Turkish steel mills continued to hold back from deep-sea scrap purchases on Monday January 13, due to weak rebar markets and firm scrap prices, sources told Fastmarkets.Steelmakers in the country booked only one deep-sea cargo last week, when a steel mill in the Marmara region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of shredded and 15,000 tonnes of bonus...Read More
Ferrous scrap prices in most global markets dipped on weaker demand during the week ended Friday January 10, but the Indian market remained strong.Turkish market dips on fewer trades United States prices unchanged Limited buying sees Vietnam prices drop Taiwan prices down on weaker demand Indian prices continue to increase TurkeyPrices for ferrous scrap into Turkey fell this week, with only o...Read More
Sentiment in the Turkish domestic scrap market turned negative over the past week due to weakening local finished long steel prices, sources told Fastmarkets on Monday January 13.Domestic long steel prices fell slightly due to the recent strengthening of the Turkish lira against the US dollar.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic,...Read More
Despite uncertainty surrounding downstream demand, the price of cobalt sulfate in China has jumped by more than 12% so far this year, with suppliers either offering the material at aggressively high levels or holding back from sales.Fastmarkets' price assessment for cobalt sulfate 20.5% Co basis, exw China was 49,000-51,000 yuan ($7,080-7,369) per tonne on Friday January 10, up by 5,000-6,000 yuan...Read More
Share this articleVANCOUVER - Teck Resources Ltd. has signed a deal with Ridley Terminals Inc. that will allow it to increase shipments of steelmaking coal from its B.C. operations.Ridley Terminals owns and operates the marine bulk handling terminal on Prince Rupert's Ridley Island on B.C.'s north coast.The agreement increases contracted capacity from three million tonnes per year to six million t...Read More
Share this articleVANCOUVER - Newmont Corp. is boosting its quarterly dividend by 79 per cent while also dropping reference to Canadian company Goldcorp as part of a centenary-year rebranding.The Denver-based company says the dividend will increase to 25 cents per share.It was only in April last year that Newmont changed its name to Newmont Goldcorp Corp. after it closed a takeover of the Vanco...Read More
Share this articleCALGARY - A veteran of Canada's ailing oilpatch is hoping a new product drawn from deep under Prairie grain fields will provide a natural resource boom for Western Canada.Marlon McDougall, 59, says he wasn't interested when first approached last year to join a junior exploration company.After 35 years in the oil and gas industry, he had grown frustrated by its multiplyin...Read More
Today is Monday, January 13, 2020, and this is your daily oil stocks roundup. Today we're looking at the valuations of CVR Energy (NYSE: CVI), Murphy Oil Corporation (NYSE: MUR), and National Fuel Gas Company (NYSE: NFG).CVR Energy (NYSE: CVI)CVR Energy (NYSE: CVI) is a $4.061 billion company today with a one-year return of 8.81%. Let's look at its price-to-earnings (P/E) ratio, its enterprise-val...Read More
Share this articleTORONTO - The financial and industrials sectors helped lift Canada's main stock index in late-morning trading, while U.S. stock markets also moved higher on the first day of trading of the year.The S&P/TSX composite index was up 13.16 points at 17,076.59.In New York, the Dow Jones industrial average was up 168.19 points at 28,706.63. The S&P 500 index was up 11.17 points at 3,241...Read More
Hot-rolled coil prices in the United States rose on Monday January 13, with buyers accepting a greater amount of the combined five price increases domestic mills have announced since October.Fastmarkets' daily hot-rolled coil index, fob mill US was calculated at $30.75 per hundredweight ($615 per short ton) on Monday, up by 1.2% from $30.38 per cwt on Friday January 10. Sources reported lead times...Read More
Share this articleVANCOUVER - Equinox Gold Corp. will acquire Leagold Mining Corp. in a friendly deal that will raise its annual production to about one million ounces of gold starting in 2021.It's offering 0.331 of an Equinox share per Leagold share.Based on Friday's closing stock prices, Equinox's offer is worth $2.70 per share - equal to Leagold's stock price, which gave it a market value of...Read More
Today is Monday, January 13, 2020, and this is your daily gold market update. Let's look at the latest price of gold, value of the dollar, gold/silver ratio, Commitment of Traders data, and exchange-traded fund (ETF) prices to get a sense of how the yellow metal is faring today.Gold PriceThe price of one troy ounce of gold in U.S. dollars today is $1,553.10. It's down -0.59% from yesterday and up...Read More
There is a major false belief about the oil industry that's held by most of the public and only serves to get you to buy crude over a longer period. That belief: Oil companies and organizations like OPEC want crude prices to be as high as possible.That's simply not true. And, over the weekend, Saudi Arabia's energy minister gave us some evidence of that.This morning, Reuters reported that Saudi Ar...Read More
Share this articleTORONTO - Barrick Gold Corp. and its Senegalese joint-venture partner have reached deal to sell their 90 per cent stake in the Massawa project in Senegal to Teranga Gold Corp. in an agreement worth up to US$430 million.Under the deal, Barrick and its partner will receive US$300 million in cash and roughly 20.7 million in Teranga shares valued at US$3.85 per share for a total of U...Read More
Northern European flat steel producers increased their official hot-rolled coil offer prices on Monday January 13 and transaction prices are also expected to rise, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index domestic, ex-works Northern Europe, was ?,?442.93 ($492.35) per tonne on Monday January 13, up from ?,?442.43 per tonne on January 10.Monday's index was calcul...Read More
Share this articleTORONTO - Endeavour Mining Corp. is offering to buy Centamin PLC in a stock-swap deal that values the gold miner at roughly $2.5 billion, based on stock values just prior to the announcement.Endeavour says it made the offer after several unsuccessful attempts to engage with the board of Centamin regarding a possible merger.Toronto-listed Endeavour, which has gold mines in Af...Read More
Share this articleTORONTO - Centerra Gold Inc. says two workers are missing after a "significant rock movement" at its Kumtor mine in the Kyrgyz Republic.The company says the incident happened at the Lysii waste rock dump and that two employees working in the area did not report to the emergency gathering area.Toronto-based Centerra says it has halted open pit mining operations and the mine plan i...Read More
China's domestic hot-rolled coil market remained subdued on Monday January 13, although a weakening dollar appeared to give some support to export prices.DomesticEastern China (Shanghai): 3,880-3,890 yuan ($561-562) per tonne, narrowed by 10 yuan per tonne on both endsNorthern China (Tangshan): 3,600 yuan per tonne, down 20 yuan per tonneSources in both eastern and northern China said that trading...Read More
In our weekly Saturday Globe and Mail Who is Buying and Selling feature, we focused on insider buying at Cardinal Energy (CJ) which we first highlighted in our January 6th morning report. Three years ago, insiders were selling as Cardinal Energy traded above $9. The stock is now below $3, production is up, and the CEO is buying. Watch the INK Research video summary of our January 6th report for f...Read More
Share this articleTORONTO - A Chinese mining company has signed a friendly deal to buy Continental Gold Inc. for $1.4 billion.Zijin Mining Group Co. Ltd. has agreed to pay $5.50 per share in cash for the Toronto-based company which is developing the Buritica gold project in Colombia.Continental shares closed at $4.87 on the Toronto Stock Exchange on Friday.The Buritica project is expected to prod...Read More