The latest news from around the world on the markets, sectors and companies Casey Research specializes in. Click any headline to read the full article.
Rare Earths Are Becoming a Lot More Rare August 17, 2010
Interest in rare earths is starting to heat up in a dramatic fashion and it is something you should keep on your radar. So named because they were hard to get in the 18th and 19th century, these once obscure elements have become the focus of several converging trends in the global economy, as they are the key ingredient of magnets. There are 17 in all, divided into light (cerium, Ce; lanthanum, La, and neodymium, Nd) and heavy (dysprosium, Dy; terbium, Tb, and europium, Eu).
China Becomes Largest Global Energy Consumer August 17, 2010
Since the early 1900’s the U.S. has been the world’s largest energy consumer and the world’s largest auto manufacturer. It took a century to accomplish, but last year China knocked the U.S. from its perch as the world's largest auto market. Last month the International Energy Agency claimed China’s total energy usage exceeded the U.S. for the first time last year – making China the world’s largest energy consumer.
Potash Rejects $39 Billion Bid From BHP Billiton August 17, 2010
Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer, rejected an unsolicited $39 billion takeover proposal from BHP Billiton Ltd. as too low, prompting speculation of a higher bid.
BlueScope: demand weak, even as profits jump August 16, 2010
Australia's biggest steel maker said while it has short-term concerns about demand and a stronger Australian dollar, it is planning for significantly improved market conditions in the medium to long term.
The Expendables? Beware the Sequel August 16, 2010
China overtook Japan for the title of "world’s No. 2 economy." Following thirty years of relentless hard work and unwavering determination, the country can now boast that it is, in fact, on course to capture the top global economic spot as well – in about another two decades – and wrest it away from the United States...
Gold and Goldman Sachs August 13, 2010
Is Goldman Sachs suggesting $1,300 gold within six months a cue for further growth in price or a contrarian indicator that the top may have been reached?
Bolivian govt trying to defuse silver mine protest August 13, 2010
The strikes, which have been going on for more than two weeks in the mineral-rich Potosi region, have disrupted production at three mines including two of the world's biggest silver deposits.
Canada's north adds mining production, exploration August 13, 2010
The Conference Board of Canada has found a turnaround in the U.S. and global economic growth has reignited interest in diamonds, precious metals and other hardrock mining in Canada's three territories.
Chinese spending on gold sextupled in the 00's August 13, 2010
The annual rate of growth of gold spending in China has been 23% this decade and the nation's gold purchases could see an additional 200 tonnes of consumption in the next decade.
Gold stocks HUI bull market seasonal analysis August 13, 2010
Precious-metals stocks really haven’t had a great summer by any means. After rallying initially in June, they started relentlessly drifting lower in July. The net result of this lackluster summer trading is a lethargic drift sideways. Naturally this listlessness has weighed on sentiment among this sector’s traders.
South African gold production down 5.3% in June August 12, 2010
Gold output in the country fell 5.3 percent in volume terms and total mineral production fell 4.9 percent in June compared with the same month last year, data showed on Thursday.
Rain may cut Indonesian tin output 20% August 12, 2010
The new government forecast would take output towards levels already expected by analysts because of declining reserves and a crackdown on illegal mining.
Gold miners face transitions August 12, 2010
Numbers from seven of the world's biggest gold diggers show that Gold miners are in the money, but face headwinds in rising costs, and scarce "pure gold" opportunities.
Fear of not flying August 12, 2010
For the first time in six years, Japanese authorities drew one step closer to halting the seemingly endless gains in the yen via Finance Minister Noda’s cryptic message that his government will take "appropriate" action with regard to the currency. Japanese exports have come under threat from the gains the yen achieved following the Fed’s steps to boost US economic recovery on Tuesday. The currency rose beyond 85 against the US dollar; a fifteen-year high.
Rio Tinto eyeing stake in Russia's Uralkali August 12, 2010
Global majors Rio Tinto and Potash Corp may buy into Russian potash miner Uralkali, sources said on Thursday, as the government seeks a full overhaul of the fertilisers industry.
Copper demand may outstrip supply in 2011 for the first time in four years as China, the world’s biggest consumer, sustains purchases and as ore grades decline, Japan’s largest smelter said.
“Supplies won’t catch up with demand next year and we expect there to be a deficit of 200,000 metric tons,” Hidenori Kamoo, general manager of the marketing department at Pan Pacific Copper Co., said in an interview yesterday.
