While Vedanta cheered over South Africa's recent court ruling against the Zambian government's liquidation of its majority-owned Konkola Copper Mines (KCM), Zambian officials rebuked the decision and denied the enforceability of the foreign ruling that determines the future of the country's largest copper smelting assets. The South Gauteng High Court on Tuesday July 23 granted Vedanta an urgent in...Read More
Ground preparation for a new copper smelter in Indonesia is in progress, with construction expected to begin in 2020, according to Freeport-McMoRan, one of the project's joint venture partners. The smelter is part of a package agreed by Freeport to extend the mining rights of its Indonesian unit PT-FI from 2031 to 2041. Under the terms of the agreement, PT-FI is committed to construct a new smelte...Read More
A summary of Southern Copper Corp's results for the second quarter of 2019. In brief Mined copper output in the second quarter surged year on year, attributed to a production ramp-up at Toquepala mine's concentrator in Peru and increased efficiency at the Buenavista unit. Zinc production fell due to lower output at the Mexican mines of Charcas and Santa Eulalia which offset growth at t...Read More
The domestic prices for hollow steel sections in both Northern and Southern Europe widened this week, with increases proposed for trading done after the summer break, sources told Fastmarkets on Wednesday July 24.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?615-630 ($687-704) per tonne on Wednesday, widening downward from ?,?620-630 per ton...Read More
Activity in the European hot-rolled coil (HRC) market has been limited over the past week due to high stocks at distributors and poor demand from end users, sources told Fastmarkets on Wednesday July 24.And demand is expected to slow down further in August due to traditional market cycle, with European steelmakers usually scheduling maintenances for the second half of summer and buyers preferring...Read More
The price for rebar produced and delivered in Southern Europe was unchanged week on week, with Italian mills continuing their attempts to raise prices before the traditional August holiday period, sources told Fastmarkets on Wednesday July 24."We are chasing a demand that is lacking. Buyers are reluctant to place new orders until they have a clear perspective on the price direction," one Southern...Read More
The price of domestic rebar produced and delivered in Northern Europe has been unchanged over the past week amid limited market activity, sources told Fastmarkets on Wednesday July 24.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?500-520 ($559-581) per tonne on Wednesday, unchanged from one week earlier on July 17."We have not c...Read More
Steel H-beam prices in Northern and Southern Europe remained flat this week, with market conditions quiet during the summer, sources told Fastmarkets on Wednesday July 24.This week, market participants reported good demand despite the usual summer slowdown as well as lower stock levels. Prices were expected to remain stable during August.Fastmarkets assessed the price for steel beams, domestic, de...Read More
Iranian producers were spurred to raise their export offer prices at the end of July after several weeks of active trading left them with reduced availability of material for foreign sales, Fastmarkets heard on Wednesday July 24.Offers of Iranian billet from August rolling were limited, while some producers had already started to offer September-rolling volumes, according to market participants. O...Read More
Turkey produced 16.994 million tonnes of crude steel in January-June 2019, down 10.14% on the 18.912 million tonnes produced in the first six months of 2018.According to the Turkish Steel Producers Association (T???oeD), the fall in output was largely due to the negative sentiment that has been dominating Turkey's domestic steel market since August 2018 when the country's lira lost significan...Read More
The first transaction of the week led to a fall in prices after a Turkish mill booked a mixed steel scrap shipment from the United States, sources told Fastmarkets on Wednesday July 24.Based in the Marmara region of Turkey, the mill bought a US-origin cargo comprising 21,000 tonnes of HMS 1&2 (80:20) at $294 per tonne, 22,000 tonnes of shredded material at $299 per tonne and 2,000 tonnes...Read More
Physical iron ore prices tumbled on Wednesday July 24 amid low trading activity and news of more supply coming from Vale's Brazilian operations. Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $114.97 per tonne, down $2.85 per tonne. Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $114.89 per tonne, down $2.85 per tonne. Fastmarkets' index for iron ore 62% Fe lo...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transactions: iron oreIron oreVale, Global Ore, 170,000 tonnes of 62% Fe Brazilian Blend fines, traded at the September...Read More
Prices for seaborne cargoes of low-ash, low-sulfur coking coal in the second-tier segment continue to find support from sustained interest among Chinese buyers.A cargo of top-quality materials in the segment was traded at $166-167 per tonne fob Australia, sources told Fastmarkets on Wednesday July 24.Market participants in China reiterated that a tight supply of good-quality second-tier materials...Read More
Vale will increase the supply of its flagship Brazilian Blend fines (BRBF) after receiving authorization to bring more of its suspended iron ore mining operations come back online.The Brazilian miner will partly resume dry processing operations at its 13-million-tonne-per-year Vargem Grande Complex within 24 hours, with the National Mining Agency's authorization coming five months after a suspensi...Read More
Brazilian miner Vale has reduced its iron ore pellet output guidance for 2019 to 45 million tonnes, from the previous 60 million tonnes, following maintenance and regulatory plant stoppages, the company said in its production report on Monday July 22.Pellet plants in the company's southern system had to stop operations because of a decision from Brazilian mining agency ANM, following a tailings da...Read More
Fastmarkets' zinc premium, dp fca Italy, rose in the week to Tuesday July 23 amid livelier spot activity following a recent zinc cash/three-month spread contango, while zinc and lead premiums in the rest of Nothern Europe, Asia and the United States were unchanged on weak demand. The arbitrage for zinc continued to stay in negative territory throughout July, dampening spot trading interest in Chin...Read More
China's hot-rolled coil sellers cut their prices on Wednesday July 24 amid weak demand, although some participants believe a rebound could take place in days due to ongoing production curbs in the northern region.DomesticEastern China (Shanghai): 3,830-3,850 yuan ($557-559) per tonne, down 50 yuan per tonneNorthern China (Tianjin): 3,830-3,840 yuan per tonne, down 20 yuan per tonneSpot prices fell...Read More
An accumulation of high-grade copper scrap in the United States, following China's recent embargo of the material, has led to a drop in the US copper cathode premium range for the first time in a month. Elsewhere, positive forward spreads on the London Metal Exchange and ample availability kept Shanghai and Rotterdam premiums steady. Scrap build-up causes US cathode premium to widen downward Shang...Read More
China's rebar prices fell on Wednesday July 24 amid news that Vale was resuming operations at one of its iron ore complexes, which would raise supply of the steelmaking raw material. Domestic Eastern China (Shanghai): 3,920-3,960 yuan ($570-575) per tonne, down 40-50 yuan per tonneNorthern China (Beijing): 3,880-3,910 yuan per tonne, down 20 yuan per tonneVale, the world's biggest iron ore produce...Read More