Jupiter Mines this week opened a $42 million share buyback, partly funded by a 1.1 billion South African rand ($91.9 million) distribution to shareholders by South African manganese miner Tshipi, of which it owns 49.9%. The board of Tshipi resolved to distribute the cash to shareholders due to soaring production and higher manganese ore prices, Jupiter said. Metal Bulletin's 37% manganese ore...Read More
ArcelorMittal has predicted that its global iron ore shipments will rise by 10% year-on-year in 2018 following an increase in production at its mines in Liberia, the firm said on Wednesday January 31.Iron ore production will rise to 5 million tonnes from ArcelorMittal's Liberian mines in 2018, compared with around 2 million tonnes in 2017, the company said.Global shipments of iron ore shipped at m...Read More
Russia's Metalloinvest, one of the largest pig iron suppliers in the world, reduced its pig iron shipments in 2017 because of the effects of maintenance and repair works, the company said on Wednesday January 31.In 2017, the company reduced its pig iron output by 9.3% to 2.7 million tonnes. Shipments to third parties went down by 12% to 2.077 million tonnes.Traditionally, Metalloinvest exports...Read More
Billet import volumes into Turkey have fallen over the past three years, with the producers opting to buy scrap because the price margin between these two products has widened since the second half of 2016, making scrap imports more profitable.In 2015, Turkey imported 7.85 million tonnes of steel billet, while scrap imports totaled 16.25 million tonnes in the same year, according to the Turkish St...Read More
Turkish steel producers went quiet again on Wednesday January 31 but still expected to book more cargoes for March, according to sources.Market participants expected the Turkish buyers to show some buying interest through to the end of the week."The Turks need to buy more scrap for March. I think they will be back in the...Read More
Iron ore prices continued to hover around $73 per tonne cfr China on Wednesday January 31 amid an inactive physical market. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.92 per tonne cfr Qingdao Daily change: down by $0.05 per tonne Month-to-date average: $75.83 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.96...Read More
The seaborne iron ore market continued to soften on Wednesday January 31 amid a subdued steel market in China. Key drivers Trading activity in China's steel market remained thin amid snow and freezing temperatures in many parts of the country, which have shaken market confidence.Many sources said that Hebei province could extend its restrictions on steel production - implemented for the winter hea...Read More
Buying activity in the seaborne coking coal market continued to pick up with the transaction price of a premium category fob Australia cargo moving up this week. The cargo was heard traded on an online trading platform at $215 per tonne fob Australia late on Tuesday January 30. The deal followed a transaction involving a higher-ranked cargo last week at $213 per tonne fob Australia.Market particip...Read More
Base metals prices on the London Metal Exchange were back in positive territory across the board during morning trading on Wednesday January 31, with the complex recovering from recent price weakness. Nickel prices were worst affected by the complex's overall weakness yesterday, closing 3.3% lower, but dip buying has supported the metal price to recover by $210 per tonne this morning. "High price...Read More
Mass market electric-vehicle (EV) production will ultimately focus on shorter-range batteries, allowing automakers to manage their exposure to cobalt prices, according to Masato Origuchi, electrical storage system expert at Renault. By equipping mass-market EVs with smaller batteries, carmakers can keep their requirement for cobalt - and exposure to rallying prices - in check, Origuchi said, speak...Read More
Commodities fund Tiberius is seeking to underpin a new world of digital currency transactions with a bullish future for industrial and precious metals, by launching a physical metals-backed cryptocurrency called Tiberius Coin.The fund, based in Zug in Switzerland, has more than $300 million of assets under management. In March, it will allow initial investment in the currency ahead of an ICO, or I...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin minor metals prices changed on Wednesday January 31:Minor metals Antimony MB free market regulus, $/tonne: $8,250-8,500 per tonne from $8,200-8,500 Antimony MMTA standard grade II, $/tonne: $8,250-8,500 per tonne from $8,200-8,500 Cobalt MB free...Read More
Base metals prices on the London Metal Exchange are for the most part firmer this morning, Wednesday January 31, the exceptions being aluminium (-0.3%) and lead that is little changed, while the rest of the complex is up by an average of 0.6% - ranged between tin (0.4%) and nickel (0.7%), with copper prices up by 0.5% at $7,117 per tonne. Volume has been average with 8,535 lots traded as of 07.08...Read More
China's crude stainless steel output rose 4.7% to a new high in 2017.The country produced 25.77 million tonnes of crude stainless steel, up 1.17 million tonnes from an adjusted output of 24.6 million tonnes in 2016, according to data released by the China Stainless Steel Council on Monday January 29. Of the total, 300-series crude stainless steel accounted for 52%, at 13.42 million tonnes. Product...Read More
Klaus Hauschulte, the former chief operating officer of Siemens' wind power division, has been appointed chief executive officer of German recycling company Scholz, the company said on Wednesday January 31.Hauschulte replaces Henry Qin in the position, who remains both managing director of the Scholz group and CEO of Chiho Environmental Group...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday January 31:Aluminium ingot LM24 pressure diecasting ingot: ?1,620-1,670 per tonne from ?1,615-1,665 LM6/LM25 gravity diecasting ingot:...Read More
(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters)* LME Copper Stock Arrivals: * LME Copper Stocks: By Andy HomeLONDON, Jan 30 (Reuters) - You don't get much market bang for 100,000 tonnes of copper these days. Or 101,725 tonnes to be precise, which is the amount of metal that was dumped into the London Metal Exchange (LME) warehouse network ov...Read More
Jan 31 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesMay warns China to play by global rules White House abandons planned pick for South Korea ambassador Uber's global rivals gather as Ola launches in Australia Overview- British Prime Minister Theresa May was starting a crucial trade visi...Read More
By Costas PitasLONDON, Jan 31 (Reuters) - British car production fell last year for the first time since 2009 and investment slumped by a third as uncertainty over Brexit cut domestic demand and companies' new spending plans, an industry body said on Wednesday. Production was down 3 percent at 1.67 million vehicles, mainly due to a 10 percent reduction in domestic demand, which was also impacted...Read More