Here are five Fastmarkets MB stories you might have missed on Wednesday May 29 that are worth another look.The South African Transport and Allied Workers' Union was due to start a country-wide port strike at 17.30 local time on Wednesday May 29. Although the union claimed the action will bring South Africa's economy "to a standstill," manganese and chrome market sources said it was too early...Read More
German steelmaker ThyssenKrupp is in talks with the chief executive officer of its steel division, Andreas Goss, about his future, following news of the likely failure of its planned European flat steel joint venture with Tata Steel Europe."Since the joint venture with Tata Steel cannot be established, the task now is to make ThyssenKrupp Steel Europe fit for the future. In this context, talks are...Read More
With the ratio at 90, not understanding the FREE GOLD to be made is literally leaving money on the table. Here's the explanation as fast as possible...Editor's note - In today's live-stream, in addition to explaining the opportunity for free gold by taking advantage of the gold-to-silver ratio arbitrage, we discussed currency manipulation, the trade wars, the upcoming US recession, the bond market...Read More
The three-month tin price on the London Metal Exchange decreased by more than 2% at the close of trading on Wednesday May 29, with volumes traded reaching their highest level since 2017 while spread tightness in the metal's forward curve began to ease.Some 850 lots of tin were exchanged by the close on Wednesday afternoon, with tin's three-month price dipping 2.6% from an intraday high of $19,215...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 29.Please click...Read More
Iron ore prices rose then fell back again on Wednesday May 29, while the 65% Fe derivative traded actively.MB 62% Fe Iron Ore Index: $106.18 per tonne cfr Qingdao, up by $0.07 per tonne.MB 62% Fe Pilbara Blend Fines Index: $104.66 per tonne cfr Qingdao, up by $0.07 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $110.13 per tonne cfr Qingdao, up by $0.61 per tonne.MB 58% Fe Premium Index: $97.99 p...Read More
Relations between the Zambian government and its copper mining sector have just taken a turn for the worse."If it is the will of the Zambian people that we divorce with these mines, then we will do so."President Edgar Lungu has swiftly followed through on his threat with a move to liquidate Konkola Copper Mines (KCM), the local operating unit of India's Vedanta and one of the country's biggest pro...Read More
Eurasian Resources Group and China Non-Ferrous Metals Co. expressed interest in buying Konkola Copper Mines, should the Zambian government succeed in seizing it from Vedanta Resources Ltd., people familiar with the situation said.Eurasian Resources, owned by three Kazakh billionaires, approached the government about two months ago, according to the people, who declined to be identified by name bec...Read More
Gold and silver futures on Tuesday posted losses for a second straight session, with strength in the dollar and modest gains in the U.S. stock market pushing down prices for the precious metals after last week's gains. An upbeat economic reading added to the downbeat tone for haven metals. U.S consumer confidence rising near 18-year highs "isn't helping gold prices, but the real driver is inflati...Read More
Prices for hollow steel sections in Northern Europe were stable this week with market activity restricted by the Ascension Day holiday in many northwest European countries.The holiday will be on May 30 but many sales and procurement personnel in companies' buying and selling sections have taken extended leave, which has affected trading activity.Fastmarkets' domestic price assessment on Wednesday...Read More
The Chinese government has started inspections ahead of issuing ferrous and non-ferrous metal scrap import licenses for the second half of 2019 to avoid a potential month-long disruption of all scrap imports, the country's Ministry of Ecology and Environment (MEE) said on Wednesday May 29. The environmental ministry aims to issue the first batch of licenses in late June - right before the launch o...Read More
US President Donald Trump's administration is seeking an end to the American Institute for International Steel's (AIIS) challenge of the Section 232 tariffs and quotas on imported steel and aluminium, citing a 1976 high court decision as precedent, according to a brief filed with the US Supreme Court by Solicitor General Noel Francisco this month."[The] petitioners' argument [that the 232 duties a...Read More
Namibia's mines and energy minister said he has no objection to Rio Tinto's sale of its uranium mine stake to China provided it respects the African nation's laws.Rio, which is seeking to divest less profitable assets, said last November that it was selling its 69% stake in the world's longest-running open pit uranium mine to China for up to $106.5 million and expected the deal to be completed in...Read More
CanAlaska Uranium (TSXV: CVV) will soon begin a drill program at its 70%-owned West McArthur uranium project.In a press release, the miner said that the program is intended to locate high-grade uranium hosted in faults along the C10 horizon, the major regional fault structure.According to CanAlaska, two previous drill holes intersected high-grade uranium - up to 5% U3O8 - just west of the project...Read More
The London Metal Exchange has launched a working group to develop a solution for the pre-trade transparency regulations in Europe's Markets in Financial Instruments Directive (MiFID II), chief executive officer Matthew Chamberlain has said.In a notice released on Tuesday May 28, Chamberlain said that the exchange will not challenge the pre-trade transparency rules that threaten the phone-trading m...Read More
SASKATCHEWAN - CanAlaska Uranium announced that it will soon begin a drill program at its 70%-owned West McArthur uranium project.In a press release, the miner said that the program is intended to locate high grade uranium hosted in faults along the C10 horizon, the major regional fault structure.According to CanAlaska, two previous drill holes intersected high grade uranium - up to 5% uranium o...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday May 29.Please click...Read More
Chinese nickel premiums remained at a 14-month high in the week ended Tuesday May 28, while holidays in the United Kingdom and United States further slowed spot trading. Geopolitical tensions weigh on nickel price and premiums in Europe. US briquette premium weakens further against cut-cathodes. Full-plate cathodes plateau in China. European premiums static across the board Illiquidit...Read More
European zinc premiums were at new record low levels in the week ended Tuesday May 28, while US premiums fell for the first time since February and a historic backwardation level in spreads led to a spike in financing costs and a drop in spot trading interest. Backwardation in the London Metal Exchange cash to three-month zinc spreads remained the key factor. This was at $161 per tonne on May 28....Read More
The tin premium in United States fell further in the week to Tuesday May 28, with headwinds arising from the supply surplus, while premiums held steady in Europe and China amid illiquid markets. Illiquid market renders flat premiums in EuropeChinese premiums flat while import window closedUS premiums dip on supply surplus, deals picking up Supply surplus in US pressurizes premiums Premiums in the...Read More