Export volumes of Brazilian pig iron rose by 35.48% year-on-year in January, amid improved European demand and a positive pricing scenario.Shipments amounted to 150,946 tonnes, against 11,413 tonnes a year before, according to figures released by Brazilian foreign trade ministry MDIC on Wednesday February 7.Metal Bulletin's weekly price assessment for Caraj??s-origin material was $390-395 per...Read More
Brazilian iron ore export volumes to China increased by 11.88% year-on-year in January amid lower sales prices, Metal Bulletin has learnt.Shipments came to 18.17 million tonnes, against 16.24 million tonnes a year earlier, according to figures released by Brazilian foreign trade ministry MDIC on Wednesday February 7.In the same comparison, however,...Read More
The latest metal markets news and price moves to start the North American day on Wednesday February 7. Base metals prices on the London Metal Exchange are mostly recovering during morning trading following Tuesday's sell-off.. Here is how the LME base metals complex looked at 12.12pm London time: For a snapshot of exchange news, check out our live futures report. Trading houses Transamine and Merc...Read More
Comex copper prices were trading at the lowest point since late January on Wednesday February 7, with speculative selling weighing on the red metal. Copper for March settlement on the Comex division of the New York Mercantile Exchange tumbled 7.35 cents or 2.3% to $3.1155 per lb. Earlier, the metal touched $3.1060, the weakest since January 23. Investors have been unable to set a consistent price...Read More
Rising profitability among Chinese mills is fueling demand for high-grade iron ore, which gave prices a boost on Wednesday February 7. Metal Bulletin's 62% Fe Iron Ore Index Today: $77.20 per tonne cfr Qingdao Daily change: Up by $1.28 per tonne Month-to-date average: $75.22 per tonne Metal Bulletin's 58% Fe Premium Index Today: $61.84 per...Read More
Seaborne iron ore prices continued to strengthen on Wednesday February 7 with a few high-grade brands changing hands at higher levels, while some uncertainties have emerged over exports out of India.Key driversChinese steelmakers are again seeking high-grade iron ore such as Newman and Carajas fines amid a widening of their profit margins and expectations of a possible extension of winter restrict...Read More
Base metals prices on the London Metal Exchange are mostly recovering during morning trading on Wednesday February 7 following Tuesday's sell-off. The three-month nickel price lost nearly $400 per tonne yesterday but has now recovered back above $13,500 per tonne. "When the demand improves after Chinese New Year holidays [February 15-21], the fall in LME nickel inventories will speed up," an analy...Read More
Demand for seaborne coking coal remains strong amid tight supply of domestic materials in China, market participants said on Wednesday February 7.A cargo of premium low-vol hard coking coal, with laycan set for the end of February, was traded around $225 per tonne cfr China this week after a transaction involving a prompt cargo was concluded at just above $230 per tonne cfr earlier this week, mark...Read More
Export prices for Chinese hot-rolled coil picked up strength on Wednesday February 7 after a handful of overseas buyers put in higher bids in response to an increase in offers.DomesticEastern China (Shanghai): 4,110-4,130 yuan ($654-657) per tonne, unchangedNorthern China (Tianjin): 4,000-4,030 yuan per tonne, unchangedDomestic prices held steady amid sparse trading in the major markets of Shangha...Read More
Silicon metal export volumes from Brazil rose by 33.68% year on year in January, due to higher shipments to Europe, according to figures released by Brazil's foreign trade ministry MDIC on Wednesday February 7.Exports totaled 20,859 tonnes, against 15,604 tonnes in January 2017, MDIC data shows. In December, Brazil's silicon metal shipments totaled 13,015 tonnes.Meanwhile, Brazil's revenues f...Read More
An overview of the minor metals markets and the reasons for any price moves. Read More
Nornickel has signed a $4.4 billion partnership deal with Russian Platinum Plc in a 50:50 owned enterprise to jointly develop three major PGM deposits in Russia, it said on Wednesday February 7.The joint company aims at producing approximately 70-100 tonnes per year of platinum and palladium, as well as 50,000 tpy of nickel, Nornickel's president Vladimir Potanin said in...Read More
JFE Holdings' operating income rose sharply for the first three quarters of fiscal 2017 due to a change in accounting methods, cost reductions and improved sales, while its steel business renewed old facilities to ensure stable steel output.Consolidated operating income stood at ?172.32 billion ($1.56 billion) for April to December 2017, up 373.2% from ?36.4 billion for the same period a year ag...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday February 7:Titanium scrap Turnings, unprocessed type 90/6/4, 0.5% Sn max: $0.95-1.00...Read More
G?(C)camines expects to complete an audit of its joint-venture partners active in the Democratic Republic of Congo (DRC) by mid-March, with the report expected to back up the state-run mining firm's drive to renegotiate contracts, chairman Albert Yuma said.Yuma told Metal Bulletin in an interview that the audit, conducted by E&Y over the past three years, would probably result in the renegotiation...Read More
The roller coaster ride that is U.S. equities continues at full steam, with extreme price swings resulting in a 1100-point range in the Dow Jones Industrial Average. U.S. equities opened lower and the Dow Jones Industrial Average traded lower during the first part of the trading session. The Dow traded to a new low of 23,778 before finding tentative support and moving sharply off of those lows. Wi...Read More
(Kitco News) - Gold prices hit session lows late Tuesday afternoon as U.S. stocks bounced back up in what analysts described as a very volatile trading environment.The Dow Jones Industrial Average, which tumbled 1,600 points in the previous session, closed with a 567-points gain — the biggest intraday rise in almost a year. And S&P 500 Index rose 85.80 points, rising the most in a year,...Read More
(Repeats with no changes to text. The opinions expressed here are those of the author, a columnist for Reuters.)By Clyde RussellCAPE TOWN, Feb 6 (Reuters) - Africa's mining industry should be poised on the verge of great things, but instead it appears to be seeking a reset button as miners continue to clash with governments over how best to exploit the continent's resources. Africa is home to lar...Read More
(Kitco News) - The case for holding broad commodities and gold just got stronger as U.S. equity markets could struggle following Monday’s flash crash, according to one commodity expert. In a telephone interview with Kitco News, Will Rhind, CEO of GraniteShares, said that commodities have held up well as investors continued to digest Monday’s market correction, which saw the bigges...Read More
(Kitco News) - Gold and silver markets were ending the U.S. day session moderately lower, with gold hitting a three-week low and silver futures closing at a six-week low close. A big recovery in the U.S. stock market Tuesday, after Monday’s major beat-down, worked to push the metals markets down. Losses in the gold and silver markets were limited, however, when the U.S. dollar index could no...Read More