As the world's media spotlight falls on Afghanistan, Fastmarkets looks at why reported claims of incoming Chinese mining deals are unlikely to be fulfilled soon.Mes Aynak, Afghanistan's most well-known copper project, means "small copper deposit" in Pashto. Indications suggest it is anything but.The deposit holds 240 million tonnes of 2.3% grade copper ore, according to the United States Geologica...Read More
A summary of China's base metals imports for July 2021, according to Chinese customs data released on Friday August 20.Copper ore and concentrateJuly total: 1.89 tonnes, up by 12.9% month on month, up by 5.1% year on yearYear to date: 13.39 million tonnes, down by 10% year on yearRefined copperJuly total: 270,054 tonnes, down by 2.6% month on month, down by 52.5% year on yearYear to date: 2.07 mil...Read More
Turkish steel mills continued to stay away from the deep-sea scrap import markets for the second working day of the week amid limited finished steel sales, market participants told Fastmarkets on Tuesday August 24.The most recent deep-sea trade was reported at the end of the week to August 20, when a steel mill in the Iskenderun region booked a United States cargo composed of 20,000 tonnes of HMS...Read More
A summary of the financial and performance results for China Molybdenum for the first half of 2021, published on Monday August 23.In briefRevenue from the company's mining and processing business totaled 84.82 billion yuan ($13.07 billion) in the first half of 2021, up by 81.45% year-on-year. Net profit was 2.41 billion...Read More
Share this article VANCOUVER - Alpha Lithium Corporation (TSX.V: ALLI) (OTC: APHLF) (Frankfurt: 2P62) announced the option to acquire a 100% interest of a strategic, high-value property in Argentina's world class Salar del Hombre Muerto. The property is comprised of 985 hectares, which brings the Company's total landholdings in Hombre Muerto to 5,072 hectares (see previous acquisition press relea...Read More
A summary of the financial and performance results for China Molybdenum for the first half of 2021, published on Monday August 23.In briefRevenue from the company's mining and processing business totaled 84.82 billion yuan ($13.07 billion) in the first half of 2021, up by 81.45% year-on-year. Net profit was 2.41 billion...Read More
It's 2021.Is it really that hard to build a freaking pipeline?Here we are, sending rich people to space in recreational rocket ships, developing groundbreaking mRNA vaccines (and at a pace that was never before thought possible), and putting autonomous test vehicles on the road so that in 10 years, they'll be as ubiquitous as digital currency scams and Russian hookers in D.C.But we can't make an o...Read More
Domestic prices for hot-rolled coil were fairly stable in Northern Europe and Italy on Tuesday August 24 with both buyers and sellers holding back from trading activity, sources told Fastmarkets.Buyers started to return to the market this week after a slow period earlier in August, but no deals have been heard yet because the buyers wanted to assess the market trend first.They believed that the de...Read More
1) CryptocurrencyBitcoin just jumped back through the $50,000 level yesterday. It was bouncing back from the recent low of $31,796.81 that it hit on July 12, 2021, and it's up from $9,916 from the start of the year. For the record, I first recommended Bitcoin at $459 five years ago.Bitcoin and other mainstream cryptocurrencies have been on a tear but there is value to be found in unique, niche cry...Read More
Hot-rolled coil (HRC) import prices to Saudi Arabia increased during the week ending Tuesday August 24; the market in the United Arab Emirates (UAE) was stable, sources told Fastmarkets.The market was slow in the UAE due to the summer season as well as to a lack of new projects, sources said.Saudi ArabiaChina offered HRC at $1,020-1,040 per tonne cfr Saudi Arabia, unchanged since last week.India o...Read More
Prices for hot- and cold-rolled steel sheet and heavy plate in Russia's Central Federal District around Moscow continued to fall in the week ended Monday August 23, sources have told Fastmarkets.Hot-rolled sheet and heavy plate prices decreased by 3-5% week on week, while the drop for cold-rolled sheet prices was more pronounced at 10% week on week.Opinions varied about why this happened. One trad...Read More
Domestic rebar producers in the United Arab Emirates reduced their prices on Tuesday August 24 amid low demand, sources told Fastmarkets.Demand was low because of the summer slowdown and falling prices; buyers preferred to wait to determine how much further prices will fall.The country's biggest producer, Emirates Steel, offered rebar at 2,610 dirhams ($710.46) per tonne, down from 2,957 dirh...Read More
Domestic prices for steel rebar in Russia's Central Federal District widened downward by 3,500 roubles ($47) per tonne in the week to Monday August 23.Oversupply and an export duty were the main reasons for another round of price decline that began on July 19. The recent downward trend has been in line with market expectations, however, with market participants describing it as predictable and con...Read More
China's domestic rebar market continued to push upward on Tuesday August 24, but the higher prices are weighing on buying interest. DomesticEastern China (Shanghai): 5,200-5,230 yuan ($802-807) per tonne, up by 60-70 yuan per tonneSpot prices rode the surge in the rebar futures market during the day, though this resulted in a slight drop in demand, sources said.Trading companies that actively...Read More
Turkish steel mills continued to stay away from the deep-sea scrap import markets for the second working day of the week amid limited finished steel sales, market participants told Fastmarkets on Tuesday August 24.The most recent deep-sea trade was reported at the end of the week to August 20, when a steel mill in the Iskenderun region booked a United States cargo composed of 20,000 tonnes of HMS...Read More
Iron ore prices largely increased on Tuesday August 24 with active trading at China's ports.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $146.13 per tonne, up by $9.42 per tonne62% Fe low-alumina fines, cfr Qingdao: $147.96 per tonne, up by $10.74 per tonne58% Fe fines high-grade premium, cfr Qingdao: $113.91 per tonne, up by $7.27 per tonne65% Fe Brazil-origin fines, cfr Qingdao: $166.1...Read More
The spread between prices for 65% Fe iron ore and 62% Fe products have narrowed rapidly in recent weeks due to the former weakening at a faster pace than the latter.This has resulted in a mixed long-term outlook for high-grade fines, market sources told Fastmarkets.Narrowing spreadAs hints of the central Chinese government's intention of keeping this year's output from exceeding last year's began...Read More
Here are five Fastmarkets stories you might have missed on Tuesday August 24 that are worth another look....Read More
Domestic rebar producers in the United Arab Emirates reduced their prices on Tuesday August 24 amid low demand, sources told Fastmarkets.Demand was low because of the summer slowdown and falling prices; buyers preferred to wait to determine how much further prices will fall.The country's biggest producer, Emirates Steel, offered rebar at 2,610 dirhams ($710.46) per tonne, down from 2,957 dirh...Read More
Steel billet prices in key Asian import markets have continued to edge down in recent days amid weaker demand, sources told Fastmarkets on Tuesday August 24.Chinese ferrous futures gained ground on Monday and Tuesday after last week's crash, but the reaction from the physical spot market for steel billet has so far been limited, with bids from Chinese buyers still far below the offer prices.O...Read More