German industrial conglomerate ThyssenKrupp is planning to cut 6,000 jobs over the next three years, including 2,000 jobs in its steel business, chief executive officer Guido Kerkhoff said in a conference call on Friday May 10.ThyssenKrupp remains open to consolidation opportunities for its European steel business, which will be reintegrated into the parent company, following news of the European...Read More
Brazilian diversified miner Vale reported a net loss of $1.64 billion in the first quarter of 2019 due to provisions made after a disaster at a tailings dam at Brumadinho, in the country's southeastern state of Minas Gerais.This compares with a net profit of $1.59 billion in the same period a year earlier, Vale said on Thursday May 9.The miner was forced to halt several mining operations after a t...Read More
Aluminium billet premiums fell across Europe, the United States and Brazil on Friday May 10 due to continued poor demand for billet, forcing market participants to sell material at aggressively low levels. Italy premium drops to February 2018 low Deals discounted in Brazil Limp demand pushes US upcharge down Asia premiums unchanged following holidaysItalian premium returns to pre-Rusal-sanctions...Read More
Primary aluminium foundry alloy premiums in Europe were steady on Friday May 10 in a quiet market, while bearish sentiment from the automobile industry continued to cap premiums. The premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment terms was assessed Friday at $340-360 per tonne, steady from April's assessment the...Read More
The global ferrous scrap trade continued to soften during the week ended Friday May 10 due to negative sentiment and weak demand in the major markets. Political disturbances in Turkey put more pressure on mills US export prices on both coasts fall Lower Kanto tender, Turkish lira drive down spot prices in Asia Indian market still subdued by general election process.Turkey importsTurkish steel prod...Read More
Transaction prices for CIS-origin billet have gone down this week, with buyers continue to insist on lower prices, sources told Fastmarkets on Friday May 10.Fastmarkets' daily CIS export billet index was $420 per tonne fob Black Sea on May 10, down by $2 per tonne day-on-day.A Ukrainian steelmaker was reported to have sold a significant volume of material to Asia at $420 per tonne fob Black Sea.Ru...Read More
Published 23 Hours AgoUpdated7 Hours AgoReuters Leonhard Foeger | ReutersA worker holds a gold bar in the Austrian Mint (Muenze Oesterreich) headquarters in Vienna.Gold prices rose on Friday and were set to post a weekly rise as the United States raised tariffs on Chinese goods, exacerbating fears of a global economic slowdown, while palladium surged more than 5% on technical buying and short c...Read More
Investing.com - Gold prices rose on Friday in Asia as the U.S. hiked tariffs on $200 billion worth of Chinese goods, deepening conflict with China and cast a shadow over global economic outlook.Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.2% to $1,287.25 by 12:53 AM ET (04:53 GMT).The additional tariffs kicked in at 12:01AM Washington...Read More
Silver sits below $15 per ounce.The ratio is near highs.Precious metals suffer under the weight of the dollar, strong U.S. economy, and uncertainty over trade.Levels to watch in the silver futures market.USLV and DSLV to trade the range.In November 2018, the price of silver traded to a low at $13.86 per ounce which was only 22.5 cents above the level of critical technical support in the silver fut...Read More
The temporary truce on tariffs between China and the United States could be over, injecting a new round of uncertainty into the global financial markets and suspending hopes that a resolution to the countries' trade impasse was likely.US President Donald Trump has threatened to raise the tariff on $200 billion-worth of Chinese imports to 25% from 10% by Friday May 10. He also said that the US may...Read More
Gay Huey Evans will be the first female chairperson of the London Metal Exchange, replacing Brian Bender when he retires at end of the year, Fastmarkets understands. Huey Evans has spent more than 30 years working in the financial services industry. She is currently a non-executive director of Itau BBA International Ltd, deputy chairperson of The Financial Reporting Council and a board...Read More
Some Chinese ferro-alloys and minor metals prices wavered in a week when the United States raised the import tariff on a number of commodities from China on Friday May 10.The US raised import tariffs on $200 billion-worth of Chinese products to 25% from 10% at noon Asia time on Friday. This followed a threat on Sunday by US President Donald Trump to raise tariffs ahead of a new round of trade talk...Read More
A decision by some silicon metal producers in southern China not to resume operations immediately after the start of the region's rainy season could signal the development of a wider trend across the south country, Fastmarkets MB understands.Increasing costs arising from China's anti-pollution drive and a persistently weak market has caused some silicon metal producers in the southern Chinese prov...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday May 10, with nickel futures climbing 1.6% while the three-month lead price failed to recover from a three-year low. Despite the US government's decision to hike tariffs on $200 billion worth of Chinese goods, potentially escalating trade tensions between the two countries, base metals prices remain...Read More
The Comex copper price was dragged lower in US morning trading on Friday May 10 by an escalation in the US-China trade war, which market participants had previously expected to be nearing a peaceful conclusion. The copper price for July settlement on the Comex division of the New York Mercantile Exchange dipped 0.60 cents to $2.7655 per lb. The contract is now on a four-day losing streak and is tr...Read More
The alumina price on the Chinese spot market is likely to break through this year's peak and move up even further in response to the local authorities' investigation into Xinfa Group regarding the chemical leakage in its alumina smelters in Xiaoyi city, Shanxi province in China, sources told Fastmarkets on May 10."The sentiment has become totally different compared with two days ago and we have se...Read More
The price of copper managed to trade higher, despite simmering trade tensions between the world's two largest economies erupting into all-out war.In afternoon trading, copper for delivery in July touched $2.797 a pound ($6,165 a tonne), up nearly 1% from Thursday's settlement. While well down from its 2019 highs, copper is still holding onto 4.5% gains year-to-date.The US hiked tariffs on $200B of...Read More
Gold futures ended higher on Tuesday, posting their third straight session decline, as U.S. benchmark stock indexes freshly retreated amid apparent challenges for U.S.-China trade talks this week - negotiations that markets had generally believed to be all but signed on the dotted line. "The poor seasonal time for gold is over as we move into May and June and...increasing volatility and risk-off s...Read More
Zambia's Mopani Copper Mines Plc plans to close two shafts and focus on essential capital projects, the Glencore-owned company said on Friday.Mopani said in a statement it would cease operations at Mindola North Shaft and Central Shaft and instead focus on the Synclinorium Concentrator, Mindola Deeps shaft and Henderson shaft.(Reporting by Chris Mfula, editing by Louise Heavens)Read More
Managing the world's largest rainforest is a Brazilian affair and foreigners should stop meddling in the Amazon, President Jair Bolsonaro's top security adviser said in an interview."I don't accept this idea that the Amazon is world heritage, this is nonsense," General Augusto Heleno Pereira said in an interview in Brasilia. "The Amazon is Brazilian, the heritage of Brazil and should be dealt with...Read More