China Communications Construction Co (CCCC) plans to build a steel rolling mill by 2023 in Marab??, a city in the Brazilian northern state of Par??, through its local subsidiary Concremat, the company said on Thursday May 23.Iron ore producer Vale will be involved as well, ensuring collateral for the project funding, the miner stated. The unit will need around 1.5 billion Reais ($371 million) in c...Read More
In an earlier post, I gave you a sneak preview of my interview with Chris Powell, secretary/treasurer at Gold Anti-Trust Action Committee (GATA). For 20 years now, Chris and others at GATA have made it their mission to expose collusion by international financial institutions to control the price and supply of gold.Below are highlights from my interview with Chris. I have to say that during much...Read More
By: Ira EpsteinLatest on gold, silver and more..Read More
By Avi GilburtPease note: This article was originally posted on FATRADER.com on Thursday May 22 before the breakout in bonds.I have written many times about how the Fed follows the market and does not lead it. And, we are about to see yet another example of history's lessons.For those that followed our work over the years, you would know that we called for a top to the bond market on June...Read More
CIS billet producers further increased their export offers on Thursday May 23, still buoyed by last week's halving of import taxes on Turkish steel by US president Donald Trump.The US import tax on Turkish steel products is now in line with products from most other countries at 25%, and the US move improved market sentiment generally and resulted in higher scrap prices.CIS...Read More
[Jim Grant is an old-school observer of this economic age and one of its most brilliant commentators. Following is the speech he gave in accepting the 2019 Bradley Prize, which recognizes those who have helped further the principles and institutions of American exceptionalism. RA]Ladies and gentlemen, it's a blemish on the age that so many of us know the name of the Federal Reserve chairman. In...Read More
Prices for Turkey-origin steel billet have gone up in all markets over the past week since news was heard of the removal by the United States of its extra import duty on Turkish steel, sources said on Thursday May 23.The prices for steel scrap products have gone up significantly but the rises in billet prices have not yet aroused purchasing activity, with buyers either taking a wait-and-sea approa...Read More
Aluminium's three-month price on the London Metal Exchange was the only metal to trade in positive territory at the close of trading on Thursday April 23, climbing by just under 1% to near $1,800 per tonne. News that operations would fully resume at Norsk Hydro's Alunorte alumina refinery in Brazil sent the light metal's futures price spiraling to a three-year low of $1,765.50 per tonne, however i...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday May 23 that are worth another look.South32's decision to review the future of its manganese alloy assets comes as little surprise to fellow manganese alloy producers because they are likely to be considering similar options. The United States' reduction of tariffs on Turkish steel imports to 25% from 50% last week will only par...Read More
South32's decision to review the future of its manganese alloy assets comes as little surprise to fellow manganese alloy producers because they are likely to be considering similar options. The review, which could result in the divestment of the assets, reflects a wider predicament affecting alloy producers struggling with historically high ore prices and a subdued market for their own product. So...Read More
Bernardo Vel??zquez, chief executive officer of Spain-based stainless steel producer Acerinox, has been elected chairman of the International Stainless Steel Forum (ISSF) for a two-year period until 2021, Acerinox said on Thursday May 23.Vel??zquez replaces Hitoshi Ito, representative director and president of Nippon Steel & Sumikin Stainless Steel Corporation (NSSC), following an election at the...Read More
The Bureau of International Recycling has elected Tom Bird of Chiho Environmental Group to be its new president at its General Assembly at the BIR World Recycling Convention & Exhibition in Singapore on May 21. Bird takes over from Ranjit Baxi who has served as president for the past four years."BIR is long established as the sole truly international recycling federation," Bird said. "I am honored...Read More
Gold futures settled higher on Wednesday, a day after posting a nearly three-week low, with the metal finding modest support from weakness in U.S. stocks. Futures prices held onto those gains in electronic trade, shortly after the release of the minutes from the rate-setting Federal Open Market Committee's April 30 - May 1 meeting showed that voting members seemed comfortable with their patient s...Read More
The United States' reduction of tariffs on Turkish steel imports to 25% from 50% last week will only partially reopen the US market to Turkish mills, who should avoid raising prices if they are to successfully regain a share in that market, several sources told Fastmarkets this week. The US has lowered its tariffs on steel imports from Turkey to 25% effective Friday May 17. Duties had been at...Read More
The liquidation order issued by the government of Zambia, that would allow it to take control of the copper-producing assets held in the African country by global metals producer Vedanta, has sent shockwaves through the global industry.The order marked the first government takeover attempt in the country, which is Africa's second-largest copper-producing region.Customers of Konkola Copper Mines (K...Read More
Aluminium's three-month price on the London Metal Exchange was the only metal to trade in positive territory at the close of trading on Thursday April 23, climbing by just under 1% to near $1,800 per tonne. News that operations would fully resume at Norsk Hydro's Alunorte alumina refinery in Brazil sent the light metal's futures price spiraling to a three-year low of $1,765.50 per tonne, however i...Read More
Seaborne iron ore prices went through corrections on Thursday May 23 after jumping to more than $105 per tonne cfr China a day earlier, but Chinese steelmakers' demand for the material remained robust.MB 62% Fe Iron Ore Index: $103.79 per tonne cfr Qingdao, down by $1.99 per tonne.MB 62% Fe Pilbara Blend Fines Index: $101.98 per tonne cfr Qingdao, down by $1.99 per tonne.MB 62% Fe Iron Ore Index-L...Read More
Base metals prices on the London Metal Exchange were lower during morning trading on Thursday May 23, with continued trade friction between the United States and China fueling risk-off sentiment while tight nearby spreads failed to attract fresh inflows. "Today has started in much the same mode with the metals losing ground in the Asian session," Kingdom Futures director and chief executive Malcol...Read More
Want to turn-in some crappy clad coinage that's all nice and mutilated? Too bad, but the irony here is second to none. Here's why...Oh the irony of the US Mint suspending its mutilated coin program.That is the program where coinage that is mutilated can be turned in for fresh new coinage that is not.From the US Mint's website (bold and bold added for emphasis and to point out the irony):PLEASE N...Read More
Gold futures ended lower Tuesday as global stocks staged a rebound and the dollar strengthened a bit, dulling bullion's appeal and sending prices to the lowest finish in almost three weeks. June gold GCM19, -0.16% on Comex lost $4.10, or 0.3%, to settle at $1,273.20 an ounce, after booking a modest rise on Monday. The yellow metal logged the lowest most-active contract settlement since May 2, and...Read More