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,...Read More
A flurry of transactions took place in the seaborne coking coal spot market on Thursday March 15, which gave some support to prices for premium products. A cargo of premium mid-vol hard coking coal with an early-April laycan was heard to have been sold against index with a discount of under 1% to an end-user while another shipment of the same brand was traded at $215 per tonne fob Australia. A pre...Read More
The seaborne iron ore market maintained its stability on Thursday March 15 amid a slight drop in steel inventories in China, with premiums for index-linked cargoes of 62% Fe Australian fines failing to rise as much as expected.Key drivers The slight drop in steel inventories gave the market some optimism about demand from downstream industries beginning its recovery. According to a local informati...Read More
China's ferrous futures ended the morning trading session little changed from their opening prices on Thursday March 15 amid an announcement that steelmakers in some parts of the country are to stop all blast furnace operations until the end of this month.Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,748 yuan ($593.20) per tonne, up 8 yuan per tonne May hot-rolled...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday March 15, while the market awaited key US data released later today."Just when it looked like the markets were going to make a sustained move yesterday we reverted back to the same discontinuous and choppy price action... All eyes are on the slew of US data to come later," Matt France, Marex Spectr...Read More
Chinese cobalt producer GEM has signed a long-term strategic procurement contract with Glencore, securing more than 50,000 tonnes of cobalt intermediates for the following three years - part of a growing trend of producers looking to lock in supply amid growing global tightness.Shenzhen-listed GEM will purchase 13,800 tonnes of crude hydroxide from Glencore in 2018 and a further 18,000 tonnes and...Read More
The large price gap between European and Asian prices for stainless steel is making it difficult to raise EU base prices, according to Spanish stainless producer Acerinox."Higher European domestic prices would only attract more imports from Asia right now," Acerinox chief executive officer Bernardo Vel??zquez said late last month.Asian stainless steel prices have remained largely stable so far dur...Read More
Japan's Nippon Steel and Sumitomo Metal Corporation will expand its global presence in special steels markets by acquiring Swedish special steels maker Ovako and making Japanese steel maker Sanyo Special Steel its subsidiary.The major Japanese steel producer intends to acquire Ovako from private equity fund Triton in the first half of the 2018 fiscal year subject to approval from the competition a...Read More
Global crude stainless steel production totaled 48.08 million tonnes in 2017, according to figures released by the International Stainless Steel Forum (ISSF) on Thursday March 15.This was up 5.79% from the revised figure of 45.45 million tonnes produced in 2016.Production in China was 25.77 million tonnes in 2017, up 4.74% from 24.61 million tonnes in 2016.Output in Asia -...Read More
Metal Bulletin has corrected its March 2 and March 9 price assessments for EU export grade-304 stainless steel cold rolled (CR) sheet (2mm).Metal Bulletin has corrected its price assessment for EU export grade-304 stainless steel cold rolled (CR) sheet (2mm), which was published incorrectly on Friday March 2 and Friday March 9, due to a calculation error.The export grade-304 CR sheet price was pub...Read More
Vancouver, British Columbia, Canada – Thursday, March 15, 2018 – Canada Zinc Metals Corp. (“Canada Zinc Metals” or “the Company”, TSX Venture Exchange: CZX) is pleased to announce that it has formally engaged JDS Energy & Mining Inc. ("JDS") of Vancouver, British Columbia, to conduct a Preliminary Economic Assessment ("PEA") of its 100% o...Read More
Is this the quiet before the storm or the quiet before the quiet? Gold is trading in a narrow and defined trading range. Only eight dollars separates the intraday low and intraday high for today’s trading range. Currently gold futures, basis the most active April contract, is trading -$1.40 lower and fixed at $1,325.70.With next week’s FOMC meeting, traders across the board are looking...Read More
(Kitco News) - Just under a year ago an ounce of gold cost the same as one bitcoin, said Bloomberg Intelligence's Mike McGlone, adding that prices are about to converge once again as the Federal Reserve proceeds with its monetary policy tightening this year.Fed rate hikes played a big role in gold and bitcoin’s paths this past year, McGlone said in a note on Monday, specifying that December...Read More
NEW YORK (Reuters) - U.S. stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for U.S. companies.The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, the White House said Wednesday.Trump is looking to levy tariffs on up t...Read More
(Kitco News) - While companies are racing into the future to create the latest digital currency, one company has looked to the past for the ultimate global currency.U.K.-Based fintech start-up Glint Pay continues to grow in popularity throughout Britain and Europe as the company has breathed new life into the gold market, monetizing the precious metal for the 21 century.The company made internatio...Read More
(Kitco News) - Gold prices were ending the U.S. day session modestly lower Wednesday, pressured slightly by a firmer U.S. dollar index. The yellow metal ignored a batch of U.S. economic data released earlier today, including a producer price index report that was a bit hotter on inflation than expected. April Comex gold futures were last down $2.70 an ounce at $1,324.40. May Comex silver was last...Read More
Range-bound gold may draw support from fears about a trade war but at the same time be held back by expectations for Federal Reserve interest-rate hikes, says TD Securities. “Rex Tillerson's departure from the White House [as secretary of state] provided a bid, but we expect that it will be short-lived as is typical of similar event-driven rallies,” TDS says. “Meanwhile, increasi...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Brio Gold Inc. (TSX: BRIO), which has agreed to be bought by Leagold Mining Corp., reports a net loss of $8.9 million in the fourth quarter that was narrower than a $22.1 million loss in the year-ago period. The adjusted loss was $4.6 million, compared to $28.9 million. Gold production in the October-December period was 40,350 ounces, down 20% year-on-year. For full-year 2017, the net loss wa...Read More
Yesterday we wrote that gold has had trouble holding a rally and Tuesday proved our point. Although gold rallied about $6, the rally was weak and not convincing. If gold was strong, the rally should have been stronger, but all it really did was hover around the bottom end of the range. With all of the turmoil and the equities experiencing a turnaround Tuesday, I would have expected a better rally...Read More