The base price assessments for flat and long stainless steel products in Europe have gone unchanged this week in a slow market, sources told Metal Bulletin on Friday March 23.Metal Bulletin's weekly base price assessment on Friday for 2mm, grade-304 CR stainless steel sheet was stable over the week at ?,?1,050-1,130 ($1,295-1,393) per tonne delivered in Northern Europe on Friday."Market activity w...Read More
SHANGHAI, Mar 23 (SMM) – Base metals fell across the board as trade tensions intensified. SHFE nickel led a slump of 3%, tin lost close to 2% and copper fell 1.7%. Lead and aluminium slid over 1%, while zinc dipped.The ferrous complex tumbled as rebar declined over 7%, iron ore fell 6% and hot-rolled coil lost 5%. Coke dropped close to 6%, while coking coal slid over 4%.Copper: SHFE copper s...Read More
It has made Gilles Dessureau vice president of exploration and Neil MacRae investor relations manager.Dessureau will lead the exploration team at Macmillan Pass, bringing his exploration and development experience in the Western Cordillera, including Yukon and British Columbia, to Fireweed.He has previously worked on the Wolverine polymetallic project, which started commerical production in 2010,...Read More
Ferrous futures in China plunged during the morning trading session amid trade tensions between the country and the United States, with both announcing tariffs on each other's products.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,406 yuan per tonne, down 79 yuan per tonne May hot-rolled coil: 3,554 yuan per tonne, down 64 yuan per tonne Dalian Commodity Exchange...Read More
SHANGHAI, Mar 23 (SMM) – Demand for nonferrous metals will surge as new energy vehicles are booming in China, said Lei Hongjun, chief engineer of the Yangtse Automobile Group. This is because new energy cars will utilise more metals, especially copper and aluminium, than traditional cars, he explained.Rising sales and output of electric cars is the biggest boost in demand for nonfe...Read More
A drier than-normal spring and summer in 2017 in British Columbia resulted in the company ceasing milling operations at the end of December.Read More
Domestic stainless steel prices in China remained in a downward trend over the past week amid a softening nickel market.Metal Bulletin's assessment of prices for benchmark 304 stainless CRC in the major market of Wuxi was 14,300-15,100 yuan ($2,259-2,386) per tonne including VAT for the week ended Thursday March 22, down 200 yuan per tonne from a week earlier....Read More
SHANGHAI, Mar 23 (SMM) – China’s market for air conditioners is likely to maintain its upward momentum given potential demand, stable exports and leadership in manufacturing, said He Jinming, vice Chief Manager at ChinaIOL and chief manager at the Appliance Department.The market for air conditioner has seen robust growth in the last few years. Sales in China exceeded 80...Read More
Speaking at the Global Iron Ore & Steel Forecast Conference, Roy Hill CEO Barry Fitzgerald said while the mine had briefly hit an annualised run-rate of 55 million tonnes per annum, the past few months had seen shipments dip."There's no doubt that January and February were not our greatest moments," he said.The mine was hit by wet weather and "breakdowns that cost us tonnes".Fitzgerald believe...Read More
China has announced plans to impose tariffs on approximately $3 billion worth of United States-origin goods, including seamless steel pipes and aluminium scrap.China said it was considering measures to "balance out the losses caused to Chinese interests" by the US' imposition of blanket tariffs - 25% on steel imports, 10% on aluminium imports - that US President Donald Trump announced following th...Read More
- Market turmoil as trade war concerns deepen and Trump appoints war hawk Bolton- Oil, gold and silver jump as 'Russia China Hawk' Bolton appointed- Oil up 4%, gold up 2.2% and silver up 1.6% this week (see table)- Stocks down sharply - Nikkei down 4.5%, S&P 4.3% & Nasdaq 5.5%- Bolton scares jittery markets already shell-shocked by US' tariffs against China- Currency wars and trade wars tend to...Read More
The non-brokered private placement will include up to 15 million units at a price of $0.14 each. Each unit will contain one common share and one warrant, with the latter exercisable into one common share at a price of $0.20 each for a period of 24 months from closing.The funds raised will also be used to evaluate new projects in the battery metals space and for general purposes.Voltaic is creating...Read More
SHANGHAI, Mar 23 (SMM) – Prices of copper scrap are likely to rise as China’s ban on scrap import will shrink supplies in the market, said Li Shilong, vice president at the China Nonferrous Metals Industry Association, Secondary Metals Branch and director at the China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR).Effective from the end of 2018, t...Read More
South America-focused Metminco announced a trading halt earlier this week saying the initial terms for the planned $5.1 million raising had been revised. The seven-for-two rights issue at $0.01 per share, plus an additional $190,000 share placement, was part of a plan to "refinance, restructure and relaunch" the company. The company has now emerged from that halt saying it will ra...Read More
SHANGHAI, Mar 23 (SMM) – The growth rate of global copper ore output is expected to rise back to 3.3% in 2018, said SMM senior analyst Ye Jianhua. Given copper ore supplies in 2017 and price increases, the supply of copper ore in unlikely to be significantly affected in 2018, even as some 40 salary negotiations would occur at overseas miners this year.China's demand for overseas ore...Read More
It said the new name, Desert Mountain Energy, that of its full-owned US subsidiary, was more suited to its current geographical focus and future direction. The company is no longer active in Africa.African Queen recently acquired helium and oil and gas properties acquisitions in Arizona and Oklahoma. It also owns the Yellowjacket gold project in British Columbia. CEO Irwin Olian said it...Read More
De Luca joined the company less than two months ago after previously serving as Newcrest Mining's (AU:NCM) Asia Pacific regional exploration manager.As a result, she didn't know that much about conglomerate-hosted gold and she'd taken a "crash course" over the past three weeks."You really don't get a feel for the challenges this nuggetty gold presents until you're standing on the ground," De Luca...Read More
SHANGHAI, Mar 23 (SMM) – LME copper prices are set to trade in the range of $6,400-7,800/mt in 2018 while SHFE copper at 49,000-60,000 yuan/mt, according to SMM senior analyst Ye Jianhua. Prices are also expected to stay in an upward trend this year, he told delegates at the SMM Copper Aluminium Summit in Shanghai on Friday March 23. For editorial queries, please contact Daisy Ts...Read More
SHANGHAI, Mar 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs trade tensions between the US and China intensified overnight, the US dollar fell and hovered at 89.7.Most base metals closed lower given the simmering trade war. SHFE nickel slipped over 2%, copper dropped 1%. LME nickel slumped 2.6%, and copper, lead, zi...Read More