Physical iron ore prices were rangebound on Thursday April 25 while futures transactions rose early in the day and fell later, to end moderately lower overall.MB 62% Fe Iron Ore Index: $93.50 per tonne cfr Qingdao, down by $0.05 per tonne.MB 62% Fe Pilbara Blend Fines Index: $92.28 per tonne cfr Qingdao, down by $0.05 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $95.98 per tonne cfr Qingdao, up...Read More
Published 23 Hours AgoUpdated6 Hours AgoReuters Getty ImagesGold inched higher on Thursday as weak economic data rekindled fears over global growth, while bullion's recovery from four-month lows and an improved technical picture prompted some investors to cover their short positions.Spot gold was up 0.1 percent at $1,276.43 per ounce. U.S. gold futures settled $0.30 higher at $1,279.70. World equ...Read More
Swedish iron-ore pellet producer LKAB expects continued strong demand for iron ore pellets for the remainder of 2019, it said on Thursday April 25."Prices for iron ore with a high iron content and for highly upgraded iron ore [products], such as LKAB's iron ore pellets, are at the same time continuing to increase, relative to iron ore with a lower iron content," LKAB said.Fastmarkets' MB 65% Fe Br...Read More
Gold futures ended higher on Wednesday, rebounding from their lowest levels of the year, as a rally in stocks that took two of the three main U.S. equity indexes to records cooled, providing support for the haven metal. However, a perky dollar - hovering around its highest level in about 22 months - kept prices for the metal off the session's high. Gold for June delivery GCM9, +0.08% rose $6.20...Read More
The Turkish steel producers have continued their silence in the deep-sea scrap markets because of the low levels of demand for finished steel in both the export and domestic markets, sources said on Thursday April 25.Some suppliers in the Baltic Sea region were offering HMS 1&2 (80:20) at prices around $310 per tonne cfr, but the mills were not willing to buy any scrap cargoes before selling some...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday April 25 that are worth another look.Imports of non-ferrous scrap into China will be halted suddenly for the first two weeks of July, if not longer, due to the administrative procedures required for the government to issue licenses and scrap import quotas on July 1, multiple sources close to the matter have told Fastmarkets.Aus...Read More
The copper and brass scrap markets in the United States were mostly status quo this week, although pockets of mixed demand, reports of rising supply and steep Comex drops signaled that discounts and prices could come under pressure heading into May.And new developments suggest that non-ferrous scrap imports into China will come to a screeching halt between June 15 and July 15, potentially leading...Read More
Anglo American (LON: AAL) released its first quarter production results on Thursday, reporting decreased production numbers, mostly because of planned disruptions at its metallurgical coaldivision, where production dropped 25%."Production is 6% lower in the quarter, with two planned longwall moves at metallurgical coal accounting for 80% of the reduction," chief executive Mark Cutifani said in...Read More
Despite unfavourable market conditions, the mining industry is staging a comeback thanks to highly publicized multi-billion mergers and acquisitions targeting mostly the gold sector.The aggregate valuation of all miners listed on the Toronto Stock Exchange (TSX) declined by 12.7% in 2018, to $253.9 billion, compared with a 10.8% decrease in the market capitalization of the entire TSX market, says...Read More
Lundin Mining's copper production went down by 3% year on year in the first quarter of 2019 due to lower-than-expected grades produced from the Neves-Corvo mine in Portugal, the Canadian miner reported on Thursday April 25.The company produced 46,122 tonnes of copper in the January-March period. This fell short of its guidance for the quarter but annual guidance was unchanged at 199,000-218,000 to...Read More
Freeport-McMoRan Inc, the world's largest publicly traded copper producer, posted a lower-than-expected quarterly profit on Thursday due to slipping production and prices for the red metal, sending shares down more than 9 percent.The results come amid a more than $15 billion project to expand Indonesia's Grasberg copper and gold mine from an open pit to an underground operation, a complex and time...Read More
Comex copper prices failed to maintain the previous day's gains amid a surging dollar on Thursday April 25, which is putting downward pressure on most of the base metals prices. The copper price for May settlement on the Comex division of the New York Mercantile Exchange tumbled 3.8 cents to $2.8720 per lb. The red metal has been unable to set a clear price direction over the past few weeks, with...Read More
Canada's mining industry started the year off on the right foot, with major deals including the Barrick-Randgold merger and Newmont's acquisition of Goldcorp, setting the tone for the sector.As a result, Ernst & Young's Canadian Mining Eye index - which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mining companies - rose 5% fin the January-Mar...Read More
A summary of Nornickel's production results for the first quarter of 2019 between January and March.IN BRIEF: First-quarter copper production for 2019 was up 13% year on year to 127,000 tonnes as a result of a production ramp-up at the Bystrinsky (Chita Copper) Project in Chita, Sibera.2019 first-quarter nickel production exceeded that of 2018...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday April 25, with buying appetite dampened by continued strength in the US dollar index, which reached its highest level since 2017 this morning.Despite a fresh cancelation of more than 8,000 tonnes in various locations across Asia, Europe and North America this morning, copper's three-month price fai...Read More
LME Asia Week 2019, the annual gathering of thousands of global metals and mining professionals in Hong Kong, kicks off in the second week of May this year.The London Metal Exchange, its parent Hong Kong Exchanges & Clearing, as well as industry participants are hosting various events, seminars and the annual black tie dinner. Fastmarkets has compiled a list of panels and events for the week. Plea...Read More
Domestic long steel prices in Turkey have increased despite sluggish demand with the country's lira weakening against the US dollar, sources said on Thursday April 25.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,240-3,340 ($552-569) per tonne ex-works on Thursday, up from the TRY3,220-3,290 per tonne of last week.The mills in the Izmir region were offering rebar to th...Read More
Domestic and export billet prices in Turkey remained stable over the past week due to weak demand, while import billet prices fell in lower offers from the CIS region, sources said on Thursday April 25.The suppliers in the Commonwealth of Independent States (CIS) region lowered their offers slightly to attract buyers in their major export markets.The CIS mills lowered their offers for Turkey to $4...Read More
Turkish rebar and wire rod export prices have remained stable over the past week with demand limited by trade blockages in the major markets, sources said on Thursday April 25.Turkish steel producers were offering rebar for export at $480-485 per tonne fob on an actual weight basis, while a few customers were bidding less than $475 per tonne.Fastmarkets' weekly price...Read More
Swedish steelmaker SSAB has forecast that demand for heavy steel plate will remain strong in the United States in the second quarter of 2019, while in Europe "demand is expected to be somewhat weaker," it said in its quarterly results on Thursday April 25.The company, which has operations in Sweden, Finland and the US, expected steel prices to be "somewhat lower during the second quarter" for both...Read More