Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Friday October 12.Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Friday October 12, with the weakening dollar supporting investor confidence. Check Fastmarket MB's live futures report here.Codelco's Chuquicamata division will be&nb...Read More
The level of activity in the United States' pig iron market was lower than market sources expected after the recent scrap price increase because buyers replenished their stocks several weeks ago, Fastmarkets heard on Friday October 12.Last week, the only deal heard was for Southern Brazilian pig iron with high phosphorous content, at $373-375 per tonne cfr.Fastmarkets' price assessment for US impo...Read More
Pig iron suppliers in the south of Brazil have resumed their export sales after a month of silence, Fastmarkets heard on Friday October 12.Two cargoes were sold at $350 per tonne fob. One was intended for the United States market and the other for Peru, sources believed.Fastmarkets' weekly price assessment for pig iron exports from the south-eastern Minas...Read More
The price for shredded ferrous scrap imported into India inched up this week but trading remained subdued because of the week rupee, sources told Fastmarkets MB on Friday October 12.Fastmarkets MB's weekly index for containerized imports of shredded scrap into India increased to $358.92 per tonne cfr Nhava Sheva on Friday October 12, from $355 per tonne cfr Nhava Sheva one week ago.The import mark...Read More
The Turkish deep-sea scrap market remained quiet on Friday October 12, with market participants in the country focusing their attention on the court decision in the pastor Andrew Brunson case.Turkey's steel and scrap markets are strongly connected to the lira-dollar exchange rate, because mills buy their raw materials in dollar-denominated deals and sell finished goods for lira in local market.And...Read More
Japan-origin H2-grade ferrous scrap re-entered the Vietnamese import market this week because a seller was trying to offload export cargoes in the face of supply pressure. This was despite higher prices in the domestic Japanese market.Taiwanese import scrap prices dipped slightly on thin demand from steel mills, which expect the downstream rebar and sections markets to remain bearish.The overnight...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday October 12*Copper -$130.49 (-904.79 yuan)Aluminium -$450.01 (-3,120.29 yuan) Zinc $34.09 (236.38 yuan) Nickel $214.17 (1,485.02 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices...Read More
Seaborne coking coal spot prices moved in opposite directions on Friday October 12 following the emergence of a lower offer in the fob Australia segment, even as a cargo of premium hard coking coal fetched a higher cfr China price.A top Australian brand was traded at $216.50 per tonne cfr China, sources said. This is $0.50 per tonne higher than the last transaction involving the same brand two wee...Read More
The latest metal markets news and price moves to start the North American day on Friday October 12. The prices of base metals on the London Metal Exchange were for the most part higher during morning trading, with prices stabilizing after a mid-week sell-off resulted in Asian equity markets falling to a 19-month low, prompting risk-averse investors to curb buying. While price action across th...Read More
The prices of base metals on the London Metal Exchange were for the most part higher during morning trading on Friday October 12, with prices stabilizing after a midweek sell-off resulted in Asian equity markets falling to a 19-month low and prompting risk-averse investors to curb buying. "Aside from the bearish macro fears, the overriding theme from LME Week has been bullish on the back of the re...Read More
Base metal stocks at Shanghai Futures Exchange-approved warehouses had mixed outlooks, with zinc recording the biggest rise at 48.5% prior to the Golden Week holiday in China on September 28.Deliverable zinc stocks rose 14,169 tonnes or 48.5% in the past two week to 43,373 tonnes as of Friday October 12. ?EUR? This week, warehousing company Qisheng in Shanghai had the most zinc stock moving to its...Read More
An overview of the minor metals markets and the reasons for any price moves....Read More
The following Fastmarkets minor metals prices changed on Friday October 12:Minor metalsBismuth MB free market, $/lb: $3.90-4.40 per lb from $4.00-4.40Bismuth MB China domestic, yuan/tonne: 52,000-53,000 yuan...Read More
UK ferrous scrap prices for deliveries in October have been rolled over due to stable business conditions in both the domestic and export markets, trade sources told Metal Bulletin on Thursday October 12.Some UK suppliers have managed to achieve small price increases of a few pounds per tonne but, overall, monthly settlement prices were concluded unchanged between the country's suppliers and consu...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets. The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain closed until th...Read More
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After the market sell-off we have seen last week, investors are surely left feeling a little jittery and apprehensive when considering their portfolios.But this is a good time to re-evaluate things, re-balance our portfolios, and make sure we are well positioned for the coming years.Let's take a look here at two stocks in particular that have rallied big in the last year.Labrador Iron Ore Royalty...Read More
Silver miners are being pummeled because the white metal remains weak, down by 14% over the last year, which has triggered a sharp sell-off of miners, as illustrated by the Global X Silver Miners ETF losing a whopping 28% over that period. While the immediate future for silver appears gloomy, it shouldn't deter investors from considering primary silver miners with high-quality assets, robust bala...Read More
A Fundamental Research Corp. report relayed this company's investment highlights. Pirquitas Mill FacilityIn an Oct. 9 research note, Fundamental Research Corp. analyst Siddarth Rajeev indicated that Golden Arrow Resources Corp.'s (GRG:TSX.V; GAC:FSE; GARWF:OTCQB) recent share price drop represents a current buying opportunity. Fundamental has a CA$0.98 per share fair value estimate on Golden Arro...Read More
This discovery further expands the Canadian company's pipeline of exploration opportunities in the Railroad District. Gold Standard Ventures Corp. (GSV:TSX.V; GSV:NYSE) delineated another oxide gold target with further exploration potential at its Railroad-Pinion project in Nevada's Carlin Trend. The new LT target, 3 kilometers north-northwest of the company's Pinion deposit, was revealed in the...Read More