Base metals prices on the London Metal Exchange were mostly higher at the 5pm close on Monday February 5 although lead again bucked the trend.The three-month copper price rallied to a high of $7,220 per tonne earlier, hitting a fresh three-week peak. Despite retreating slightly this afternoon, the metal still closed $125 per tonne higher than Friday's close. "A previously strong flow of material i...Read More
Comex copper prices diverged from equity markets and returned to positive territory on Monday February 5, with the global environment remaining solid for the base metals group. Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 3.75 cents or 1.2% to $3.2250 per lb. The red metal dipped to a one-week low on Friday following a heavy selloff in equity markets...Read More
Physical iron ore was traded at higher prices on Monday February 5 in line with further increases in China's steel and futures markets.Key driversChinese ferrous futures advanced across the board during the day, with the benchmark contract for iron ore rising 2.5% from the settlement price last Friday, while those for coke and coking coal posted more-impressive gains of 4.2-4.7%.The general uptren...Read More
The downward trend in the CIS export steel billet market slowed down in the week ended Monday February 5 with deal prices remaining largely unchanged week-on-week.Metal Bulletin's weekly export CIS Billet Index was stable at $492 per tonne fob Black Sea on February 5.Ukrainian steelmaker Metinvest offered billet at $490 per tonne fob Black Sea late last week, sources told Metal Bulletin.Market par...Read More
State-owned Steel Authority of India (Sail) will increase its steel production capacity 2.8 million tonnes per year after the commissioning of blast furnace No.8 in Bhilai, central India, the company said. Once the new furnace starts producing, the Bhilai site will have an overall liquid steel production capacity of 7.5 million tpy, Sail said on Saturday February 3. Just the same as compatriot ste...Read More
Peru's largest copper producer, Cerro Verde, reported a surge in fourth-quarter 2017 net profits, with higher copper prices offsetting a decline in sales volumes.The mine, operated by Freeport-McMoRan, recorded a net profit of $217.6 million in the last three months of 2017, up by 89.4% from $114.9 million in the fourth quarter of 2016, the company said.This was attributed mostly to high...Read More
The majority shareholder of Vedanta Resources intends to remain an investor in Anglo American and backs the mining company's continued presence in Africa, according to Vedanta chairman Anil Agarwal. The Agarwal family trust, Volcan Investments Ltd, acquired a 21% stake in Anglo in two stages last year, but Agarwal has always been quick to stress the investment was made in a personal capacity and i...Read More
South Africa urgently needs to get investment back on the agenda, according to the deputy chairman of Anglo American South Africa. Speaking during the annual Mining Indaba in Cape Town, Norman Mbazima said that while South Africa may have one of the world's most endowed mining jurisdictions, it has not been able to bring this endowment to account. "We need to attract capital for South Africa's min...Read More
Peru's zinc production rose up by 10.2% in 2017, boosted by a strong increase in Antamina mine's output, according to the country's energy and mines ministry, MEM. Production totaled 1.47 million tonnes in the full year of 2017, from 1.34 million tonnes in 2016, the ministry said on its website on Sunday February 4. The increase was driven by a strong performance from Antamina mine, the country's....Read More
Peruvian copper production increased by 3.9% in 2017, with higher volumes from MMG's Las Bambas and Chinalco's Toromocho offsetting the small declines at other major mines. The country produced a total of 2.45 million tonnes of copper last year, compared with 2.35 million tonnes in 2016, Peru's energy and mines ministry, MEM, said its website on Sunday February 4. Meanwhile, the average coppe...Read More
Comex copper prices diverged from equity markets and returned to positive territory on Monday February 5, with the global environment remaining solid for the base metals group. Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 3.75 cents or 1.2% to $3.2250 per lb. The red metal dipped to a one-week low on Friday following a heavy selloff in equity markets...Read More
European apparent steel consumption is forecast to increase by 1.90% year-on-year in 2018 and by 1.40% year-on-year in 2019, European steel association Eurofer said at a seminar held in Brussels, Belgium, on Monday February 5.European steelmakers gained EU market share over the course of 2017, with import volumes falling in the second half of 2017. Steel imports held a 21% share of apparent steel...Read More
ThyssenKrupp workers belonging to German trade union IG Metall have voted to support the collective wage agreement for the merger of the German firm's European flat steel division with those of Tata Steel, the union said on Monday February 5.The vote backs the completion of the 50:50 joint venture between the steelmakers, which will make the group easily the second-largest producer in the domestic...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transactions: wire rod, rebarWire rodUkraine, export, wire rod, assessed at $580-595 per tonne fob Black Sea.Ukraine (ArcelorMittal Kryvyi...Read More
Finished steel prices in Russia will be reliant on moves in the global market and on how well the rouble holds up against the US dollar in 2018, Yuriy Tsybulko vice-president at Russia's biggest trading company, Metallservice, told Metal Bulletin. "The Russian [steel] market directly depends on the global market, which is why our domestic market will be [affected] by the situation in Chi...Read More
Turkey's biggest steel producer, Erdemir Group, sold 7.60 million tonnes of flat steel products in 2017, an increase of 5.56% from the 7.20 million tonnes sold in 2016.The group reported earnings before interest, taxes, depreciation and amortization (Ebitda) for 2017 of TRY5.453 billion ($1.455 billion*). This was up by 101.91% from Ebitda of TRY2.701 billion ($720.47 million*) reported for 2016.T...Read More
Demand for flat steel will remain moderate in Turkey in February and price increases are unlikely because raw material prices are falling and end-user demand is unremarkable, market participants told Metal Bulletin.Metal Bulletin assessed the price of hot-rolled coil (HRC) at $630-635 per tonne ex-works on Friday February 2, down at the high end from $630-640 per tonne in the previous assessment b...Read More
Chinese ferro-silicon prices have edged down in line with tender purchase prices in the past week, with the European market easing amid reports of deals heard below the current range. China tracks lower tender purchase prices ...but supportive factors seen European price range eases US market firms while available supply thins Chinese domestic ferro-silicon prices were lower week on...Read More
Manganese ore prices have climbed higher in the past week, extending a run higher on relatively tight spot availability and consumer demand in China ahead of the week-long national holiday beginning on February 15. Manganese ore markets eye price increases on tight availability and Chinese demandEuropean alloys market extends trend of stable pricesUS silico-manganese prices tick higher Manganese...Read More
Tightening supply in China pushed up chrome ore and domestic and imported charge chrome prices in the week to Friday February 2, while the European market dipped and the US price range widened. Tight supply, transport disruptions push up domestic Chinese ore and alloy marketsCharge chrome import prices jump on rand appreciationPrices edge up in JapanEuropean market slips amid thin tradingUS marke...Read More