Manganese ore, chrome ore and ferro-chrome prices will stand firm over the Lunar New Year holiday amid comparatively strong seasonal demand and the appreciation of the South African rand, producers of those commodities predicted at Mining Indaba this week. South African UG2 chrome ore prices have staged the strongest recovery among the three commodities over the past month, up 16.6%, while ch...Read More
Tungsten miner Almonty Industries reported earnings before interest, taxes, depreciation and amortization (Ebitda) for the three months ended September 31, 2017, that were the same as in the previous quarter, at C$2.88 million ($2.31 million).This was a significant increase from earnings of C$951,000 recorded in January-March, which was the second quarter of Almonty's financial year, the Canada-ba...Read More
Yilmaden Holding has sent a team of senior representatives to Mining Indaba to secure investment opportunities in markets including cobalt, vanadium and molybdenum. The company, a subsidiary of Turkish industrial conglomerate Yildirim Group, is looking for diversification opportunities in Central Asia, Africa and South America. The group already owns chrome assets in Turkey, Sweden, Russia and Kaz...Read More
Brazilian competition regulator Cade has approved the proposed merger between ArcelorMittal Brasil and long steel producer Votorantim Siderurgia, but with restrictions.The operation was approved by a majority of Cade's administrative court on Wednesday February 7 and is conditional on ArcelorMittal agreeing to sell several assets, as well as taking on commitments about production levels.ArcelorMit...Read More
The Turkish steel mills stayed out of the scrap markets on Wednesday February 7, making no deep-sea bookings, but were still expected by market sources to book more cargoes for March.There were rumors of a European cargo being sold at $340-342 per tonne cfr for HMS 1&2 (80:20), but the supplier denied this."I heard the same rumor but it is not correct," the supplier source said....Read More
The former chief executive officer of Rio Tinto defended himself against fraud allegations made in a civil lawsuit and said he has always operated within the bounds of transparency and strong ethics. During an interview with Metal Bulletin on stage at the annual Mining Indaba in Cape Town, Tom Albanese made his first public statement on allegations that he, a former colleague and Rio Tinto deliber...Read More
China's coke export prices have bottomed out and begun to pick up again in the past fortnight, amid a turnaround in market sentiment and the continued appreciation in the value of the yuan.Metal Bulletin's price assessment for Chinese coke exports with 65% coke strength after reaction (CSR), 12.5% ash, and in physical sizes of 30-90mm, was $350-355 per tonne fob China for the week ended Tuesday Fe...Read More
Export volumes of Brazilian pig iron rose by 35.48% year-on-year in January, amid improved European demand and a positive pricing scenario.Shipments amounted to 150,946 tonnes, against 11,413 tonnes a year before, according to figures released by Brazilian foreign trade ministry MDIC on Wednesday February 7.Metal Bulletin's weekly price assessment for Caraj??s-origin material was $390-395 per...Read More
Brazilian iron ore export volumes to China increased by 11.88% year-on-year in January amid lower sales prices, Metal Bulletin has learnt.Shipments came to 18.17 million tonnes, against 16.24 million tonnes a year earlier, according to figures released by Brazilian foreign trade ministry MDIC on Wednesday February 7.In the same comparison, however,...Read More
The latest metal markets news and price moves to start the North American day on Wednesday February 7. Base metals prices on the London Metal Exchange are mostly recovering during morning trading following Tuesday's sell-off.. Here is how the LME base metals complex looked at 12.12pm London time: For a snapshot of exchange news, check out our live futures report. Trading houses Transamine and Merc...Read More
Comex copper prices were trading at the lowest point since late January on Wednesday February 7, with speculative selling weighing on the red metal. Copper for March settlement on the Comex division of the New York Mercantile Exchange tumbled 7.35 cents or 2.3% to $3.1155 per lb. Earlier, the metal touched $3.1060, the weakest since January 23. Investors have been unable to set a consistent price...Read More
Rising profitability among Chinese mills is fueling demand for high-grade iron ore, which gave prices a boost on Wednesday February 7. Metal Bulletin's 62% Fe Iron Ore Index Today: $77.20 per tonne cfr Qingdao Daily change: Up by $1.28 per tonne Month-to-date average: $75.22 per tonne Metal Bulletin's 58% Fe Premium Index Today: $61.84 per...Read More
Seaborne iron ore prices continued to strengthen on Wednesday February 7 with a few high-grade brands changing hands at higher levels, while some uncertainties have emerged over exports out of India.Key driversChinese steelmakers are again seeking high-grade iron ore such as Newman and Carajas fines amid a widening of their profit margins and expectations of a possible extension of winter restrict...Read More
Base metals prices on the London Metal Exchange are mostly recovering during morning trading on Wednesday February 7 following Tuesday's sell-off. The three-month nickel price lost nearly $400 per tonne yesterday but has now recovered back above $13,500 per tonne. "When the demand improves after Chinese New Year holidays [February 15-21], the fall in LME nickel inventories will speed up," an analy...Read More
Demand for seaborne coking coal remains strong amid tight supply of domestic materials in China, market participants said on Wednesday February 7.A cargo of premium low-vol hard coking coal, with laycan set for the end of February, was traded around $225 per tonne cfr China this week after a transaction involving a prompt cargo was concluded at just above $230 per tonne cfr earlier this week, mark...Read More
Export prices for Chinese hot-rolled coil picked up strength on Wednesday February 7 after a handful of overseas buyers put in higher bids in response to an increase in offers.DomesticEastern China (Shanghai): 4,110-4,130 yuan ($654-657) per tonne, unchangedNorthern China (Tianjin): 4,000-4,030 yuan per tonne, unchangedDomestic prices held steady amid sparse trading in the major markets of Shangha...Read More
Silicon metal export volumes from Brazil rose by 33.68% year on year in January, due to higher shipments to Europe, according to figures released by Brazil's foreign trade ministry MDIC on Wednesday February 7.Exports totaled 20,859 tonnes, against 15,604 tonnes in January 2017, MDIC data shows. In December, Brazil's silicon metal shipments totaled 13,015 tonnes.Meanwhile, Brazil's revenues f...Read More
An overview of the minor metals markets and the reasons for any price moves. Read More
Nornickel has signed a $4.4 billion partnership deal with Russian Platinum Plc in a 50:50 owned enterprise to jointly develop three major PGM deposits in Russia, it said on Wednesday February 7.The joint company aims at producing approximately 70-100 tonnes per year of platinum and palladium, as well as 50,000 tpy of nickel, Nornickel's president Vladimir Potanin said in...Read More
JFE Holdings' operating income rose sharply for the first three quarters of fiscal 2017 due to a change in accounting methods, cost reductions and improved sales, while its steel business renewed old facilities to ensure stable steel output.Consolidated operating income stood at ?172.32 billion ($1.56 billion) for April to December 2017, up 373.2% from ?36.4 billion for the same period a year ag...Read More