Merafe Resources expects to report an increase in earnings per share for 2017 of up to 82%, due to higher chrome ore and ferro-chrome prices during the year. The Johanesburg-listed chrome producer, which operates a joint venture project in South Africa with trader-miner Glencore, expects to report basic earnings per share of 34.5-38.5 cents for the year to December 2017. This compares with 21.2 ce...Read More
Chrome producer Afarak has drawn up a proposal to delist from the Helsinki Stock Exchange, maintaining a single listing in London following a request from a major shareholder.Afarak, which owns assets including South Africa's Mogale Alloys and Germany's EWW, will hold an extraordinary general meeting on February 5 to consider the proposal. The company said it will offer to buy back shares at ?,?1....Read More
The production of tungsten concentrates at Wolf Minerals' Drakelands mine in the UK increased 22% in the fourth quarter of 2017 from the previous quarter.Wolf Minerals' processing plant produced 43,498 metric tonnes units (mtu) of tungsten concentrates in the quarter ended December 31, 2017, the company said in a statement on Tuesday January 30.It treated 485,788 tonnes of tungsten, an increase of...Read More
Due to a tight market balance, Citibank expects spot prices to sustain in the near term at $6.50-7 per dry metric tonne unit (dmtu), cif, China.One of the strong supporting factors is China's increasing dependence on imports, which remains the most important catalyst for seaborne prices, Citi's analysts said in a report released on January 30.China's manganese ore imports grew 30% year on year dur...Read More
Supply concerns continued to drive Chinese ferro-vanadium and global vanadium pentoxide (V2O5) prices, while European ferro-vanadium prices found stability at slightly lower levels while market activity slowed. Low availability continues to drive Chinese FeV, V2O5 markets European ferro-vanadium prices stabilize at slightly lower levels US FeV market continues to run on supply concerns, trader int...Read More
Manganese ore prices continued to exhibit strength on thinning supplies last week, while Chinese alloy markets felt pressure from slowing demand. Tightening supplies drive ore prices upward Sluggish demand weakens Chinese alloy prices EU alloy markets remain firm in quiet market US alloy prices continue to run on cold-weather-related tightnessOre prices edge higher on tightening suppliesManganese...Read More
Noble Group has agreed on a restructuring deal with a group of senior creditors that would halve its existing debt and leave current shareholders with 10% of the restructured company, according to a statement from Noble on Monday January 29.Under the agreement, a group of senior creditors representing 30% of Noble's bonds and revolving credit facility will exchange their debt for a combination of...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 transactions: iron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold at $72...Read More
The latest metal markets news and price moves to start the North American day on Tuesday January 30.Base metals prices on the London Metal Exchange were lower across the board after prices corrected from last week's gains.Nickel prices are the worst affected, down over 2%, as the result of a sell-off. But prices do remain firmly above the $13,000 per tonne barrier...Read More
Iron ore prices tumbled below $73 per tonne cfr China on Tuesday January 30 after a drop in billet prices, with trades concluded at lower prices than a week ago. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.97 per tonne cfr Qingdao Daily change: down by $1.36 per tonne Month-to-date average: $75.97 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.70 per tonne cfr...Read More
Seaborne coking coal prices were firm on Tuesday January 30, with sellers expecting interest from Chinese buyers for seaborne cargoes to support trading activity. A premium low-vol cargo was heard to have changed hands at around $215 per tonne cfr China, market sources said on Tuesday. This follows a trade on a higher-ranked cargo at $217.50 per tonne cfr China at the end of last week. Domestic co...Read More
The seaborne iron ore market continued to slip on Tuesday January 30 amid a slight drop in the price of billet. Key drivers The billet market weakened late in the day, with prices falling 10 yuan ($1.60) per tonne to 3,580 yuan per tonne. Not many inquiries for seaborne cargoes of iron ore were heard on Tuesday. Premiums for Pilbara Blend fines offered against the February average of a 62% Fe inde...Read More
China's ferrous futures fell during morning trading on Tuesday January 30, extending the losses experienced a day earlier. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,918 yuan ($619) per tonne, down 16 yuan per tonne May hot-rolled coil: 3,923 yuan per tonne, down 28 yuan per tonne Dalian Commodity Exchange May iron ore: 516.50 yuan per tonne, down 2 yuan per to...Read More
The London Metal Exchange has appointed James Cressy as its new chief operating officer, the exchange confirmed today. Cressy was previously head of operations for LME Clear and head of relationship management for the LME Group. "James's depth of...Read More
Base metals prices on the London Metal Exchange are weaker across the board by an average of 0.9% this morning, Tuesday January 30.Nickel prices lead the way with a loss of 1.8%, with the rest of the complex trailing in their wake: tin (-1.1%) zinc (-0.9%), copper (-0.8%, at $7,035 per tonne), aluminium (-0.4%) and lead (-0.1%). Volume has been strong with 12,588 lots traded as of 06.50 am London...Read More
The commissioning of Strategic & Precious Metals Processing's (SPMP) antimony roasting project in Oman is expected to be postponed due to a delay in the arrival of key electrical equipment, SPMP's parent company, Tri-Star Resources, announced last week The project, located in the Port of Sohar Free Zone, was initially expected to come online in the first quarter of 2018, but the company may have t...Read More
(Adds quotes, details)By Patricia ZengerleWASHINGTON, Jan 29 (Reuters) - The U.S. State Department said on Monday a 2017 U.S. law was deterring billions of dollars in Russian defense sales, but it did not announce any sanctions under the measure designed to punish Russia for allegedly seeking to influence the 2016 U.S. presidential election."Today, we have informed Congress that this legisla...Read More
Paul Volker once said that “trees don’t grow to the sky, they never have, and they never will.” He said this in reference to the dynamic U.S. equities markets which were ascending to new highs while he was chairman of the Federal Reserve.Simply put, even the most bullish markets tend to move higher in a cycle. Throughout this cycle, prices might take three steps higher at first,...Read More
WASHINGTON, Jan 29 (Reuters) - The U.S. State Department said on Monday a 2017 U.S. law was deterring billions of dollars in Russian defense sales, but it did not announce any sanctions under the measure designed to punish Russia for allegedly seeking to influence the 2016 U.S. presidential election."Today, we have informed Congress that this legislation and its implementation are deterring...Read More
(Adds background, cash production costs forecast)Jan 30 (Reuters) - Australia's Fortescue Metals Group Ltd on Tuesday reported a 4 percent decline in second-quarter iron ore shipments, in line with analyst estimates, and warned its iron ore was selling at a greater discount than expected. The world's fourth-largest producer of iron ore said shipments fell to 40.5 million tonnes in the three month...Read More