The copper major's subsidiary Freeport-McMoRan Mineral Properties Canada can earn up to 70% of Amarc's Joy by spending C$110 million, under a two-stage option announced in May.A $4 million programme was planned for the first year, Amarc said at the time, but this was boosted to a $5.5 million spend in August.Freeport further increased its first year contribution to $5.94 million, Amarc said yester...Read More

Spot prices for hot-rolled coil in China edged higher on Tuesday November 16, thanks to a short-lived rebound in futures prices.DomesticEastern China (Shanghai): 4,720-4,750 yuan ($740-745) per tonne, narrowing up by 20 yuan per tonneThe most-traded HRC contract the Shanghai Futures Exchange climbed to an intraday high of 4,527 yuan per tonne on Tuesday, before reversing to register the third day...Read More

(Updates prices) LONDON, Nov 16 (Reuters) - Prices of industrial metals easedon Tuesday as the dollar firmed on positive sentiment from avirtual meeting between the leaders of the world's largesteconomies. The closely watched conversation between Chinese PresidentXi Jinping and U.S. President Joe Biden yielded no immediateoutcomes but struck a positive tone and was seen as a chance toimprove relat...Read More

The lower house of the Federal Assembly of Russia, known as the State Duma, approved on Tuesday November 16 an increase in the existing duty imposed on exports of steel scrap to ?,?100 ($114) per tonne, according to the State Duma web portal.The approval came from the subcommittee on Customs and Tariff Regulation, the web portal said. Standard procedures suggest that the increase would become effe...Read More

U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point in pre-opening trade.Index futures were virtually unchanged following release of U.S. October Retail Sales Report at 8:30 AM EST. Consensus was an increase of 1.5% versus a gain of 0.7% in September. Actual was an increase of1.7%. Excluding auto sales, consensus was an increase of 1.0% versus a gain of 0.8% in S...Read More

Turkish steelmakers were mostly quiet in the deep-sea scrap import markets following a sharp decline in the country's currency value, market participants told Fastmarkets on Tuesday November 16.Mills booked three deep-sea cargoes for December shipments at the beginning of the week.A steel mill in the Marmara region booked a UK cargo at $490 per tonne and a Baltic Sea cargo at $494.50 per tonne cfr...Read More

German steelmakers have settled their monthly steel scrap contracts for November at higher prices, sources told Fastmarkets on Tuesday November 16.The main drivers behind the price increase were strong demand among the steelmakers and the short supply of scrap, particularly of new grades."Prices increased on average by about ?,?30 [$34] per tonne. As usual, the price rise was slightly different de...Read More

Seaborne coking coal prices in the cfr China market fell on Tuesday November 16 amid weak demand from Chinese steel mills, while fob prices also slipped due to a lack of trading activity, sources said.Fastmarkets indicesPremium hard coking coal, cfr Jingtang: $500.21 per tonne, down $18.39 per tonneHard coking coal, cfr Jingtang: $450 per tonne, down $4.52 per tonnePremium hard coking coal, fob DB...Read More

Seaborne iron ore prices moved up slightly but overall market sentiment remains weak, sources told Fastmarkets on Tuesday November 16.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $90.04 per tonne, up $0.99 per tonne62% Fe low-alumina fines, cfr Qingdao: $91.00 per tonne, up $0.74 per tonne58% Fe fines high-grade premium, cfr Qingdao: $63.07 per tonne, up $1.08 per tonne65% Fe Brazil-orig...Read More

Prices for steel scrap imported into China tumbled on Tuesday November 16 after Chinese mills lowered domestic scrap purchase prices further, market sources said. Continued drop in China's domestic scrap buy prices pressures import appetite.Taiwanese buyers bid lower.ChinaSpot prices for steel scrap imported into China weakened further on Tuesday amid bearish sentiment in the domestic scrap market...Read More

This is getting ridiculous. And that's a good thing. By "this," I mean the price of gold, and by "ridiculous," I mean repetitive to the point of absurdity. That's OK. The prospects for gold from here are highly positive.By now, readers are tired of my description of gold trading as range-bound between $1,700 per ounce on the low side and $1,900 per ounce on the high side, with $1,800 per ounce as...Read More

Base metals prices on the London Metal Exchange were mostly trading down at 9am on Tuesday November 16 - with the exception of nickel, which was up by over $70 per tonne.Strength in the United States dollar weakened base metals prices, with the US Dollar Index opening the day at $95.53, the highest opening figure since July 21, 2020. The rally has come off slightly since Monday's highs of $95.60.T...Read More

The downward trend in China's domestic rebar prices was halted by a rise in trading activity on Tuesday November 16, sources told Fastmarkets.Domestic Eastern China (Shanghai): 4,700-4,730 yuan ($737-742) per tonne, unchangedBuyers raised procurement rates on Tuesday morning in response to futures gains, which halted the decline in spot market prices, sources said.The most-traded January rebar fut...Read More

UK-based recycler HyProMag Ltd has established a subsidiary in Germany to roll out the commercialization of technology to recycle rare-earth magnets into the European market, a shareholder in the British company has said.Magnito Ltd is a subsidiary of Canadian minerals explorer Mkango Resources, and it holds a 42% stake in HyProMag. According to Mkango, the goal of the new German operation is to s...Read More

The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt alloy...Read More

The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam,...Read More

The latest analysis from recent activity on the CME Group's cobalt metal futures contract, cash-settled against Fastmarkets' price assessment for cobalt, standard grade, in-whs Rotterdam.Key tradesOctober 8: 90 tonnes (15 tonnes each month between January to June 2022, all at $26.75 per lb)October 14: 5 tonnes for December 2021 at $26.85 per lbOctober 15: 65 tonnes (5 tonnes for November 2021 at $...Read More

Ferro-vanadium consumers are securing big volumes of material on long-term contracts and accepting higher prices than last year to avoid disruption to supplies, market participants said on the sidelines of Fastmarkets' International Ferro-alloys Conference in Prague this week."Last year, it was all about securing a good price. Now, it is all about securing deliveries - even at the sacrifice of a h...Read More

Ecuador-focused SolGold (TSX: SOLG; LSE: SOLG) has named former BHP executive Darryl Cuzzubbo as the company's new boss, as the junior works to improve relations between the board and its largest shareholder.Cuzzubbo, who will take over on December 1, previously served as chief manufacturing supply officer at explosives maker Orica, where he moved in 2015 after a 24-year career at BHP.He is replac...Read More

NorthWest Copper (TSXV: NWST; US-OTC: NWCCF) has released the latest results from five drill holes into the high-grade copper-gold porphyry deposit of the Kwanika project, further extending the high-grade core.The news sent the British Columbia-focused explorer's Toronto-quoted equity soaring more than 13% at market open on Tuesday, given that the results demonstrate the wide distribution of high...Read More