Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were weaker across the board this morning, Tuesday June 29, with the spread of Covid-19 Delta variant a worrisome development. While lockdowns can hit demand, there is also risk to supply from mine closures or further logistical delays.Base metalsLME three-month base metals prices were down across the board...Read More

Domestic prices for hot-rolled coil in Europe remained stable on Tuesday June 29 with trading activity still limited, sources told Fastmarkets.Buyers have been more cautious about making new deals because they have sufficient stocks for the next few months and delivery times from the EU mills for HRC are reaching late 2021. For downstream coil, several producers said they were now sold out for the...Read More

The steel rebar and billet import market in the United Arab Emirates was slow after the country's biggest steel producer announced reduced rebar prices, sources told Fastmarkets on Tuesday June 29.Emirates Steel, the biggest producer in the UAE, decreased its rebar price by 55 dirhams ($14.97) per tonne to 3,012 dirhams per tonne ex-works in effect from June 27.The new rebar price did not improve...Read More

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Morgan Stanley gained $2.89 to $90.59 after announcing plans to double its dividend and to commit to a $12 billion share buyback program.Wells Fargo added $0.31 to $46.10 after announcing plans to double its dividend.Goldman Sachs advanced $4.79 to $373.50 after announcing plans to raise its...Read More

The European steel association (Eurofer) has welcomed the extension of existing safeguard measures because they will continue to protect Europe's domestic steel industry from excessive imports.On June 25, the European Union confirmed there will be a three-year extension of the safeguarding measures on 26 steel products imported into the EU - lasting until June 30, 2024, with quota volumes increasi...Read More

Hot-rolled coil prices in China's domestic market inched lower on Tuesday June 29 while futures prices reversed earlier gains.DomesticEastern China (Shanghai): 5,390-5,450 yuan ($834-844) per tonne, widening downward by 10 yuan per tonne from 5,400-5,450 yuan. Spot prices edged lower after the most-traded HRC contract on the Shanghai Futures Exchange fell slightly from an earlier high of...Read More

Turkish steel mills picked up their activity in the deep-sea scrap markets with a fresh UK cargo sold at fairly stable prices, market participants said on Tuesday June 29.A steel mill in the Marmara region booked the UK cargo, comprising 25,000 tonnes of HMS 1&2 (80:20), 10,000 tonnes of shredded and 10,000 tonnes of bonus at an average price of $505.50 per tonne cfr. The cargo is scheduled to be...Read More

Fastmarkets proposes to launch a daily assessment of the Turkey steel scrap month-to-date deal-weighted average price, to be called steel scrap, month-to-date deal-weighted average, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, $ per tonne.The price will be tonnage-weighted and will only consider deals. It will be updated on a daily basis through the course of each calendar month before re...Read More

Fastmarkets would like to give answers to some of the questions that might be raised regarding the proposed launch of a daily price assessment for steel scrap, month-to-date deal-weighted average, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, $ per tonne.Frequently asked questionsIs Fastmarkets proposing to change the way it calculates the index for steel scrap, HMS 1&2 (80:20 mix), North...Read More

Iron ore prices fell amid Chinese emissions restrictions and depressed market sentiment on Tuesday June 29, with the ongoing rainy season in southern China also dampening demand, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $212.33 per tonne, down $6.29 per tonne62% Fe low-alumina fines, cfr Qingdao: $214.94 per tonne, down $5.83 per tonne58% Fe fines high-grade...Read More

The seaborne premium hard coking coal price stayed large stable in the cfr market because most market participants adopted a wait-and-see attitude on Tuesday June 29, market sources said, while the price of premium hard coking coal fob DBCT inched higher on buying interest.Fastmarkets indicesPremium hard coking coal, fob DBCT: $184.92 per tonne, up $1.10 per tonnePremium hard coking coal, cfr Jing...Read More

China's domestic rebar prices stopped rising on Tuesday June 29 amid weaker demand due to market participants taking a wait-and-see approach amid adverse weather and expectations of production cuts resulting from bad steelmaking margins.DomesticEastern China (Shanghai): 4,860-4,880 yuan ($752-755) per tonne, unchangedMarket participants expect demand for rebar to weaken further in early July, with...Read More

The European ferro-titanium and titanium scrap markets may be set to push higher in the coming months after news that Russia will impose an export tax on ferro-alloys between August 1 and December 31 this year, according to industry sources.Europe imported around 1,500 tonnes of ferro-titanium per month on average from Russia in the past three years, including Scandinavia and Turkey, with 1,700-1,...Read More

The Cobalt alloy grade, in-whs Rotterdam, $/lbtrade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt alloy grade, in-whs Rotterdam,...Read More

The Cobalt standard grade, in-whs Rotterdam, $/lb trade log including business, bids and offers reported to Fastmarkets.Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparencyinto the markets it covers and the pricing process it applies.Fastmarkets assessed Cobalt standard grade, in-whs Rotterdam, $/lb at 22.20-23.00...Read More

This week's episode features Nickel 28 Capital chairman Anthony Milewski in conversation with Northern Miner Podcast host Adrian Pocobelli at the Global Mining Symposium. Anthony describes in detail how China has created a seemingly insurmountable lead in dominating the battery supply chain for "years to come." He also discusses the fundamentals of nickel, lithium and cobalt, as well as the supply...Read More

Equinox Gold (TSX: EQX, NYSE: EQX) announced today that mining activities are underway at its new Santa Luz gold mine in Brazil.According to the company, construction remains on track to commence commissioning in the fourth quarter of this year and pour gold in the first quarter of next year, with the expectation of producing 110,000 ounces of gold annually for the first five years of operations.M...Read More

Russia has proposed introducing an export duty on aluminum as part of new measures to curb creeping inflation, sending regional premia in crucial European markets soaring, a new analysis by Bank of America (BofA) shows.The proposed measures will affect steel, copper, nickel and aluminum from August 1 until the end of December. The measures are expected to also compensate the state budget for incr...Read More

Shareholders of both Fortuna Silver Mines (TSX: FVI; NYSE: FSM) and Roxgold (TSX: ROXG) have approved the business combination of the companies in an all-share deal valued at about $1 billion (US$884.3 million)The deal, first announced on April 26, will see current Fortuna and former Roxgold shareholders owning about 63.6% and 36.4% of the outstanding Fortuna shares, respectively.Vancouver-...Read More

A project to build the United Kingdom's first large-scale commercial lithium refinery has received ?1.6 million in seed round funding, closing at more than five times the initial target amount requested by Green Lithium, the company behind the initiative.The cash injection adds up to the ?600,000 the firm had already received from the U.K. government's Automotive Transformation Fund back in Apri...Read More