Base Metal Stock Articles

Freeport to start mine development at Kucing Liar in Indonesia

October 22, 2021 / Staff reporter

Freeport-McMoRan's Indonesian unit plans to start long-term mine development activities at its Kucing Liar deposit, the company said.PT-Freeport Indonesia (PT-FI), in which Freeport holds a 48.76% stake and manages its mining operations, will develop the project over the next 10 years, the US copper producer said.At full operating rates, annual production from Kucing Liar is expected to exceed 500...Read More

Freeport's planned new Indonesian copper smelter not subject to export duties

October 22, 2021 / Staff reporter

Freeport-McMoRan's new Indonesian copper smelter will not be subject to export duties, the US copper producer said.The new greenfield smelter, currently delayed by Covid-19, is to be located in Gresik, Indonesia, and will have the capacity to process around 1.7 million tonnes of copper concentrate per year.The same applies to the company's precious metals refinery (PMR), which will process gold an...Read More

EGYPT STEEL BILLET, REBAR: Prices increase, demand slightly better

October 22, 2021 / Staff reporter

Egypt's prices for imported billet and domestic reinforcing bar increased in the week to Thursday October 21, with demand also picking up from previous weeks, sources told Fastmarkets.Local rebar producers increased their prices effective October 20.Buying increased after the price hikes were announced because buyers believed prices could rise further, traders said.On the other hand, the Advanced...Read More

LIVE FUTURES 21/10: Aluminium prices down 5% on LME, nickel C/3M in $88 backwardation

October 22, 2021 / Staff reporter

Base metal prices on the London Metal Exchange were down across the board at the 5pm close of trading on Thursday October 21, with market participants beginning to sell off material following the recent price rally.The three-month aluminium price fell by 5.2% to $2,910 per tonne on Thursday, down from $3,069.50 per tonne at Wednesday's 5pm close after trading in large volumes and more than 34,180...Read More

Rio Tinto to invest $7.5 billion to meet its revised emission targets

October 22, 2021 / Staff reporter

Rio Tinto will invest $7.5 billion to reduce emissions and meet its carbon targets earlier than planned, the company announced on Wednesday September 20.Following more ambitious climate targets by governments, Rio Tinto is revising its emissions reduction targets. Its new target is to reduce its Scope 1 & 2 carbon emissions of the greenhouse gas (GHG) Protocol by 50% by 2030, more than triple...Read More

IN CASE YOU MISSED IT: 5 key stories from October 21

October 22, 2021 / Staff reporter

Here are five Fastmarkets stories you might have missed on Thursday October 21 that are worth another look.Rio Tinto will invest $7.5 billion to reduce emissions and meet its carbon targets earlier than planned, the company announced on Wednesday September 20.The government of the United...Read More

HOTTER ON METALS: Cooling copper and the credibility challenge

October 22, 2021 / Staff reporter

The three-month copper contract is trading near record highs on the London Metal Exchange, cash prices are rising even faster, and inventories are descending toward zero. Try running a hedge book in those conditions.It's been a very real quandary facing the physical trade and industry, which awoke on Tuesday October 19 to find copper's cash to November spread had flared to a backwardation of more...Read More

COMMENT: Plunging iron ore prices, Evergrande and the global steel supply chain

October 22, 2021 / Staff reporter

The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...Read More

TURKEY LONG STEEL EXPORTS: Prices up on costlier scrap

October 22, 2021 / Staff reporter

Turkish reinforcing bar and wire rod export prices continued to increase over the past week due to strengthening scrap costs, market participants told Fastmarkets on Thursday October 21.Turkish steel mills continued their deep-sea ferrous scrap purchases this week, with prices exceeding $500 per tonne for an 80:20 mix of No1 and No2 heavy melting scrap.Fastmarkets' daily index for steel scrap HMS...Read More

IN CASE YOU MISSED IT: 5 key stories from October 21

October 22, 2021 / Staff reporter

Here are five Fastmarkets stories you might have missed on Thursday October 21 that are worth another look.Rio Tinto will invest $7.5 billion to reduce emissions and meet its carbon targets earlier than planned, the company announced on Wednesday September 20.The government of the United...Read More

