The United States Department of Commerce has found that Mexican steel producer Deacero has been circumventing an existing anti-dumping duty on wire rod, according to a preliminary ruling released late last week.The company's exports of carbon and certain alloy steel wire rod, with diameters lower than 4.75mm, were found to be circumventing the existing tariff, according to the preliminary decision...Read More
(Kitco News) - Agnico Eagle Mines Ltd. (NYS: AEM, TSX: AEM) late Wednesday reported a smaller profit in the third quarter compared to a year ago but increased its production guidance for 2018 and 2019.Net income was $17.1 million, or 7 cents per share, down from $72.5 million, or 31 cents, in the third quarter of 2017, the company said.The July-September results included non-cash foreign...Read More
(Kitco News) - Barrick Gold Corp. (NYSE: ABX, TSX: ABX) late Wednesday reported a net loss of $412 million, or 35 cents per share, compared to a loss $11 million, or a penny, in the third quarter of 2017.The July-September net loss was mostly due to a $405 million impairment charge at the Lagunas Norte mine in Peru, the company said. There were also several other special items, including a $62 mil...Read More
European prices for mesh-quality wire rod were flat across the Northern and Southern parts of the continent on Wednesday October 24, but there was still a gap between buyers' and sellers' valuations of material.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe were ?,?535-560 ($613-642) per tonne delivered on Wednesday. Both assessments w...Read More
(Kitco News) - Goldcorp Inc. (TSX: G, NYSE: GG) late Wednesday reported a net loss for the third quarter as production declined from the same period a year ago, although it is expected to improve in the current quarter.The net loss was listed at $101 million, or 12 cents per share. In the same period a year ago, the company listed a profit of $111 million, or 13 cents. The July-September results i...Read More
Although global stock markets had moderate gains today, U.S. equities were once again under dynamic pressure which resulted in a 600+ decline in the Dow Jones Industrial Average. The Dow lost 608 points (-2.41%) in trading and is currently fixed at 24,583.42. The NASDAQ composite also had substantial losses in trading today, and after giving up almost 4 1/2 %, today's 321-point decline takes the...Read More
(Kitco News) - If the Fed continues to steadily raise interest rates higher, gold will replace U.S. Treasuries as the “ultimate risk-off asset,” according to the New York-based INTL FCStone.“If, as I expect, rates will go higher for longer, much higher for much longer, gold will replace Treasuries as the ultimate risk-off asset, and investors should own it as an insurance against...Read More
The price for rebar produced and delivered in Southern Europe remained flat on Wednesday October 24, with fears easing about a glut of Turkish metal and more bullish market drivers emerging.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?520-545 ($596-625) per tonne per tonne delivered on Wednesday, flat from last week after dipping a week earlier.Turkey rec...Read More
(Kitco News) - There appears to be light at the end of the mining sector’s very long and very dark tunnel, according to one research firm.In an interview with Kitco News on the sidelines of the Mines and Money conference in Toronto, Michael Curran, managing director with Beacon Securities, said that his firm is starting to see improving sentiment within the mining sector. “We are seein...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term. Create your own user feedback survey Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our...Read More
The price for rebar produced and delivered in Northern Europe remained stable over the week ended Wednesday October 24, with sellers confidently predicting higher prices to come in November.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe stayed at ?,?550-570 ($631-654) per tonne on October 24, but sellers are already submitting higher offers to their customers."We've sen...Read More
(Kitco News) - Gold prices are modestly lower in early-afternoon U.S. trading Wednesday, on a normal corrective pullback after good gains Tuesday that pushed prices to a nearly three-month high. A strong U.S. dollar on the foreign exchange market was a bearish outside market element working against the precious metals bulls today. December gold futures were last down $2.90 an ounce at $1,233.90. D...Read More
Domestic prices for steel beams in Europe were stable this week, on continued good demand, although there was concern about the knock-on effects on water-borne freight of low water levels on the River Rhine, sources told Fastmarkets on Wednesday October 24.Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was ?,?620-650 ($711-745) per ton...Read More
(Kitco News) - While 2018 has not been a positive year for the mining sector, the rumors of its demise are greatly exaggerated, according to one financing executive. Chad Williams, president of Red Cloud Klondike Strike Although the sector has struggled to find investment capital, the Canadian mining sector continues to dominate deal flow, raising the most money out of any other sector in Cana...Read More
(Kitco News) - Not only is gold in the midst of a digital revolution but the marketplace will see a significant advancement in transparency.Fin-tech start up, Tradewind Markets has announced a new addition to its digital gold and silver exchange, Vaultchain Gold. The platform will now include a provenance application, which will allow traders and investors to see where their gold came from and how...Read More
Turkey produced 27.981 million tonnes of crude steel in January-September 2018, a 0.86% increase on the 27.742 million tonnes produced in the corresponding period in 2017, according to the Turkish Steel Producers Association (T???oeD). In September, crude steel production was 2.80 million tonnes, a 5.90% year-on-year fall. The country produced 9.416 million tonnes of slab in January-September, up...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.The Canadian Dollar was steady at U.S.76.43 cents prior to the Bank of Canada's monetary statement scheduled to be released at 10:00 AM EDT. The Bank of Canada widely is expected to increase its loan rate to major banks by 0.25%. U.S. equity index futures recovered following release of re...Read More
Key data from the Wednesday October 24 pricing session in Europe.Key drivers The downward trend in the European ferro-titanium market in October has been extended in the latest assessment, with high-volume sales to Europe from Russia dragging down prices. Sources said there is supplier resistance at $5 per kg, which is proving something of a psychological level for the market. But there is en...Read More
Molybdenum prices have bounced back in Europe this week after a mixed tender for around 500 tonnes of oxide and ferro-molybdenum was mostly settled in Asia to major consumer Posco, sources said.Fastmarkets MB assessed the price of European drummed molybdic oxide, in-warehouse Rotterdam, at $12.00-12.20 per lb on Wednesday October 24, up from $11.90-12.00 per lb on Friday last week.Fastmarkets MB a...Read More
Traders in China are increasingly switching their attention from manganese ore to chrome ore, predicting better upside potential, market sources told Fastmarkets this week.Manganese ore has been a popular market for positioning and speculating in recent years, particularly in 2016 and 2017 when large profits were made by buying cheap manganese and squeezing stocks in ports. A smaller-scale at...Read More