Share this articleAn underground driller at work at the now closed Max molybdenum mine near Trout Lake, British Columbia. Note the veins of massive molybdenite. Photo Courtesy Roca Mines Inc.Cameo Cobalt Corp. [CRU-TSX; CRUUF-OTC; SY7N-FWB] shares were active Thursday March 7after the company said it had closed the previously announced acquisition of the Max Mine and Willa properties. Both are loc...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 21 points in pre-opening trade. The drop in index futures was prompted by a 4.4% fall by the Shanghai Composite Index following news of a slowdown in Chinese trade.Index futures moved lower following release of economic news at 8:30 AM EST. Consensus for January Housing Starts was an increase to 1.190 million units fr...Read More
Global zinc premiums have been little changed over the past week with a worsening Chinese import arbitrage distorting the marketplace for the world's largest base metals consumer, Fastmarkets heard on Wednesday March 6. European zinc premiums near October 2010 lowUS markets stable with lead and zinc demand healthyChinese markets suffering from arbitrage window. Northern European zinc premiums stay...Read More
Three-month zinc was the only metal price to trade in positive territory on the London Metal Exchange at the close of trading on Wednesday March 6.Prices for the rest of the base metals complex consolidated lower amid broad strength in the US dollar index, while renewed figures on the US trade deficit continued to underscore the slowdown in that country's economy.The three-month zinc price reached...Read More
Dampened demand for nickel briquette for stainless steel in Europe put downward pressure on the top end of the premium on Tuesday March 5, while nickel premiums in the United States and China traded flat week on week despite similarly weak demand. The top end of the premium came off for European briquette after supply outstripped demand Briquette demand also weaker in US, but market diverge...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday March 6 that are worth another look.The availability of a high-grade iron ore derivative has brought a "whole new dimension" to the market, with the development of a forward curve being a key benefit, Andrew Glass, head of ferrous trading at Anglo American, said last week at Fastmarkets MB's China Iron Ore conference in B...Read More
An overview of the minor metals markets and the reasons for any price moves....Read More
Turkish steel producers have continued to book deep-sea scrap to replenish their stock levels despite poor sales of finished and semi-finished steel products, sources said on Wednesday March 6.A steel mill in Northern Turkey booked a Baltic Sea cargo, comprising 9,000 tonnes of HMS 1&2 (80:20) at $319 per tonne, 11,000 tonnes of shredded at $324 per tonne and 9,000 tonnes of bonus at $329 per tonn...Read More
The US copper market was little changed in early morning trading on Wednesday March 6 with market participants still digesting the trade talks between the United States and China. The copper price for May settlement on the Comex division of the New York Mercantile Exchange dipped 0.05 cents to $2.933 per lb. Amid positive trade sentiment surrounding the US-China, an uptick in the dollar index has...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker this morning, Wednesday March 6. With the exception of aluminium that was little changed, the rest of the complex were down between 0.2% for nickel and tin and 0.9% for zinc.Copper was off by 0.4% at $6,456 per tonne, compared with $6,483 per tonne at Tuesday's close, while nickel has edged back from yesterda...Read More
Demand for flat steel in Turkey failed to improve in February although prices increased, but no further price rises were expected, market participants told Fastmarkets on Wednesday March 6.Local producers have filled their order books until May, they added.The price rises in February resulted from increasing prices for raw materials after the rupture of a tailings dam at Vale's Feij??o iron ore mi...Read More
China's domestic prices for hot-rolled coil continued falling on Wednesday March 6 following downward moves in the futures market. DomesticEastern China (Shanghai): 3,840-3,860 yuan ($573-576) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 3,770-3,790 yuan per tonne, down 10 yuan per tonne Customers cut procurement rates after seeing the weak futures market.The most-traded...Read More
Top Asian steelmakers will continue hiking hot-rolled coil (HRC) prices in the second quarter of this year due to continued strong demand in the region, a leading Japanese steel mill told Fastmarkets MB this week."Tier-1 mills in South Korea, China, Japan and Vietnam see many reasons to increase their offers in the second quarter of 2019, including strong seasonal demand from end users," a source...Read More
Prices for hollow steel sections in the domestic European market were largely stable on Wednesday March 6 but producer-led increases could take effect soon, market sources told Fastmarkets.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week on Wednesday at ?,?630-650 ($713-736) per tonne delivered."Higher p...Read More
Steel beam prices in the domestic Northern European market have narrowed while prices in Southern Europe moved upward this week on higher offers and improved demand, sources told Fastmarkets on Wednesday March 6.Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe narrowed by ?,?10 per tonne to ?,?610-635 ($690-719) per tonne delivered on Ma...Read More
European prices for mesh-quality wire rod stayed flat again across the continent in Fastmarkets' price assessments on Wednesday March 6, with levels of demand continuing to disappoint and with almost no business of significant volume reported in the first quarter of the year so far.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod for both Northern and Southern Europe stayed...Read More
Turkish steel producers have continued to book deep-sea scrap to replenish their stock levels despite poor sales of finished and semi-finished steel products, sources said on Wednesday March 6.A steel mill in Northern Turkey booked a Baltic Sea cargo, comprising 9,000 tonnes of HMS 1&2 (80:20) at $319 per tonne, 11,000 tonnes of shredded at $324 per tonne and 9,000 tonnes of bonus at $329 per tonn...Read More
Iron ore prices were mixed on Wednesday March 6, with still-sluggish profitability among Chinese steelmakers giving few clues as to the future direction of the market.MB 62% Fe Iron Ore Index: $87.05 per tonne cfr Qingdao, up $0.02 per tonne. MB 62% Fe Pilbara Blend Fines Index: $86.45 per tonne cfr Qingdao, up $0.02 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $89.08 per tonne cfr Qingdao, do...Read More
The availability of a high-grade iron ore derivative has brought a "whole new dimension" to the market, with the development of a forward curve being a key benefit, Andrew Glass, head of ferrous trading at Anglo American, said last week at Fastmarkets MB's China Iron Ore conference in Beijing.The derivative contract provides additional measurement of what the 62% Fe iron ore and the 65% Fe iron or...Read More
Iranian export slab prices dropped in the week ended Wednesday March 6 with bookings done at lower values, Fastmarkets has heard, despite a positive mood in the CIS export slab market due to reduced availability of the material.Offers of Iranian slab were reported at $365-370 per tonne fob Iranian ports. And a 30,000-tonne cargo was sold to a customer in China at $360 per tonne fob, Fastmarkets ha...Read More