Cerro Verde labor talks continue with majority of workers having signed

October 22, 2021 / Staff reporter

Negotiations for a new collective labor agreement (CLA) at the Cerro Verde copper mine in Peru are ongoing, with around 65% of hourly workers having signed new contracts as of the end of September, according to US copper producer Freeport-McMoRan.The company, which owns a 53.56% stake in Cerro Verde, said the CLA expired on August 31 and that ongoing talks may result in additional charges to the m...Read More

Extended rolling mill closures smash China steel billet prices

October 22, 2021 / Staff reporter

Reduced operations at steel rerolling mills in several key cities across China have hurt prices for steel billet in China's local and import markets, sources said on Thursday October 21.The northern Chinese steelmaking hub Tangshan ordered rerolling mills in its Fengrun district to suspend production from October 21 to 31 to improve air quality, market participants told Fastmarkets.The production...Read More

ENERGY TRANSITION: UK to set up critical minerals committee, update list

October 22, 2021 / Staff reporter

The government of the United Kingdom plans to set up an expert committee on critical minerals to provide independent advice on the scope and content of a critical minerals strategy to meet the country's net-zero carbon emissions targets, it said.In a move designed to guide investment decisions, the government also plans to update the country's critical minerals list, which details materials that a...Read More

CIS STEEL BILLET: Prices rise as mills eye uptrend in Turkish market

October 22, 2021 / Staff reporter

Prices in the Commonwealth of Independent States' export market for steel billet moved up on Thursday October 21 amid rising scrap and domestic billet prices in Turkey, which added to the positive expectations among sellers.Fastmarkets' calculation of its daily index for steel scrap HMS 1&2 (80:20 mix), north Europe origin, cfr Turkey, was $497.04 per tonne on Thursday, unchanged day on day but up...Read More

ENERGY TRANSITION: UK to set up critical minerals committee, update list

October 22, 2021 / Staff reporter

The government of the United Kingdom plans to set up an expert committee on critical minerals to provide independent advice on the scope and content of a critical minerals strategy to meet the country's net-zero carbon emissions targets, it said.In a move designed to guide investment decisions, the government also plans to update the country's critical minerals list, which details materials that a...Read More

TURKEY LONG STEEL: Domestic prices continue to rise amid higher scrap costs and weaker lira

October 22, 2021 / Staff reporter

Turkish domestic rebar and wire-rod prices have continued to rise over the past week due to higher scrap costs and a weaker lira, market sources said on Thursday October 21.Turkish steel mills have continued their deep-sea scrap purchases with prices exceeding $500 per tonne for HMS 1&2 (80:20).Fastmarkets' calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) United States origin, cf...Read More

FOCUS: Chinese mills unlikely to use up Q4 'quota' for crude steel output

October 22, 2021 / Staff reporter

Steelmakers in China will likely keep their production rates low in the fourth quarter of 2021 amid pollution controls and tight electricity supply even though they still seem to have a lot of "quota" left for the year, market participants say.In the first nine months of this year, China produced 805.89 million tonnes of crude steel, according to the country's National Bureau of Statistics (NBS)....Read More

DAILY STEEL SCRAP: Mills continue booking deep-sea cargoes

October 22, 2021 / Staff reporter

Turkish steel mills have continued their deep-sea scrap bookings with two Venezuelan cargoes, market participants told Fastmarkets on Thursday October 21.A steel mill in the Iskenderun region booked a Venezuelan cargo consisting of 25,000 tonnes of HMS 1&2 (80:20) at $505 per tonne cfr late on Wednesday October 20. The cargo was scheduled to...Read More

FOCUS: Chinese mills unlikely to use up Q4 'quota' for crude steel output

October 22, 2021 / Staff reporter

Steelmakers in China will likely keep their production rates low in the fourth quarter of 2021 amid pollution controls and tight electricity supply even though they still seem to have a lot of "quota" left for the year, market participants say.In the first nine months of this year, China produced 805.89 million tonnes of crude steel, according to the country's National Bureau of Statistics (NBS)....Read More

ENERGY TRANSITION: UK to set up critical minerals committee, update list

October 22, 2021 / Staff reporter

The government of the United Kingdom plans to set up an expert committee on critical minerals to provide independent advice on the scope and content of a critical minerals strategy to meet the country's net-zero carbon emissions targets, it said.In a move designed to guide investment decisions, the government also plans to update the country's critical minerals list, which details materials that a...Read More

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