Copper, used in pipes, tubes and wires, faces a “deepening supply crunch” and record prices are highly likely in the next two years, Barclays Capital said in a report on July 27. Prices for immediate delivery will average $7,763 a ton next year as a market shortage widens, the bank said. The spot price in London has averaged $7,088 this year.
“With few new large-scale mines on the horizon and stagnation at existing facilities, in our view, price direction will be upwards given the approach of multiyear deficits,” Barclays said. Demand will exceed supply this year by 132,000 tons and by 386,000 tons next year, the bank said.
Pan Pacific expects the market to be balanced this year because of China’s higher-than-expected first-half demand, Kamoo said. The company had forecast a 300,000-ton surplus, he said.
China imported 1.6 million tons of refined copper in the first half, down from a record 1.8 million tons in the year-ago period, according to data from the Beijing-based Customs General Administration. The country imported 1.5 million tons in 2008.
“Even though global demand for cathode may a bit slow later this year following Europe’s sovereign-debt problems and China’s tightening monetary policy, supplies will remain very tight, especially in East Asia,” he said. Pan Pacific predicted global demand will increase 6.9 percent in 2010 and 3.8 percent in 2011, he said.
Should smelters continue to see lower grades of ore, falling processing fees and tight supplies of scrap, some may reduce production of refined metal later this year, Kamoo said.
Pan Pacific plans to produce 7 percent less than its annual capacity in the April to September period, while Sumitomo Metal Mining Co., the country’s second-largest producer, expects a 10 percent output cut in the year started April 1.
“We cannot rule out the possibility smelters may cut output further from October if unfavorable market conditions continue,” he said. “The end of subsidies for eco-friendly vehicles in Japan may also drive metal producers at home to consider output cuts,” he said.
Japan’s subsidy program, which exempts purchases of electric, hybrid, natural gas and some diesel vehicles from taxes, will expire at the end of September.
Demand from the auto and semiconductor sectors in Japan, South Korea and Southeast Asian nations has pushed physical premiums higher, he said. Copper premiums for China may be more than $100 a ton in 2011, from $85 a ton this year, he said.
Spot premiums for Shanghai on a cost, insurance and freight basis stood at $100-$120 a ton, up from $70-$100 a ton last year, Kamoo said.
Copper for three-month delivery dropped 0.9 percent to $7,361 a ton on the London Metal Exchange at 12:18 p.m. Tokyo time. Stockpiles tracked by the LME fell 0.5 percent to 410,475 tons yesterday, the lowest level since Nov. 17.
--Editors: Jarrett Banks, Matthew Oakley
To contact the reporters on this story: Jae Hur in Tokyo at firstname.lastname@example.org; Ichiro Suzuki in Tokyo at email@example.com
According to a spokesman at the world's largest copper producer, "the growth in demand in China is practically unstoppable".
SHANGHAI (Reuters) -
China's copper demand is expected to grow at 8 percent this year from last year, and at a similar pace next year, a senior executive of Chile's Codelco, the world's largest copper producer, said on Thursday.
"The growth of demand in China is practically unstoppable," Rodrigo Toro, corporate senior sales vice president of Codelco, told reporters on the sidelines of a meeting with clients.
Toro said Beijing's tighter monetary policy was a healthy dose to control the country's breakneck growth.
"We are happy to see the demand in China will continue at very healthy rate, not as big as would be at 12 percent GDP growth, because producers would not be able to respond to that additional demand."
He said the global copper demand growth would be 4 percent this year, but added it might improve next year if the economy picked up pace.
Codelco produced 1.782 million tonnes of copper in 2009, up 16 percent from a year earlier, after years of dwindling output.
The company expected to maintain the same level of output this year as well as in the next two years, its chief executive Diego Hernandez, told clients earlier.
The company said earlier this year that it planned to invest $3 billion each year for the next five years to revamp century-old mines and exploit new deposits as part of its plan to lift output to around 2 million tonnes of copper per year.
Ninety percent of Codelco's copper production is in the form of cathode, but the ratio of copper concentrate is expected to rise in the next 7 to 8 years after the expansion projects at Mina Ministro Helas and Andina mines are executed.
Toro said the company will focus on resources in Chile, rather than venturing overseas, in the period.
"We would be impractical to be thinking of additional projects in the next five years," he said.
