Turkish deep-sea scrap import prices increased on Wednesday June 13, with mills resuming purchases from the Baltic Sea region.A steel mill in the Marmara region booked a 40,000-tonne Baltic Sea cargo, comprising HMS 1&2 (80:20) at $344.50 per tonne and bonus scrap at $354.50 per tonne cfr late on Tuesday June 12. However, the cargo breakdown was not clear at the time of publication.On Wednesd...Read More
Iron ore lump premiums spiked on Wednesday June 13 amid expectations of limits being imposed on sintering activity in parts of China to cut pollution.Metal Bulletin 62% Fe Iron Ore Index: $67.02 per tonne cfr Qingdao, down by $0.21 per tonneMetal Bulletin 58% Fe Premium Index: $54.19 per tonne cfr Qingdao, down by $0.10 per tonneMetal Bulletin 65% Fe Iron Ore Index: $88.50 per tonne cfr Qingdao, u...Read More
The seaborne coking coal market continued to pick up strength on Wednesday June 13, even with Chinese end-users suggesting that the upside for prices was limited. Buyers appear to be warming up to the idea of paying $200 per tonne fob Australia for premium hard coking coal, with a bid made on a trading platform at that price for a cargo of such materials during the day. An offer in the same segmen...Read More
Base metals were mixed Wednesday ahead of the Federal Reserve releasing its decision on whether to raise rates."Metals finished lower... and we are mostly mixed right now in very quiet trading as markets are basically on Fed watch," INTL FCStone analyst Edward Meir said.Meanwhile, Glencore-owned copper producer Katanga Mining has settled its legal dispute in the Democratic Republic of Congo with s...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade. Index futures were virtually unchanged following release of the May Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.1% in April. Actual was an increase of 0.5%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of 0.2% in...Read More
Triland Metals Ltd has hired Duncan Lim to join the office of its Singapore subsidiary, Triland Metals Singapore Pte Ltd (TMS), the company said on Wednesday June 13.Lim was previously a base metals trader with Koch Metal, a position he held for more than seven years."Since establishing our regional office in Singapore in 2012, we have expanded our...Read More
Key data from the Wednesday June 13 pricing session in London.Key drivers: - Lack of downstream demand- Surplus of material in Asia and EuropeKey quotes:- "The market typically slows down from the end of July to the beginning of August. The current...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
China is expanding its global steel presence by pumping more investments into overseas assets. Other than its domestic and export prices leading global steel trade, its investments in steel mills around the world let Chinese steelmakers have a physical presence overseas - especially in developing countries where steel demand per capita is expected to continue growing.The latest Chin...Read More
Non-ferrous scrap exports from the United States nudged only slightly higher sequentially in April, with retreating scrap volumes to China partially offset by a surge in shipments to surrounding countries. But exporters remain wary of whether emerging export destinations will remain a viable option in the long term or if they will provide only short-term relief.Non-ferrous scrap exports as a...Read More
All MB non-ferrous UK scrap and foundry ingot prices were unchanged on Wednesday June 13.NB: prices...Read More
Pakistan's National Tariff Commission (NTC) has imposed anti-dumping duties on color-coated coil (PPGI) from China and South Africa, the NTC said on Wednesday, June 13. PPGI imports more than 0.23mm thick and classified under HS codes 7210.7020, 7210.7090, 7212.4010 and 7212.4090 from Chinese producers will be subject to 5.36-10.88% duty. PPGI imports of the same specification...Read More
Pakistan's National Tariff Commission (NTC) has imposed anti-dumping duties on color-coated coil (PPGI) from China and South Africa, the NTC said on Wednesday, June 13. PPGI imports more than 0.23mm thick and classified under HS codes 7210.7020, 7210.7090, 7212.4010 and 7212.4090 from Chinese producers will be subject to 5.36-10.88% duty. PPGI imports of the same specification...Read More
The G7 meeting, which ended in discord on Friday, had little if any effect on precious metals pricing. Yesterday’s historic summit between the United States and North Korea left market participants in a state of flux but had a tepid impact on gold prices.Naturally, this historic event concluded with both sides acknowledging a need to de-nuclearize the Korean Peninsula. However, the lack of c...Read More
SINGAPORE (Reuters) - U.S. President Donald Trump made a stunning concession to North Korean leader Kim Jong Un on Tuesday about halting military exercises, pulling a surprise at a summit that baffled allies, military officials and lawmakers from his own Republican Party.At a news conference after the historic meeting with Kim in Singapore, Trump announced he would halt what he called “very...Read More
(Kitco News) - Financial markets breathed a sigh of relief following Donald Trump’s historic summit in Singapore with North Korean leader Kim Jong-un.The S&P 500 rose 0.2%, spot gold fell by $3, U.S. 10-year bond yields were up 75 basis points, and the U.S. dollar index remained relatively unchanged.Tuesday marked the first time a sitting U.S. President and a member of the Kim dynasty me...Read More
(Kitco News) - Gold prices are moderately lower and trading right around the psychologically important $1,300.00 level in early-afternoon U.S. trading Tuesday. Gold and silver markets did not react significantly to the concluded U.S.-North Korea summit earlier today. August Comex gold futures were last down $2.40 an ounce at $1,300.80. July Comex silver was last down $0.022 at $16.93 an ounce.The...Read More
(Kitco News) - While markets continue to enjoy an unprecedented period of low volatility, the chief executive officer of one global investment management firm warns that investors cannot be complacent.Speaking to Kitco News on the sidelines of the 24th annual International Economic Forum of the Americas in Montreal, Canada, Afsaneh Beschloss, founder and CEO of Rock Creek, said that the growing th...Read More
(Kitco News) - Kinross Gold Corp (TSX: K; NYSE: KGC) will proceed with the initial Gilmore expansion project at its Fort Knox mine in Alaska, the company announced Tuesday.The initial Gilmore project is expected to extend mining at Fort Knox by six years to 2027, and leaching to 2030, at an initial capital cost of $100 million. This is expected to increase life-of-mine production by approximately...Read More
Vale S.A. (NYSE: VALE) has agreed to streaming deals for cobalt from its Voisey's Bay nickel mine in order to finance an expansion. News reports describe this as the world's biggest cobalt stream ever. Streaming companies upfront money in exchange for a share of future production. Wheaton Precious Metals (NYSE, TSX: WPM) and Cobalt 27 Capital Corp. will provide Vale a combined $690 million in fund...Read More