Irans shooting down of a US drone has raised tensions in the Middle East, with gold and oil prices extending gains. Spot gold reached a high of $1,411.90 per oz after US President Donald Trump reportedly ordered an attack on Iran, which was later aborted. Equities in Asia have weakened across the board. Base metals Three-month base metals on the London Metal Exchange...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.Gasoline prices are expected to move higher over the weekend. Crude oil prices have moved higher due to greater disturbances in the Middle East. In addition, the largest refinery complex on the U.S. East Coast experienced an explosion last night. The Canadian Dollar slipped 0.05 to 75.75...Read More
(Corrects number of FOIA requests in paragraph 2 to six,instead of two dozen) By Valerie Volcovici WASHINGTON, June 20 (Reuters) - A conservation group onThursday sued the Trump administration for withholding documentsrelated to its decision to cancel a 20-year ban on mining in aMinnesota wilderness area and open it up to copper production. The Wilderness Society filed the lawsuit in a Washington,...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday June 19.Please click...Read More
The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect. His view is being echoed by a number of...Read More
Chinese nickel premiums jumped to record highs, creating expectations that global premiums will follow them higher while metal is drawn to China from Europe. Arbitrage opportunities push up both Chinese nickel premiums European premiums hold up despite some supply being diverted to Asia US premiums steady but briquette business seen as weak Chinese premiums at highest everIn China, the in-warehous...Read More
An overview of the noble alloys markets and the reasons for any price moves. Read More
An increase in Northern European buyers' spot market activity improved zinc premiums in Europe this week, while the closed import arbitrage window is weighing on zinc premiums in China and the United States' lead and zinc spot markets were quiet. Northern European zinc consumers acquired units from the spot market this week, leading premiums to rebound from record low levels. A major Indian lead...Read More
Codelco has presented a new labor offer to the three trade unions on strike at its Chuquicamata operation and workers will deliberate on the matter on Wednesday June 19.The Chilean state-owned copper producer proposed a 1.2% wage increase and a bonus amounting to 14.1 million Chilean pesos ($20,185) in a labor contract effective for 36 months. Under the country's law, all workers involved in the n...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Largo Resources has appointed Paul Vollant as its director of sales and trading, the vanadium producer said on Wednesday June 19.Starting from September 2019, Vollant will lead the development of Largo's sales and trading business, the Toronto-based producer said.Vollant's experience includes the position of general manager of sales and marketing at TNG Limited, Shanghai, where his responsibilitie...Read More
Turkish steel producers have resumed their deep-sea scrap bookings after a short break of a day, but demand is expected to slow down, sources said on Wednesday June 19.A steel mill in the Iskenderun region booked a US cargo comprising 18,000 tonnes of HMS 1&2 (80:20) at $278.50 per tonne and 7,000 tonnes of shredded at $283.50 per tonne cfr. This compares with a deep-sea deal from this region on M...Read More
Dovish comments from European Central Bank (ECB) president Mario Draghi combined with some positive US-China trade developments, in that US president Donald Trump said he will meet Chinese president Xi Jinping in late June, to prompt a recovery in equities and industrial metals prices on Tuesday June 18. Markets are now consolidating while they await direction from the conclusion of today's US Fed...Read More
Key data from the Wednesday June 19 pricing session in Shanghai. Key drivers - The cobalt sulfate price in China trended lower on continued weak demand, although the rate of descent slowed in June compared with May, which reflects producers' resistance to lower bids.- Changes to the Chinese subsidies policy on electric vehicles...Read More
Fastmarkets MB will launch a weekly assessment of the South America Galvalume steel coil import price, reported on a US-dollar-per-tonne cfr South America basis.Following the original consultation period for this proposed launch, which ended on May 31 before it was extended by two weeks to June 7, Fastmarkets has decided to launch its Galvalume steel coil import, cfr main ports South America, $ pe...Read More
The domestic prices paid for hot-rolled coil in Europe have been largely stable over the week, market sources told Fastmarkets on Wednesday June 19.Mills continued to make attempts to achieve higher transaction prices, while buyers resisted further price increases on slow market activity. End users were reportedly "not ready" to pay higher prices to distributors, while stockholders and service cen...Read More
The European Commission (EC) imposed definitive safeguard measures on 28 imported steel products in February, replacing the provisional measures that had been in place since July 2018.The EC opened the safeguard case in an attempt to prevent steel shipments being redirected to the EU after the United States imposed import tariffs as part of its Section 232 investigation. Almost one year after the...Read More
The price of mesh-quality wire rod in Europe was unchanged this week in a stable and quiet market, sources told Fastmarkets on Wednesday June 19.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was ?,?505-515 ($566-577) per tonne delivered on Wednesday, unchanged week on week. Demand has been quiet in the market this week while buyers anticipate an...Read More
Prices paid for rebar produced and delivered in Southern Europe were unchanged this week amid heavily subdued activity while buyers await an expected influx of imports in July, sources told Fastmarkets on Wednesday June 19.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?495-515 ($555-577) per tonne delivered on Wednesday, unchanged week on week."It's completely ca...Read More
The price of rebar produced and delivered in Northern Europe widened upward slightly this week despite the market being largely quiet with many buyers waiting for the renewal of EU import quota balances on July 1, sources told Fastmarkets on Wednesday June 19.From July 1, 2019 until June 30, 2020, 301,538 tonnes of Turkey-origin rebar will be permitted to enter the EU tariff-free. After this quota...Read More