Toro declined to forecast term premiums for next year, but said if based on current situation in the market, term premiums should rise for 2011.
Chinese merchants are keen to build copper stocks in the next few months through bargain-hunting, fed by expectations term premiums to China for shipments next year will rise to over $100 over cash LME prices MCU0 for Chilean refined copper cathode imports, up 18 percent from this year's $85 level. [ID:nTOE66S08T]
Copper treatment fees, also known as TC/RC, were expected to remain at low levels, Toro also said.
"Treatment charges for copper concentrate will remain extremely low for quite some time. The overcapacity in smelting and refining is so big that the demand for concentrate will exceed largely the possibility of supply of copper concentrate," he said. (Reporting by Rujun Shen and Jacqueline Wong; editing by James Jukwey)
The latest news from around the world on the markets, sectors and companies Casey Research specializes in. Click any headline to read the full article.
So, Fed's choice? August 9, 2010
US Treasuries and crude oil went their merry opposite ways overnight, as the former held near their lows over in Europe on anticipation the Fed may engage in fresh bond purchases, and the latter climbed on bets that the US economy will recover at a better pace [perhaps owing to such Fed largesse].
Gold and silver huge short position August 9, 2010
There is a case to be made that world production is not the only issue, but the available supply is just as important, if not more.
US economy structural problems still intact August 9, 2010
Bill Watkins, a California Lutheran University professor, provides a nice summary on New Geography of the failure of various stimulus efforts to do anything meaningful in the wake of a collapse by Lehman, a collapse he says is a "regime shift".
Where's the copper to come from?.. August 9, 2010
According to Robert Friedland we need to mine as much copper in the next 20 years as we have in the past 110 - where is this copper to come from?
China pushes for gold; India follows suit August 9, 2010
Hot on China's heels, India's Central bank is mulling over a proposal to allow banks to trade in gold. If cleared, the move will only strengthen the validity of the bull case in gold.
Vale announces plans to extend new Peru mine August 6, 2010
Vale CEO, Roger Agnelli said the Bayoyar phosphate mine will be expanded over the next 18 months and added that he expects iron ore prices to hold steady around $140 per tonne.
In the second quarter, there were 142 announced deals totaling $37 billion in the oil and gas sector – that’s the highest level of M&A activity in 18 months. In the same period late year, M&A deals were worth just $14 billion.
The golden decade August 6, 2010
As gold hovers near $1,200 an ounce and pundits speculate about a 'gold bubble', it's important for investors to remember that a mere decade ago the picture was very different. In the year 2000, gold sat at an unimpressive annual average of $279 an ounce - a two-decade low. At that time, most analysts thought gold was finished as a monetary metal. They said its price would never recover and only kooks with tin hats would invest in it. I was one of the very few financial commentators publicly saying that gold was not only viable, but entering a long-term uptrend.
How important is gold to the states? August 6, 2010
Since the demise of the Gold Standard, monetary authorities have tried as many ways as possible out there to sideline gold as part of the monetary system. Since the early eighties they have succeeded to some extent, but this was by discrediting it and by emphasizing the benefits of paper currencies. Paper money in a paper system was working very well and everybody felt that much more prosperous, so ignored gold's departure.
New gold ETF planned... August 5, 2010
ETF Securities is looking to launch a new gold ETF which will hold the gold backing it in secure vaults in Singapore to parallel its similar ETF which holds its gold in Switzerland.
Gold on a fast boat to China August 5, 2010
As China's position in the global economy expands, so the reaction from the West should perhaps be less antagonistic and more like that of gold.
Yellow, black gold are shining August 5, 2010
Commodities have been shining recently as the US dollar loses its luster for investors. Also the weakening dollar has helped boost equities as a lower US currency helps the large multi-national companies. This report is a quick follow-up from my report showing what the odds were favoring – which was higher gold, oil and S&P 500. As of today each investment is unfolding as planned, one candle at a time.
Take the next exit ahead August 5, 2010
The enactment of exit strategies by the ECB as well as the Bank of England remained on hold this morning as both institutions left key interest rates unchanged, at 1% and 0.5% respectively. The central banks appear to be eyeing the continuing but fragile recovery in their respective economies and are opting to remain on the "loose" end of interest rate policies for the time being. The psychology of the moment remains defined by ensuring that growth really sticks and intangibles such as confidence show clear signs of having become fully repaired.
