Base metals prices on the Shanghai Futures Exchange drifted lower during the morning trading session on Thursday September 19 after the US Federal Reserve cut interest rates on Wednesday but failed to give a clear indication of further cuts. The US central bank lowered its benchmark lending rate by 25 basis points to a range…Details
Economic Times reported that Indian steel industry captains have called on the government to exercise caution while finalizing the multilateral trade agreement India’s Regional Comprehensive Economic Partnership. Mr Seshagiri Rao joint MD of JSW Steel told ET “Our plea is that even if RCEP negotiations are finalized, Indian steel industry which has suffered in the…Details
The three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday September 18, with the price breaching the nearby resistance value amid low trading volumes, while the rest of the base-metals complex continued to consolidate. Nickel futures closed at $17,200 per tonne in the afternoon, climbing by more…Details
SSAB has started to explore flexibility measures related to staffing adjustments at the end of August and initiated employer-employee negotiations in its Finnish operations concerning potential temporary lay-offs of a maximum of 90 days. The negotiations have now ended and there will be a temporary lay-off need averaging 2-3 weeks in 2019. The temporary layoffs…Details
Market sources expected that domestic prices for hot-rolled coil (HRC) in Europe will continue to decline due to persisting poor demand and mounting pressure from reductions in import offer prices, sources told Fastmarkets on Wednesday September 18. Suppliers from Turkey and India have been active in the European market to compensate for the lack of…Details
Business Line reported that Ministry of Mines has allowed Steel Authority of India Ltd to offload, in a year, up to a quantity equivalent to maximum of 25 per cent of total iron ore production in the previous year. This is subject to clearance from the respective State governments where the mines are located. It…Details
Activity in the EU strip mill product market was muted during the summer holidays. Numerous supply chain participants remarked that conditions were quieter than usual for the time of year. In early/mid-September, the market remained subdued. Procurement by distributors is still weak, due to concerns about their own tight resale margins. Overall demand indicates little,…Details
The price of wire rod delivered in the Southern European market went down this week amid slow trading, Fastmarkets heard on Wednesday September 18. Fastmarkets’ assessment of the price of steel wire rod (mesh-quality), domestic, delivered Southern Europe, was €470-490 ($519-541) per tonne on Wednesday, down by €10 per tonne from the week… Source of…Details
Vallourec’s Supervisory Board met under the chairmanship of Vivienne Cox to discuss the succession plan for the Management Board whose terms of office expire on 15 March 2020. As Philippe Crouzet did not wish to take on a new term of office, the Supervisory Board has managed an internal and external selection process. At the…Details
Seaborne iron ore prices softened further on Wednesday September 18 amid a roller-coaster ride in the futures market. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $96.42 per tonne, down by $0.75 per tonne. 62% Fe Pilbara Blend fines, cfr Qingdao: $96.81 per tonne, down by $0.75 per tonne. 62% Fe low-alumina fines, cfr…Details
Financial Express reported that Bhushan Power and Steel Limited’s highest bidder JSW Steel has informed the National Company Law Appellate Tribunal that it would be impossible for it to implement the resolution plan for BPSL if it has to share profits earned by the insolvent firm during the resolution period with creditors. JSW has also…Details
Ukrainian steelmakers’ association Ukrmetprom says that payments of royalties from mining iron ore increased almost 5-fold from 2012 to 2018. At the same time, payments of royalties from minerals of state importance, including ore, increased only 1.6-fold, while those from crude oil production 1.1-fold. The Servant of the People Party parliamentary faction proposes a change…Details
Interpipe has successfully passed the Tatweer Petroleum pre-qualification and has been added to the list of trusted suppliers of linear pipes to the Bahrain market. Tatweer is developing several deposits, for which it uses large-diameter pipes. Earlier Interpipe could not supply the pipes to the state company, as it was not included in the registry.…Details
The department of the inner market protection of the Eurasian Economic Commission has reported on the results of the investigation, which began on September 4, 2018. In 2015-2017 the volume of consumption of stainless steel hot-deformed seamless pipes on the Union market increased by 62.1%, with imports from China growing 6.9-fold, and during the investigation…Details
A new shapemeter has been installed at the line of 100-meter rails non-destructive method in the Evraz ZSMK rail and beam shop.
The new equipment measures 9 elements of sections according to GOST.
The shapemeter has passed state attestation and tests. (Ukrainian metal)
Almalyk Mining and Metallurgical Complex intends to mine up to 74 million tons of copper ore per year at the Yoshlik I deposit. The development of the deposit, situated next to the Kalmakir deposit, started in 2017. Art present the company employs 1330 people and 54 quarry dump trucks there. The first copper ore will…Details
Since the start of the year and as of mid-September Magadan region extracted 30.2 tons of gold, up by 23.1% YoY. Ore gold accounted for 17.75 tons, up by 43.8%. Alluvial gold extraction reached 12.44 tons, up by 2%. This year 3.49 tons of alluvial gold more are needed to be extracted. Silver output totaled…Details
In August Korshunovsky Mining and Processing Works increased iron ore concentrate manufacture by 35% YoY, to 254 thousand tons.
The concentrate was shipped to Chelyabinsk Iron and Steel Works.
Ore mining grew by 11%.
In H1 iron ore concentrate output increased by 31% YoY. (Ukrainian metal)
In July Russia exported 15.5 thousand tons of aluminum wire, down by 20.8% MoM, but up by 45.8% YoY. Deliveries to Switzerland dropped by 39%, to Belarus by 8% and to Poland by 14%. In January-July exports totaled 95.2 thousand tons, up by 24% YoY. In monetary terms since the start of the year the…Details
In July Russia imported 2.1 thousand tons of aluminum scrap and wastes, down by 32% MoM and by 29.4% YoY. Kazakhstan, USA and Kyrgyzstan have decreased their deliveries by 33%, 31% and 40% respectively. In 7 months imports totaled 16.4 thousand tons, down by 27.8% YoY. In monetary terms since the start of the year…Details
Mining holds the largest share in the industrial production in Azerbaijan. Mining of precious metals such as gold and silver is increasing in volume. Thus, gold mining amounted to 2,405 kg in January-August, up by 7.2% YoY, the State Statistics Committee stated. In August alone 344.8 kg of gold was mined in Azerbaijan and transferred…Details
The gold-bearing deposit Polyanka, situated in the Nikolayevsk Advanced Development Territory, has been put into operation. NGK Resurs will be mining and processing some 1.5 million tons of gold-bearing ore per year. The resources of the deposit amount to 100 tons of gold. Until 2025 the investor plans to mine 7.7 tons of gold and…Details
The three-month nickel price on the London Metal Exchange was higher during morning trading on Wednesday September 18, edging back above the $17,000-per-tonne resistance level despite moderate turnover, while the rest of the complex consolidated lower. Nickel’s outright price was recently seen at $17,170 per tonne, while trading volumes over the morning were modest at…Details
In July Russia imported 79 thousand tons of chromium ore and concentrate, up by 4% MoM and by 14.3% YoY. Most of the ore was imported from Kazakhstan. But deliveries have been falling for several months: April – 82.9 thousand tons, May – 77.1 thousand tons, June – 69.8 thousand tons and July – 61.5…Details