Iron ore prices rebounded above $100 per tonne cfr China on Tuesday June 4 after declining for several days straight.MB 62% Fe Iron Ore Index: $100.38 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Pilbara Blend Fines Index: $98.86 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $104.50 per tonne cfr Qingdao, up $1.93 per tonne. MB 58% Fe Premium Index: $94.4...Read More
Seaborne coking coal spot prices continued to trend downward on Tuesday June 4 amid deteriorating sentiment in the market.Offers in the cfr China segment were mostly unrevised, however, according to various sources."We are still waiting for interested buyers or indicative bids. If there is no interest from end users, it would be pointless to lower our offers," a Chinese trading source said.A secon...Read More
The Precious metals industry hasn't had much to get excited about over the past 5 to 7 years. After peaking in 2011/2012, Gold and Silver prices fell sharply before trading sideways for several years.So it's been a traders market, with opportunities on both the long and short side. But Gold is charging higher again, fueled by talk of global trade wars, dovish monetary policy, and a potential top...Read More
China Nonferrous Metals Industry Association Antimony Branch (CAA) has held an industry meeting calling major producers to reduce output in a move that is likely to halt the price decline since the start of the year, market sources told Fastmarkets. Several major antimony producers, whose output accounts for more than 80% of the country's total volume, including China Minmetals Rare Earth Co, Huna...Read More
Iron ore prices rebounded above $100 per tonne cfr China on Tuesday June 4 after declining for several days straight.MB 62% Fe Iron Ore Index: $100.38 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Pilbara Blend Fines Index: $98.86 per tonne cfr Qingdao, up $1.26 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $104.50 per tonne cfr Qingdao, up $1.93 per tonne. MB 58% Fe Premium Index: $94.4...Read More
Source: GlobalData Mining Intelligence CenterA new report by GlobalData shows the value of capital raising deals in the metals and mining sector increased from the final quarter last year to over $11 billion in Q1 2019, despite the number of agreements inked falling sharply.GlobalData said overall, the total volume of completed capital raising deals decreased from 378 in Q4 2018 to 273 in Q1 2019,...Read More
Panamanian President-elect Laurentino Cortizo said on Tuesday his incoming government would review a mining contract awarded to a subsidiary of Canada's First Quantum Minerals.While the new government values the security of contracts, "the company has to respect that we have the right as Panamanians to review clause by clause," Cortizo, who takes office on July 1, told reporters.A spokesman for Fi...Read More
Capstone Mining Corp. (TSX: CS) announced Tuesday it has entered into an agreement to sell its 100% interest in the Minto copper mine to Pembridge Resources PLC (LON:PERE). Capstone has reportedly been working on a sale as early as February 2018.Located about 240km north Whitehorse in Canada's Yukon territory, the Minto mine is currently on care and maintenance. At the time of its suspension in Oc...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 4 that are worth another look.The China Nonferrous Metals Industry Association Antimony Branch (CAA) held an industry meeting calling for major producers to reduce output in an effort to halt the price decline seen since the start of the year, market sources told Fastmarkets. The London Metal Exchange's zinc price...Read More
A court hearing following Zambia's decision to name a provisional liquidator to run Vedanta Resources' Konkola Copper Mines (KCM) business was adjourned for a week on Tuesday without tackling Vedanta's demands to be involved, the company said.Vedanta Resources, part-owner of the Mumbai-listed Vedanta group of companies, is KCM's majority shareholder while Zambian state mining company ZCCM-IH holds...Read More
Monarca Minerals (TSXV: MMN) entered into an option agreement to acquire a 100% interest in the 5,580-hectare San Jos?(C) project located in Chihuahua, northern Mexico.To go ahead with the deal, Monarca will pay a total of $150,000 to the mining concession owners and the agreement includes a 2% Net Smelter Return royalty upon reaching commercial production.In a media statement, the Canadian miner...Read More
Solutions will be implemented to solve long-standing environmental issues associated with waste dumps left behind at the Anaconda copper mine site after the company of the same name shut down operations in 1978 and following Arimetco's takeover and abandonment of the site in 1999.This is according to Quaterra Resources (TSXV: QTA), a Canadian miner that owns the 51-square-mile Yerington copper pro...Read More
The London Metal Exchange zinc prices rose in morning trading on Tuesday June 6 after 15,050 tonnes of exchange stocks were canceled. The cancellations, which will take metal out of Rotterdam warehouses, mean total LME on-warrant stocks are down by 16%. The spread between the LME's cash and three-month prices remains in a steep backwardation of $142 per tonne. At $2,495 per tonne, the...Read More
London-listed Pembridge Resources will purchase Capstone Mining's Minto copper mine in a deal that could total $20 million based on future price performance, but does not guarantee any money will change hands at current levels.Pembridge will pay Capstone $5 million once Minto has reached 60% mill capacity, another $5 million when that capacity is reached and the copper price has averaged over $3 p...Read More
Markets remain nervous about the trade wars and the impact these are having on global economic growth with recent manufacturing purchasing managers' index (PMI) data showing a combination of manufacturing contraction, stable but low growth, or slowing growth.Equites continue to show weakness while gold and the Japanese yen attract haven demandLow treasury yields and US President Donald Trump's age...Read More
Copper outperformed its peers on the Shanghai Futures Exchange with an uptick of 0.4% during morning trading on Tuesday June 4, with a sharp fall in the dollar overnight providing support to the red metal. But lingering concerns over global trade disputes, that continue to weigh on overall market sentiment, are capping any meaningful gains in copper prices and are keeping the rest of the complex u...Read More
There has been no shortage of fighting talk about Australia's lack of cohesive energy and carbon policies in recent weeks, with the only certainty being the combative rhetoric makes a lasting solution more of a fantasy.Australia is the world's third-biggest exporter of energy behind crude oil heavyweights Saudi Arabia and Russia, thanks mainly to its status as the biggest shipper of coal and lique...Read More
European steelmakers have called on the region's policy-makers to take immediate action to strengthen the safeguard measures for the steel industry, with effect from July 1.The call was made in an open letter signed by the chief executive officers of 45 EU steel companies, and was dated Monday June 3."Europe's steel industry is in crisis because of external factors, yet as a strategic sector it un...Read More
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil declined in the week to Tuesday June 4 after some traders entered into short-selling positions amid bearish sentiment in the flat steel market, market sources said. However, buyers refrained from making any bookings on expectations of further price declines, market sources said. Cold rolled coil Fastmarkets MB's weekly...Read More
China's domestic hot-rolled coil prices continued to weaken on Tuesday June 4, which led exporters to lower their offers as well.DomesticEastern China (Shanghai): 3,880-3,890 yuan ($562-563) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,800-3,820 yuan per tonne, down 30 yuan per tonnePrices continued to drop with thin trading reported in eastern China. Mills kept their offers sta...Read More