METALS & MINING ALERT:DAILY PRICES AND NEWS:AIIS RAISING FUNDS TO FIGHT SECTION 232

Industrials (/lb): aluminum $0.88 (+0.2%), copper $2.57 (-0.6%), lead $0.96 (-0.1%), molybdenum $7.82 (+0.0%); nickel $4.04 (+0.8%); zinc $1.15 (-1.6%);Precious (/oz): gold $1,279 (+1.0%), silver $17.56 (+1.5%); Steel (/mt): ChinaHRC $475 (-0.3%), SHFE Rebar $449 (-1.2%), MB Scrap Index $266 (+1.9%);Bulks: iron ore (/dmt) $57 (+1.8%), coking coal (/mt) $152 (-3.2%), freight (BCI)1,374 (-3.9%); Energy: Brent (/bbl) $49.95 (-1.3%), WTI (/bbl) $47.66 (-1.4%),natural gas (/mmBtu) $3.00 (-0.3%), thermal coal (/t) $76 (+2.0%).

    The American Institute for International Steel (AIIS) preparing to fight againstSection 232 and sent financial appeal letter on June 2. The AIIS plans to holdNational Press Club events, congressional visits amongst other initiatives toraise funds to fulfill objectives. The organization believes Section 232 is “adistinctly protectionist and unbalanced domestic agenda that jeopardizes” USmanufacturing base. AIIS is attempting to protect the steel supply chain andnotes all livelihoods depending upon the free and responsible importing ofsteel. (SBB)

    US International Trade Commission makes preliminary determination of injuryby imports of cold-drawn mechanical tubing and will continue investigations ofimports from China (~88-187% alleged dumping margins), Germany (78-209%), India (34%), Italy (37-69%), South Korea (12-48%) and Switzerland (38-52%). Preliminary countervailing duty determinations due July 13 withpreliminary antidumping duties expected by September 26. (SBB)

    US Oil & Gas rig count rises to 916 (+8 WoW, +508 YoY) for the week ending6/2. Oil directed rigs rose to 733 (+11 WoW, +325 YoY) and natural gasdirected rigs decreased to 182 (-3 WoW, +82 YoY). Canadian count increasedto 99 (+6 WoW, +58 YoY). (Baker Hughes)

    Teck announces redemption of $214m principal amount of notes including$84m of 3% notes due 2019, $130m of 8% notes due 2021 with cash on hand.Interest expense savings are likely to be $10m per annum after taxes.Company anticipates $19m (3c/sh) after-tax charge during 2Q17 results.(Company)

    Fortescue Metals Group management claims China has shortage of rebar dueto recent closures of induction furnace steel operations which were the typicalproducers of the rebar. However, the company noted as other rebarmanufacturers ramp production margins and prices are likely to return to amore sustainable level. (Bloomberg Finance LP)

    Osisko acquires Orion Mine Finance Group for total consideration of ~C$1.1bn.Orion’s assets include 74 royalties, streams and precious metal offtakes andthe pro-forma portfolio will be 131 royalties and streams including 16 revenuegeneratingassets. Purchase price includes C$675m in cash plus C$450m inOsisko shares. (Company)