.7% YoY in November, vs. the +2.2% YoY in October, the International Copper Study Group (ICSG) reports. Meanwhile, on an 11mo24 basis, output was up 1.5% YoY, mainly driven by an increase of DRC and Chilean output (+10% and +4%, respectively), while the ICSG notes solid global refined Cu consumption dynamics (+2.6% YoY in 11mo24), mainly driven by China (+3.0% YoY)
We maintain our positive view on copper, amid long-term supply issues, growing demand for renewables globally and surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
🥉Global mined copper production jumped 3.7% YoY in November, vs. the +2.2% YoY in October, the International Copper Study Group (ICSG) reports. Meanwhile, on an 11mo24 basis, output was up 1.5% YoY, mainly driven by an increase of DRC and Chilean output (+10% and +4%, respectively), while the ICSG notes solid global refined Cu consumption dynamics (+2.6% YoY in 11mo24), mainly driven by China (+3.0% YoY)
We maintain our positive view on copper, amid long-term supply issues, growing demand for renewables globally and surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 3)
💎Mountain Province sales volumes stood flat YoY at 2.7mnct in 2024, while its average realised price dropped 20% YoY to USD 72/ct, amid the diamond market down-cycle, the miner reported. The company expects its 2025 production volume to be around the 2024 level. Although Mountain Province's report suggests industry confidence is still low, with negative diamond market sentiment in late-2024, its medium/long-term price outlook remains positive
Despite the steady jewellery sales growth in the key US downstream market (~53% of the global polished stone demand), the diamond market recovery might take more time than we had anticipated. In our view, the 2024 winter holidays sales did not bring much positivity, while midstream inventories remain elevated in early-2025, according to market participants
#diamonds
https://metals-wire.com/sector/Diamonds
💎Mountain Province sales volumes stood flat YoY at 2.7mnct in 2024, while its average realised price dropped 20% YoY to USD 72/ct, amid the diamond market down-cycle, the miner reported. The company expects its 2025 production volume to be around the 2024 level. Although Mountain Province's report suggests industry confidence is still low, with negative diamond market sentiment in late-2024, its medium/long-term price outlook remains positive
Despite the steady jewellery sales growth in the key US downstream market (~53% of the global polished stone demand), the diamond market recovery might take more time than we had anticipated. In our view, the 2024 winter holidays sales did not bring much positivity, while midstream inventories remain elevated in early-2025, according to market participants
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
💍China’s jewellery and watch retail sales dropped 9% YoY December, after the -35% YoY in November, marking the lowest point for the corresponding month in the last ten years, according to the NBS data. Overall, local jewellery sales were down 3% YoY in 2024
Despite strong sales in the key US downstream market (~53% of the global gem-set jewellery trade), the diamond market recovery might take longer than we had anticipated. In our view, the 2024 winter holidays sales did not bring much positivity, while midstream inventories remain elevated in early-2025, according to market participants
#diamonds
https://metals-wire.com/sector/Diamonds
💍China’s jewellery and watch retail sales dropped 9% YoY December, after the -35% YoY in November, marking the lowest point for the corresponding month in the last ten years, according to the NBS data. Overall, local jewellery sales were down 3% YoY in 2024
Despite strong sales in the key US downstream market (~53% of the global gem-set jewellery trade), the diamond market recovery might take longer than we had anticipated. In our view, the 2024 winter holidays sales did not bring much positivity, while midstream inventories remain elevated in early-2025, according to market participants
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 2)
⛏ Indonesia has increased its 2025 nickel mining quota 10% YoY to 298mnt, despite earlier discussions about a potential 25-45% YoY cut to 150-200mnt, according to the local nickel miner association (APNI). Although the Minister of Energy and Mineral Resources, Bahlil Lahadalia, emphasised that the government has no plans to reduce nickel ore output this year, the quota might be reduced in 2H25, mainly among assets that have not yet commenced operations
We reiterate our view that at spot Ni continues to trade below what we see as its fundamentally reasonable level (USD ~20,000/t for 2025F)
#Nickel
https://metals-wire.com/news-reports
⛏ Indonesia has increased its 2025 nickel mining quota 10% YoY to 298mnt, despite earlier discussions about a potential 25-45% YoY cut to 150-200mnt, according to the local nickel miner association (APNI). Although the Minister of Energy and Mineral Resources, Bahlil Lahadalia, emphasised that the government has no plans to reduce nickel ore output this year, the quota might be reduced in 2H25, mainly among assets that have not yet commenced operations
We reiterate our view that at spot Ni continues to trade below what we see as its fundamentally reasonable level (USD ~20,000/t for 2025F)
#Nickel
https://metals-wire.com/news-reports
Morning Bites (part 1)
📈China’s output of aluminium products rose 3% YoY to 6.1mnt in December, in-line with the November dynamics. Total output for 2024 was up 6% YoY. Given the strong demand for Al in China (~60% of global consumption), bolstered by the rapid expansion of the local new energy sector, we maintain our positive view on the metal. On our numbers, the fundamentally reasonable Al price for 2025 is USD ~2,900/t
🥉China's output of copper products surged 17% YoY in December to 2.3mnt (from the low base), vs. +6% in November. Overall, in 2024, the output inched down 2%. We reiterate our view that surging grid investments in China, solid demand trends globally and the monetary policy easing cycle in key economies (the US/EU and China) are likely to add further support to the red metal’s price (which we expect to reach USD 12,000/t in 2025). China represents ~55% of global Cu demand
#aluminium #copper
https://metals-wire.com/news-reports
📈China’s output of aluminium products rose 3% YoY to 6.1mnt in December, in-line with the November dynamics. Total output for 2024 was up 6% YoY. Given the strong demand for Al in China (~60% of global consumption), bolstered by the rapid expansion of the local new energy sector, we maintain our positive view on the metal. On our numbers, the fundamentally reasonable Al price for 2025 is USD ~2,900/t
🥉China's output of copper products surged 17% YoY in December to 2.3mnt (from the low base), vs. +6% in November. Overall, in 2024, the output inched down 2%. We reiterate our view that surging grid investments in China, solid demand trends globally and the monetary policy easing cycle in key economies (the US/EU and China) are likely to add further support to the red metal’s price (which we expect to reach USD 12,000/t in 2025). China represents ~55% of global Cu demand
#aluminium #copper
https://metals-wire.com/news-reports
Morning Bites (part 2)
💍LVMH's organic sales of watches and jewellery rose 3% YoY in 4Q24, after three quarters of consecutive YoY declines, according to a press release from the retailer. Meanwhile, its revenue in the Watches & Jewelry segment decreased 2% YoY on an organic basis in 2024
Despite the steady jewellery sales growth in the key US downstream market (~53% of the global polished stone demand), the diamond market recovery might take more time than we had anticipated. In our view, the 2024 winter holidays sales did not bring much cause for bullishness, while midstream inventories remain elevated in early-2025, according to market participants
#diamonds
https://metals-wire.com/sector/Diamonds
💍LVMH's organic sales of watches and jewellery rose 3% YoY in 4Q24, after three quarters of consecutive YoY declines, according to a press release from the retailer. Meanwhile, its revenue in the Watches & Jewelry segment decreased 2% YoY on an organic basis in 2024
Despite the steady jewellery sales growth in the key US downstream market (~53% of the global polished stone demand), the diamond market recovery might take more time than we had anticipated. In our view, the 2024 winter holidays sales did not bring much cause for bullishness, while midstream inventories remain elevated in early-2025, according to market participants
#diamonds
https://metals-wire.com/sector/Diamonds