Turkish steel mills were quiet at the beginning of the week but are expected to book more deep-sea cargoes for December shipment, market participants told Fastmarkets on Monday November 8.The most recent deep-sea trade was recorded at the end of the last week, when a steel mill in the Izmir region booked a Baltic Sea cargo consisting of 11,000 tonnes of heavy melting scrap 1&2...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gatos Silver (NYSE/TSX: GATO) reported Monday that the company produced 1.7 million ounces of silver, 1.3 thousand ounces of gold, 10.8 million pounds of lead and 13.5 million pounds of zinc in Q3 2021...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Karora Resources (TSX: KRR) today announced record third quarter 2021 consolidated gold production of 30,365 ounces, an increase of 23% compared to third quarter 2020 (24,717 ounces).The company added...Read More
NEW YORK (Reuters) - Potentially destabilizing disruptions in U.S. Treasuries as the Federal Reserve pares bond buying have rekindled calls for it to change a capital rule which banks say discourages them from supporting the market.Bond market volatility increased in late October, fueling fears it may again seize up as it did in March 2020 and during 2013's "taper tantrum" when traders d...Read More
BOSTON/GLASGOW, Nov 8 (Reuters) - A week into the United Nations' high-profile climate conference in Glasgow, executives and financial analysts said they are optimistic the talks will lead to changes needed for business to play a bigger role in tackling climate change.The business observers pointed to several steps by world leaders they said could boost sustainable business and investing efforts t...Read More
MILAN (Reuters) - World shares steadied near record peaks on Monday as risk assets found support from an upbeat U.S. October payrolls report, but they face another test later in the week from a reading on U.S. inflation.The U.S. congressional passage of a long-delayed $1 trillion infrastructure bill also cheered investors, helping crude prices extend their rally, though a broader social safety net...Read More
Base metals prices on the London Metal Exchange were mainly weaker on the morning of Monday November 8, but those on the Shanghai Futures Exchange were mainly firmer as they followed the strength seen on the LME on Friday.US Congress' passing of the long-awaited infrastructure bill bodes well for the metals Chinese trade data show a record surplus, but weaker than expected imports highlight weaker...Read More
Nov 8 (Reuters) - More than a year and a half after the COVID-19 pandemic ruptured the U.S. job market in historic fashion, huge gaps in employment and the labor force remain despite unprecedented demand for workers and a record number of vacant jobs.Policymakers are struggling to understand just what is keeping so many people from returning to work - or even looking for a job. Friday's monthly pa...Read More
French metal and mining group Eramet is combining with Chinese stainless steel producer Tsingshan to restart a lithium plant in Argentina, Eramet said on Monday November 8.The lithium project is in the Centenario Ratones salar (salt desert) in the province of Salta, in the north of Argentina, according to Eramet's presentation.The Centenario Ratones project has estimated capacity for 24,000 tonnes...Read More
Chinese battery materials producer Huayou Cobalt has signed a cooperation framework agreement with Shanghai-listed Hubei Xingfa Chemicals Group Co Ltd to produce the raw materials for lithium iron phosphate (LFP) batteries.On Sunday November 7, Huayou Cobalt announced that the two companies will work together to build an integrated system that incorporates the selection and mining of phosphate ore...Read More
Share this article VANCOUVER - Cerro de Pasco Resources Inc. [CDPR-CSE; GPPRF-OTC; N8HP-FSE] has entered into a share purchase agreement to acquire Trevali Mining Corp.'s TV-TSX: TREVF-OTCQX; 4T1-FSE] Santander Mine about 215 km northeast of Lima, Peru. The mine comprises an underground mine, a 2,000-tonne-per-day processing mill, a conventional sulphide flotation mill and associated infrastruc...Read More
Here are five Fastmarkets stories you might have missed on Monday November 8 that are worth another look.The United States is looking carefully at steel projects in Southeast Asia in which China has invested, after US trade representative Katherine Tai said that she supported updating US trade laws to combat the circumvention of...Read More
Nov 8 (Reuters) - The U.S. Transportation Department will announce on Monday it is offering an additional $184 million in payroll assistance to 158 more aviation manufacturing businesses.In September, the department offered $482.3 million to 313 aviation manufacturing businesses. The new offers include $17.5 million to BAE Systems Controls (BAES.L) and about $13 million to both Airbus's U.S arm (A...Read More
NEW YORK, NY, Nov 8 (Reuters) - Retailers are launching holiday marketing campaigns to lure in-store shoppers as supply chain issues boost costs for consumers.Big brands including Etsy, Ralph Lauren and mall operator Tanger are spending more on marketing and using other tactics to spur holiday sales as they bet on shoppers venturing out after last year's COVID lockdowns.Even so, soaring costs to s...Read More
Nov 8 (Reuters) - Cyber security firm McAfee Corp said on Monday it will be bought by a consortium led by U.S. private equity firm Advent International for over $14 billion. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals...Read More
* Futures up: Dow 0.20%, S&P 0.09%, Nasdaq 0.05%Nov 8 (Reuters) - U.S. stock index futures edged higher onMonday as big industrial firms were supported by the passage ofa $1 trillion infrastructure bill, while Tesla fell on ChiefExecutive Elon Musk's plan to sell about a tenth of his stake. Caterpillar Inc , Boeing Co and 3M Co rose between 0.5% and 3% in premarket trading after the Congresspa...Read More
The domestic market for hot-rolled coil in Europe remained quiet on Monday November 8, with prices showing little change, sources told Fastmarkets.Producers were, however, looking to achieve higher prices for the first quarter of 2022 because of the surging costs for raw materials, transport and energy.Expected restocking activity at distributors was also supporting market sentiment. Notably, seve...Read More
* Focus turns to U.S. CPI data due on Wednesday* U.S. 10-year yields rise after Friday's tumbleNov 8 (Reuters) - Gold prices slipped from a two-month highon Monday pressured by rising U.S. yields, although expectationsthat key central banks will keep interest rates low in the nearterm limited losses of the non-yielding asset.Spot gold edged down 0.08% to $1,815.20 per ounce by1146 GMT. U.S. gold f...Read More
Domestic prices for hot-rolled coil increased across the European Union during the week to Friday November 5, despite slow trading activity in the spot market.Despite the lack of trading, sentiment remains positive in anticipation of restocking by distributors, upward pressure on prices from high energy and transport costs, and because of the agreement reached between the United States and the EU...Read More
The gap between offers and bids for long steel products from the Commonwealth of Independent States widened in the week to Monday November 8, with higher offers from Ukrainian mills but reduced availability of material.Russian mills were mostly absent from the export business due to the current favorable conditions in their local market.Meanwhile, bids from customers and estimates of workable pric...Read More