Key data from the Wednesday February 20 pricing session in Shanghai. Cobalt metal key drivers The domestic Chinese cobalt metal price trended lower midweek due to thin spot activity following the Chinese New Year holiday on February 4-10 as well as lower offers from some suppliers who were trying to offload stocks. Mainstream offers and sales for Jinchuan-brand cobalt were around 290,0...Read More
TORONTO - Today, Minister of Energy, Northern Development and Mines Greg Rickford released the following statement on Hydro One executive compensation: "Ontario's Government for the People has taken decisive action to bring Hydro One's executive compensation in line with levels with comparable utilities. "After receiving a proposal last week that included a CEO compensation cap of $2.775 millio...Read More
Visible gold in diamond drill core from Wallbridge's Fenelon gold project in Quebec. Source: Wallbridge Mining Co. Ltd.Wallbridge Mining Co. Ltd. [WM-TSX; WC7-FWB] shares were active again Thursday February 21 after the company said drilling has identified a new gold zone at its 100%-owned Fenelon Gold property in Quebec."The new zone intersected in hole FA-18-051 is located several hundred metres...Read More
Domestic prices for heavy steel plate in Europe have moved up over the past week due to higher costs for steel slab, market sources told Fastmarkets on Thursday February 21.Although demand remained rather slow, the steelmakers - particularly re-rollers in Southern Europe - had to increase their prices for plate, market participants said.Fastmarkets' weekly price assessment for domestic grade-S235J...Read More
The Thursday Market Minute Global stocks extend gains on reports of detailed progress in U.S. China trade talks that could allow President Donald Trump to extend the March 2 deadline.Stocks get a further boost from Thursday's Fed Minutes, which reiterated the central bank's "patience" on policy but left the door open for late 2019 rate hikes.Global oil prices print fresh 2019 highs as OPEC+ prod...Read More
Major Vietnamese integrated steel producer Formosa Ha Tinh Steel has increased its new hot-rolled coil offers by $40 per tonne for April-delivery and shipment cargoes due to the recent increases in raw materials costs.The producer's SAE1006 HRC is now on offer at $535 per tonne on a cif basis, up $40 per tonne from $495 per tonne cif for iMarch-shipment materials. And its SS400 and pipemaking...Read More
China's hot-rolled coil market maintained its upward momentum on Thursday February 21, with sellers continuing to make attempts to prop up prices amid rising costs.DomesticEastern China (Shanghai): 3,760-3,790 yuan ($559-563) per tonne, up 40 yuan per tonneNorthern China (Tianjin): 3,690-3,700 yuan per tonne, narrowing upward by 20 yuan per tonneSellers in Shanghai started selling at around 3,790...Read More
It's an incredibly unloved stock.Perhaps that's why I like it so much.Supreme Cannabis (TSX: FIRE)(OTCBB: SPRWF), a Canadian cannabis player, announced earnings last week and absolutely crushed it.The company narrowed losses, improved margins, and boasted a revenue increase of 359%.But investors yawned. Or rather, they were preoccupied with two other cannabis companies that were also announcing ea...Read More
Bluestone Resources Inc. (TSXV:BSR, OTCQB:BBSRF) is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects, located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics, with a quick pay back and an average annual production projected to be 146,000 ounces per year, over the first three years of...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 21 that are worth another look.Canada has established surtax-free quotas for imports of energy tubular products and wire rod originating from Mexico effective from February 2, an official from Canada's Ministry of Finance said.French mining and metallurgy company Eramet generated lower operating income f...Read More
Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) is a discovery-focused gold exploration company that is committed to advancing its 100% owned, highly prospective, mineral properties, located in Idaho, USA. The Baner Project is in Idaho County, the Champagne Project is located in Butte County, near Arco, and four cobalt properties in Lemhi County, in the Idaho Cobalt Belt. At the 2019 Vancouver R...Read More
Steelmaker Gerdau will halt operations for 60 days at blast furnace No1 at its Ouro Branco mill in the south-eastern Brazilian state of Minas Gerais, starting in early June 2019, the company said on Thursday February 21.The company does not expect the stoppage to affect sales volumes because it is already building up the inventory necessary to continue regular supplies to customers, chief executiv...Read More
(Updates prices) * Dollar gains after Fed minutes * Profit-taking weighs on palladium after record surge * Investors focus on U.S.-China trade talks * GRAPHIC-2019 asset returns: By K. Sathya NarayananFeb 21 (Reuters) - Gold slipped on Thursday from a 10-monthhigh hit in the previous session after minutes from the U.S.Federal Reserve's last meeting kindled expectations of aninterest rate hike this...Read More
Turkish domestic rebar and wire rod prices have continued to weaken due to the sluggish demand in the country, sources said on Thursday February 21.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,100-3,150 ($584-594) per tonne ex-works on February 21, down from last week's TRY3,180-3,250 per tonne.Domestic rebar prices in the Izmir and Karab? 1/4 k regions were TRY3,100-...Read More
West Fraser Timber (Mostly Sunny; WFT) gapped down 2.23% on February 13th after reporting Q4 results after the close on the 12th. Although it traded as low as $67 on the day, it managed to close towards the high end its range at $72.78. However, the stock has continued to slide in the days since. The question is: will it be able to gather some steam and make a rebound?The stock, which is a member...Read More
The market for pig iron exports from the Commonwealth of Independent States (CIS) remained strong but restocking activity slowed down during the week ended Thursday February 21, sources have told Fastmarkets.Fastmarkets' price assessment for CIS exports of high-manganese pig iron was $335-340 per tonne fob Black Sea on February 21, unchanged week on week.Only small bookings to trading companies we...Read More
The Turkish scrap import market was quiet on Thursday February 21 because of the sluggish markets for finished and semi-finished long steel and the subsequent downturn in prices.This week's only transaction so far was a UK cargo sold at $316 per tonne cfr for HMS 1&2 (80:20) on Wednesday. After this, the market prices went down by around $8-9 per tonne.The mills were showing almost no buying inter...Read More
Iron ore prices continued to retreat on Thursday February 21, with Chinese steelmakers cautious abouthigh costs.MB 62% Fe Iron Ore Index: $86.68 per tonne cfr Qingdao, down $1.32 per tonne. MB 62% Fe Pilbara Blend Fines Index: $86.08 per tonne cfr Qingdao, down $1.32 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $88.36 per tonne cfr Qingdao, down $0.74 per tonne. MB 58% Fe Premium Index: $77.23...Read More
Steel billet prices in the Turkish markets have been weakening over the past seven days because of softening demand and the latest downturn in scrap prices, sources said on Thursday February 21.Fastmarkets' weekly price assessment for billet imports into Turkey was $450-473 per tonne cfr on February 21, down from last week's $475-480 per tonne.Only one cargo from the CIS region to Turkey was heard...Read More
Steel billet import prices in Egypt have decreased over the past seven days with demand being weak, sources told Fastmarkets on Thursday February 21.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $480-490 per tonne cfr on Thursday, falling from $485-495 per tonne cfr last week.Billet producers in the CIS region offered the material to Egypt at $490-495 per tonne...Read More