For its outlay, NRW will acquire a business that's forecast to generate revenue of about $850 million in the current financial year and earnings (EBITDA) of about $100 million.To fund the deal NRW is undertaking a $120 million raising via a fully underwritten placement pricing new shares at between $2.65 and $2.85 each - with a bookbuild to decide final pricing.As well as adding BGC Contracting's...Read More

Turkish mills skipped the day without any deep-sea scrap bookings on Thursday November 28, but the steelmakers are expected to book more scrap for January shipments soon, sources told Fastmarkets.The most recent transaction took place on Tuesday - involving a steel mill in the Marmara region booking a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shred...Read More

The decision by a three-person panel was the final word in the contested case challenge to the mining permit that started in April 2018.The Menominee Indian Tribe of Wisconsin appealed the court's initial decision, but the EGLE panel voted unanimously in support of the prior ruling, determining that "the proposed mining operation will not pollute, impair, or destroy the air, water, and other natur...Read More

United States President Donald Trump's signing of bills to support Hong Kong's protestors may undermine or delay progress in US-China trade talks; this seems to have become a headwind for equities this morning, Thursday November 28, but so far, with the exception of nickel, it has not dragged down base metals prices on the Shanghai Futures Exchange.Most of the Asian equity markets we follow and pr...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More

The emphasis on traditional mining and high-quality domestic sulfide ore deposits in Norilsk will give Russian mining company Nornickel a competitive edge in meeting growing battery demand, the company said in an interview with Fastmarkets. "I couldn't say it is primarily driving our business model but electric vehicles (EVs) are the best thing to happen to the nickel market since the invention of...Read More

Key data from the Wednesday November 27 pricing session in Shanghai and London. Key drivers Sellers further cut their offers for cobalt hydroxide payables - the percentage of the metal price paid to procure intermediates - in doing so, encouraging larger tonnage purchases than in recent weeks.Market sources reported improved interest for January...Read More

The recent grant of approval from the Indian Supreme Court for ArcelorMittal's acquisition of Essar Steel brings an end to years of legal wrangles, giving the global steelmaker access to a much sought-after market, and allowing the Indian steel sector to take a further step toward health. ArcelorMittal has been keen for some time to break into the domestic Indian steel market because it is one of...Read More

China's domestic hot-rolled coil prices were largely stable on Thursday November 28, while in the export market buyers were refraining from placing orders on expectation of possible price drops in the near future.DomesticEastern China (Shanghai): 3,690-3,720 yuan ($525-530) per tonne, unchangedNorthern China (Tangshan): 3,630 yuan per tonne, narrowing downward by 10 yuan per tonneTrading...Read More

Near-term North American cobalt refiner, First Cobalt Corp. (TSX-V: FCC; OTCQX: FTSSF) is the owner of the only permitted primary cobalt refinery in North America: the First Cobalt Refinery in Ontario, Canada, could produce more than 5,000 tonnes of cobalt sulfate per year for the battery market. We learned from Trent Mell, President, CEO & Director of First Cobalt Corp., that they have recently a...Read More

We celebrated Thanksgiving early this year.Yesterday, to be exact, as Wednesday, was the only day we could actually get everyone in the same room at the same time.It was still your typical Thanksgiving, though.Turkey, mashed potatoes, stuffing, and plenty of wine for the adults and apple cider for the kids.We also went around the table and asked the obligatory, "What are you thankful for?"We heard...Read More

In the latest edition of Canadian Insider Insights, we look at how Fed policy is helping small- and mid-cap stocks on both sides of the border outperform. Canadian convenience store giant Alimentation Couche-Tard (ATD.B) gets a special mention in our broadcast of the week while our insider of the week makes his second appearance in less than six months.Read the free Insights letter here. Read More

Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More

On Monday, we released the video summary of the INK Research morning report which highlighted Michael Cooper's bullish strategy on the Toronto office market. So far his approach is paying off for Dream Office REIT (D.UN) unit holders. Watch the YouTube version of this short video which was first published for Ultra members on Monday.Rent steps could be a nice hike for unit holdersThe REIT has con...Read More

Turkish domestic rebar and wire rod prices have remained largely stable over the past week on moderate demand, sources said on Thursday November 28.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 2,840-2,880 Turkish lira ($492-499) per tonne on Thursday, widening downward slightly from the...Read More

Turkish steel producers raised their offers to reflect the upturn in the scrap costs in their finished steel prices although demand continued to be sluggish, sources said on Thursday November 28. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey was $420-430 per tonne on an actual weight basis on Thursday, up from last week's $415-420 per tonn...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday November 28 that are worth another look.Electric vehicles are "the best thing to happen to the nickel market since the invention of stainless steel," Nornickel's marketing director told Fastmarkets in an interview, and his company's high-quality sulfide ore deposits in Norilsk give the Russian mini...Read More

Turkish mills skipped the day without any deep-sea scrap bookings on Thursday November 28, but the steelmakers are expected to book more scrap for January shipments soon, sources told Fastmarkets.The most recent transaction took place on Tuesday - involving a steel mill in the Marmara region booking a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shred...Read More

Seaborne iron ore prices were rangebound on Thursday November 28, while the 65/62% Fe spread narrowed amid losses in steel prices and profits.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.11 per tonne, up $0.55 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $87.20 per tonne, down $0.39 per tonne.62% Fe low-alumina fines, cfr Qingdao: $88 per tonne, up $0.97 per tonn...Read More

Both import and export prices for steel billet in Turkey have increased over the past week in line with the firmer scrap import values, sources said on Thursday November 28.Fastmarkets' weekly price assessment for steel billet, import, cfr main port Turkey, was $395-400 per tonne on Thursday, up from last week's $390-395 per tonne cfr.Suppliers in the Commonwealth of Independent...Read More