The copper industry's next major mine is a step closer to bringing its first tonnes to market.First Quantum has started crushing and milling ore at its Cobre Panama mine, which is targeting 150,000 tonnes of copper in concentrate production this year, starting in the first quarter.The mine, which is set to ramp up to 270,000-300,000 tonnes per year in 2020 and 350,000 tpy...Read More

Teck Resources' zinc business became less profitable in 2018 because of falling sales and declines in commodity prices, according to its annual earnings statement released on Wednesday February 13. Last year, the Canadian miner made a gross profit before amortization and depreciation of C$1.085 billion ($817.73 million) from the zinc business, down by 7.5% year on year.The company, which operates...Read More

Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday February 14, with positive market sentiment emerging amid stronger than expected Chinese trade data, while US-China trade talks indicate a potential resolution.Climbing just under 1% this morning, copper's three-month price continues to trade comfortably above $6,100 per tonne, while LME stocks co...Read More

Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday February 14* Copper -$156.15 (-1,058.81 yuan) Aluminium -$342.76 (-2,324.25 yuan) Zinc -$90.88 (-616.27 yuan) Nickel -$193.53 (-1,312.29 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME...Read More

Steel billet import prices in Egypt increased this week with deals being done at higher levels in the wake of rising global scrap costs, sources told Fastmarkets on Thursday February 14.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $485-495 per tonne cfr on Thursday, rising from $460-470 per tonne cfr last week.Billet producers in the CIS sold material to Egypt...Read More

Turkish domestic rebar and wire rod prices have gone up in line with increasing scrap costs over the past week, while demand remained sluggish, sources said on Thursday February 14.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,180-3,250 ($604-618) per tonne ex-works, including 18% VAT, on February 14 up from the TRY3,079-3,150 per tonne last week.The local rebar price...Read More

Steel billet prices in Turkey increased over the past week due to strong demand in both the domestic and export markets, along with rising scrap import costs, sources said on Thursday February 14.Fastmarkets' weekly price assessment for domestic billet in Turkey was $480-490 per tonne ex-works, up from $460 per tonne.Several domestic billet sales were heard over the past week, sources said.A steel...Read More

Turkish rebar export prices have continued to rise in line with rising scrap costs, but steel mills are still struggling to sell material due to poor demand and trade barriers, sources said on Thursday February 14.Mills in Turkey raised their offers to $510-515 per tonne fob this week on an actual weight basis from last week's $490-500 per tonne, but there were only a few small cargoes, sold...Read More

Australian miner South32 increased its manganese ore operating margin to 64% in the six months to December 31, 2018, it revealed in its half-yearly results presentation on Thursday February 14.Manganese ore generated the company's highest operating margin during the period, the first half of its 2018-19 financial year. This was up from 60% for the corresponding months of the 2017-18 year.In compar...Read More

The Turkish deep-sea scrap import markets remained quiet on Thursday February 14, but market participants expected prices to soften due to limited demand and weak finished steel markets in the country, sources said.There was talk in the market about a Baltic Sea cargo sold at $326 per tonne cfr for HMS 1&2 (80:20), but there was no confirmation of this transaction at the time of publication.Market...Read More

UK ferrous scrap prices for deliveries in February have jumped in general by about ?20 ($26) per tonne, depending on grade, due to persistent weakness in export prices to the key destination of Turkey, trade sources told Fastmarkets on Wednesday February 13.The move followed a uniform price drop of ?15-20 per tonne in January settlements, after an earlier drop of ?20 per tonne in December. The...Read More

Seaborne iron ore prices nudged up on Thursday February 14 with traders heard taking cargoes, although buying from Chinese mills remained limited.MB 62% Fe Iron Ore Index: $88.32 per tonne cfr Qingdao, up $1.10 per tonne. MB 62% Fe Pilbara Blend Fines Index: $87.71 per tonne cfr Qingdao, down $0.35 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $89.61 per tonne cfr Qingdao, down $0.03 per tonne....Read More

The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, Beijing Iron Ore Trading Center (Corex), 170,000...Read More

Seaborne coking coal prices were steady on Thursday February 14, with port restrictions in China and concern over supply from Queensland, Australia continuing to cloud market participants' outlook.A prompt cargo of premium hard coking coal changed hands at $203.50 per tonne cfr China, market sources told Fastmarkets during the day.A bid was made for a cargo of the same type of materials at $207 pe...Read More

China's hot-rolled coil producers raised their export offers further on Thursday February 14 although domestic prices weakened further.DomesticEastern China (Shanghai): 3,730-3,740 yuan ($551-553) per tonne, down 60 yuan per tonneNorthern China (Tianjin): 3,740-3,750 yuan per tonne, down 20 yuan per tonnePrices weakened during the day with market participants only willing to buy at lower prices, t...Read More

China's domestic rebar prices continued to drop on Thursday February 14 amid a weakening of the billet and futures markets.Domestic Eastern China (Shanghai): 3,750-3,780 yuan ($554-559) per tonne, down 50-60 yuan per tonneNorthern China (Beijing): 3,800-3,830 yuan per tonne, narrowed downward by 10 yuan per tonneThe release of data that showed an increase in inventory levels resulted in bearish se...Read More

Key data from the Wednesday February 13 pricing session in Shanghai. Key drivers The cobalt sulfate price, Co 20.5% min, China ex-works price dropped midweek amid few spot activities after the Chinese New Year holiday on February 4-10. Weak spot demand is likely to last until late February or early March because some consumers will not resume business until after the Lantern Festival on...Read More

The suspension of cobalt production at Chambishi could provide some respite to falling cobalt prices but it should not be confused with the eventual departure of Chambishi broken cathodes from the market, according to sources spoken to by Fastmarkets. ERG has temporarily halted production at Chambishi in Zambia due to a lack of feedstock, which it sources from Boss Mining and Frontier Mine in...Read More

Production of copper and cobalt has been suspended at the Chambishi refinery in Zambia due to constrained supply of imported feedstock. The suspension follows the introduction of a new 5% duty on cobalt and copper concentrates imported into Zambia that came into effect this year. The Chambishi refinery processes feed from ERG's Boss Mining and Frontier Mine in the Democratic Republic of Congo. "In...Read More

Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.The cobalt sulfate, Co 20.5% min, China ex-works, adjustment to the low-grade cobalt low-end price at Co 20.5% basis is on a $ per lb basis.Fastmarkets MB prices Click here for Fastmarket MB's price assessment for coba...Read More