The United States Securities and Exchange Commission (SEC) sent a notice to Brazil-based miner Vale regarding a possible investigation surrounding the Brumadinho tailings dam disaster in 2019.The SEC staff made a preliminary determination to recommend the beginning of proceedings against Vale, alleging that the company's disclosures about dam safety management and the Brumadinho dam could have...Read More
SINGAPORE/SYDNEY (Reuters) - Fashion brands and airlines are creeping back into investors' good graces in Asia as lockdowns ease and vaccination rises, boosting travel and leisure activities, taking some shine off pandemic stalwarts such as supermarkets and gadget makers.Earnings report cards show that people are spending less time watching TV or shopping online for groceries as they resume dining...Read More
(Adds detail, analyst comment)MOSCOW, Oct 28 (Reuters) - Russia's largest lender Sberbank on Thursday reported a record net profit of 348.3 billion roubles ($4.9 billion) for the third quarter but raised provisions as it classified assets of its subsidiary in Ukraine as restricted.Sberbank has been reporting robust quarterly results this year thanks to a growing client base and as the Russian econ...Read More
ArcelorMittal has moved forward scheduled maintenance of its galvanizing lines at its Florange site in northeastern France due to reduced demand from the automotive industry, a company representative told Fastmarkets.The company revealed the decision earlier this week, citing in part, the decreased demand from the automotive industry due to an ongoing global semiconductor shortage.The maintenance...Read More
(Updates with cenbank, govt reaction statement)MUMBAI, Oct 28 (Reuters) - Rating agency Moody's downgraded Sri Lanka's debt rating to "Caa2' from "Caa1' on Thursday saying the country had failed to come up with a comprehensive debt repayment plan and low foreign exchange reserves posed the risk of defaults.The Sri Lankan central bank, in response, said the government was committed to meeting its d...Read More
-Caterpillar Inc reported a quarterly profit on Thursday that beat analysts' estimates as construction demand and higher commodity prices boosted sales of heavy equipment across the company's businesses.The industrial bellwether's shares, which have risen 7.8% this year, were up 3.5% at $202 in premarket trading.Caterpillar's sales have surged for three consecutive quarters as construction demand...Read More
A summary of Swedish state-owned iron-ore producer LKAB's financial results for the third quarter of 2021, ending September 30In brief LKAB continued to deliver historically high operating profits in July-September 2021 amid strong demand from steelmakers and high iron ore prices. Fastmarkets' iron ore index for 62% Fe fines, cfr Qingdao averaged at $163.39 per tonne in the third quarter of...Read More
Oct 28 (Reuters) - Asset management firm T Rowe Price on Thursday agreed to buy fund manager Oak Hill Advisors in a $4.2 billion deal as it looks to expand its footprint in the alternative investments market.The cash-and-stock deal could trigger more M&A activity in the asset management space, with potential tie-ups between other mutual fund managers and private equity firms.As of July-end, Ne...Read More
A look at the day ahead from Tommy Wilkes.The European Central Bank meets later on Thursday and all eyes will be on its comments about the outlook for inflation.Will it or won't it become the latest central bank to warn that price pressures are more severe -- and less transitory -- than they appeared a few months ago?The difficulty for the ECB is that it wants to maintain its ultra-dovish stance t...Read More
Here are five Fastmarkets stories you might have missed on Thursday October 28 that are worth another look.The United States Securities and Exchange Commission (SEC) sent a notice to Brazil-based miner Vale regarding a possible investigation surrounding the Brumadinho tailings dam disaster in 2019. Brazilian miner Vale will resume activities...Read More
TOKYO, Oct 28 (Reuters) - A global parts and chip shortage is taking a heavy toll on Japanese firms with seven out of eight automakers seeing global output drop in September, casting doubt over the central bank's view the impact of supply constraints will be temporary.Toyota Motor (7203.T) said on Thursday it saw global output slump 39.1% in September from a year earlier to 512,765 units, markin...Read More
The United States Securities and Exchange Commission (SEC) sent a notice to Brazil-based miner Vale regarding a possible investigation surrounding the Brumadinho tailings dam disaster in 2019.The SEC staff made a preliminary determination to recommend the beginning of proceedings against Vale, alleging that the company's disclosures about dam safety management and the Brumadinho dam could have...Read More
BERLIN, Oct 28 (Reuters) - German consumers face higher prices for goods across the board as more and more companies in Europe's largest economy decide to pass on increased production costs, driven by widespread supply shortages and a spike in energy prices.While the development is helping firms to improve corporate margins after the coronavirus shock, consumers are feeling the pinch of higher pri...Read More
A healthy price arbitrage for Japanese hot-rolled coil producers to export into steel markets in the Americas has enabled these mills to keep raising their steel scrap buying prices in recent months, sources told Fastmarkets.Japanese HRC exports to the Americas totaled 1.36 million tonnes in January-August 2021 under HS codes 7208 and 722530, up by 37.6% year on year, according to statistics from...Read More
Base metals prices on the London Metal Exchange were up across the board at the 5pm close of trading on Thursday October 28, continuing to rebound following a recent period of widespread selling."Given the [recent] price action, this Friday's week- and month-end closes should be important to determine whether we see some longer-term length liquidate," Alastair Munro, LME desk analyst at Marex, sai...Read More
Here are five Fastmarkets stories you might have missed on Thursday October 28 that are worth another look.The United States Securities and Exchange Commission (SEC) sent a notice to Brazil-based miner Vale regarding a possible investigation surrounding the Brumadinho tailings dam disaster in 2019. Brazilian miner Vale will resume activities...Read More
A healthy price arbitrage for Japanese hot-rolled coil producers to export into steel markets in the Americas has enabled these mills to keep raising their steel scrap buying prices in recent months, sources told Fastmarkets.Japanese HRC exports to the Americas totaled 1.36 million tonnes in January-August 2021 under HS codes 7208 and 722530, up by 37.6% year on year, according to statistics from...Read More
For anyone purely judging manganese ore supply in China by looking at port stocks, he or she could misread the market supply picture due to rising "invisible stocks" in the past one to two months, sources told Fastmarkets. Typically, ore stocks are either stored at ports or held by producers at their warehouses or local storage sites. While port stocks are visible and measurable, the latter can be...Read More
Base metals prices on the London Metal Exchange were up across the board at the 5pm close of trading on Thursday October 28, continuing to rebound following a recent period of widespread selling."Given the [recent] price action, this Friday's week- and month-end closes should be important to determine whether we see some longer-term length liquidate," Alastair Munro, LME desk analyst at Marex, sai...Read More
Demand and prices for alumina in China were in limbo this week because market participants have become cautious after a steep decline in downstream aluminium prices, Fastmarkets heard on Thursday October 28.Fastmarkets' weekly price assessment for alumina, metallurgical grade, exw China, was 3,900-4,150 yuan ($610-650) per tonne on Thursday, flat from a week earlier.Domestic demand for alumina in...Read More