The seaborne coking coal market was muted on Monday May 4 in the absence of China, the only country that has been buying metallurgical coal spot cargoes since the global spread of Covid-19. Fastmarkets indices Premium hard coking coal, fob DBCT: $107.12 per tonne, unchanged Premium hard coking coal, cfr Jingtang: $117.33 per tonne, unchanged Hard coking coal, fob DBCT: $93.26 per tonne, unchanged...Read More
Seaborne iron ore prices were flat on Monday May 4 from Friday April 1 due to a holiday in China, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.04 per tonne, unchanged.62% Fe low-alumina fines, cfr Qingdao: $86.70 per tonne, unchanged. 58% Fe fines high-grade premium, cfr Qingdao: $72.13 per tonne, unchanged. 65% Fe Brazil-origin fines, cfr Qingdao: $101.70 p...Read More
Key data from the pricing session in Europe in the week to Friday May 1.Key drivers European antimony prices down slightly on continuing weak spot demand, despite supply-led increases in China. Over the week, only small volumes - no higher than 5 tonnes - for standard grade II material were sold close to $5,850 per tonne, with offers...Read More
Broader markets are looking a bit brighter this morning, Tuesday May 5, with equity indices and base metals prices firmer while participants look forward to better demand once more plans are announced about lifting lockdown restrictions.* The Dow Jones Industrial Average reversed from being down by 1.5% to close positively on Monday.* US factory orders dropped by 10.3%, but this data was for March...Read More
U.S. equity index futures were higher this morning. S&P 500 futures advanced 36 points in pre-opening trade. Index futures were virtually unchanged following release of the March Trade Deficit at 8:30 AM EDT. Consensus was $44.0 billion versus $39 billion in February. Actual was $44.4 billion.The Canadian Dollar was virtually unchanged at US 71.31 cents following release of Canada's Trade Bala...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Here are five Fastmarkets stories you might have missed on Friday May 1 that are worth another look.Evraz's steel product output at its CIS-based assets surged by 9.3% year on year to 3.12 million tonnes in January-March 2020.The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid...Read More
Last week’s weaker tone in the metals has flowed through into morning trading on Monday May 4, with the three-month base metals on the London Metal Exchange down by an average of 0.6%, led by a 0.9% fall in copper to $5,061 per tonne. * With Japan and China closed trading volumes are thin.* Market participants likely to focus on European purchasing manager’s index (PMI) data and US facto...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 16 points in pre-opening trades.Shopify added $14.30 to $627.94 after KeyBanc Capital raised its target price from $500 to $700.PayPal slipped $0.35 to$120.26 despite KeyBanc Capital raising its target price from $115 to $140.NVIDIA eased $2.40 to $280.38 despite Susquehanna raising its target price from $330 to $55.T...Read More
Brazil's Vale expects the price premium for high-grade iron ore fines to decrease in the second quarter compared with those in the first, with production in China resuming.Brazilian 65% Fe iron ore has been fetching around $20 per tonne more than reference prices for 62% Fe material. This difference is mainly due to supply issues, which reduced inventories in China, the mining major's executive di...Read More
A summary of Brazilian mining company Vale's financial results for the first quarter of 2020.In brief Pro forma adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) down by 26% year on year due to depreciation of Brazilian Real.Net income of $239 million, compared with a net loss of $1.6 billion in the first quarter of 2019. Investments totaled $1.12 billion, up by...Read More
A summary of Latin American steel group Ternium's financial results for the first quarter of 2020.In brief Earnings before interest, taxes, depreciation and amortization (Ebitda) down by a third year on year due to restrictions related to the Covid-19 pandemic. Net loss of $19.40 million, compared with a net profit of $224.90 million in the first quarter of 2019. Higher sales volumes in Mexico, Te...Read More
The sharp decline in emerging market currencies combined with a collapse in oil prices are providing a twin saving grace for many metals and mining companies during the Covid-19 pandemic. For producers of energy-intensive metals like aluminium, and in particular the low-cost ones, the benefit is even greater. It's an emerging trend that is starting to be reflected in the earnings of corporates in...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: 'Sell the rally' mentality here to stayAlthough the London Metal Exchange aluminium price has managed to recover modestly from recent lows, we suspect this is mostly short-covering. The lack of producer restraint, growing exchange inventories, a weak demand outlook and the 7 million tonnes of oversupply forecast f...Read More