SHANGHAI, Mar 9 (SMM) –Copper: As news of the simmering trade war rattled markets and as global inventories remained at highs from last year, base metals slumped across the board. We expect LME copper to weaken to $6,700/mt in the short term and to trade at $6,790-6,950/mt today. We see SHFE copper trading at 51,300-51,800 yuan/mt. In the physical market, spot discounts a...Read More
LONDON – Mining company BSG Resources (BSGR) on Wednesday said it had voluntarily entered into administration, adding it had taken the decision to protect itself as it faces legal action.BSGR, the mining arm of billionaire Beny Steinmetz's businesses, is caught up in legal disputes in relation to the vast Simandou iron-ore project in Guinea.AdvertisementAs well as facing legal action, BS...Read More
Japan's Kobe Steel will appoint Mitsugu Yamaguchi as president and chief executive officer (CEO) of the company from April 1, the steelmaker, which also produces aluminium and copper products, announced on Friday March 9.Yamaguchi, who is currently executive vice president of the company, will replace current president and CEO, Hiroya Kawasaki, who has decided step down as of April 1. Kawasaki, al...Read More
FTSE 100 back in the blackNon-farm payrolls rose by 313,000 in February, which was the biggest monthly gain since July 2016.GKN surges after agreeing to combine its Driveline business with Dana IncorporatedThe US economy rode like the cavalry to the rescue of UK equities today.The FTSE 100 index closed at 7,225, up 21 points, having fallen as low as 7,190 at one point."The US continues to create j...Read More
Argentina's domestic prices for hot-rolled coil (HRC) and cold-rolled coil (CRC) rose this month because of the increased prices in the global steel markets, sources have told Metal Bulletin.Metal Bulletin's monthly assessment of Argentina's domestic HRC prices went up to $740-745 per tonne ex-works on Friday March 9, from $720-735 per tonne ex-works a month earlier.The price assessment for CRC in...Read More
NEW YORK (Reuters) - President Donald Trump’s announcement of import tariffs, and the prospect of retaliation by other countries, is prompting some fund managers to pare their holdings of U.S. stocks and look for opportunities overseas.The high turnover of key staff in the White House, including the exit of Gary Cohn, the director of the National Economic Council this week is undermining con...Read More
(Reuters) - Broadcom Ltd said in a letter to U.S. Congress on Friday that it will not sell any critical national security assets to any foreign companies if its $117 billion deal to buy chipmaker Qualcomm Inc is approved.U.S. Republican lawmakers on Monday backed a U.S. panel’s decision to delay Qualcomm’s shareholder meeting to allow for a more extensive review of Broadcom’s tak...Read More
Export prices for Brazil-origin steel slab rose this week while market participants were estimating the consequences of the 25% tariff imposed by the United States following its Section 232 investigation into national security issues on steel imports.Metal Bulletin's weekly assessment of Brazil slab export prices was $560-570 per tonne fob on Friday March 9, up from $540-545 per tonne fob a week e...Read More
GCM Resources (LON:GCM) shares jumped 23% higher to 28p in late afternoon trading after the exploration group signed a joint development agreement with its strategic partner China Gezhouba Group International Engineering for the Phulbari Coal and Power Project in Bangladesh.The AIM-listed firm said the agreement outlines the parties' roles and responsibilities in pursuing approva...Read More
(Reuters) - U.S. stock index futures were flat on Friday as investors refrained from making big bets ahead of a key jobs data, a day after President Donald Trump’s softened stance on trade tariffs helped markets close higher.Worries that Trump’s tariffs on steel and aluminum could ignite a global trade war had roiled markets since last Thursday, with the exit of chief economic adviser...Read More
Prices for flat steel goods in Brazil were unchanged in early March, with stable conditions also predicted for next month.Metal Bulletin's monthly price assessment for Brazilian hot-rolled coil (HRC) was steady month on month on Friday March 9 at 2,500-2,600 Reais ($768-799) per tonne ex-works.In the same comparison, Metal Bulletin's monthly price assessment for Brazilian cold-rolled coil...Read More
LONDON, March 9 (Reuters) - British economic growth weakenedin the three months to February and is likely to soften furtherthis month due to unusually snowy weather last week, theNational Institute of Economic and Social Research estimated onFriday."We estimate that economic growth nudged lower to 0.3 percent in the 3 months to February. Activity has eased slightlyand is likely to slow furthe...Read More
One of the more famous catchphrases from the 1960s sitcom 'Get Smart' was "Missed it by that much." Holding up a thumb and forefinger to demonstrate an extremely small space, Maxwell Smart (Agent 86) would use this phrase to describe his failure. Missed It by THAT MuchThat same catchphrase could be used for the estimates economists gave this week for the Labor Department's Jobs report. The median...Read More
Prices for ferrous scrap in the major global markets kept rising over the past seven days despite questions over how the new US import tariffs on steel could affect the scrap markets.Good scrap demand has led to higher prices in the import markets of Turkey, India and Taiwan, while US export prices have stayed stable.Turkey importsTurkish steel mills continued to book scrap at higher prices this w...Read More
BRUSSELS, March 9 (Reuters) - U.S. President Donald Trump'sspeech introducing steel and aluminium tariffs sounded veryprotectionist, European Union Commission Vice President JyrkiKatainen said on Friday."When I read the speech of President Trump and when he wastalking about economic security, to my ears it sounded veryprotectionist: economy without competition," Katainen told anews confe...Read More
Editor's Note: Gold and silver have been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy. (Kit...Read More
The latest metal markets news and price moves to start the North American day on Friday March 9.The three-month nickel price on the London Metal Exchange regained $100 per tonne in morning trading, supported by a large cancellation of stocks at LME-listed warehouses. Most other metals were largely unchanged but under pressure.Here's how base metals prices looked at 12:20 London time:Read our live...Read More
* Industry warns shipments will be displaced to Europe* Some of the impact could be offset by U.S. operations* European sector recovers some losses (Writes through, updates prices)By Christoph Steitz and Maytaal AngelFRANKFURT/LONDON, March 9 (Reuters) - European steelmakersare pinning their hopes on the European Union being able tonegotiate an exemption from new U.S. steel import tariffs thathave...Read More
SHANGHAI, Mar 9 (SMM) – Nonferrous metals on the SHFE mostly dropped today except for tin, which inched up slightly. Zinc fell over 2%, copper slid almost 2%, and nickel dipped over 1%, while aluminium and lead edged down slightly.The ferrous complex saw larger drops in the afternoon as iron ore led the slump with a decline more than 5%. Coke dropped 4.7%, rebar slipped nearly 4%, while hot-...Read More
SHANGHAI, Mar 9 (SMM) – Nonferrous metals on the SHFE mostly dropped today except for tin, which inched up slightly. Zinc fell over 2%, copper slid almost 2%, and nickel dipped over 1%, while aluminium and lead edged down slightly.The ferrous complex saw larger drops in the afternoon as iron ore led the slump with a decline more than 5%. Coke dropped 4.7%, rebar slipped nearly 4%, while hot-...Read More