State to stay out of Norilsk Nickel August 4, 2010
The Kremlin on Tuesday ruled out the possibility of the government buying a stake in Russia’s biggest mining company, Norilsk Nickel, to end a bitter dispute between its two major shareholders, Oleg Deripaska and Vladimir Potanin.
In trading on Friday, shares of Teekay LNG Partners LP (Symbol TGP) crossed above their 200 day moving average of $42.10, changing hands as high as $42.61 per share. Teekay LNG Partners LP shares are currently trading up about
Canada's main stock market, the Toronto Stock Exchange, rose for a fourth straight day Friday, gaining around 115 points or close to 1% in rounding out what Bloomberg believes was its best week in three years. The TSX jumped
After flatlining for most of the day, stocks sprang to life in the final hours of trading Friday, building on Thursday's 400+ point gain in the Dow Jones Industrial Average and driving the S&P; 500 just shy of its
Top Health Care Stocks JNJ 0.55% PZE +0.13% MRK +0.78% ABT +1.15% AMGN +1.35% Health care stocks have turned positive in late trade with the NYSE Health Care Sector Index rising 0.4% and shares of health care companies in
Top Tech Stocks MSFT +0.99% AAPL 0.42% IBM +0.68% CSCO +0.45% GOOG +1.15% Technology stocks were ending with moderate gains today with shares of technology companies in the S&P; 500 climbing about 0.4%. In company news, UBIC Inc. (
Top Consumer Stocks WMT 0.71% MCD 0.12% DIS +0.38% CVS +0.50% KO 0.78% Consumer stocks have turned solidly higher this afternoon with shares of consumer staples companies in the S&P; 500 rising 0.1% and shares of consumer discretionary firms
Top Financial Stocks JPM +1.22% BAC +0.80% WFC 0.53% C +0.37% USB 0.04% Financial stocks have reversed small declines earlier today and were finishing with small rises with the NYSE Financial Sector Index advancing 0.3% and the S&P; Financial
Top Energy Stocks XOM +2.23% CVX +2.70% COP +1.10% SLB +3.43% OXY +1.94% Energy stocks were extending their rebound Friday, with the NYSE Energy Sector Index jumping about 2.4% while shares of energy companies in the S&P; 500 were
The following are the biggest percentage decliners on the TSX Venture Exchange in mid afternoon trading with their price movements SG SPIRIT GOLD (SG.V), $0.0850, 0.1150, 57.50% MINERA ALAMOS (MAI.V), $0.10, 0.06, 37.50% KENNA RESOURCES (KNA.V), $0.20, 0.10, 33.33%
The following are the biggest percentage gainers on the TSX Venture Exchange in mid afternoon trading with their price movements RUGBY MINING (RUG.V), $0.18, +0.05, +33.33%) GROUPE BIKINI VILLAGE (GBV.V), $0.40, +0.10, +33.33% BLUMETRIC ENVIRONMENTAL (BLM.V), $0.19, +0.04, +26.67%
The TSX was even firmer in the mid afternoon session after utility stocks took a turn for the better and energy shares climbed higher. The benchmark index was ahead 134 points, slightly below an intraday high of 14,491.27. Investors
Top Health Care Stocks JNJ 0.97% PZE +0.03% MRK +0.67% ABT +0.68% AMGN +0.23% Health care stocks were mixed, with the NYSE Health Care Sector Index declining 0.1% and shares of health care companies in the S&P; 500 rising
Top Tech Stocks MSFT +0.59% AAPL 0.28% IBM +0.65% CSCO +0.22% GOOG 0.07% Technology stocks were slightly higher, with shares of technology companies in the S&P; 500 climbing about 1%. In company news, Red Hat ( RHT ) surged
Top Consumer Stocks WMT 0.66% MCD 0.34% DIS 0.02% CVS +0.16% KO 0.94% Consumer stocks were mixed, with shares of consumer staples companies in the S&P; 500 sinking 0.2% and shares of consumer discretionary firms in the S&P; 500
Top Financial Stocks JPM +0.57% BAC +0.35% WFC 1.05% C 0.19% USB 0.77% Financial stocks were slightly lower, with the NYSE Financial Sector Index slipping about 0.1% and the S&P; Financial 100 Index down about 0.1%. In company news,
Sherritt International (TSX:S), the natural resources company with extensive operations in Cuba, saw a whopping 42.9 percent gain between last Monday and Friday, resulting from an announced thaw in US-Cuba relations.
