Cobalt hydroxide consumers will continue to have exposure to the spot market this year, with some of their requirements likely to be topped up from producer stocks held in Asian warehouses, sources told Fastmarkets. The creation of a nearby spot market has appeal in cutting the long shipping times, as well as reducing the potential for logistical difficulties and price risk associated with shippin...Read More
The three-month price of zinc on the London Metal Exchange had made the greatest gains at the close of trading on Thursday January 2, with the price breaching nearby resistance levels, but copper futures failed to close above the $6,200 per tonne threshold despite an afternoon spike.Zinc's outright price closed at $2,310 per tonne in the afternoon, the highest close since December 27, while tradin...Read More
Shenzhen Stock Exchange Center. Credit: Samuel Wang via Flickr A public sale for assets originally valued at nearly 25 billion yuan ($3.5 billion) owned by Qinghai Salt Lake Potash Firm (SHE: 000792) has failed. China's largest potash producer - dubbed the nation's "potash king" - closed the sale Wednesday on Alibaba's Taobao platform without a single bid, and is now liable for a potential invent...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Thursday January 2.Please click...Read More
James HyerczykDec 31, 2019 10:47 AM GMTGold futures surged to their highest level since October 3 early Tuesday on the back of another plunge in the U.S. Dollar. A weaker dollar tends to drive up demand for dollar-denominated gold because it makes it more attractive to foreign buyers.The dollar is weakening because investors are dumping greenback positions placed as hedges against an escalation of...Read More
Silver looks extraordinarily cheap here, with its price being way below its 2011 highs, especially taking inflation into account, and...by Clive Maund of Streetwise ReportsWhile silver's charts do not yet look as positive as gold's, that is normal at this early stage in the cycle, when gold is favored over silver, which attracts more speculative interest as the bull market progresses.Nevertheless...Read More
The Chinese city of Ganzhou has launched an exchange for physical trading of rare earths and other minor metals. The Ganzhou Rare Metal Exchange was launched on December 31, 2019, according to the Association of China Rare Earth Industry. The Ganzhou exchange will trade cobalt, rare...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Thursday January 2.Please click...Read More
The price of steel mesh-quality wire rod in the Northern and Southern European markets was unchanged in the week to Thursday January 2 due to the lack of trading activity resulting from year-end holidays.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?450-460 ($504-516) per tonne...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday January 2 that are worth another look.The Chinese city of Ganzhou has launched an exchange for physical trading of rare earths and other minor metals. The outlook for aluminium scrap prices in the United States appears gloomy on the surface for 2020, with market sources noting that the US market remains plagued b...Read More
Gerald has appointed Patricia Nikolopoulos as its new chief financial officer and to its board of directors, the company said on Monday December 30. Nikolopoulos, who was formerly CFO of Gerald's North America business, is formally replacing Vittorio Conti who left...Read More
The Chinese city of Ganzhou has launched an exchange for physical trading of rare earths and other minor metals. The Ganzhou Rare Metal Exchange was launched on December 31, 2019, according to the Association of China Rare Earth Industry. The Ganzhou exchange will trade cobalt, rare...Read More
Gold ore. Photo by James St. John, Wikimedia Commons. Airborne survey results from Red Lake Gold's 212 sq. km Whirlwind Jack project in Ontario suggest that the LP fault zone extends for at least 12 km westward onto the property.In the fall, Red Lake Gold completed a 2,045 line-km airborne survey on a 50 metre spacing which was flown on a low-level grid pattern and covered the eastern portion of...Read More
A consistently low US Midwest aluminium premium continued to deter participants from any sort of arbitrage activity between London Metal Exchange sheds in Asia and the United States. The aluminium P1020A premium, ddp Midwest US was most recently at 14.5-16 cents per lb on December 31, unchanged since December 3 when it fell from 15-16 cents per lb. Market participants told Fastmarkets the cur...Read More
The outlook for US aluminium scrap prices in 2020 appears gloomy on the surface while the market in the United States remains plagued by oversupply, market sources say.But pockets of optimism remain, with some participants suggesting that prices have now bottomed out."It changes every day. One day people think [China's] going to take more product, more copper and aluminium, and the next day everyo...Read More
Crude steel production in Argentina dropped by 21.60% year-on-year in November 2019, according to recent figures from the country's steel association, Acero Argentino.Output came to 357,500 tonnes in November, against 456,000 tonnes a year earlier, the association said late last week.The performance of the main steel-consuming sectors in Argentina remained weak during the month, with the country.....Read More
Turkey has increased the import duty imposed on steel rebar, removed the duty reductions allowed on cold-rolled coil imports by producers of coated coil, and removed the duty on pig iron imports, according to the Turkish Official Gazette on December 31, 2019.According to the new regulations, the import duty on rebar is now 30%, up from the previous 10%.The 2% import duty on pig iron is now 0%.And...Read More
Happy New Year! Diamond market gaining confidence for 2020 after relatively good holiday season. Polished prices stable, supported by US and Chinese holiday demand. 1 ct. RAPI -0.2% in Dec. and -5.3% for full year. RAPI for 0.30 ct. +1.7% in Dec. due to China orders, amid positive outlook for Jan. 25 lunar festival. Hong Kong luxury weak as protesters start year with massive demonstration. Dealer...Read More
Hollow steel sections prices in Europe were unchanged this week, with trading still on pause following the Christmas break, market sources told Fastmarkets on Thursday January 2.Fastmarkets' weekly price assessment of steel sections (medium), domestic, delivered Northern Europe, was ?,?590-600 ($661-672) per tonne on Thursday, unchanged since the previous assessment.Many market participants have y...Read More
Polished market quietwith very few foreign buyers in Mumbai over the New Year holiday. Manufacturersraised production since Diwali but continue to operate below capacity. Roughdemand improving amid shortage of better-quality (RapSpec A3+) goods and inanticipation of first-quarter inventory replenishment. Local jewelry marketlimited by high gold prices. RoundRead More