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DAILY STEEL SCRAP: Mills continue deep-sea purchases at steady prices

August 06, 2020 / www.metalbulletin.com

The Turkish steel mills have continued their purchases of deep-sea ferrous scrap at steady prices, while suppliers in Europe were still struggling with the strength of the euro, sources said on Wednesday August 5.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of shredded and 10,000 tonnes of a mixture of bonus and HMS 1 at an...Read More

COKING COAL DAILY: Seaborne prices flat; market in wait-and-see mode

August 06, 2020 / www.metalbulletin.com

Seaborne prices across the board remained relatively flat on Wednesday August 5, with few transactions while most market participants were in wait-and-see mode, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $106.01 per tonne, down $0.39 per tonne Premium hard coking coal, cfr Jingtang: $116.30 per tonne, down $0.08 per tonneHard coking coal, fob DBCT: $88.77 per tonne, down $...Read More

Tech Talk for Wednesday August 5th 2020

August 05, 2020 / www.timingthemarket.ca

Copper Miners ETF (COPX) moved above $20.71 extending an intermediate uptrend.Dow Jones Transportation Average iShares (IYT) moved above $179.39 extending an intermediate uptrend.Barrick Gold (ABX), a TSX 60 stock moved above Cdn$40.04 to an all-time high extending an intermediate uptrend.Disney (DIS), a Dow Jones Industrial stock moved above $127.82 following release of fiscal third quarter resul...Read More

IRON ORE DAILY: Prices stable as bullish sentiment eases

August 06, 2020 / www.metalbulletin.com

Activity in the seaborne iron ore market fell flat on Wednesday August 5, with sources saying that trading eased off because of a lack of clear market information, which left prices stable.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $118.10 per tonne, up by $0.22 per tonne62% Fe low-alumina fines, cfr Qingdao: $118.34 per tonne, up by $0.04 per tonne58% Fe fines high-grade premium, cfr...Read More

Bangladesh's SS Steel boosts capacity with purchase of Saleh Steel

August 06, 2020 / www.metalbulletin.com

Bangladeshi steelmaker SS Steel has purchased competitor producer Saleh Steel in a deal worth 247 million taka ($2.86 million), according to a filing to the Dhaka Stock Exchange. The deal, which was first made public on Tuesday August 4, sees SS Steel take 99% of the shares in Saleh Steel Industries Ltd. SS Steel has pledged to invest a further 1.34 billion taka toward the "smooth running" of the...Read More

CHINA HRC: Prices steady but buyers in Vietnam said to be paying higher for imports

August 06, 2020 / www.metalbulletin.com

China's hot-rolled coil prices were largely stable on Wednesday August 5 in spite of reports of buyers in Vietnam paying higher prices for imports.DomesticEastern China (Shanghai): 4,060-4,070 yuan ($582-583) per tonne, unchangedSeveral traders told Fastmarkets that domestic prices were stable on Wednesday amid moderate trading activity.The stability was attributed to buyers' expectations of weake...Read More

CHINA REBAR: Prices fall after typhoon saps demand

August 06, 2020 / www.metalbulletin.com

China's domestic rebar prices dropped slightly on Wednesday August 5 due to adverse weather weakening demand. Domestic Eastern China (Shanghai): 3,630-3,660 yuan ($520-524) per tonne, down by 10 yuan per tonneParts of eastern China experienced wet weather due to Typhoon Hagupit, which affected demand for rebar from the construction sector.The most-traded October rebar futures contract also traded...Read More

Trade log: Cobalt standard grade, in-whs Rotterdam, $/lb

August 06, 2020 / www.metalbulletin.com

The cobalt standard grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed cobalt standard grade, in-whs Rotterdam at $14.35-14.80 per lb on Wednesday August 5, 2020....Read More

Trade log: Cobalt alloy grade, in-whs Rotterdam, $/lb

August 06, 2020 / www.metalbulletin.com

The cobalt alloy grade, in-whs Rotterdam trade log, including business, bids and offers reported to Fastmarkets. Fastmarkets publishes trades logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies. Fastmarkets assessed cobalt alloy grade, in-whs Rotterdam at $14.50-14.90 per lb...Read More

TITANIUM SNAPSHOT: Alloy, turnings markets stable amid cautious optimism

August 06, 2020 / www.metalbulletin.com

Key data from the pricing session in Europe on Wednesday August 5.Key drivers The ferro-titanium market remained stable for the third consecutive week. Ferro-titanium production has fallen in the UK with several suppliers operating below capacity. Sources do not expect output to pick up until there is increased liquidity, while some market participants report cautious optimism and...Read More

