RAPAPORT... Petra Diamonds has appointed Peter Hill as non-executivechairman, succeeding company founder Adonis Pouroulis, who is stepping down,the company said Tuesday. Hill is currently non-executive chairman of geotechnicalcontractor Keller Group and of building-products company Volution Group. Hewill begin with the miner as non-executive director and chairman-designate onJanuary 1, and will be...Read More
Global industrial company Metso is set to deliver high-performance crushing and material handling equipment to global diamond miner De Beers Group’s Venetia mine, in Limpopo.The Venetia mine is reported to produce an output of about four-million carats, making it one of South Africa’s mineral resource flagships.AdvertisementMetso will deliver two primary jaw crushers and a number of fe...Read More
US Galvalume prices have rebounded along with a recovery in the broader flat-rolled steel markets.Fastmarkets' monthly price assessment for steel coil Galvalume, fob mill US rose to $36.50 per hundredweight ($730 per short ton) on Tuesday December 17, up 5.8% from $34.50 per cwt in mid-November and 2.8% from $35.50 per cwt in mid-October.Lead times are approximately six to 10 weeks, acco...Read More
London-listed Petra Diamonds on Tuesday announced the appointment of mining engineer Peter Hill as nonexecutive director and chairperson to succeed founder and chairperson Adonis Pouroulis on March 31.Hill, currently chairperson of the world’s largest geotechnical contractor Keller Group and of building products company Volution, will be chairperson designate from January 1.AdvertisementHe b...Read More
The United States Department of Justice has closed its anti-trust review of Tenaris' acquisition of Ipsco Tubulars, clearing the way for the completion of the purchase from Russia's TMK, Tenaris said in a statement on Tuesday December 17."Tenaris expects to be able to consummate the transaction shortly," the Luxembourg-based company said in its statement. In March, Tenaris agreed to buy Ipsco...Read More
PERTH (miningweekly.com) – Diamond miner Lucapa has generated a further A$9.3-million in revenues following its latest diamond tender.The Africa-focused miner on Monday said that 3 274 ct of diamonds from its Lulo mine, in Angola, was sold for gross proceeds of A$5-million, representing an average price per carat of A$1 517.AdvertisementA further 6 617 ct of diamonds from the Mothae mine, in...Read More
European distributors of flat steel products reported a 3.6% year-on-year drop in shipment volumes in January-October 2019, Eurometal said this week.And multi-product distributor shipments in the region fell by 4.8% year-on-year in the first 10 months of this year, Eurometal said, with declines reported for most products and only rebar registering an...Read More
Domestic transaction prices for hot-rolled coil in Southern Europe increased over the week, supported by reduced availability of domestic material and rising import offers, sources told Fastmarkets on Wednesday December 18.Domestic pricesFastmarkets' weekly price assessment for steel hot-rolled coil, domestic, ex-works Southern Europe, was ?,?430-440 ($479-491) per tonne on December 18, up by ?,?1...Read More
Broader markets are generally weaker this morning, Wednesday December 18, with equities in Asia mainly lower, metals mixed and havens little changed.In Europe, fear that a hard Brexit has not vanished is weighing on sentiment, especially in sterling, while a lack of detail on the United States-China trade deal has made it difficult for markets to see further follow-through buying. Equities in Asia...Read More
(Updates with closing prices) By Peter Hobson LONDON, Dec 18 (Reuters) - Copper prices dipped from theprevious session's 7-month high on Wednesday as data showingrecord Chinese production of the metal helped persuade investorsto pause for breath after a rapid rally.Benchmark copper on the London Metal Exchange (LME)did not trade in closing rings, but was bid down 0.5% at $6,172a tonne after touchi...Read More
Turkish steel mills made no deep-sea bookings for a second day, while prices remained firm, sources said on Wednesday December 18.Turkish steel mills made no deep-sea bookings for a second day, while prices remained firm, sources said on Wednesday December 18.At the beginning of the week, two Baltic Sea cargoes were sold at $299-300 per tonne cfr for HMS 1&2 (80:20).Some suppliers were heard offer...Read More
Seaborne prices for hard coking coal rose in the cfr China segment on Wednesday December 18 while those for premium products were largely stable, with support coming from a pickup in China's domestic market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $135.67 per tonne, up $1.51 per tonnePremium hard coking coal, cfr Jingtang: $147.33 per tonne, unchangedHard coking coal, fob DBCT: $122....Read More
Seaborne prices for mid-grade iron ore came under some pressure on Wednesday December 18, with steelmakers in China continuing to show a preference for materials sold at Chinese ports.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $93.20 per tonne, down $0.87 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $92.29 per tonne, down $0.87 per tonne.62% Fe low-alumina fines, cfr Qingdao: $93...Read More
Anglo American has begun iron ore blending operations at a port in China, following the lead of other global miners.The miner has held a ceremony to celebrate completion of its first batch of "AAAF Blended Sinter Feed" at the port of Caofeidian in northern China's steel hub of Tangshan city, Fastmarkets learnt on Tuesday December 17.AAAF stands...Read More
Indonesian ferrous scrap demand should continue to grow in 2020 despite the new rules imposed by authorities."The new regulations should be smoothed out over the next couple of months and containerized scrap shipments should resume within the first half of the year," Hoffman Iron & Steel chief executive Phil Hoffman told Fastmarkets.He was referring to the new regulations enacted by the Indonesian...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade. The Canadian Dollar was virtually unchanged at 76.06 following release of Canada's November Consumer Price Index at 8:30 AM EST. Consensus for November CPI was a decline of 0.1% versus an increase of 0.3% in October. Actual was a decline of 0.1%. FedEx dropped $10.70 to $152.53 after repo...Read More
The contango in the London Metal Exchange cash/three-month aluminium spread widened in morning trading on Wednesday December 18 after a further 43,725 tonnes flowed into LME-approved global sheds. Some 14,650 tonnes of material were put back into warehouses in Johor while a greater 29,085 tonnes were delivered into warehouses in Port Klang, Malaysia, the third day of significant inflows into regio...Read More
Yesterday we likened the economy to an overswollen tick, obese with blood.Rather than blood, the economy is obese with debt.Like our ludicrously engorged arachnid, the economy cannot much expand. It is impossibly loaded down... and groans under the burden, horribly swaybacked.The economy will continue to wallow - unless it can shake off the weight.But how can it?Today we blow the dust off an ancie...Read More
China's hot-rolled coil exporters kept their offers high on Wednesday December 18 despite sliding domestic prices amid a limited supply of cheaper goods from other parts of the world in the international market.DomesticEastern China (Shanghai): 3,870-3,880 yuan ($553-554) per tonne, down 10 yuan per tonneNorthern China (Tangshan): 3,640 yuan per tonne, narrowed downward by 10 yuan per tonnePrices...Read More
Broader markets are generally weaker this morning, Wednesday December 18, with equities in Asia mainly lower, metals mixed and havens little changed.In Europe, fear that a hard Brexit has not vanished is weighing on sentiment, especially in sterling, while a lack of detail on the United States-China trade deal has made it difficult for markets to see further follow-through buying. Equities in Asia...Read More