TAGS Rough Sales Slump amid "Difficult" Market Conditions
September 28, 22
(IDEX Online) - Trans Atlantic Gem Sales (TAGS) saw sales slump at its September rough tender, which that closed today, down from $35m in July to an estimated $14m.
It offered only $25m of goods in Dubai, and withdrew 45 per cent amid "difficult" market conditions, though it did not provide an actual sales total.
TAGS noted reports that rough prices generally had softened by as much as 10 per cent, especially among +3gr. All goods from leading mining houses in these ranges, were trading below cost, it said.
Only 40 of the 120 companies that attended the tender bought goods.
"Our industry is by no means without its own specific issues at the present time," TAGS said in its tender report. "A stagnant Chinese market, and a cautious consumer globally represent just a couple of the problems in a pipeline, of growing rough and polished stocks, liquidity shortages and high interest rates.
"Factories in India will close in the third week of October, for around three weeks for the Diwali holiday, and manufacturers will hope that post Diwali, the overall situation might show some positive signs in the lead up to the Christmas season."
File pic from a previous TAGS tender