International mining companies that oppose the new mining code in the Democratic Republic of Congo (DRC) are a lot closer to resolving their outstanding issues than they were a year-ago, but work remains to be done, according to the chief executive officer of Canadian miner Barrick.Mark Bristow, who took over at Barrick after its $18.3 billion merger with Randgold Resources was completed at the st...Read More
International mining companies that oppose the new mining code in the Democratic Republic of Congo (DRC) are a lot closer to resolving their outstanding issues than they were a year-ago, but work remains to be done, according to the chief executive officer of Canadian miner Barrick.Mark Bristow, who took over at Barrick after its $18.3 billion merger with Randgold Resources was completed at the st...Read More
ArcelorMittal Brasil intends to reduce its primary production of crude steel at its electric-arc furnace (EAF) in Barra Mansa city, in Brazil's south-eastern Rio de Janeiro state."We have recently announced a temporary reduction in primary steelmaking activity at our Barra Mansa site," ArcelorMittal told Fastmarkets on Wednesday February 6."There will be no effect on finished steel production from...Read More
The price for rebar produced and delivered in Southern Europe remained flat on Wednesday February 6, while market participants absorbed the implications of new import quotas that in some cases may have already been fully allocated.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?510-520 ($582-594) per tonne delivered on Wednesday, but prices could soon come u...Read More
European prices for mesh-quality wire rod stayed flat across the continent on Wednesday February 6, with the initial reaction to the European Commission's (EC) new import quotas suggesting an uncertain supply picture for the rest of the first quarter of 2019.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Northern and Southern Europe stayed at ?,?530-550 ($605-628)...Read More
The environmental secretariat of Brazil's southeastern Minas Gerais state, Semad, has suspended a license granted in 2015 for Vale to operate the Laranjeiras tailings dam, connected to the Brucutu iron ore mine.The decision follows a court ruling that ordered the suspension of the Brucutu mine, according to Vale, and it makes any restart of the mine's operations more difficult."The resumption of t...Read More
Turkish deep-sea scrap import prices were stable on Wednesday February 6 despite news of a freshly booked cargo, sources told Fastmarkets.A steel mill in the Marmara region booked a European cargo comprising 12,000 tonnes of shredded at $328 per tonne cfr and 6,000 tonnes of busheling at $359 per tonne cfr for March shipment.Offer prices...Read More
Brazilian miner Vale has declared force majeure on a number of iron ore and pellet contracts with customers, following the halt of its Brucutu mine in the state of Minas Gerais, the company said on Tuesday February 5.A court in Belo Horizonte, the capital of Minas Gerais, has prohibited Vale from using eight tailings dams on February 4, with Brucutu being the most-affected operation. Annual output...Read More
CIS export billet prices have soared in the past few days, supported by the sharp rise in the global scrap market. Customers in turn accepted higher prices amid expectations of further price increases in the week ahead, Fastmarkets heard on Wednesday February 6.Fastmarkets' daily CIS export billet index was $442 per tonne fob Black Sea on Wednesday, up from $430 per tonne fob a day earlier.Several...Read More
U.S. equity index futures moved lower this morning. S&P 500 futures were down 18 points in pre-opening trade.Equity index futures were virtually unchanged following release of the Weekly Jobless Claims report. Consensus was a drop to 220,000 from 253,000 last week. Actual was 233,000.BB&T Banks (BBT $48.53) has offered to buy SunTrust Banks (STI $58.74) in an all-stock deal valued at $66 b...Read More
Copper's three-month price on the London Metal Exchange continued its uptrend at the close of trading on Tuesday February 5, with moderate volumes and a surge in the US dollar index doing little to curb the metal's upward price movement, while the rest of the complex broadly consolidated.Climbing above $6,200 per tonne for the first time since October 2018, the three-month copper price continued t...Read More
Fastmarkets has corrected its nickel sulfate min 21%, max: 22.5%; cobalt 10ppm max, China ex-works, yuan/tonne price, which was published incorrectly on February 1.The Fastmarkets MB nickel sulfate min 21%, max: 22.5%; cobalt 10ppm max, China ex-works, yuan/tonne price was published on February 1 instead of its scheduled publication date on February 5. This has now been corrected and the price has...Read More
Comex copper prices in the United States shrugged off earlier losses in morning trading on Tuesday February 5, with the base metals complex temporarily boosted by the lack of Chinese participation while the East Asian country begins its Lunar New Year holiday.The copper price for March settlement on the Comex division of the New York Mercantile Exchange rebounded by 2.20 cents on February 5 to $2....Read More
A summary of base metals premiums from across the globe for the week to Tuesday February 5.Please click...Read More
Trades of small volumes led to a small fall in manganese ore prices in the week ended Friday February 1, while most producers expect to return to the market after the Chinese New Year holiday (February 4-10). Low- and high-grade manganese ore prices in China tick down Low grade fob ore index stable due to freight rate fall Tight supply supports silico-manganese price in Europe H...Read More
The European bismuth price continued its uptrend in the latest pricing session, boosted by shipment delays that are affecting the delivery of material from China's Hunan Jinwang Bismuth, one of the biggest suppliers in the world. Fastmarkets assessed the European bismuth price at $3.70-4.20 per lb on Friday February 1, slightly higher than in the midweek assessment when the metal stood a...Read More
Oversupply continued to push European cobalt metal prices downward in January 2019, with buyers stepping back from the spot market amid a shared negative outlook.Meanwhile, the Chinese price for cobalt sulfate ticked upward because of stockpiling before the Lunar New Year holiday, February 4-10.Price movesThe cobalt benchmark price moved below $20 per lb in late January, with persistent selling pr...Read More
Turkish deep-sea scrap import prices went up on Tuesday February 5 following the sale of a higher priced cargo, sources told Fastmarkets.A steel mill in the Marmara region booked a Baltic cargo comprising 25,500 tonnes of HMS 1&2 (80:20) scrap at $321.50 per tonne cfr and 7,500 tonnes of bonus at $331.50 per tonne cfr.This new cargo price is an increase when compared to the sale of a European carg...Read More
Comex copper prices in the United States shrugged off earlier losses in morning trading on Tuesday February 5, with the base metals complex temporarily boosted by the lack of Chinese participation while the East Asian country begins its Lunar New Year holiday.The copper price for March settlement on the Comex division of the New York Mercantile Exchange rebounded by 2.20 cents on February 5 to $2....Read More
Oversupply continued to push European cobalt metal prices downward in January 2019, with buyers stepping back from the spot market amid a shared negative outlook.Meanwhile, the Chinese price for cobalt sulfate ticked upward because of stockpiling before the Lunar New Year holiday, February 4-10.Price movesThe cobalt benchmark price moved below $20 per lb in late January, with persistent selling pr...Read More