Tax stability agreements made between mining companies and the government of Chile are designed to be non-negotiable and are expected to be respected if proposed changes to the country's royalty system are made, the chief executive officer of Teck Resources said.Chile's Senate will this week discuss a proposal recently approved in its lower house to introduce a controversial mining royalty bill th...Read More
Soaring global deep-sea ferrous scrap export prices are stoking increasingly bullish sentiment for the United States' upcoming domestic June trade despite a recent lack of US export sales.Higher offers for heavy melting scrap from the US East and West Coasts, which have now hit $510 and $540-550 per tonne respectively, failed to tempt US exporters into the market this week.But significantly h...Read More
The stainless scrap market in the United States is sluggish, with prices registering little growth and in some cases falling back."Despite [London Metal Exchange] nickel hovering over the $8.00-per-lb mark, austenitic stainless scrap prices continue to struggle," one scrap dealer source said."There must be ample supply to meet the consuming [stainless] mills' needs for nickel discounts to remain s...Read More
Turkish steel mills resumed booking deep-sea scrap late on Tuesday, resulting in higher prices, sources told Fastmarkets on Wednesday May 19 - the start of a public holiday in the country.The Turkish import market had been quiet since the Eid al-Fitr holiday that began on Wednesday May 12. Monday and Tuesday May 17 and 18 were normal working days, but no bookings were done until late on Tuesday. A...Read More
Teck Resources plans to rebalance its portfolio to reduce its exposure to steelmaking coal and focus instead on growth in copper, the company's chief executive officer said. Don Lindsay told Bank of America's Global Metal, Mining & Steel conference that future growth in copper will come from a combination of organic growth at existing projects, exploration and strategic mergers and acquisitions. "...Read More
Prices for steel scrap cargoes exported from Japan rose again during the week to Wednesday May 19 amid a healthy appetite from both South Korea and domestic buyers, market participants told Fastmarkets.The sharp decline in Chinese ferrous futures and spot market prices this week has done nothing to stop the rise of the Japan scrap market, with a further increase in offer prices recorded across all...Read More
Iron ore prices fell sharply on Wednesday May 19, with low liquidity and sintering restrictions in Tangshan driving the downturn, sources told Fastmarkets.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $216.16 per tonne, down $8.28 per tonne62% Fe low-alumina fines, cfr Qingdao: $218.79 per tonne, down $8.98 per tonne58% Fe fines high-grade premium, ...Read More
Seaborne hard coking coal prices in the fob market gained support from restocking activity on Wednesday May 19, whereas major buyers in the cfr market stood on the sidelines, market sources said.Fastmarkets indices Premium hard coking coal, fob DBCT: $129.18 per tonne, up $5.50 per tonne Premium hard coking coal, cfr Jingtang: $269.78 per tonne, down $3.37 per tonne Hard coking coal, fob DBCT: $11...Read More
China's domestic rebar prices fell rapidly on Wednesday May 19 on softer demand as a result of rain.DomesticEastern China (Shanghai): 5,370-5,400 yuan ($836-840) per tonne, down by 180 yuan per tonneHeavy rain in many parts of eastern and southern China during the day affected both construction activity and transportation.With wet weather forecast to continue over the next day days, market partici...Read More
Base metals prices on the London Metal Exchange dipped slightly across the board during morning trading on Wednesday May 19, following a week of volatility and a growing sense of unease. "Although the first trading week of May looked super bullish, I am not in the camp that base metals can hold on to the gains made. Instead, I envisage the monthly close to turn negative," Fastmarkets analyst Andy...Read More
The cobalt market has started operating with more efficiency and transparency, which in turn, should make it easier to plan for battery-related demand, panelists said during the Cobalt Institute's annual conference on May 18-19. The cobalt market faces the challenge of bringing sufficient material online to meet demand from the growing battery sector, while simultaneously filtering through varying...Read More
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard...Read More
The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies....Read More
The Cobalt hydroxide payable indicator, min 30% Co, cif China, % payable of Fastmarkets' standard-grade cobalt price (low-end) trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt hydroxide p...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday May 19. Key driversEuropean ferro-titanium suppliers held their offer prices over the week ahead of expected renewed demand for both longer- and near-term delivery orders from steel mills.Suppliers noted some buying interest in Europe this week, but no confirmed sales on a spot basis.Scrap trading activity was also quiet, with...Read More
The near-term outlook for ferro-silicon looks set to climb higher to a near record-high since Fastmarkets started assessing the price more than 24 years ago due to firm fundamentals, industry sources said.The European spot delivered price is gripped between tight supply and strong demand from steelmakers, while market focus is on expectations of renewed demand from consumers in early June for thei...Read More
China's imported steel scrap prices weakened on Wednesday May 19 in response to falling steel futures prices and minimal buying interest.Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $505-520 per tonne on Wednesday, down $5 from $510-525 per tonne a day earlier. Few buyers were bidding...Read More
Spot ferro-chrome prices in China rose for the first time since March, with improved demand and sentiment after new power cuts were imposed in Inner Mongolia. Fastmarkets' price assessment for ferro-chrome, spot, 6-8% C, basis 50% Cr, ddp China was 7,300-7,600 yuan ($1,135.62-1,182.29) per tonne on Tuesday May 19, up by 100 yuan (1.4%) from 7,200-7,500 yuan per tonne the preceding week. Prior...Read More
Base metals prices on the London Metal Exchange were mainly stronger this morning, Thursday May 20, on dip buying, while those on the Shanghai Futures Exchange were down across the board in reaction to the 3.5% average loss on the LME on Wednesday.China’s rhetoric on its determination to wrestle inflationary pressures in commodities triggered weakness in the metals.Base metalsLME three-month...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.U.S. equity index futures were virtually unchanged prior to release of the May Philly Fed Index at 8:30 AM EDT. Consensus was a drop to 44.0 from 50.2 in April.Cisco dropped $2.52 to $49.95 despite reporting higher than consensus fiscal fourth quarter revenues and earnings. Guidance was l...Read More