Teck Resources is starting to increase the number of workers active at its Quebrada Blanca Phase 2 (QB2) project in northern Chile but is still uncertain when it will be able to resume normal activities at the site. Around 1,100 employees are now active at the project, according to Don Lindsay, chief executive officer of the Canada-based company, noting that employment at the site had dropped...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Advanced Metallurgical Group (AMG) has reported a 56% decrease in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2020 amid a decline in metal prices across its entire portfolio and depressed market conditions resulting from the Covid-19 pandemic.The Amsterdam-listed group generated Ebitda of $22.3 million in January-March, a drop from $50.4 million...Read More
Teck Resources is starting to increase the number of workers active at its Quebrada Blanca Phase 2 (QB2) project in northern Chile but is still uncertain when it will be able to resume normal activities at the site. Around 1,100 employees are now active at the project, according to Don Lindsay, chief executive officer of the Canada-based company, noting that employment at the site had dropped...Read More
The recovery of zinc metal prices is set to continue with stronger Asian demand outpacing supply cuts, and there are no expectations for a review of annual zinc treatment charges (TCs) due to the Covid-19 pandemic, Nexa Resources chief executive officer Tito Martins said on Tuesday May 12."We are seeing a market adjustment in Asia," Martins told analysts and investors in the company's first-quarte...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Low inventories should help limit stock builds in copper, zinc and nickel that may materialize due to the decline in demand resulting from the Covid-19 pandemic, according to the chief executive officer of Glencore. The company estimates that 4% of global copper supply for this year forecast prior to the virus has been lost due to shutdowns and cuts created by the virus, excluding smelting/refinin...Read More
Most domestic ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o increased week on week after reduced availability of material led some mills to accept higher offers in order to secure supply.Low scrap availability led one mill in Mexico's Bajio manufacturing hub to announce a price increase of around 100-200 pesos last week. Other scrap buyers avoided announcing...Read More
Turkish steel producers have continued to book deep-sea market scrap for late-June shipments at steady prices, sources said on Tuesday May 12.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $251 per tonne, 6,000 tonnes of shredded at $256 per tonne and 6,000 tonnes of bonus at $261 per tonne cfr. ...Read More
Canada-based ferro-titanium producer Metalliage has restarted ferro-titanium production at its Quebec-based plant, almost seven weeks after it shut operations due to the Covid-19 pandemic. The company is reopening after local authorities in the Canadian province on April 5 extended its original shutdown of all non-essential businesses to May 4. The plant has been shut since the provincial governme...Read More
Broader markets were generally weaker this morning, Tuesday May 12, amid concerns about clusters of new Covid-19 infections in the Chinese city of Wuhan and in South Korea, while China's consumer price index (CPI) and producer price index (PPI) data releases were weaker than expected. Asian-Pacific and pre-market major western equity indices were mainly weaker this morning. Base metals Three-month...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
A summary of US-based lithium producer Livent's financial results for the first quarter of 2020.In brief: The company's adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) were down by 66% year on year in the first quarter to $9.4 million due to lower lithium prices and volumes sold against a backdrop of the negative impact of Covid-19 in Asian markets. All Livent's fa...Read More
The production of cobalt may need to increase by 460% from 2018 levels over the next three decades to meet the growing demand for clean energy technologies, according to a report by the World Bank. Cobalt demand in clean energy technologies is seen rising from 140,000 tonnes to 644,000 tonnes by 2050, the report estimated. This is based on the wind, solar and geothermal power, as well as energy st...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
A summary of German steelmaker Thyssenkrupp's financial results for the first half and second quarter of its 2019/2020 financial year up to March 31, 2020. In brief Thyssenkrupp's performance was significantly affected by the initial effects of the coronavirus pandemic. It cites the weak automotive market as well as price and volume losses in the materials businesses. Its steel Eur...Read More
Domestic prices for hot-rolled coil in Northern Europe dropped day on day on Tuesday May 12 due to the slow market, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?414.00 ($448.11) per tonne on Tuesday, down by ?,?6.00 per tonne from ?,?420.00 per tonne on Monday.Tuesday's index was calculated based on a few deals and "workable" prices...Read More
The price of steel rebar in Russia's Central Federal District around Moscow was unchanged week on week on Tuesday May 12, while buying remained slow due to Covid-19-related restrictions and public holidays, sources told Fastmrkets.Market participants said that construction activity, the key rebar consuming sector, remained limited last week."[Most] construction sites have been closed sin...Read More
The import prices for steel billet and rebar in the United Arab Emirates increased slightly over the past week, while demand was weak because of the Islamic holy month of Ramadan, as well as the Covid-19 pandemic, market sources said on Tuesday May 12.Market participants in the United Arab Emirates (UAE) believe demand is unlikely to improve before late May, when Ramadan will end. Local rebar...Read More