With oil prices having halved in the last six months, together with the attendant currency destabilisation, there have been significant transfers of value through derivative positions, so large that financial instability may result.
Total iron ore production was 300 million tons in 2013 ... Vale SA operates in the Midwestern system through Samarco Mineracao S.A., a joint venture with BHP Billiton Ltd. (BHP) in which the company has a 50% equity stake. Carajas is Vale's biggest ...
KARACHI: Pakistan Steel Mills (PSM) is unable to gain benefit from the slight increase in its production due to arrival of steel products from various illegal channels. Though Blast Furnace no. 2 became operational earlier this week after 15 months of inactivity, the mill is facing serious problems as the steel market is swamped with untaxed,...
Alderon Iron Ore Corp. announces the appointment of Mr. Anthony Glavac as Interim Chief Financial Officer of the Company effective December 29, 2014. Alderon's current CFO, Mr. Francois Laurin, is taking ...
Lead advanced in London for the first time this week on prospects for reduced output from China, the world's biggest producer of the metal. Some smelters in Henan province will trim production by as much as 30 percent in 2015, and companies in Hunan and ...
Alisher Usmanov, once Britain's richest man, lost 500million, and Roman Abramovich's fortunes shrunk by 288million after panic among international investors lead to a collapse in the value of the rouble.
Reuters Market Eye - Tata Steel (TISC.NS) gains 2.9 pct. The company may be allowed to resume production from its biggest iron ore mine this month, a government official says. Odisha government agrees ...
Sao Paulo - Global production of raw steel was up 0.1% year-on-year in November, according to data released this Friday (19th) by the World Steel Association. Production volume was 131 million tonnes. The higher output was mostly driven by North America ...
LONDON, December 19, 2014 /PRNewswire/ -- Investor-Edge has initiated coverage on the following equities: Gerdau S.A. (NYSE: GGB), Cia Siderurgica Nacional S.A. (NYSE: SID), ArcelorMittal (NYSE: MT), Nucor Corporation (NYSE: NUE), and Commercial Metals Company (NYSE: CMC). Free research...
At the same time, traders' offers of domestic production iron ore in Tangshan and Liaoning Province have continued to follow a downtrend, while transaction activity for domestic iron ore is generally slack. At present, Indian fine ores of 63.5 percent ...
FORT WAYNE, Ind., Dec. 17, 2014 /PRNewswire/ --Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided fourth quarter 2014 earnings guidance in the range of $0.33 to $0.37 per diluted share, which includes ...
sleekmoneyUnited States Steel logo Traders purchased shares of United States Steel (NYSE:X) on weakness during trading hours on Friday, Stock Ratings News reports. $37.46 million flowed into the stock on the tick-up and $31.72 million flowed out of the stock on ...
Ukraine at the end of 2014 could cut currency income from exports of ferrous metal products (iron ore, pig iron, rolled steel and pipes) by13.6%, to $16.05 billion YoY ($18.57 billion in 2013), and by 14.1% in 2015, to 413.794 billion. According to expert data, the reduction of currency income was seen due to the
In October Ukraine exported $30.73 million worth of ferrous metals scrap with imports on the level of $2.39 million. The main importer of Ukrainian ferrous scrap in October was Turkey ($30.43 million). In January-October Ukraine exported $253.2 million worth of ferrous metals scrap with imports totaling $13.9 million. As has already been reported, in September
In 2014 Ukrainian metallurgical companies are expected to cut steel production by 16.8%, to 27.2 million tons, YoY, while in 2015 – by 0.7% compared to the forecast figures for this year, to 27 million tons. According to experts, the forecast could be either improved or downgraded because of the events in the east of
GuruFocus.comDisclaimers: GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site ...
Ductile iron pipe key manufacturers analysis includes Gaint-Gobain, Kuboat, Us Pile And Foundry Company, Jindal Saw, Electro-Steel Steels, Mcwane, American Cast Iron Pipe Company, Kurimoto, Xinxing Ductile Iron Pipes, Shandong Ductile Pipes, Benxi Beitai ...
A Fujian-based producer reported this week a sale of around 100 mt of the metal at $2,010-2,020/mt FOB ($2,060-2,070/mt CIF Rotterdam) for mid-January loading from Huangpu, while another sold 240 mt at $2,010/mt FOB China ($2,020/mt CIF Japan) for late ...
