After years of negotiations, the future ownership of the Grasberg copper and gold mine has finally been determined, and it's a win-win outcome. Earlier on Thursday July 12, Rio Tinto and Freeport-McMoRan announced they had reached an agreement with the government of Indonesia that would eventually result in the latter's ownership of Grasberg increasing to 51%. Technically, the deal has been agreed...Read More
State-owned PT Indonesia Asahan Aluminium (PT Inalum) will become a 51% shareholder in Grasberg, the world's second largest copper mine, buying shares from Rio Tinto and Freeport-McMoRan in a deal totaling $3.85 billion, Rio Tinto and Freeport-McMoRan said on Thursday July 12. Rio Tinto has agreed to sell its 40% stake in Grasberg for $3.5 billion, while Freeport will divest a portion of its inter...Read More
Both Chinese cobalt tetroxide and sulfate spot prices edged down on Wednesday July 12 due to seasonal low consumption, with some refineries lowering their offer prices to secure sales despite high raw material costs. Metal Bulletin's China cobalt tetroxide spot price dropped to 390,000-420,000 yuan ($58,492-62,992) per tonne during the midweek session, down 2.4% from 400,000-430,000 yuan per...Read More
Cobalt trade log including business, bids and offers reported to Metal Bulletin. Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Metal Bulletin prices Click here for Metal Bulletin's price assessment for low-grade cobalt, in-warehouse, $ per lb Click here for Metal Bulletin's price assessment for high-grade cobalt, in-warehouse, $ per lb I...Read More
Turkish steel producers continued to book scrap in the deep-sea markets for August deliveries on Thursday July 12, with prices still falling.A steel producer in the Iskenderun region booked a Canadian cargo, comprising 25,000 tonnes of HMS 1&2 (90:10) and 25,000 tonnes of shredded, at an average price of $350.50 per tonne cfr late on July 11.The same mill booked a European cargo...Read More
After years of negotiations, the future ownership of the Grasberg copper and gold mine has finally been determined, and it's a win-win outcome. Earlier on Thursday July 12, Rio Tinto and Freeport-McMoRan announced they had reached an agreement with the government of Indonesia that would eventually result in the latter's ownership of Grasberg increasing to 51%. Technically, the deal has been agreed...Read More
Both Chinese cobalt tetroxide and sulfate spot prices edged down on Wednesday July 12 due to seasonal low consumption, with some refineries lowering their offer prices to secure sales despite high raw material costs. Metal Bulletin's China cobalt tetroxide spot price dropped to 390,000-420,000 yuan ($58,492-62,992) per tonne during the midweek session, down 2.4% from 400,000-430,000 yuan per...Read More
The world's largest steelmaker ArcelorMittal has announced higher prices for its coil products in Northern Europe, market sources told Metal Bulletin on Thursday July 12.The target for hot-rolled coil is ?,?580 ($679) per tonne ex-works in Northern Europe.Metal Bulletin's weekly price assessment for domestic HRC in Northern Europe was ?,?555-565 per tonne ex-works on July 11, reflecting "work...Read More
Domestic steel prices in China are picking up strength after news of summer production cuts in the country's steelmaking hub of Tangshan broke.The price increases came after several mills confirmed that they had received official notices from the Chinese government. Prices rose steadily from the afternoon of Wednesday July 11 after a couple of days of uncertainty over whether the cuts would materi...Read More
China's ferrous futures, apart from the hot-rolled coil contract, ended morning trading higher on Thursday July 12 following a steady upward trend since the start of the session.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,956 yuan ($584) per tonne, up 18 yuan per tonne October hot-rolled coil: 4,004 yuan per tonne, unchanged Dalian Commodity Exchange Septemb...Read More
Turkish domestic rebar and wire rod prices have gone down over the past week while the value of the country's lira weakens and scrap costs fall, sources said on Thursday July 12.Metal Bulletin's weekly price assessment for domestic rebar was $535-550 per tonne ex-works, down from last week's $550-560 per tonne.The domestic rebar price in the Istanbul region was $550-560 per tonne ex-works on Thurs...Read More
Turkish rebar and wire rod export prices have fallen over the past week because of sluggish demand and weakening prices for steel scrap and billet, sources said on Thursday July 12.Metal Bulletin's weekly price assessment for rebar exports out of Turkey was $540-545 per tonne fob on an actual weight basis, down from last week's $545-555 per tonne fob.Turkish steel producers have...Read More
Imported steel billet prices decreased this week in Egypt with lower offers heard in the market, but domestic rebar prices remained unchanged, sources told Metal Bulletin on Thursday July 12.Metal Bulletin's weekly price assessment for domestic rebar in Egypt on July 12 was unchanged at E ?12,525-12,528 ($698-699) per tonne ex-works.The country's major rebar producer, Ezz...Read More
The only sales heard in the pig iron export market from the Commonwealth of Independent States (CIS) recently were from the Baltic Sea region, while the Black Sea market was quiet during the week ended Thursday July 12.The low-manganese pig iron from the Baltic ports goes to foundries in Western Europe, which is the key destination for cargoes from this area. These foundries are less affected by u...Read More
Turkish steel producers continued to book scrap in the deep-sea markets for August deliveries on Thursday July 12, with prices still falling.A steel producer in the Iskenderun region booked a Canadian cargo, comprising 25,000 tonnes of HMS 1&2 (90:10) and 25,000 tonnes of shredded, at an average price of $350.50 per tonne cfr late on July 11.The same mill booked a European cargo...Read More
Metal Bulletin is proposing to refine its existing coverage of the 62% Fe iron ore fines market to provide a clearer reflection of the mid-grade market segment, as distinct from other grade brackets.Metal Bulletin is proposing to refine its existing 62% Fe iron ore fines price (MBIOI-62) to provide a clearer reflection of the mid-grade market, removing direct influence from data pertaining to othe...Read More
Turkish billet prices have continued to fall over the past week because of falling scrap prices and sluggish demand, sources said on Thursday July 12.Billet offers from the CIS region softened over the preceding seven days, with buyers in Turkey and other markets showing limited interest in deals for CIS material.And import scrap prices in Turkey moved downward...Read More
Imported steel billet prices decreased this week in Egypt with lower offers heard in the market, but domestic rebar prices remained unchanged, sources told Metal Bulletin on Thursday July 12.Metal Bulletin's weekly price assessment for domestic rebar in Egypt on July 12 was unchanged at E ?12,525-12,528 ($698-699) per tonne ex-works.The country's major rebar producer, Ezz...Read More
Molybdic oxide prices in Europe have added to gains made on Friday amid more buying interest so far this week after higher-priced sales of oxide in Asia affected market sentiment in the West.The move higher in European oxide has pulled up offer prices in the domestic ferro-molybdenum market, although there were fewer reported sales in alloys while market participants wait to see how far the oxide...Read More
East Asia's stainless steel import prices were relatively steady over the past week, with trading activity remaining low on soft regional demand, and offers staying unchanged despite declining nickel prices.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,210-2,300 per tonne cif East Asian ports for the week ended Wednesday July 11, narrowing up...Read More