Category: Daily Steel News

Japan third-quarter aluminium premium falls to $79 per tonne as COVID-19 hits demand

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The premium for aluminium shipments to Japan for July to September was set at $79 per tonne, down 3.7% from the prior quarter as the coronavirus pandemic collapsed manufacturing activity, four sources directly involved in the pricing talks said. The premium has come down from $82 per tonne paid in the April-June quarter, making its […]

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Rio Tinto To Close New Zealand Aluminium Smelter

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Mining giant Rio Tinto said Thursday it will close its aluminium smelter in southern New Zealand, resulting in 1,000 job losses and dealing a major economic blow to the region. But environmentalists say the closure of the Tiwai Point smelter could help New Zealand’s push to become cleaner and greener. The smelter sucks up about […]

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Vale, Epiroc sign Batteries as a Service deal

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Vale and mining gear maker Epiroc announced that they have finalized the world’s first Batteries as a Service (BaaS) agreement, which is a new approach for utilizing battery technology in mining operations. The idea is that Epiroc will work directly with Vale and other clients to define a battery plan that suits the needs of […]

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No current risk of closures – Brazil mining association

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Brazil has the capacity to meet the growing demand for iron ore and there is currently no risk of mine closure due to the covid-19 pandemic, says Brazilian mining association (Ibram) president Flávio Penido. The second-largest exporter of the steelmaking ingredient in the world is currently only behind US in the number of active cases […]

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Gold, silver and platinum continue to run

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The metals continue to run higher and it looks like this rally could extend quite a while. For now, there does not appear to be any weaknesses even platinum that is in weak for months is now started to join the rally party. August gold futures traded as high as $1829.80 on Wednesday; after being […]

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Palladium Weekly: Renewed Buying Interest From The Financial Community

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PALL has traded sideways of late, reflecting a horizontal consolidation in the PGM space. This is mainly the result of uncertainty surrounding the global automotive sector. Interestingly, speculators and ETF investors have expressed renewed buying interest for palladium since late June, which could be viewed as a positive shift in sentiment. Although the global automotive […]

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Silver is exploding, is $20 an ounce next? Analysts weigh in

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Silver prices exploded this week, trading above $19 an ounce level after jumping more than $1 in just five days. Analysts are now targeting $20 an ounce silver, but how soon? The precious metal is being driven by similar things as gold — its safe-haven appeal — as well as increasing industrial demand outlook, according […]

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Gold price builds base above $1,800 with record in sight

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Gold held above $1,800 on Thursday after reaching that threshold for the first time since 2011 in the previous session, as concerns about the global economy linger to fuel gains for safe-haven assets. Gold prices have soared more than 40% over the last 14 months and are within shouting distance of 2011’s record high of […]

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Gold consolidates above $1800 per ounce

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This week Tuesday gold futures traded and closed above $1800 for the first time since 2011. After trading to an intraday high of $1829 yesterday, today’s trading activity can be best characterized as short-term profit taking. This is not unusual for a market that has been gaining value the way that gold has been recently. […]

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Don’t expect to see a prolonged correction in gold prices – Commerzbank

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After a brief dip below $1,800 an ounce Thursday, the gold market has once again bounced back and is now looking to end the week near its recent nine-year highs. In a report Friday, commodity analysts at Commerzbank said that they don’t expect to see any major correction in gold in the near-term. “We regard the decline […]

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