The Turkish deep-sea scrap import markets remained steady in the latest deals heard at the beginning of this week, sources said on Monday February 11.The most recent transaction was for a Canadian cargo, sold to a steel mill in the Iskenderun region, comprising 25,000 tonnes of shredded at $338 per tonne and 25,000 tonnes of HMS 1&2 (90:10) at $336 per tonne cfr.Using those prices as a guide, most...Read More
Turkish domestic scrap prices have continued to increase in line with the rise in the costs of imported deep-sea scrap and domestic finished steel, sources said on Monday February 11.Fastmarkets' weekly price assessment for domestic auto bundle (DKP-grade) scrap in Turkey was TRY1,660-1,810 ($316-344) per tonne delivered on February 11, rising from TRY1,595-1,690 per tonne last week.The steel mill...Read More
The Choco Precious Metal Project in Colombia. Source Max Resource Corp.Max Resource Corp. [MXR-TSXV; MAXROF-OTC; M1D1-FSE] advanced in active trading Monday February 11 after the company said it had received conditional approval form the TSX Venture Exchange to acquire additional mineral rights in Colombia.Max is a Canadian exploration company with a focus on exploration of mineral assets in Colom...Read More
Madsen headframe, mill, tailings facility and mine village mine village located 16 km west of Red Lake, Ontario. Source: Pure Gold Mining Inc.Pure Gold Mining Inc. [PGM-TSXV; LRTNF-OTC] on Monday February 11 announced the results of a positive feasibility study for its 100%-owned Madsen-Red Lake project in northwestern Ontario.The feasibility study sees Madsen-Red Lake as an 800 tonne-per-day, hig...Read More
Import prices for rebar in Singapore are likely to increase significantly in the near term following surges in steelmaking raw material prices, market sources told Fastmarkets MB. Market participants expect major rebar producers to increase their offers to Singapore buyers on rising ferrous scrap and iron ore prices.New offers for containerized heavy melting scrap 1&2 (80:20) into Taiwan are expec...Read More
LONDON, Feb 11 (Reuters) - Acacia Mining beat forecasts on Monday with figures for its production and costs in 2018 that lifted the gold miner back into profit, but the company is still grappling with a long-running tax dispute in Tanzania where it operates all its mines.Shares in Acacia, majority owned by Barrick Gold Corp , were steady while the rest of the market rose, finding little impetus de...Read More
The price of copper in the United States began the week trading in negative territory, with a strong dollar and a lack of news about the US-China trade talks weighing on the base metals complex.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined by 1.10 cents per lb to $2.79 per lb.Chinese market participants have returned from their week-long L...Read More
* No talks between Trump and Xi before March trade deadline * Speculators target zinc after breached technical level* GRAPHIC-2019 asset returns: (Updates with closing prices)By Eric OnstadLONDON, Feb 11 (Reuters) - Zinc slumped to a two-week low onMonday falling along with other industrial metals as speculatorssold in response to concerns about U.S.-China trade talks andglobal growth.China expres...Read More
China's return to the market after a week-long break for Lunar New Year has not brought with it a rush to restock and that has led to some disappointed selling across the base metals traded on the London Metal Exchange, with the complex down by an average of 0.9% this morning, Monday February 11.The three-month zinc price led the decline with a 2% drop, while the three-month tin price was down by...Read More
The Monday Market Minute Global stocks mixed as U.S.-China trade talks resume this week in Beijing and investors eye developments in the final week of the corporate earnings season.China stocks rise on the first day of trading after last week's lunar holidays, with data showing retail earnings rose 8.5% from last year, the slowest pace in a decade that underscored weakness in the consumer e...Read More
Manganese ore prices increased over the past week when producers raised their offer prices while market participants in China were celebrating the Lunar New Year holiday. Low-grade ore prices tick upward High-grade ore prices weaken slightly Manganese alloy prices hold in India, Europe US alloy prices soften despite uptick in SiMn activity.Manganese ore prices rose on Friday February 8 because of...Read More
Cobalt buyers held back as much as they could last week as prices continued to fall, with good availability of cut cathode creating the expectation that cheaper prices will still be available in the coming weeks."There's still a lot being offered - it's just relentless. It's a massive buyers' market," a trader source said. Fastmarkets' benchmark standard-grade cobalt price assessment stood at $17....Read More
Cannabis stocks got hammered today, as investors began to prepare for what many believe with be less-than-stellar results for a number of major cannabis companies, including Canopy Growth Corporation (NYSE: CGC), Aurora Cannabis (NYSE: ACB), and Tilray (NASDAQ: TLRY).Another cannabis player scheduled to post earnings this week is Supreme Cannabis (TSX: FIRE). I'm paying particularly close attentio...Read More
What is the Green New Deal? And how will it affect energy investors?Last week, rising liberal star Alexandria Ocasio-Cortez submitted a House resolution calling for a series of public work projects, programs, financial reforms, and regulations specifically aimed at addressing climate change.Right now, this resolution is the most official version of what's being called the Green New Deal.Leading up...Read More
Buyers in the export market for flat steel from the Commonwealth of Independent States (CIS) have accepted high offers from suppliers on further price growth expectations, sources told Fastmarkets on Monday February 11.Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) spiked to $500-510 per tonne fob Black Sea on February 11, up from $460-480 per tonne a week ago...Read More
In our market report this morning, we suggested that a correlation had emerged between copper and the price of crude with copper being the leader. That observation is courtesy of Ross Clark from ChartsandMarkets.com who explained what he is seeing in his latest weekly update on This Week in Money.Click to listen to Ross Clark in the opening segment The ears of oil patch investors should perk up...Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, was a fairly quiet week for the Index. It did try to break through the 1127-1130 level but was turned back three times before closing down a nominal 2.5 points at 1118.27. MACD rose 1.8 points to 1.14. RSI pulled back 8.1 points to 65.63.Support is at 1101 (20-day moving avera...Read More
Turkey's biggest steel producer, Erdemir Group, reported earnings before interest, taxes, depreciation and amortization (Ebitda) for 2018 of TRY8.302 billion ($1.579 billion*), up 52.24% from TRY5.453 billion for 2017. The group sold 7.482 million tonnes of flat steel products in January-December 2018, down by 1.47% from the 7.594 million tonnes sold in 2017, it said last week. The increase in ear...Read More
Iron ore futures in China surged on Monday February 11, with the most-traded contract opening 8% above the last settlement price with the return of Chinese market participants from a week-long break.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,870 yuan ($574) per tonne, up 40 yuan per tonneMay hot-rolled coil: 3,757 yuan per tonne, up 38 yuan per tonneDalian Comm...Read More
Here are five Fastmarkets MB stories you might have missed on Monday February 11 that are worth another look.The London Metal Exchange could face a significant financial challenge if the European Union wins a legal battle with the British government over tax breaks on commodity derivatives trading. Turkish President Recep Tayyip Erdogan has put his weight behind calls for a reduction of...Read More