Canada-based base metals producer Lundin Mining has halted ore processing operations at its Chapada copper-gold mine in Midwestern Brazil after a power outage damaged mill motors, the company said on Sunday September 27. Interruption of power services to the mine occurred on Sunday. When power was restored, the protection system of Chapada's main electrical substation failed, according to the comp...Read More
Key data from the Friday September 25 pricing session in London.Key driversCobalt hydroxide market steady; distributors anticipating some restocking ahead of or shortly after China's upcoming Golden Week holiday (October 1-8), and are therefore declining to...Read More
The price of nickel sulfate in China edged down slightly in the week to Friday September 25, while the rally in nickel ore continued.Fastmarkets assessed the price of nickel sulfate min 21%, max 22.5%, cobalt 10ppm max, exw China at 27,000-27,800 yuan ($3,956- 4,073) per tonne on Friday, narrowing downward by 200 yuan per tonne from 27,000-28,000 yuan per tonne a week earlier.The Chinese nickel su...Read More
China's imports of cobalt metal hit a historical high in August after importers in the country looked to take advantage of noticeable arbitrage opportunities.A total of 1,130 tonnes of cobalt was delivered to China in August, an increase of 245% from the prior month and 421% higher than the same month of last year, according to Chinese customs data. August's volume is the highest ever in a month.T...Read More
Share this articleCleveland-Cliffs is making its second billion-dollar acquisition in less than a year with the purchase of steel maker ArcelorMittal's U.S. business for about $1.4 billion in cash and stock.About a third of the deal will be an up front cash payment of about $505 million, the companies said Monday. ArcelorMittal, based in Luxembourg, will also receive stock in Cleveland-Cliffs valu...Read More
Here are five Fastmarkets stories you might have missed on Monday September 28 that are worth another look....Read More
(Adds graphic) * Dollar off two-month high after best week in almost sixmonths * Big net short dollar position points to chance of furtherrise * Euro hampered by concerns about infections * Turkish lira at record low as rate hike boost fades * Graphic: World FX rates in 2020 By Ritvik CarvalhoLONDON, Sept 28 (Reuters) - The dollar hovered near atwo-month peak against a basket of currencies on Mond...Read More
Domestic prices for steel hot-rolled coil across Europe continued to rise, but at a slower pace, over the week to Friday September 25, driven by reduced supply from domestic mills and a lack of competitive import offers.Fastmarkets calculated the daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?488.02 ($567.46) per tonne on Friday, up by ?,?1.10 per tonne week on week and by...Read More
* Premium for cash over 3-month copper reverses to adiscount * Eyes on surveys of China's manufacturing sector (Updates prices, adds dollar impact)By Pratima DesaiLONDON, Sept 28 (Reuters) - Copper prices firmed on Mondayas expectations of robust demand from top consumer Chinasupported sentiment, but doubts about longer-term prospects anda jump in London Metal Exchange stocks capped gains.Benchmar...Read More
After 15 years, we are discontinuing our free basic registered account service. While many pre-login features of the website will still be available to the public, over the next two weeks, we will be closing all basic Canadian Insider accounts. If you would like to keep access to your account (including blog alerts), please join us now as a Canadian Insider Club or Canadian Insider Club Ultra mem...Read More
European buyers of hot-rolled coil have become more cautious about further price increases, while steelmakers continued to push for higher prices, sources told Fastmarkets on Monday September 28.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?486.79 ($566.03) per tonne on Monday, down by ?,?1.23 per tonne from ?,?488.02 per tonne on September 25.T...Read More
Prices for domestic and imported merchant bar quality (MBQ) steel in the United States rose by $1.50 per hundredweight ($30 per short ton) in response to a round of price increases by domestic mills.Fastmarkets' monthly assessment for steel bar 2 x 2 x 1/4 -inch angle merchant products, fob mill US rose by 4.4% to $35.30 per cwt ($706 per ton) on Friday September 25 from $33.80 per cwt pre...Read More
Domestic steel rebar prices in Russia's Central Federal District around Moscow were steady in the week to September 28, supported by seasonally good demand from the construction sector, sources told Fastmarkets on Monday.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia held at 40,000-41,000 roubles ($512-524) per tonne on September 28, inclu...Read More
China's domestic rebar prices gained some upward momentum on Monday September 28 on a strengthening of demand.DomesticEastern China (Shanghai): 3,620-3,650 yuan ($530-535) per tonne, up by 10-20 yuan per tonneBuyers raised procurement rates during the day to stock up on materials for consumption during the Golden Week. The October 1-8 break marks China's National Day.A trader in eastern China said...Read More
Turkish steel mills skipped the first working day of the week, with no deep-sea bookings completed amid signs of a downward correction in the market, sources said on Monday September 28.There were talks of a cargo from the United States being sold to a steel mill in the Iskenderun region at $293 per tonne cfr for HMS 1&2 (80:20), $298 per tonne for shredded and $303 per tonne for bonus.Althou...Read More
Cleveland-Cliffs has reached a definitive agreement to buy ArcelorMittal USA and its subsidiaries for around $1.4 billion, which will make it the largest flat-rolled steel producer in the country, the company said on Monday September 28.The deal included the steel making operations of Indiana Harbor, Burns Harbor, Cleveland, Coatesville, Steelton, and Riverdale, as well as finished steel units Col...Read More
ArcelorMittal resumed operations at blast furnace (BF) No1 at its Fos-sur-Mer plant in France last week, the company told Fastmarkets on Monday September 28. The steelmaker stopped BF No1 at Fos-sur-Mer as well as the converter and continuous caster on March 23 due to falling demand caused by Covid-19 lockdown measures across Europe. ArcelorMittal Fos-sur-Mer has two BFs...Read More
Gold rallied more than 1% on Monday, bouncing back from last week's declines. Equities markets are also seeing gains.Gary Wagner, editor of TheGoldForecast.com, said that he prefers to buy into strength.Gary Wagner has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executi...Read More
Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world's largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smi...Read More
About a week ago BuzzFeed News supposedly broke a story about how large banks like HSBC Bank and Deutsche Bank have been knowingly laundering potentially trillions for drug cartels, organized crime and terrorist organizations for decades.Jason Burack is an investor, entrepreneur, financial historian, Austrian School economist, and contrarian. Jason co-founded the startup financial education compan...Read More