Swedish state-owned iron ore producer LKAB has applied for a new environmental permit that would allow it to increase output at its main mine in Kiruna, northern Sweden, the company said on Monday July 2."To achieve the planned increase in production, Kiruna should have a new environmental permit in place no later than at the turn of the year 2019-20. So it's crucial that the environmental assessm...Read More
Turkish steel producers extended their silence in the deep-sea scrap markets on Monday July 2, but are expected to resume buying soon for August deliveries.However, the producers are waiting to see the level of demand for finished steel products before buying more scrap, according to market participants."Turkish mills ended their July bookings and will probably wait for a while to see the...Read More
Pig iron export prices from Brazil remained unchanged last week, with most producers were already sold out amid rebounding domestic demand. Metal Bulletin's weekly price assessment for pig iron exports from Brazil was $390-395 per tonne fob for material from the northern Caraj??s region on Friday June 29, while the assessment for south-eastern Minas Gerais region was $375-380...Read More
Turkish domestic scrap prices have remained largely stable over the past week, with demand for material being moderate, sources said on Monday July 2.Only one steel mill changed its buy price for auto bundle scrap over the past week, while the rest kept their prices unchanged.Long steel producer ID??, in the Izmir region, increased its buy price for auto bundle scrap by TRY10 per tonne to TRY1,520...Read More
Prices for iron ore lumps remained strong on Monday July 2 despite a few transactions involving fines being concluded below prevailing levels.Metal Bulletin 62% Fe Iron Ore Index: $64.54 per tonne cfr Qingdao, down $0.48 per tonne Metal Bulletin 58% Fe Premium Index: $51.92 per tonne cfr Qingdao, up $0.42 per tonne Metal Bulletin 65% Fe Iron Ore Index: $91.60 per tonne cfr Qingdao,...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, tender, 100,000 tonnes of 61% Fe Pilbara Blend fines, sold at $62.38 per tonne cfr China, laycan July 17-26.Rio Tinto,...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 14 points in pre-opening trade. Futures responded to growing concerns about a trade war after the European Union threatened to impose tariffs valued at $300 billion against U.S. goods.Adding to futures weakness was the presidential election in Mexico of left-leaning Lopez Obrader.Constellation Brands dropped $1.24 to...Read More
Seaborne coking coal spot prices were largely stable on Monday July 2 despite some offers being made above prevailing levels, which kept end-users away from the market. "The offers are not representative of the current market. Prices were propped up after last week's trade [of $211 per tonne cfr China]," a Chinese trader told Metal Bulletin. An end-user source said that the current market was arti...Read More
China's domestic and export prices for hot-rolled coil weakened on Monday July 2 with trading activity remaining thin, sources told Metal Bulletin.DomesticEastern China (Shanghai): 4,240-4,270 yuan ($640-645) per tonne, widened downward by 20 yuan per tonneNorthern China (Tianjin): 4,130-4,180 yuan per tonne, widened downward by 40 yuan per tonneWhile traders in Shanghai were asking for 4,260-4,27...Read More
The global downtrend in antimony prices continued last week amid weakening demand.In Europe, prices for antimony with bismuth content below 100ppm or trioxide-grade in-warehouse Rotterdam moved down to $7,900-8,150 per tonne on Friday June 29 from the mid-week assessment of $8,000-8,250 per tonne.The MMTA standard grade II antimony in-warehouse Rotterdam price was stable at $7,900-8,150 per tonne...Read More
A continuous rise in the dollar against the Chinese yuan has put downward pressure on Chinese silicon export quotations this past week, while prices in Europe retreated amid a seasonal lull.Metal Bulletin assessed Chinese grade 553 silicon export prices at $1,710-1,760 per tonne on Friday June 29, down 2% from $1,740-1,800 per tonne one week ago. Consensus among market participants is that quotati...Read More
Metal Bulletin is proposing to launch a price assessment for ferrous scrap on a cfr Vietnam basis, to be published as a $ per tonne range every week.Following an initial consultation with the market, it has become clear that Vietnam is fast becoming a key price indicator for the ferrous scrap market in Asia, and will likely become a crucial benchmark in the region. Its importance has grown to matc...Read More
Today's modest price increase has had little effect on the weekly tally. As of 3:30 PM Eastern standard time, gold futures (August 2018 Comex contract) are trading $1.80 higher on the day, and currently fixed at $1252.80. Considering gold opened on Monday at approximately $1,272 per ounce, this week's activity resulted in a decline of $20. Today's modest advance is not based in any part on buyers...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said he expects a second tax overhaul to be unveiled in October or a bit earlier, and he is considering cutting the corporate tax rate to 20 percent from 21 percent.In an excerpt of a Fox Business Network interview to be broadcast on Sunday, Trump said: “We’re doing a phase two. We’ll be doing it probably in October, maybe a litt...Read More
(Kitco News) - While the gold market has been pretty uneventful since the start of summer, you wouldn’t know it in Canada’s Yukon Territory.Our editor Neils Christensen just returned from a week packed with mine tours and interviews from Canada’s great white North. Highlights include his interview with Ranj Pillai, the Minister of Energy & Mines for the Yukon government, who...Read More
(Kitco News) - Analysts are struggling to pinpoint gold’s future direction after prices hit a 12-month low earlier this week, yet many agree that the yellow metal is oversold and is due for a rebound.Gold prices continue to trade under heavy pressure on Friday, closing down what was a very tough week, where gold saw all of its year-to-date gains erased while ignoring escalating trade tension...Read More
Brad Thrall, president of Alexco Resource shows the entrance to the silver company's Flame & Moth underground project. The company expects production to start by the start of 2019 (Kitco News) - The silver market is struggling to gain traction as prices are at the bottom of their range near a six-month low, but there is growing optimism in Canada’s largest historic silver district. In a...Read More
(Kitco News) - Sentiment in the precious metals market is clearly bearish in the near-term as Wall Street and Main Street both look for gold to slide further in the next week, based on the Kitco News weekly survey.In fact, this is the first week that Wall Street and Main Street both have been bearish at the same time since March 9.Fifteen market professionals took part in the survey. There were ei...Read More
(Kitco News) - TD Securities says gold may suffer more in the near term, but the Canadian bank looks for the precious metal to eventually recover as the U.S. dollar loses momentum and investors look for a hedge amid geopolitical and trade issues. In fact, the late-Thursday report from TDS strategists Bart Melek, Ryan McKay and Daniel Ghali forecast that gold will average $1,375 an ounce in the fin...Read More
I have just returned from the annual Yukon Mining Alliance (YMA) Investment & Media Tour with a deeper understanding of the geologic history in the westernmost of Canada's three federal territories. Each year the YMA invites a select group of both industry professionals and resource investors on a 6-day whirlwind tour of numerous mine site camps throughout the region. The schedule and logistic...Read More