Lead stocks held in Shanghai Futures Exchange-approved warehouse plunged by 13.8% week on week on Friday April 26 due to rising utilization rates.Deliverable lead stocks at SHFE-approved warehouses have tumbled by 4,052 tonnes since April 19 to reach 29,329 tonnes as of this Friday.This week's sharp drop follows an increase of 232 tonnes on April 19, before which stocks had been falling. Zhejiang...Read More
Lead and zinc recycler Recylex reported sales revenue of ?,?75.8 million ($84.76 million) in the first quarter of 2019, a fall of 20% year on year due to major maintenance shutdowns and falling prices for lead and zinc, the company said on Wednesday April 24. Sales revenue from lead, accounting for 60% of the company's total sales, declined by 23% to ?,?45.8 million during the first three months o...Read More
Comex copper prices recovered from a one-month low during the final weekly session in the United States on April 26, with the dollar once again driving price movement.The copper price for July settlement on the Comex division of the New York Mercantile Exchange gained 2.40 cents to $2.8915 per lb. The red metal has been unable to set a clear price direction over the past few weeks, with a volatile...Read More
Australia's federal government has given the go ahead to Cameco's (TSX:CCO, NYSE:CCJ) vast Yeelirrie uranium project, located 500 kilometres north of Kalgoorlie in Western Australia.The country's Department of Environment and Energy environmental nod follows the state's approval of the proposed mine in 2017. That ruling, however, is still being fought in WA's Supreme Court by members of the Tjiwar...Read More
Anglo American's refined copper production increased by 4% in the first quarter of 2019 due to rising higher-grade ore output at its Los Bronces and El Soldado mines in central Chile. Refined copper production totaled 161,100 tonnes in the first three month of 2019, up from 154,900 tonnes in the same quarter of 2018, the London-listed miner said on Tuesday April 23.Refined copper production from L...Read More
While the cost of steel beams in the United States has continued to hold steady, slow demand and weakening raw material costs could prompt an official mill price decrease next month, sources told Fastmarkets AMM.Fastmarkets' price assessment for domestic W8x8 beams has remained at $43.25 per cwt ($865 per short ton) fob mill since late February, after that month's mill increases were passed throug...Read More
Prices of cold-rolled coil and coated steel sheet in the United States continued to decline over the past week, falling by 50 cents across the board and taking cues from softness in the hot-rolled coil market in spite of relatively stable demand.Fastmarkets AMM's weekly assessment for domestic cold-rolled coil fell to $41 per hundredweight ($820 per short ton) on Thursday April 25, down from $41.5...Read More
Indian mills were likely to reduce their domestic prices for hot-rolled coil HRC) by about 1,000 rupees ($14) per tonne to boost sales and remain competitive against cheaper imported coil products, Fastmarkets has heard."Our HRC sales are suffering because imported material is being offered at lower prices," an official from an Indian steel mill said.The Indian domestic HRC price assessed by Fastm...Read More
Ukrainian steelmaker Metinvest, which was the largest global pig iron supplier in 2018, reduced its pig iron sales volumes twice in January-March 2019 because it switched to higher output of steel slab, the company said in an operational report on Friday April 26.The company shipped 225,000 tonnes of pig iron to the market in the first quarter of 2019. That was a sharp drop of 50% from pig iron sa...Read More
Coated flat steel prices in Turkey fell in the week to Friday April 26, with demand soft in both the domestic and export markets.Demand failed to improve because of the weak Turkish lira and ongoing economic uncertainty in the country.The lira was trading at TRY100 to $17.0279 on April 26, compared with TRY100 to $17.4791 on April 12 and TRY100 to $18.7654 on March 1, according to exchange ra...Read More
Private equity firm Orion Mine Finance has entered into an agreement to sell 90-million of the shares of Canadian miner Stornoway Diamond Corp that it held for investment purposes.Orion will sell the shares at C$0.04 a share, netting C$3.6-million.AdvertisementAfter the transaction, Orion, through entities managed by the firm, will own 22 083 596 of Stornoway shares and $20.5-million of...Read More
The Karowe mine, in Botswana, has produced the world’s second-largest uncut diamond, Canadian company Lucara Diamond Corp announced on Thursday, sending the miner’s share price up 11% to C$1.68 a share.At 1 758 ct, the diamond is second in size only to the 3 106 ct diamond that was mined at Cullinan, South Africa, in the early 1900s.AdvertisementThe latest Karowe find is now...Read More
The government of Macau, a Special Administrative Region (SAR) of China, which was ruled by Portugal from 1557 to 1999 (442 years) and which retains strong ties with the Lusophone world, hopes that joining the Kimberley Process will strengthen its trade relations with Angola. “There are companies in Angola which have now shown interest in doing business in Macau, following the application to...Read More
The price of shredded ferrous scrap imported into India moved up again this week on a lack of available material, sources told Fastmarkets on Friday April 26.Fastmarkets' weekly index for containerized imports of shredded scrap into India inched up to $334.65 per tonne cfr Nhava Sheva on Friday, from $332.25 per tonne cfr one week before.There were very few deals heard in the market for shredded s...Read More
The light iron market in the UK has not changed over the past week, extending this trend into a sixth week with prices supported by a slightly tighter supply of feedstock coming into yards, sources told Fastmarkets on Friday April 26.The trend reflected a similar pattern in business in the European export markets to key destinations such as Turkey and the Indian subcontinent.Fastmarkets' weekly pr...Read More
The Turkish steel mills broke their silence in the deep-sea scrap market on Friday April 26 after a US scrap cargo was sold at lower prices, sources told Fastmarkets.Mills in Turkey had been quiet for the previous 10 days due to weak finished steel demand in the local and export markets, thereby putting downward pressure on scrap prices.A steel mill in the Izmir region booked a US cargo, comp...Read More
Physical iron ore prices showed only small changes, or did not change, on Friday April 26 amid mixed news in the market.MB 62% Fe Iron Ore Index: $93.58 per tonne cfr Qingdao, up by $0.08 per tonne.MB 62% Fe Pilbara Blend Fines Index: $92.36 per tonne cfr Qingdao, up by $0.08 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $96.03 per tonne cfr Qingdao, up by $0.05 per tonne.MB 58% Fe Premium Index...Read More
Eastern promise for PolarXSPONSOREDpolarxWith construction of the Pumpkin Hollow underground mine proceeding on schedule and within budget to kick-start a copper mining revival in the Yerrington Valley by the December quarter, Nevada CopperRead More
Eastern promise for PolarXSPONSOREDpolarxThe Phoenix, Arizona-based miner reported adjusted net earnings of US$67 million or 5c per share, compared to non-GAAP earnings of $679 million or 46c per share a year earlier. Analysts had on average called for earnings of 7c per share.Net income in the March period totaled $31 million or 2c per share, down from $692 million or 48c in the same period a yea...Read More
Eastern promise for PolarXSPONSOREDpolarxCash and cash equivalents decreased $80.7 million during the quarter from $815.4 million to $734.7 million. Cash used in investing activities increased to $182 million from $150.7 million in the prior year period."This is a very exciting time for Lundin Mining. We are pleased with our results in the first quarter of 2019 with all mines operating well," said...Read More