Special steelmaker Voestalpine attributed an 11% fall in its earnings for the first half of 2018 to continuing global trade conflicts, it said late last week.The Austrian company reported a decline of 11.2% in earnings before interest, taxes, depreciation and amortization (Ebitda) over April-September 2018, the first half of its financial year, to ?,?860 million ($969 million). This compared with...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday November 14:Aluminium scrapCommercial pure cuttings: ?1,035-1,065 per tonne from ?1,080-1,110Clean HE9 extrusions: ?1,330-1,380 per tonne from ?1,360-1,410Loose old rolled cuttings: ?730-760 per tonne from ?750-780Baled old...Read More
A series of Chinese policies aimed at restricting imports of copper scrap is not expected to significantly alter the supply/demand balance in the world's largest copper consuming country, industry executives said during a panel discussion at Asia Copper Week in Shanghai. "Despite the restriction of category-7 copper scrap imports this year, we have seen limited impact on the industry this year," Q...Read More
Three-month base metals prices on the London Metal Exchange were up acrossthe board by an average of 0.7% on the morning of Thursday November 15. Zinc and nickel prices were up by the most with gains of 1.2% and 1.1% respectively, while copper wasup by 0.8% at $6,149 per tonne. The others were up by between 0.2% for aluminium and 0.8% for lead.Volume has been below average with 4,583 lots tra...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade. U.S. equity index futures moved lower following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was 215,000 versus 214,000 last week. Actual was 216,000. Consensus for October Retail Sales was a gain of 0.4% versus an increase of 0.1% in September. Actual was...Read More
(Kitco News) - Negative sentiment continues to build around tech giant Apple (Nasdaq: AAPL), and some analysts have warned that slower iPhone sales could have broader implications on global growth that could benefit safe-haven assets like gold.In a report Tuesday, Hussein Sayed, chief market strategist at FXTM, said the little smartphone had a significant impact on U.S. gross domestic product grow...Read More
(Kitco News) - Pan American Silver Corp. (Nasdaq, TSX: PAAS), the world’s second-largest primary silver producer, will acquire Tahoe Resources Inc. (NYSE: TAHO; TSX: THO) in a $1.07 billion stock-cash deal announced by the two companies Wednesday.Officials said the merger will create the world’s largest publicly traded silver-mining company and will have the world’s largest silve...Read More
The decision by the United States Treasury to extend the deadline for US companies to wind down their contracts with Russian producer Rusal has had little effect on global aluminium premiums over the week ended Tuesday November 13, with the market still watching the backwardated December-January spreads. Rotterdam premiums unchanged; market focused on first-quarter deals MJP dips on backwardation...Read More
Closing prices for base metals on the London Metal Exchange were mixed on Tuesday November 13, with lead the biggest positive move of the day while zinc failed to close above its nearby support level amid record-low LME inventories for both metals. The three-month lead price climbed over 1% today, recovering losses made at Monday's close and pushing above $1,950 per tonne to $1,952 per tonne at 5p...Read More
The annual global benchmark for copper treatment and refining charges (TCs/RCs) might show a small fall in 2019 because of the tightening supply of copper concentrates, according to Canada-based financial services provider BMO Capital Markets.Copper miners, led by Freeport and Antofagasta, and smelters, led by Chinese firms Tongling and Jiangxi Copper, are currently in the middle of contract negot...Read More
The domestic Chinese ferro-silicon market was stable in the week ended Friday November 9, while the European price stabilized after the prior week's drop and the US ferro-silicon spot market held week on week. Chinese suppliers focus on domestic market, export price lower on yuan depreciation Europe steadies losses, awaits outcome of industry conference US market focuses on long-term...Read More
Low-grade manganese ore prices ticked up again on better demand, while thin trading knocked high-grade prices. Low-grade prices rise againHigh-grade prices slideSilico-manganese holds in China, ferro-manganese stirs upwardHigh-carbon ferro-manganese ticks up in Europe, drops in United States Silico-manganese holds in Europe, US Low-grade manganese ore prices continued edging up on Friday Nove...Read More
The decision by the United States Treasury to extend the deadline for US companies to wind down their contracts with Russian producer Rusal has had little effect on global aluminium premiums over the week ended Tuesday November 13, with the market still watching the backwardated December-January spreads. Rotterdam premiums unchanged; market focused on first-quarter deals MJP dips on backwardation...Read More
The annual global benchmark for copper treatment and refining charges (TCs/RCs) might show a small fall in 2019 because of the tightening supply of copper concentrates, according to Canada-based financial services provider BMO Capital Markets.Copper miners, led by Freeport and Antofagasta, and smelters, led by Chinese firms Tongling and Jiangxi Copper, are currently in the middle of contract negot...Read More
Low-grade manganese ore prices ticked up again on better demand, while thin trading knocked high-grade prices. Low-grade prices rise againHigh-grade prices slideSilico-manganese holds in China, ferro-manganese stirs upwardHigh-carbon ferro-manganese ticks up in Europe, drops in United States Silico-manganese holds in Europe, US Low-grade manganese ore prices continued edging up on Friday Nove...Read More
G?(C)camines has requested an emergency meeting with the technical teams of the stakeholders in Katanga Mining Limited but said it had not been consulted on a decision to halt the export and sale of cobalt from its Kamoto Copper Company (KCC) unit.Exports and sales from the Glencore-owned operation in the Democratic Republic of Congo (DRC) were suspended last week after excessive levels of uranium...Read More
The Turkish steel mills have continued their silence in the deep-sea scrap markets because of a downturn in rebar export values, sources said on Tuesday November 13.After booking two cargoes from the United States late last week, Turkish mills paused their purchases and started to watch the finished steel markets.But a couple of the latest rebar sales have indicated a decrease in prices, so the mi...Read More
The Comex copper price staged a modest recovery in the US morning on Tuesday November 13, with the dollar index showing some weakness and allowing the price to climb.The copper price for December settlement on the Comex division of the New York Mercantile Exchange recovered 1.75 cents to $2.6940 per lb.Also, renewed hopes for a US-China trade deal is lending support to the metals...Read More
Three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.6% on Tuesday November 13.Nickel and lead prices led with gains of 0.9%, while copper prices were up by 0.5% at $6,075 per tonne.Volume has been average with 5,328 lots traded as of 06:29am London time.Precious metals were up by an average of 0.4%, although spot gold prices lagged with a mere 0....Read More
The export market for flat steel products from the Commonwealth of Independent States (CIS) softened further in the week ended Monday November 12 on low demand and a strong dollar.Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) narrowed downward to $490-495 per tonne fob Black Sea on November 12, from $490-510 per tonne fob Black Sea a week earlier."Prices are...Read More