Fastmarkets is proposing to discontinue its fortnightly price assessments for mercury. Global mercury trade has reduced since the 2017 the Minamata Convention on mercury, a legally binding international agreement aimed at tackling mercury pollution, came into force. The Convention has reached more than 100 party ratifications, and, as a result, mercury use is declining around the globe. Mercury tr...Read More
The Ramu nickel-cobalt project in northeast Papua New Guinea is to close imminently pending an environmental investigation, the region's minister for mining Johnson Tuke confirmed on Wednesday October 23.The Ramu nickel-cobalt project in northeastern Papua-New Guinea will close imminently pending an environmental investigation, the region's minister for mining, Johnson Tuke, confirmed on Wednesday...Read More
A summary of Antofagasta's production results for the third quarter of 2019 following the company's results report released on Wednesday October 23.IN BRIEF: Antofagasta's group copper production for the third quarter of 2019 was recorded at 197,000 tonnes, a drop of 0.8% against the previous quarter. Group copper production for the first nine months of 2019 climbed to 584,200 tonnes, a rise...Read More
An overview of the noble alloys markets and their latest price moves.Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Initial Jobless Claims was 215,000 versus 214,000 last week. Actual was 212,000. Consensus for September Durable Goods Orders was a drop of 0.8% versus a gain of 0.2% in August....Read More
(Updates with closing prices, recasts) By Peter Hobson LONDON, Oct 23 (Reuters) - Copper prices rose on Wednesdayas a wave of protests in top producer Chile began to disruptsupplies, but gains were limited by lingering fears over thehealth of the global economy and the outlook for demand. Benchmark copper on the London Metal Exchange endedup 1.1% at $5,881 a tonne after reaching $5,885, the highes...Read More
The benchmark London Metal Exchange cash/three-month spread is once more trading in a contango of around $20 per tonne on Tuesday October 22 following a period of deep and sustained backwardation up until yesterday when the spread was in a $108 per tonne backwardation. The LME cash/three-month nickel spread has traded in an intermittent backwardation since January 2019. It slipped into a $39 per t...Read More
Trade unions representing workers for Chile's state-run miner Codelco have called on their members to mobilize in support of protests against the government.Union No1 for Codelco's Chuquicamata has joined Sindicato No1 for BHP's Escondida in backing protestors, whose opposition to inequality in the country has escalated into alleged looting and arson, and to violent confrontations with the militar...Read More
Europe's largest copper producer, Aurubis, has announced its annual copper cathode premium for 2020 at $96 per tonne, unchanged from last year's level, the company confirmed to Fastmarkets on Tuesday October 22. Aurubis spokesperson Malte Blomback confirmed the annual premium to Fastmarkets this afternoon, while market participants also suggested that the company would begin contractual negotiatio...Read More
Trade unions representing workers for Chile's state-run miner Codelco have called on their members to mobilize in support of protests against the government.Union No1 for Codelco's Chuquicamata has joined Sindicato No1 for BHP's Escondida in backing protestors, whose opposition to inequality in the country has escalated into alleged looting and arson, and to violent confrontations with the militar...Read More
Chinese vanadium exporters continued to lower offers amid minimal buying interest abroad, while European and US ferro-vanadium prices continued to suffer from lackluster consumer interest. Chinese exporters reduce offers amid limited buying interest abroadEU FeV market suffers from lackluster consumer spot demandEU V2O5 suppliers lower offers amid falling FeV priceUS FeV market slumps under press...Read More
The London Metal Exchange has no plans to stop adding to its contract suite, with new additions expected in 2020, chief executive Matthew Chamberlain told Fastmarkets. After launching seven new cash-settled futures contracts in March 2019, the exchange will listen to market participants' requests for new hedging options."We are very keen to do more contracts in 2020, it is in the plan and in the b...Read More
The London Metal Exchange has no plans to stop adding to its contract suite, with new additions expected in 2020, chief executive Matthew Chamberlain told Fastmarkets. After launching seven new cash-settled futures contracts in March 2019, the exchange will listen to market participants' requests for new hedging options."We are very keen to do more contracts in 2020, it is in the plan and in the b...Read More
China's ferro-silicon market was split between a weakening export price and a steady domestic price last week, with exporters battling soft demand and supplier competition while production cuts supported domestic rates.In Europe, prices have consolidated recent price gains, although the recent rally looks short-lived because export offers into Europe have appeared from Kazakhstan. There are no ant...Read More
Prices for most grades of ferrous scrap in Mexico fell in the week ended Friday October 18, with mills continuing to apply price cuts while they adjusted to recent settlements in the United States and other regions.One mill in the Baj?-o region applied a price cut of 200 pesos ($10.45) per tonne last week. And although its supply of scrap has reduced, it has so far given no sign of reversing this...Read More
Turkish steel producers remained silent in the deep-sea scrap markets for the second consecutive day, while offers for scrap stayed firm, sources said on Tuesday October 22.Steel mills have been largely active in the deep-sea markets in previous weeks, booking material for November deliveries. Turkish steelmakers have booked 16 deep-sea cargoes since the start of the month, totaling...Read More
China will become a net exporter of refined lead in 2020 as a result of higher forecasted production and unimproved domestic consumption next year, a senior analyst said at the 2019 Lead & Zinc Week gathering in Kunming, China, on Thursday October 17. Chinese lead smelters are likely to increase production to take advantage of good profits for lead smelting due to higher treatment charges (TCs) fo...Read More
China will become a net exporter of refined lead in 2020 as a result of higher forecasted production and unimproved domestic consumption next year, a senior analyst said at the 2019 Lead & Zinc Week gathering in Kunming, China, on Thursday October 17. Chinese lead smelters are likely to increase production to take advantage of good profits for lead smelting due to higher treatment charges (TCs) fo...Read More
Some flat steel import prices in the United Arab Emirates and Saudi Arabia fell this week on limited demand, sources told Fastmarkets on Tuesday October 22.Buyers were reluctant to book large tonnages because of the falling prices as well as the weak end-user demand, they said.UAEOffer prices for hot-rolled coil (HRC) from China were heard in the UAE at $440-445 per tonne cfr this week, with offer...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil fell during the week to Tuesday October 22 on weak demand in the export market and aggressive pricing strategies adopted by suppliers in other regions, market sources said.Despite facing stiff competition for export sales, Chinese producers are reluctant to slash prices much further because of stable prices in the domestic m...Read More