Weak downstream demand leads to disconnect in physical, futures cobalt metal market

August 06, 2020 / www.metalbulletin.com

The local cobalt futures price in China leapt this week, resulting in higher quotations in the spot market, but weak downstream demand and resistance to rapid price hikes created a disconnect between physical and futures prices. The cobalt price on the Wuxi Stainless Steel Exchange (Wuxi) started to rise quickly at the beginning of this week after consolidating previous gains late in the prior wee...Read More

CHINA ANTIMONY SNAPSHOT: Price stalls amid consumers' struggle to accept higher offers

August 06, 2020 / www.metalbulletin.com

Key data from Fastmarkets' pricing session in Shanghai on Wednesday August 5. Key driversSome suppliers continued to raise offer prices with the intention of achieving deals at higher prices, citing limited spot cargoes at hand and high production costs.A number of consumers, however, remained wary of accepting higher prices, saying that the rise...Read More

INTERVIEW: Leading through times of global crisis

August 06, 2020 / www.metalbulletin.com

Three experienced mining leaders give valuable insights into decision-making and seizing opportunities during a global crisis.Faced with the Covid-19 pandemic, mining executives are being forced to take swift action and make tough decisions as prices fall, economies contract and demand in key consuming industries declines. Three leading mining industry executives told Andrea Hotter about their res...Read More

AT A GLANCE: Gerdau Q2 sales down in all regions due to Covid-19

August 06, 2020 / www.metalbulletin.com

A summary of Brazilian steelmaker Gerdau's financial results in the second quarter of 2020, as stated in its earnings report on Wednesday August 5.In brief Gerdau's crude steel output in Brazil decreased during the quarter following the stoppage in early April of the No2 blast furnace at its Ouro Branco mill, in the southeastern state of Minas Gerais, and some of its long rolling activities in the...Read More

Editorial: Investors wake up to the appeal of gold

August 05, 2020 / www.northernminer.com

If the price of gold in a local currency is a measure of national risk, then the United Kingdom is apparently in a worse place than during the Black Death of 1348-1349 (which killed half of the population), the Great Plague of 1665-1666 (which killed 25% of Londoners) and two world wars.If that wasn't enough, the party season is over in England for another year. We have just celebrated 'Glorious G...Read More

Minera Alamos buys Cerro de Oro gold project in private sale

August 05, 2020 / www.northernminer.com

Canada's Minera Alamos (TSX-V: MAI) is expanding its footprint in Mexico by acquiring the Cerro de Oro gold project in the north-central state of Zacatecas, its third asset in the precious metals-rich country.The private transaction was conducted with a vendor group known by the Minera Alamos team following negotiations that were carried out over the last few months. As part of the deal, the T...Read More

Torex posts 'solid' Q2; updates 2020 guidance

August 05, 2020 / www.northernminer.com

Mexico-focused producer Torex Gold Resources (TSX: TXG) released its second quarter financial results and updated production guidance for the year: with 59,508 oz. gold generated in the quarter, the company now expects to produce 390,000-420,000 oz. gold this year.Torex's original guidance was for 420,000 oz. to 480,000 oz. gold; however, based on a Covid-19-related decree from the Mexican governm...Read More

Donald Trump Jr calls for blocking Pebble mine

August 05, 2020 / www.northernminer.com

Opponents of Northern Dynasty Minerals' (TSX: NDM) proposed Pebble copper-gold-molybdenum mine in Alaska found a new ally on Tuesday, as U.S. President Donald Trump's son Donald Jr. took to Twitter to oppose the project supported by his father's administration.Trump Jr. said he "100%" agreed with Vice President Mike Pence's former chief of staff, Nick Ayers, in opposing the mine."The headwaters of...Read More

Covid-19 creates 'perfect storm' for gold investment: World Gold Council

August 05, 2020 / www.northernminer.com

With the price of gold having crested US$2,000 an ounce, the World Gold Council released its latest report on the precious metal's demand trends. The Gold Demands Trends report covers both the second quarter and first half of 2020, and it shows that the Covid-19 pandemic hit the consumer sectors of the gold market in the first half of this year the hardest, with total demand dropping by 6% to 2,07...Read More

B of A forecasts US$3,000 gold, US$35 silver on 'financial repression'

August 05, 2020 / www.northernminer.com

In April, Bank of America Global Research increased its 18-month price target on gold from US$2,000 per oz. to US$3,000 per oz. and forecast an average gold price in 2020 of US$1,695 per oz. and US$2,063 per oz. in 2021.As gold continued its rise above US$2,000 per oz., and at press time had touched US$2,046 per oz., the bank released a new report reiterating its US$3,000 per oz. price target, cit...Read More

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