The world's largest iron ore project, Simandou, in the West African nation of Guinea has started railway construction and tunneling works.The works comprises the construction of the 11.6km Kindia Tunnel, which will form part of the Simandou railway and will pass under a mountain in the Madina-Oula subprefecture.Construction of the 9km Mamou Tunnel in the Oure-Kaba subprefecture has also started.Th...Read More
China's hot-rolled coil prices rebounded on Thursday April 29 on bargain hunting after declining a day earlier. DomesticEastern China (Shanghai): 5,770-5,790 yuan ($890-894) per tonne, up 40-50 yuan per tonneSeveral Shanghai-based traders said spot sellers in the city had secured orders at higher prices than a day earlier after a strengthening of the futures market.The futures market's strength wa...Read More
Base metals prices on the London Metal Exchange were higher across the board during morning trading on Thursday April 29, supported by a weaker dollar and bullish sentiment. Copper continues to drive the rest of the complex upward - the three-month price was trading $96 per tonne higher at $9,972 per tonne this morning. It hit a high of $9,999.50 per tonne earlier; the all-time high for the three-...Read More
With the exception of lead on the Shanghai Futures Exchange, base metals prices were stronger this morning, Thursday April 29, reassured that Federal Reserve would keep policy loose and because United States President Joe Biden pumped up the outlook for the US by saying the country is "ready for takeoff". Tin leapt higher on the LME on Wednesday, with the SHFE contract catching up today...... Mala...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...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...Read More
Key data from Fastmarkets' pricing session in London on Wednesday April 28.Key drivers: Market continues its downtrend amid lower cif prices from China that has led some profit-takers in Europe to offer below $10,000 per tonne for both grades. Some producers also achieved higher prices, closer to $10,400 per tonne, however. The market picture continues to be mixed with traders taking different pos...Read More
A summary of Glencore's production results for the first quarter of 2021, as released on Thursday April 29.In brief Copper production was up by 3% year on year in the first quarter of 2021 because of productivity improvements and mine plan sequencing at Glencore's South American operations including Collahuasi, Antamina and Antapaccay.Lower grades at Kazzinc's Maleevsky mine and mine sequencing at...Read More
The approaching rainy season in southern China usually signals the start of a downtrend in the Chinese silicon price because of more availability of hydroelectricity to power operations, yet the price is unlikely to reach last year's low, according to market participants.In China, the main 553 silicon production hubs are in Sichuan and Yunnan provinces. It is traditional for refineries in Sichuan...Read More
Export prices for Chinese stainless steel softened in the past week, but exporters plan to raise their offers after China's Ministry of Finance said the 13% export tax rebate for such products would be removed from May 1.According to a notice released by the ministry late on Wednesday April 28, stainless flat steel products classified under the following Harmonized System codes will no longer be e...Read More
The markets for high- and low-carbon ferro-chrome in Europe softened in the week ended Tuesday April 27 following weakening in the markets in Asia, particularly China.Fastmarkets' price assessment for ferro-chrome, 0.10% C, average 65-70% Cr, delivered Europe, was $1.87-2.36 per lb Cr on April 27, a fall of 4-26 cents per lb Cr (6.6%) from $2.13-2.40 per lb Cr on March 30.There was a big fall at t...Read More
An eagerness to maintain relationships by doing deals with counterparties has left some manganese ore buyers and suppliers saddled with unsustainable financing costs, market participants told Fastmarkets this week.Market participants who bought high-priced material in February and March are still financing high-priced material that has since devalued and some have reached the end of their toleranc...Read More
Mining major Vale is again considering spinning off its base metals business after reporting strong first-quarter earnings on soaring metals prices.Speaking at an earnings conference call on Tuesday April 27, Vale chief executive officer, Eduardo de Salles Bartolomeo said the recent sale of Vale New Caledonia was one factor prompting Vale to again consider spinning off its base metals assets."One...Read More
Seagen (SGEN), a NASDAQ 100 stock moved below $134.51 extending an intermediate downtrend.Fiserv (FISV), a NASDAQ 100 stock moved below $118.54 completing a double top pattern.Pre-opening Comments for Friday April 30thU.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade.Equity index futures moved slightly lower following release of U.S. Ma...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 28 that are worth another look.Latin American steelmaker Ternium plans to focus mainly on supplying its own slab needs in Mexico and selling any excess to the domestic market via its slab mill in Brazil, chief executive officer M??ximo Vedoya said on...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday April 28. Please click...Read More
London Metal Exchange tin's three-month price rose to its highest since August 2011 during trading and was up by 5% at Wednesday's close on April 28 following news from one of the market's main suppliers while nickel made substantial gains on its fourth consecutive day on the rise. LME tin's price reached $28,595 per tonne on Wednesday on news that the world's third largest tin producer, Malaysian...Read More
The markets for high- and low-carbon ferro-chrome in Europe softened in the week ended Tuesday April 27 following weakening in the markets in Asia, particularly China.Fastmarkets' price assessment for ferro-chrome, 0.10% C, average 65-70% Cr, delivered Europe, was $1.87-2.36 per lb Cr on April 27, a fall of 4-26 cents per lb Cr (6.6%) from $2.13-2.40 per lb Cr on March 30.There was a big fall at t...Read More
Thawing permafrost linked to global warming is continuing to affect Teck Resources' Red Dog zinc mine in Alaska, with the company expecting its second-quarter sales of zinc in concentrate to be lower as a result, the company said.The Vancouver, Canada-based company said the thawing is affecting the mine's ability to discharge treated water, which is leading water levels at its tailings facility to...Read More
One of China's major tungsten product producers, Jiangxi Tungsten Group, has suspended operations at its only ferro-tungsten plant ahead of the Labor Day holiday on May 1-5, a source at the company told Fastmarkets on Wednesday April 28.The facility produces around 3,000-3,500 tonnes of ferro-tungsten per year and accounts for about 80% of China's ferro-tungsten produced from tungsten concentrate....Read More