Iron ore prices fell sharply in the second half of November after climbing through October, with prices for higher-grade material pioneering the decline.Fastmarkets MB daily benchmark for 65% Fe fines dropped by 22% by Monday November 26 after peaking on October 29. The 62% Fe iron ore index declined by 16% over the period, as some Chinese steelmakers started to seek larger volumes of cheaper ores...Read More
The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
Seaborne pig iron has become relatively competitive versus ferrous scrap over the past year in most regions, and China is no exception. As the first chart below illustrates, the gap between the MBR's proxy for imported pig iron price in China and the Metal Bulletin's Chinese domestic heavy melt scrap price assessment had shrunk by late 2017. The premium averaged $17 per tonne this year to date, co...Read More
Unions at Chile's Chuquicamata copper mine expressed disappointment in state-run miner Codelco's latest contract offer on Thursday but agreed to extend negotiations in hopes of averting a strike.Codelco, the world's largest copper producer, started government-mediated talks with unions 1, 2 and 3 at Chuquicamata last week after workers rejected the company's proposal.But the unions said they were...Read More
Canada's First Quantum Minerals (TSX:FM) responded to Panama's President-elect Laurentino Cortizo by issuing a media release stating that the extension of the contract to operate the Cobre Panam?? mine fulfills current laws and regulations and that its team should be allowed to work without legal uncertainties.The miner's communiqu?(C) was made public a day after Cortizo said his government would...Read More
Gold climbed on Wednesday with the prospect of an interest-rate reduction by the Federal Reserve, amid signs of economic weakness in the U.S., lifting the metal's price to its highest finish in 3 1/2 months. Futures prices touched highs near $1,349 an ounce after a report early Wednesday on private-sector employment for May from payroll processor ADP said employers hired 27,000 people in the mon...Read More
Gold climbed on Wednesday with the prospect of an interest-rate reduction by the Federal Reserve, amid signs of economic weakness in the U.S., lifting the metal's price to its highest finish in 3 1/2 months. Futures prices touched highs near $1,349 an ounce after a report early Wednesday on private-sector employment for May from payroll processor ADP said employers hired 27,000 people in the mon...Read More
Physical iron ore prices were rangebound on Thursday May 6, while the futures market experienced choppy trading.MB 62% Fe Iron Ore Index: $100.60 per tonne cfr Qingdao, up $0.22 per tonne. MB 62% Fe Pilbara Blend Fines Index: $99.40 per tonne cfr Qingdao, up $0.54 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $104.04 per tonne cfr Qingdao, down $0.46 per tonne. MB 58% Fe Premium Index: $90.86 p...Read More
A potential global ban on internal combustion engines (ICEs) by 2030 could facilitate a growth in nickel's share of the electric vehicle battery market to 80%, Al Bedwell of automotive intelligence provider LMC Automotive said at the 7th International Nickel Conference on Thursday June 6. The potential for a ban of traditional ICE vehicles by 2030 is driven by crackdowns on carbon emissions in Eur...Read More
Don't expect an upswing in the global uranium market anytime soon."In our models, we don't get excited on the demand side," said Galymzhan Pirmatov, chief executive officer of Kazatomprom, Kazakhstan's state-owned mining company that's the world's biggest supplier.Kazakhstan controls about 40% of the world's supply of the metal, and Kazatomprom accounts for half of that, making it the biggest prod...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday June 6 that are worth another look.A potential global ban on internal combustion engines in 2030 could facilitate growth in nickel's share of the electric vehicle battery market to 80%, Al Bedwell, of automotive intelligence provider LMC Automotive, said at the 7th International Nickel Conference on Thursday June 6. A grou...Read More
The entire footprint of NexGen Energy's (TSX: NXE; NYSE-AM: NXE) proposed Arrow mine is smaller than a university campus, but could produce 21% of the world's uranium once in production, the company says.The high grade uranium deposit in Canada's Athabasca basin would produce 25.4 million lb. uranium oxide (U3O8) per year over an estimated mine life of nine years - leapfrogging the company into t...Read More
Indonesia will continue to ramp up its production of refined nickel in anticipation of demand for material to be used in electric vehicle (EV) batteries, senior Macquarie consultant Jim Lennon told delegates at the 7th International Nickel Conference in Amsterdam on Thursday June 6.Macquarie has forecast that global nickel supply must grow by 1.7 million tonnes per year between 2018 and 2030. This...Read More
Indonesia could account for 40% of the global supply of nickel units in four years' time, compared with 29% this year, Jim Lennon, a consultant for financial adviser Macquarie, said on Thursday June 6.Indonesia was on track to supply 700,000 tonnes of nickel units this year, including ores, matte, nickel pig iron (NPI) and ferronickel. This will, however, still be less than in 2013, before the cou...Read More
Copper stocks on the Shanghai Futures Exchange have decreased by 12% as of Thursday June 6, attributed to a pick-up in demand during the traditional consumption season. Deliverable copper stocks at SHFE-approved warehouses have fallen by 19,813 tonnes since the last SHFE stock release on Friday May 31 to 145,626 tonnes as of June 6. The SHFE released its weekly stocks report on Thursday this week...Read More
Exports of nickel ore from the Philippines will decrease by 21 million tonnes in 2019, Koichi Ishihara of Nickel Asia Corp (NAC) told delegates to the 7th International Nickel Conference in Amsterdam on Thursday June 6.The reduced export total for the year will be around 26 million tonnes, NAC said. The decrease comes while the nickel sector in the country faces internal pressure from high taxatio...Read More
Slow trading at JCK showhighlights middle-market liquidity and profitability challenges. Prices softeningwith 1 ct. RAPI -0.7% in May. Suppliers using technology and sourcing programsto demonstrate added value as jewelers reduce inventory purchases. US jewelrymarket steady with top independents gaining market share over majors by providingpersonalized service to millennials. Luxury jewelers expose...Read More
Trading in Mumbai relatively slow as May summer break ends and dealers returnfrom Las Vegas. Inventory levels declined slightly in past month aftermanufacturers reduced polished production. Rough market cautious amid tightprofitability. Good demand for lower-color (J-K) diamonds. Local jewelry marketstable. RoundRead More
Rapaport published a report stating that diamond markets are under pressure as profit margins have tightened and the trade war with China has fueled uncertainty.The international firm revealed that the RapNet Diamond Index, known as RAPI, for 1-carat+ diamonds fell 0.7% in May and is down 1.7% since the beginning of the year.RAPI is the average asking price in hundred $/carat of the 10% best-price...Read More
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