Eramet produced a record 4.1 million tonnes of manganese ore in 2017, compared with 3.41 million tonnes in 2016, the company said in its annual results on Wednesday February 21.The French miner attributed the rise in output mainly to efforts in making the TransGabonese railway line in Gabon more reliable, which enabled its subsidiary COMILOG to achieve a record level of 4.1 million tonnes of...Read More
Turkish steel mills paused their deep-sea scrap purchasing activity on Wednesday February 21 after news broke of the delivery of the Section 232 report in the United States, according to market sources.The mills in the country were expected to book more cargoes for March but they have slowed down their transactions and have booked only one cargo since the US Department of Commerce delivered its re...Read More
The trade protection measures suggested in the Section 232 report submitted to the US government would create "deviations in global trading" and increase unfair trade competition, according to steel trade associations in Turkey.And the threat of a 53% import tax to be levied by the United States on Turkish goods would "definitely stop Turkish exports into the country," they added.Section 232 allow...Read More
Iron ore prices held steady at $78 per tonne cfr China on Wednesday February 21, with China on the last day of its weeklong break for the Chinese New Year.Metal Bulletin's 62% Fe Iron Ore Index Today: $78.43 per tonne cfr Qingdao Daily change: unchanged Month-to-date average: $76.83 per tonne...Read More
Seaborne coking coal prices remain supported amid concerns over the weather in Queensland, Australia despite the absence of Chinese buyers, according to market sources. "[Tuesday] night's severe storm activity in Central and North Queensland has impacted some sections of the Central Queensland Coal Network (Goonyella and Blackwater)," Queensland rail freight operator Aurizon told Metal Bulletin vi...Read More
Indian steel product export prices could fall if high import tariffs are applied to steel from countries such as South Korea, Turkey and Japan by the United States, sources have told Metal Bulletin.Any price drops for steel from South Korea, Turkey and Japan - which depend on steel exports to the US more than Indian steel mills do - would depress market conditions for Indian steel exporters too, s...Read More
BHP expects to see the price spreads across different grades of steelmaking raw materials to persist in the coming months amid supply-side reforms in China, among other factors. "[...] We are optimistic that the 62% Fe index price [for iron ore] can be relatively resilient to slowing end-use demand and growing seaborne supply in the coming half year," the miner said in its economic and commodity o...Read More
Comex copper prices were in negative territory on Wednesday February 21, with a stronger dollar and lack of market action weighing on base metals prices generally.Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 0.9 cents or 0.3% to trade recently at $3.1815 per lb."The USD continues to be the main game in town as its recent rally continues ahead of some key...Read More
The global zinc market was facing a 495,000-tonne deficit last year, mainly driven by growing consumption in countries including China and Japan, according to the International Zinc and Lead Study Group (IZLSG).This compares with a deficit of 122,000 tonnes and a surplus of 170,000 tonnes in 2016 and 2015 respectively, the group said on Tuesday. Refined zinc usage rose by 2.60% to 14,219,000 tonne...Read More
Copper premiums in Asian markets were unchanged this week on quiet spot trade as key markets were closed for the Lunar New Year holidays. Meanwhile, limited spot buying interest was shown in Europe this week to keep premiums flat as market participants stayed relaxed on the ample availability of copper cathodes in the area, whereas signs of pick-up are seen in the US's spot copper market on growin...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday February 21:Aluminium scrap Group 1 pure 99% & litho: ?1,410-1,460 per...Read More
(Corrects paragraph 15 to 1.8 million instead of 1.3 million)* Dollar strengthens from three-year lows* U.S. crude stocks unexpectedly fall by 907,000 barrels* Coming Up: EIA data on U.S. oil inventories on Thursday By Stephanie KellyNEW YORK, Feb 21 (Reuters) - Oil prices were little changed on Wednesday ahead of data expected to show rising crude inventories in the United States and as the dol...Read More
(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters)* CME Aluminium Premium Futures: * U.S. Imports of Primary Aluminium: * U.S. Imports of Semis: By Andy HomeLONDON, Feb 20 (Reuters) - The U.S. Department of Commerce has "found that the quantities and circumstances of steel and aluminum imports" threaten to "impair the national se...Read More
(Recasts headline. No changes to text.)By Manolo Serapio Jr and Ruby LianMANILA/SHANGHAI, Feb 21 (Reuters) - China's steel producers are eager to unleash their mills' capacity when this winter's output curbs end next month, hoping for a repeat of last year's record profits based on high margins and less competition as outdated plants were closed. China shut down up to half of its steel production...Read More
TORONTO, Feb 20 (Reuters) - Ontario's Liberals, the ruling party in Canada's most populous province, introduced legislation on Tuesday that would give officials authority to retaliate against U.S. states that institute "Buy American" procurement policies.The Fairness in Procurement Act would give Ontario's government authority "to take responsive action to address unfair government...Read More
* Interim profit slides 44 pct to $681 mln* Fortescue's ore sold at 32 pct discount to benchmark price* Sticks to FY18 iron ore cost target at $11-$12/WMT* Shares fall more than 4 pct (Adds results details, CEO comment)MELBOURNE, Feb 21 (Reuters) - Australia's Fortescue Metals Group reported a 44 percent drop in first-half profit, hit by weak prices for its lower quality iron ore, and paid a weak...Read More
Gold traded dramatically lower as a direct result of both selling pressure and a stronger U.S. dollar, which began after the conclusion of the three-day holiday yesterday. As of 2:30 PM Eastern standard time, April gold futures are currently down $23.20 (-1.72%) and fixed at $1,333 per ounce. The price decline began modestly as trading resumed on Monday and accelerated into trading overseas last n...Read More
(Kitco News) - Gold investors are taking profits Tuesday, as the U.S. dollar found some traction, bouncing off fresh three year lows, but one fund manager says that gold will be the asset to own in 2018 as the risk of stagflation in the U.S. economy rise.In a recent interview with Kitco News, Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the annual In Gold We Trust report, s...Read More
(Kitco News) - Gold prices ended the U.S. day session sharply down and near the daily low Tuesday. Heavy profit-taking pressure from recent gains and a solid daily rally in the U.S. dollar index hit the gold and silver markets today. Higher world government bond yields also worked against the precious metals market bulls today. April Comex gold futures were last down $24.30 an ounce at $1,331.90....Read More