Harry "Red" Conger has been appointed as the executive vice president and chief operating officer (COO) of Teck Resources, effective September 1.Known throughout the mining industry as "Red," Conger will be responsible for all of Teck's mining and metallurgical operations, projects and joint ventures across the copper, zinc, steelmaking coal and energy business units. Read More
An overview of the minor metals markets andthe reasons for any price moves.Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 19.Please click...Read More
Here are five Fastmarkets stories you might have missed on Wednesday August 19 that are worth another look.South African manganese alloys producer Transalloys will reduce its silico-manganese production by about 30% this year due to weakening market prices, it was revealed on August 19.The Madras...Read More
Harry "Red" Conger has been appointed as the executive vice president and chief operating officer (COO) of Teck Resources, effective September 1.Known throughout the mining industry as "Red," Conger will be responsible for all of Teck's mining and metallurgical operations, projects and joint ventures across the copper, zinc, steelmaking coal and energy business units. Read More
Brazilian flat-rolled steel producer Usiminas has lost the lead in its domestic market due to its strong exposure to the automotive sector, which suffered greatly from the Covid-19 pandemic, sources told Fastmarkets.Brazil's steel industry took a heavy hit from regional restrictions in the country to contain the spread of the coronavirus. Demand fell significantly in April and recovered at a slow...Read More
Tight intermediates availability and a rally in the cobalt hydroxide market brought cobalt metal back in favor with cobalt sulfate refineries looking to cut risk in their feedstock inflows in late July. Until then, cobalt hydroxide payables - the percentage of the metal price buyers pay sellers for cobalt intermediates - had been capped at 70% for at least a year and a half, reflecting ample suppl...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday August 19.Please click...Read More
The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019. The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its h...Read More
Global zinc premiums were collectively flat in the week to Tuesday August 18, while an uptick in lead demand in Southeast Asia allowed spot interest to mount, albeit against climbing LME three-month prices for both commodities. Catch-up demand boosts lead business in South Asia Higher offers heard in Shanghai on intermittent opening of arbitrage window; zinc premium holds The European summer slowd...Read More
Many analysts have suggested that the silver price on an inflation-adjusted metric, should be worth $600 today. These same precious metals analysts... by Steve St Angelo of SRSrocco ReportConspiracy theories, especially lousy ones, grab the attention of a lot of people. So, if you want to acquire a lot of followers while making a nice buck doing so, then it pays to continue regurgitating the...Read More
The European wire rod market was quiet in the week to Wednesday August 19 amid the traditional summer slowdown, while market participants were expecting prices to rise in September, pushed upward by costlier scrap and increased buying activity, sources told Fastmarkets.Southern EuropeFastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, remain...Read More
The price of hollow steel sections in Europe has remained stable over the past week despite previous expectations of an increase, with the slow summer activity precluding any changes, sources told Fastmarkets on Wednesday August 19.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?540-560 ($643-667) per tonne on Wednesday, unchanged week on week...Read More
Imports of used beverage cans (UBCs) into the United States inched higher again in June as a result of squeezed domestic supply due to restrictions on recycling operations, Fastmarkets understands.The United States imported 18,654 tons of UBC scrap in June, up by 3.9% from 17,961 tons in May, bringing the year-to-date total to 80,130 tons, figures from the US Department of Commerce show.UBC scrap...Read More
Total exports of nonferrous scrap materials from the United States increased month on month in June, as foreign buying of US products continued to recover from Covid-19-induced economic shutdowns.Nonferrous exports totaled 237,106 tons in June, up 14.6% from 206,857 tons in May, but down 6.1% from 252,623 tons in June 2019.Year-to-date volumes, however, fell by 12.3% year on year to 1,375,129 tons...Read More
Secondary aluminium scrap and ingot prices in the UK rose on Wednesday August 19, with limited demand returning to the market although supply was still constrained after the Covid-19-related shutdowns.A lack of manufacturing activity in the country after the pandemic-related lockdowns in March has led to a reduced level of aluminium scrap supply in recent months, market participants said.The recen...Read More
RAPAPORT... Michael Hill's earnings slumped 81% in the last fiscal year amid the temporary closure of most of its 290 stores in the second half.The Australia-based jeweler reported profit of AUD 3.1 million ($2.3 million) for the fiscal year ending June 30, as stores remained closed for a period of five to 13 weeks to stem the spread of the coronavirus. Group revenue fell 14% to AUD 492.1 million...Read More
RAPAPORT... Mountain Province plans to sell an additional $50 million worth of rough diamonds from its Gahcho Ku?(C) mine to Dunebridge Worldwide to help generate liquidity and bolster the company.The sale "will significantly strengthen the company's financial position as it responds to the challenges posed by the Covid-19 pandemic," Mountain Province said Tuesday, describing it as being in "serio...Read More
The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019. The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its h...Read More
RAPAPORT... Two senior jewelry executives at Sotheby's have recently stepped down from their roles.David Bennett, the company's chief auctioneer and worldwide jewelry chairman, retired earlier this summer following a 42-year career, Sotheby's told Rapaport News last week. During his time with the auction house, Bennett was named among the top 10 most powerful people in the art world by Art+Auction...Read More