Mining major BHP and China's Baowu Steel Group are exploring new approaches of conducting iron ore transactions, including the adoption of payments in renminbi and blockchain technology.BHP expects to be able to complete its first blockchain iron ore transaction with the Chinese steel group's subsidiary, Baosteel, soon, the Melbourne-headquartered miner said on Tuesday May 12.This follows the comp...Read More
Over the past four weeks, a large amount of copper inventory has left London Metal Exchange warehouses in the two Asian cities to enter China to tap arbitrage profits, industry sources told Fastmarkets.Combined LME copper stock at South Korea's Busan and Taiwan's Kaohsiung dropped by 28% or 31,750 tonnes from April 14 to May 12. During the period, LME copper inventory in Busan and Kaohsiung shrank...Read More
The London Metal Exchange three-month nickel price was lower during morning trading on Tuesday May 12, with selling pressure mounting across Asian trading hours, while fresh outflows did little to bolster a weaker LME copper price. LME nickel's outright price was recently at $12,255 per tonne, slipping by more than 1.2% from Monday's closing price of $12,354 per tonne, while turnover was minimal a...Read More
China's domestic rebar prices were flat on Tuesday May 12 with most market participants taking a wait-and-see approach.Domestic Eastern China (Shanghai): 3,480-3,510 yuan ($491-495) per tonne, unchangedMonday's price drop after last week's increases led many market participants to suspend trading to wait for further cues to emerge.The lower trading activity kept spot prices steady despite a streng...Read More
Broader markets were generally weaker this morning, Tuesday May 12, amid concerns about clusters of new Covid-19 infections in the Chinese city of Wuhan and in South Korea, while China's consumer price index (CPI) and producer price index (PPI) data releases were weaker than expected. Asian-Pacific and pre-market major western equity indices were mainly weaker this morning. Base metals Three-month...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
The production of cobalt may need to increase by 460% from 2018 levels over the next three decades to meet the growing demand for clean energy technologies, according to a report by the World Bank. Cobalt demand in clean energy technologies is seen rising from 140,000 tonnes to 644,000 tonnes by 2050, the report estimated. This is based on the wind, solar and geothermal power, as well as energy st...Read More
Canada-based ferro-titanium producer Metalliage has restarted ferro-titanium production at its Quebec-based plant, almost seven weeks after it shut operations due to the Covid-19 pandemic. The company is reopening after local authorities in the Canadian province on April 5 extended its original shutdown of all non-essential businesses to May 4. The plant has been shut since the provincial governme...Read More
Uncertainty about how the lifting of lockdowns will pan out, with some clusters of Covid-19 infections being seen in countries where lockdowns have been lifted, is unsettling markets this morning, Wednesday May 13. As such, base metals prices along with equity markets have started to pull-back, or at least their rebounds are on hold. * Business loans for long-term investments drop by 15% in Europe...Read More
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U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. Index futures are responding to news that the Democrat controlled House of Representatives has proposed an additional stimulus bill valued at over $3 trillion.Index futures were virtually unchanged following release of the April Producer Price Index at 8:30 AM EDT. Consensus is that the...Read More
Here are five Fastmarkets stories you might have missed on Monday May 11 that are worth another look.A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on May 11.The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current ele...Read More
Singapore energy trader ZenRock engaged in "dishonest practices", according to court filings made by HSBC to seek to remove the company's management and appoint auditor KPMG in charge. Court documents seen by Fastmarkets detail what HSBC describes as "a series of highly dishonest transactions," where ZenRock used the same cargo of crude oil to obtain at least two, but potentially several, lots of...Read More
The three-month lead price on the London Metal Exchange continued to climb into the closing session on Monday May 11, climbing by more than 1.6% to its highest level in three weeks, while steady buying in zinc futures kept the galvanizing metal's forward price above nearby support levels. The lead price closed at $1,671.50 per tonne on Monday afternoon, its highest closing price since April 20, wh...Read More
Here are five Fastmarkets stories you might have missed on Monday May 11 that are worth another look.A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on May 11.The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current ele...Read More
The latest data for the global manganese ore market for the week ended May 11, 2020.Read More
Key data from the pricing sessions in Asia, Europe and the United States for the session ending Monday May 11. China Higher priced deals for low-grade seaborne manganese ore helped widen the index's unusual premium against its high-grade equivalent. Limited supply of 37% material stemming from the...Read More
Gold royalty company Franco-Nevada will fund up to $150 million of Solgold's Alpala project in Ecuador, the mine operator said on Monday May 11. The net smelters returns (NSR) agreement includes an initial $100 million to Solgold which will pay a perpetual 1% NSR interest. The total amount could increase by $50 million and to a 1.5% NSR interest rate within eight months. NSR is the amount of reven...Read More
Here are five Fastmarkets stories you might have missed on Monday May 11 that are worth another look.A second wave of Covid-19 infections will hit the global commodities markets even harder than the initial outbreak, market sources told Fastmarkets on May 11.The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current ele...Read More
The London Metal Exchange will not rush back into trading on the open outcry ring and is happy with the effectiveness of the current electronic pricing model, chief executive officer Matthew Chamberlain said."The LME will be adopting a very staged and cautious return to its office, given the effectiveness of our work at home practices," Chamberlain said, speaking in video format on May 7 on the LM...Read More