Beleaguered Australian iron ore miners will be offered a rebate on government royalties in an attempt to combat the impact of low ore prices, Western Australia state premier Colin Barnett said on Friday. ...
On December 19, Beijing-based Chinese steelmaker Shougang Iron and Steel Co. announced that its net asset value is expected to increase by an estimated RMB 3.4 billion ($0.55 billion) due to its holding company BAIC Motor Corporation Ltd being listed at ...
MOSCOW (Reuters) - Russia's richest man Alisher Usmanov has transferred his holdings in mobile operator Megafon and iron ore producer Metalloinvest to Russian entities after President Vladimir Putin urged businessmen to bring their assets home. Putin redoubled his efforts to encourage businessmen to "de-offshore" their assets on Thursday in his annual end-of-year news conference, as the country ...
American Metal MarketGo. Home Falling steel prices to dent SDI earnings. Falling steel prices to dent SDI earnings. Dec 18, 2014 | 12:18 PM | Michael Cowden. To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free ...
CHICAGO, Dec. 19, 2014 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading distributor and processor of metals, announced today that President and Chief Executive Officer Michael C. Arnold informed Ryerson's Board of Directors of his intent to retire next year. He has...
The government on Thursday released draft rules for e-auction of cancelled coal mines in an approach paper that is open for public consultation. The coal ministry has sought comments from stakeholders by Monday.
Luxembourg, 19 December 2014 ArcelorMittal today announces its financial calendar for 2015. Earnings results announcements: 13 February 2015: earnings release Q4 2014 and full year 2014 7 May 2015: earnings ...
RTT NewsSteel Dynamics Inc (STLD: Quote) on Wednesday said it expects fourth-quarter earnings guidance of $0.33 to $0.37 per share. Fourth-quarter outlook includes estimated charges of $12 million related to post-acquisition purchase accounting adjustments and ...
The affairs of SRTMI are proposed to be managed by a Governing Board comprising Chief Executive Officers of steel and associated companies of the public and private sector, domain experts of national/international repute and a nominee of Ministry of Steel.
ASSOCHAM urged the RBI to advise all commercial banks to extend the credit for payment of penalties due to coal blocks and rsquo; de-allocation by the Supreme Court and payment of upfront bid amounts for participation in the coal block bidding.
The London Metal Exchange (LME) has approved China Merchants Securities (UK) Limited (CMS) for category 2, associate broker clearing membership. CMS was also approved as a member of LME Clear, the LME and rsquo;s new clearing house.
In a report it pointed out that the assets in production are associated with 64 different entities with ownership claims.The report said that 13 copper, 14 gold and five iron ore miners were susceptible.
The commodity code for the Iron Ore 58% Fe, Low Alumina, CFR China (TSI) Futures contract will be TIC. It will be listed for the current calendar year and the next two calendar years, with January 2015 as the first listed contract month.
Congo based Shenglong controls 90% of two Polymetalic exploitation permits under which rights are granted over much of Congo's metal mines. The exploitation permits are valid until 2036. The other 10% of the projects are owned by the Congolese Government.
The Indian cabinet’s approval of increased royalty rates on minerals including iron ore, copper and bauxite yesterday will raise costs for miners and metal producers, analysts and company officials said.
The Brazilian iron-ore producer will give workers at its Serra Azul unit in the Minas Gerais state a 30-day holiday, MMX said in a statement today. The furlough will begin during the first week of September.
The year is set to end with a final flourish of turbulence that has characterised 2014 so far, with the Russian rouble tumbling along with oil prices that dipped below $60/bl for benchmark Brent crude.
The rouble also passed the RUB60 mark against the US dollar, continuing to fall during Russian president Vladimir Putin’s national address, where Russia’s leader forecast that it may take the country two years to get out of the recession it expects to enter in 2015.
As yet, the oil and rouble factor have not had a visible impact in metal markets, where activity has thinned as plants in the West are closing for the winter holidays. Many will not reopen until after the first week of January, and Russia will be out of the market until ...
Most ferro-alloy prices edged down in China this week as a result of sluggish underlying demand.
The Chinese government has listed export duties for ferro-alloys in 2015, which will remain at 20-25pc. Exporters are disappointed about the rollover of export duties in 2015 but are not surprised to see unchanged export duties.
The international trade in ...