Copper concentrate deliveries from the Ok Tedi mine in Papua-New Guinea may be affected after an earthquake-induced landslide cut off the mine from road access, well-informed sources have told Metal Bulletin.An earthquake of 7.5 magnitude hit the Southeast Asian country on the morning of Monday February 26. A resulting landslide cut of road access to the mine and damaged a pipeline which transport...Read More
The Jamalco alumina refinery at Clarendon in Jamaica will end its reliance on oil within the next two or three years when it converts to using natural gas, its managing director has said.A new heat and power facility, developed through a joint agreement with New Fortress Energy, will produce 100 MW of energy, of which 94 MW will be exported to the country's grid, Austin Mooney said."The natural ga...Read More
Base metals prices on the London Metal Exchange fell across the board at the close on Wednesday February 28, with the complex under pressure from the resurgent dollar, which hit its highest level since January 19.The three-month copper price plummeted to a two week low and closed below the $7,000-per-tonne support level. "The base metals complex has retreated on the back of a stronger dollar index...Read More
Brazil-based steel group Gerdau is confident about a recovery in steel demand in the country, mainly from the industrial and automotive industries."We are seeing an increase in demand, especially in the industrial and automotive sectors," chief executive officer Gustavo Werneck said on Wednesday February 28."In construction, there are signs of a gradual recovery, and at a stronger pace than in 201...Read More
German steelmaker Salzgitter expects to benefit from generally stable selling prices in the EU steel market in 2018, combined with raw material prices for iron ore and coking coal that will stay close to the levels seen at the end of 2017.The positive outlook, however, is threatened by significant volumes of coil imports into Europe from such countries as Turkey and India, despite anti-dumping mea...Read More
Gerdau considers its current portfolio of assets in the United States and Canada to be "adequate" following the divestments in January of some of its US rebar production units, a wire rod mill and two downstream facilities, it has said."We reached a point where we consider our portfolio [in North America] adequate, and from now on we will draft our growth strategy," Gerdau chief finance officer Ha...Read More
Prices for rebar made and delivered in Northern Europe are expected to increase over the coming weeks amid an upturn in prices for the ferrous scrap used to make the bar product, sources told Metal Bulletin on Wednesday February 28."Prices are more or less unchanged [over the past week]; we expect them to go up in the coming weeks," one Northern European trader said."Scrap prices have turned aroun...Read More
Key data from the Wednesday February 28 pricing session in Europe. Ferro-titanium 70% (max 4.5% Al) $ per kg, delivered duty-paid in EuropeKey drivers: - The ferro-titanium spot market was steady, with more than 100 tonnes of alloy reported to have traded. - The titanium scrap markets were stable for a third week in a row despite a lack of reported trades. - Sources are waiting for tenders from st...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday February 28:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $12.80-12.85 per lb from $12.55-12.75 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $30.60-30.75 per kg from $30.40-30.60...Read More
Noble Group made a net loss of $4.94 billion in the 2017 financial year ended December 31, the company said on Wednesday February 28.This compares with net profit of $8.14 million in 2016. The losses included $3.24 billion of exceptional items recorded during the period from Noble's continuing operations, which included results from the hard commodities, freight and light natural gas segment. The...Read More
Worldwide output of direct-reduced iron (DRI) increased by 7.60% year-on-year in January 2018, driven by higher production from Iran, according to the World Steel Assn (Worldsteel).DRI output was 6.47 million tonnes in January 2018, compared with 6.02 million tonnes one year before, Worldsteel said on Monday February 26.Iran increased its DRI output to 2.06 million tonnes in January 2018, rising b...Read More
The Turkish steel mills stayed back from the scrap markets on Wednesday February 28, booking no deep-sea cargoes, but they are expected to secure more transactions for April, Metal Bulletin was told.Scrap prices were also expected to increase further, amid strong demand from the country's steel producers."I hear that a number of mills are looking for material for April now. I think we will continu...Read More
Vale's Caraj??s-origin 65% Fe iron ore is expected to be sold in 2018 at a premium of $14-15 per tonne over its 62% Fe product, ferrous minerals and coal executive officer Peter Poppinga has said."We are very positive [about the market], because of bullish macroeconomic indicators, rising steel demand globally and high steel prices," he told analysts during a conference call on Wednesday February...Read More
Iron ore prices slid below $79 per tonne cfr China on Wednesday February 28 amid sluggish demand for the steelmaking raw material in the seaborne market. Metal Bulletin's 62% Fe Iron Ore Index Today: $78.61 per tonne cfr Qingdao Daily change: down by $0.54 per tonne Month-to-date average: $77.35 per tonne Metal Bulletin's 58% Fe Premium Index Today: $61.62 per tonne cfr...Read More
Brazilian miner Vale views the gap between high- and low-grade iron ore as a "structural change that will continue to impact the market in the coming years," it said on Tuesday February 27. The move toward a more efficient steel industry, along with the enforcement of stricter environmental policies in China, should support demand for high-quality ores that enable productivity and lower emissions,...Read More
Seaborne coking coal prices rose on Wednesday February 28, with Chinese buyers flagging limited offers of such materials and an unclear outlook for domestic supply as factors generating buying interest. A cargo of premium products was offered at $237 per tonne fob Australia on Global Coal. A bid of $229 per tonne fob was made for the cargo. Tier-two cargoes were heard offered on both cfr China and...Read More
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, tender, 100,000 tonnes of 61% Fe...Read More
The seaborne iron ore market softened on Wednesday February 28 with few bids made in response to the large number of offers, most of them from traders.Key driversChina's benchmark iron ore futures contract retreated for a second day, while spot rebar and hot-rolled coil prices in the country also fell 10-20 yuan ($1.60-3.20) per tonne during the day.With downstream steel demand yet to pick up afte...Read More
Revenue from the commodities business of the Hong Kong Exchanges and Clearing (HKEX) was HK$1.44 billion ($183.5 million) in 2017, versus HK$1.56 billion in 2016, due to lower trading fees at its London Metal Exchange subsidiary, according to HKEX's financial report published on Wednesday February 28.Trading fees - which are the largest contributor to revenue for the LME - fell by 9% or HK$114 mil...Read More
Comex copper prices softened in the US morning on Wednesday February 28, with a stronger dollar and lower-than-expected Chinese data weighing on the base metals complex. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 3.10 cents or 1% to $3.1555 per lb. Earlier, the contract touched $3.1525, the lowest since February 13. Earlier this morning, China's manufa...Read More