Global recycling industry association the Bureau of International Recycling (BIR) has appointed Gregory Schnitzer as the new president of its Ferrous Division.Schnitzer is currently vice president of ferrous sales at Schnitzer Steel Industries (SSI), based in Oregon, United States. SSI is a long-standing BIR...Read More
U.S. equity index futures moved lower this morning. S&P 500 futures were down 13 points in pre-opening trade. Walt Disney added $1.50 to $117.50 after reporting higher than consensus quarterly revenues and earnings.General Electric dropped $0.28 to $8.82 after JP Morgan lowered its target price to $6 from $10.Activision plunged $8.51 to $54.26 after reporting lower than consensus quarterly ear...Read More
This afternoon the Federal Reserve concluded this month's Federal Open Market Committee (FOMC) meeting. Immediately following the conclusion of today's meeting, the Fed released a statement. There was no press conference held after the meeting. However, Chairman Powell has stated that next year every meeting will conclude with a press conference. "The labor market has continued to strengthen and...Read More
(Kitco News) - October’s equity correction, the biggest drop since the 2008 financial crisis, wasn’t enough to derail the Federal Reserve’s plan to gradually raise interest rates.As expected, the Federal Reserve left interest rates unchanged following Thursday’s monetary policy meeting; however, many economists noted that the central bank did not mention at all October&rsqu...Read More
(Kitco News) - Gold and silver prices are just modestly lower in early-afternoon U.S. trading Thursday. A rebound in the U.S. dollar index today, following selling pressure this week, worked against the precious metals market bulls. The metals markets showed no significant reactions to the just-released FOMC minutes that show no change in U.S. monetary policy. December gold futures were last down...Read More
(Kitco News) - The gold market, while down on the day, is seeing little reaction to the Federal Reserve leaving interest rates unchanged and setting the stage for another interest rate hike in December.Following its two-day monetary policy meeting, the U.S. central bank left interest rates unchanged within a range between 2.00% and 2.25% as expected. However, in its statement, the committee reiter...Read More
(Kitco News) - The Bank of England (BoE) is reportedly refusing to release gold bars worth just over $550 million to President Nicolas Maduro, who fears that U.S. sanctions against Venezuela would restrict access to that gold in the future, according to media reports.Maduro is attempting to repatriate at least 14 tonnes of gold the BoE is currently storing, the British newspaper The Times and Reut...Read More
(Kitco News) - Merger-and-acquisition activity in the mining sector is likely to pick up in the next year, said the consultancy EY in a report Thursday. The firm’s 19th Capital Confidence Barometer shows that 58% of global mining executives say they intend to pursue mergers and acquisitions in the next 12 months, compared with 46% across all sectors. Third-quarter deal value rose 25% from th...Read More
Asanko Gold Inc. (TSX, NYSE American: AKG) reports a third-quarter loss but also lists record output. The loss was $0.3 million, or zero cents per share, compared to net income of $4.2 million, or 2 cents, in the year-ago period. The reduction was mainly due to lower mine operating earnings on the Asanko Gold Mine joint venture and the start of equity accounting for Asanko’s interest in the...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold remained modestly softer after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 1,000 to a seasonally adjusted 214,000 in the week to Saturday.Consensus expectations compiled by various news organizations had called for initial claims to be around 210,000 to 213,000. Th...Read More
Global nickel premiums were largely unchanged over the past week due to limited spot market activity, with market participants working to conclude long-term contract negotiations, Fastmarkets heard on Wednesday November 7. Chinese nickel premiums stable amid open import windowEuropean premiums stable with focus on long-term contractsUS premiums flat in subdued spot market. Chinese nickel premium s...Read More
The tin premium in Europe softened from its highest level since January 2017 due to a market shift to longer-term supply solutions despite remaining elevated on Indonesian supply concerns, while both US and Chinese premiums held ground on steady spot business and sufficient supply. European premiums ease while market finds supply solutions US participants look to 2019 contracts China'...Read More
Fasmarkets' fob Australia alumina index declined for the eighth trading day in a row on Wednesday October 7, falling back to levels not seen since before Hydro declared force majeure at the Alunorte refinery in Brazil in April. The benchmark daily fob Australia alumina index was calculated at $428.75 per tonne on Wednesday, down from $430 per tonne on Tuesday and 8.98% lower week on week from...Read More
Key data from the Wednesday November 7 pricing session in Europe. Key drivers Recent downward trend in ferro-titanium has finally dragged down scrap prices. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.There is readily available alloy supply against moderate spot demand, with some buyers booking alloy through year-end. Some traders want rid of stocks to boo...Read More
The latest ferro-tungsten and ammonium paratungstate (APT) transactions, bids, offers and assessments in Europe, Vietnam and China, with blue tungsten oxide (BTO) and yellow tungsten oxide (YTO) deals taken into consideration.To view the latest price quotations, follow the links below:China- APT, fob China- Ferro-tungsten, fob China Europe- APT, cif Rotterdam - Ferro-tungsten, in-warehouse Rotterd...Read More
Fasmarkets' fob Australia alumina index declined for the eighth trading day in a row on Wednesday October 7, falling back to levels not seen since before Hydro declared force majeure at the Alunorte refinery in Brazil in April. The benchmark daily fob Australia alumina index was calculated at $428.75 per tonne on Wednesday, down from $430 per tonne on Tuesday and 8.98% lower week on week from...Read More
Key data from the Wednesday November 7 pricing session in Europe. Key drivers Recent downward trend in ferro-titanium has finally dragged down scrap prices. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.There is readily available alloy supply against moderate spot demand, with some buyers booking alloy through year-end. Some traders want rid of stocks to boo...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from the Wednesday November 7 pricing session in Europe. Key drivers Recent downward trend in ferro-titanium has finally dragged down scrap prices. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.There is readily available alloy supply against moderate spot demand, with some buyers booking alloy through year-end. Some traders want rid of stocks to boo...Read More
Turkish steel producers continued their deep-sea scrap purchases on Wednesday November 7, with prices remaining largely stable, according to market sources.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25) at $330 per tonne, 3,000 tonnes of shredded at $340 per tonne and 7,000 tonnes of bonus at $345 per tonne cfr.Another steel producer in t...Read More