Aurubis AG, Europe's biggest copper smelter, is still seeking growth via acquisitions, CEO Juergen Schachler said on Thursday."As a practically debt-free company we possess a comfortable financial scope," Schachler told shareholders in Hamburg."But we intend to undertake small or medium-sized acquisitions rather than a large transaction."Schachler repeated a previous forecast for the 2018/19 finan...Read More
On the one year anniversary of the signing of the Peru-Australia Free Trade Agreement (PAFTA), the Minerals Council of Australia issued a statement saying that the ratification of the deal is expected to deliver major investment and job opportunities for Australia's mining industry."Under PAFTA, Peru will eliminate 99.4% of its tariffs, including on valuable Australian resources such as iron ore,...Read More
Golden Share Resources (TSXV: GSH) announced this week that it has acquired the Sandridge project through map staking.The project is located approximately 150 kilometres east of Thunder Bay, in eastern Canada, and it sits on the Winston Lake Greenstone Belt, known by its initials WLGB.This is not Golden Share's first incursion in the area. The Ontario-based firm previously held the past-producing...Read More
Hong Kong Exchanges and Clearing (HKEX), owner of the London Metal Exchange, filed its 2018 earnings this week, reporting record LME volumes amid a 26% climb in profit after tax, while its forward-looking strategy earmarks asset diversification in its aim to become a global market leader.In its financial statement for 2018, the exchange operator recorded a revenue increase of 20% year on year at H...Read More
The London Metal Exchange has closed its market consultation on its proposed arrangements for the use of enforcement proceeds, highlighting three principal options it plans to consider. The consultation, which began in November 2018, sought the feedback of members, warehouses and other interested parties, with the bourse receiving eight formal responses in connection with the proceeds, it said in...Read More
Lead's three-month price on the London Metal Exchange climbed over 1% during morning trading on Thursday February 28, with a continued draw on European supply prompting upward price action, while trade optimism supports buying despite disappointing Chinese PMI data.This week, more than 31,000 tonnes of lead has been booked for removal out of mostly LME-listed warehouses in Europe, while the metal'...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday February 28* Copper -$196.83 (-1,318.48 yuan) Aluminium -$342.9 (-2,296.97 yuan) Zinc -$139.37 (-933.57 yuan) Nickel -$35.86 (-240.24 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 28 that are worth another look.Hong Kong Exchanges and Clearing, owner of the London Metal Exchange, filed its 2018 earnings this week, reporting record LME volumes amid a 26% climb in profit after tax, while its forward-looking strategy earmarks asset diversification in its aim to become a global market leader.Th...Read More
Canada's mining sector is going through dramatic change, but the industry remains bullish on growth, KPMG International's latest Global Mining Risk Report finds.While recent merger and acquisition transactions have raised concerns about the future of Canada's mining sector, domestic firms remain optimistic about growth opportunities. Canadian stock exchanges are the global leader in mining financ...Read More
Turkish long steel export prices have continued to slip over the past week due to limited demand, sources said on Thursday February 28.Fastmarkets' weekly price assessment for rebar exports out of Turkey on Thursday was $470-480 per tonne fob on an actual weight basis, down from last week's $490-500 per tonne fob.The Turkish producers lowered their offers to...Read More
Steel billet import prices in Egypt have fallen again over the past seven days with demand remaining weak, sources told Fastmarkets on Thursday February 28.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $465-470 per tonne cfr on Thursday, down from $480-490 per tonne cfr last week.Billet producers in the CIS region...Read More
Export prices for steel billet from Iran narrowed downward over the week ended Wednesday February 27 amid negative sentiment in the global billet market, after declines in the prices for scrap and iron ore raw materials.Iranian billet offers slipped to $400 per tonne fob in the last week of February, compared with the price of $410-420 per tonne fob sought by suppliers in previous weeks.A 40,000-t...Read More
Fastmarkets' price book entry for Iranian export slab price showed an incorrect value on Wednesday February 27, which has now been amended.The correct price, as assessed on February 27, for Iranian exports slab price, was $360-390 per tonne fob.Fastmarkets' price book and database have been updated accordingly.To provide feedback on this price or if you would like to provide price information by b...Read More
China's hot-rolled coil exporters kept their prices steady on Thursday February 28 although trading has been thinner this week, amid slight movements in the domestic market.DomesticEastern China (Shanghai): 3,810-3,840 yuan ($570-574) per tonne, up 10 yuan per tonneNorthern China (Tianjin): 3,740-3,760 yuan per tonne, widening downward by 10 yuan per tonneIn Shanghai, HRC was sold around 3,810-3,8...Read More
RAPAPORT... Dealers at the Hong Kong International Diamond, Gem & Pearl Show expressedconcerns about sluggish polished demand and an oversupply of goods in the wholesalesegment.Inventory moved slowly despite busy traffic at the fair, which began this week, people who attended the event toldRapaport News. "The mood looks OK, but conversion [to sales] still hasn'thappened," said Rahul...Read More
Slow start to Hong Kong show, but optimistic FarEast buyers are restocking inventory after Chinese New Year. Dealers hoping showwill stimulate better trading after sluggish Jan./Feb. Rough market cautious asprofit margins remain tight despite rough-price reductions at De Beers sight. Swiss lab SSEF launches GemTrack, linking polished torough colored stones. Michael Hill 1H sales -3% to $226M, prof...Read More
Sentiment weak as many dealers traveled to the HongKong show. Suppliers holding large volume of goods that are difficult to move.Steady demand for 1 ct., G-J, VS-I1 diamonds. 2 ct.+ slow.Manufacturers remain cautious as profitmargins continue to be squeezed and polished production remains relatively low. RoundRead More
Canada's mining sector is going through dramatic change, but the industry remains bullish on growth, KPMG International's latest Global Mining Risk Report finds.While recent merger and acquisition transactions have raised concerns about the future of Canada's mining sector, domestic firms remain optimistic about growth opportunities. Canadian stock exchanges are the global leader in mining financ...Read More
RAPAPORT... Macy's and J.C. Penney noted strong sales in their jewelry divisions in the fourth fiscal quarter, even as overall results disappointed.Macy's also said it would implement a new strategy to focus on the category, as well as other products that mattered most to its customers. "[We plan to] invest in areas where the company already has strong market share to drive disproportionate g...Read More
The Antwerp-based IGC Group, one of the oldest diamond companies in the world, was inducted into the ALROSA ALLIANCE. In a statement, IGC Group said that its membership in the ALROSA ALLIANCE opens the way "to become a long-term client of ALROSA, the world leader in rough diamond mining. "We are delighted to enter the ALROSA ALLIANCE and partner with one of the world's largest diamond suppliers....Read More