Rising freight rates offset the benefit of a 3.5% increase in chrome ore prices in terms of producer sales in the week to Friday July 19, market sources told Fastmarkets. Chrome ore prices jumped on Friday amid rising nickel prices and stronger sentiment around the stainless steel market. Fastmarkets' chrome ore South Africa UG2 concentrates index basis 42%, cif China, rose by $5 per tonne, o...Read More
In Toronto, eCobalt Solutions (TSX: ECS) shot up 25.58% yesterday as it moves to close its merger with Jervois Mining (ASX: JRV), after shareholders in both companies last week agreed to the transaction.Jervois had shot up about 20% yesterday intraday but was down about 10% in afternoon Australian trade today. The gold price is about US$10 an ounce lower than this time yesterday, about $1,416/oz.B...Read More
Mines Minister Abdoulaye Magassouba told the wire service the international tender would be "open, competitive and transparent".The high-grade iron ore project has been beset by legal battles and its remote location has posed infrastructure problems.However strong iron ore prices and the resolution of some problems have increased Guinea's chances developers could be found, Reuters said.Rio Tinto (...Read More
Norsk Hydro's Alunorte alumina refinery has reached 80-85% utilization after the Brazilian government lifted a production embargo against the facility in May.The Norwegian aluminium producer announced on Tuesday July 23 that a continued ramp-up in production at its facilities in Brazil has been successful. Capacity utilization at Alunorte, located in the northern Brazilian state of Par??, is expec...Read More
ASX-listed gold miner Silver Lake Resources has appointed Swick the preferred tenderer for underground drilling at its Mt Monger operation, with three rigs set to begin work in August.Read More
Silver futures settled at a 13-month high on Monday, outpacing strength in gold, which saw prices eke out only a modest gain. Rising geopolitical worries on the back of Iran's seizure of a British-flagged tanker, as investors look for major central banks to ease policy, provided support for the precious metals. September silver SIU19, +0.02% rose 21.6 cents, or 1.3%, to settle at $16.411 an oun...Read More
German steelmaker ThyssenKrupp approved investment funds to build a new chromium coating line for packaging steel at its Rasselstein site in Andernach, western Germany, it said late in the week ending on July 19.The new coating line will be a replacement for the current line, following a change in European Union (EU) regulations. ThyssenKrupp declined to provide the value of the investment but sai...Read More
Strategic & Precious Metals Processing's (SPMP) antimony and gold processing facility in Sohar, Oman, has produced its first antimony metal, parent company Tri-Star Resources said on Monday July 22. Tri-Star, which has a 40% equity interest in SPMP, has reported the facility's first antimony production after nine months of remedial activity and several technical issues that have delayed output ini...Read More
Turkish steel mills remained silent over the course of the day on July 23, while news of an older cargo was revealed, sources told Fastmarkets on Tuesday July 23.The market is waiting to hear of any fresh cargo purchases this week, after a cargo that was reportedly sold on July 19 came to light late on Monday July 22.A steel mill in the Iskenderun region bought a United States-origin cargo compris...Read More
Expected interest rate cuts by all the central banks is supporting gold at the moment. European central bank is expected to cut interest rates in September. Trade war theme is still there. In short, all the factors are bullish for gold. Investment demand is on the rise with passing of each week. Economic growth news will be the key. Measures (other than interest rate or different forms of quan...Read More
Against a backdrop of poor economic growth, especially in Germany and China, and in the absence of fresh news, markets seem to be content to consolidate this morning, Tuesday July 23.This is especially so ahead of the release of flash manufacturing purchasing managers' index (PMI) data on Wednesday and the European Central Bank (ECB) rate decision on Thursday. Metals consolidate after recent price...Read More
The principal flat steel suppliers to Russia's Central Federal District around Moscow have increased their prices on seasonally good demand, sources told Fastmarkets on Monday July 22.Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 44,500-45,000 roubles ($706-714) per tonne on July 22, including 20% VAT. This was up from 43,000-44,500 roubles per...Read More
German steelmaker ThyssenKrupp approved investment funds to build a new chromium coating line for packaging steel at its Rasselstein site in Andernach, western Germany, it said late in the week ending on July 19.The new coating line will be a replacement for the current line, following a change in European Union (EU) regulations. ThyssenKrupp declined to provide the value of the investment but sai...Read More
Prices paid for flat steel imports into the United Arab Emirates and Saudi Arabia were stable this week, with demand remaining weak amid the seasonal summer lull.Buying may improve if prices fall by about $25 per tonne, but such a fall is unlikely any time soon, one market participant said.UAE Offers for hot-rolled coil imports from China to the UAE came in at $500-510 per tonne cfr, but no major...Read More
The dogs are panting on the porch and the people are trying to beat the heat. We had a 113-degree heat index in Maryland on Sunday. Earnings numbers aren't helping.Though tech stocks are on a roll, the broader market is below average. Goldman Sachs has reported: "So far, 28% of firms have beaten sales forecasts, well below average, although 49% have beaten on earnings."Morgan Stanley is forecastin...Read More
Prices for imported rebar in the United Arab Emirates increased this week in response to domestic price hikes, but billet import values declined in line with the global market, sources said on Tuesday July 23.The higher price for rebar imports was driven by local producers in the UAE increasing their prices last week.But weakening billet prices globally, sent billet import pric...Read More
Osisko Metals is a Canadian exploration and development company, creating value in the base metal space, with a focus on zinc mineral assets. The Corporation controls Canada's two premier historical zinc mining camps: The Pine Point Mining Camp and the Bathurst Mining Camp. The Pine Point Mining Camp is located on the south shore of Great Slave Lake in the Northwest Territories, and currently host...Read More
In the process of standardizing the names of its prices, Fastmarkets has found that the delivery destination was displayed incorrectly in the name of its Russian domestic steel prices. In Fastmarkets' price names for steel cold-rolled sheet, hot-rolled sheet, plate and rebar in the Russian domestic market, the delivery destination had been listed as Russia. The correct destination, as properly dis...Read More
Rebar prices in Russia's major steel-consuming region, the Central Federal District, edged down over the past week, with supplies to the market continuing to increase since Tula Steel's entry into the rebar market earlier this year.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) domestic, cpt Moscow, Russia, including 20% VAT, was 41,000-41,500 rubles ($650-658) per tonne cp...Read More
Turkish steel mills remained silent over the course of the day on July 23, while news of an older cargo was revealed, sources told Fastmarkets on Tuesday July 23.The market is waiting to hear of any fresh cargo purchases this week, after a cargo that was reportedly sold on July 19 came to light late on Monday July 22.A steel mill in the Iskenderun region bought a United States-origin cargo compris...Read More