Brazil-based steelmaker Gerdau expects the No2 blast furnace at its Ouro Branco mill - in the southeastern state of Minas Gerais - to resume production between the end of June and the beginning of July, chief executive officer Gustavo Werneck said on Wednesday May 6.The blast furnace was idled in early April amid tumbling demand due to the Covid-19 pandemic and falling export prices. It has capaci...Read More
The price for steel H-beams in Europe fell on Wednesday May 6, while low demand continued to restrict market sentiment, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?525-560 ($570-609) per tonne on Wednesday, down from ?,?535-570 per tonne one week before.Market participants have reported less trading activity in rec...Read More
Steel billet producers in Iran have been active in the Southeast Asian market in the week to Wednesday May 6, Fastmarkets has learnt.Several cargoes of Iranian billet scheduled for production and shipment in May were reported sold within the range of $340-342 per tonne to Thailand and Indonesia, sources said.A cargo scheduled for the Indonesian market was reported sold at $365-367 per tonne cfr, w...Read More
Broader markets were mixed this morning, Wednesday May 6, while base metals prices on the London Metal Exchange were up across the board. Base metals prices on the Shanghai Futures Exchange were mixed following Chinese participants’ return to the market after the country’s Labor Day holiday (May 1-5).* Asian-Pacific and pre-market western equity indices were mixed this morning.* Markets...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSpeaking as part of the NWR Virtual Resources Conference, Bond gave a macro backdrop that posited the current era as having strong historical similarities to the 1960s and 1990s in terms ofRead More
Turkish steel producers avoided the deep-sea scrap market on Wednesday May 6, amid lower finished steel output in Turkey, due to the measures introduced to curb the spread of the Covid-19 virus, sources told to Fastmarkets.The most recent deep-sea transaction took place at the end of the last week when a steel mill in the Iskenderun region booked a European cargo at $236 per tonne for HMS 1&2...Read More
The seaborne iron ore market uptrend resumed on Wednesday May 6 due to more active trading after Chinese market participants returned from the Labor Day holiday on May 1-5. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $84.35 per tonne, up $0.31 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $86.24 per tonne, down $0.46 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $72.81 p...Read More
Seaborne premium hard coking coal fob Australia prices were steady on Wednesday May 6, with market participants mulling the impact of a mining production halt in Queensland - although many held on to a bearish outlook amid persistent demand worries. Fastmarkets indicesPremium hard coking coal, fob DBCT: $107.63 per tonne, up $0.51 per tonne Premium hard coking coal, cfr Jingtang: $115.02...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesSeven ways the resources sector can survive the COVID-19 crisisSPONSOREDproudfootThey were baffled because they were under the impression the meeting would take place online, so felt ir...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:15 AM EDT of the April ADP Employment report. Consensus was a decline of 20.20 million versus a decline of 27,000 in March. Actual was a decline of 20.2 million.General Motors gained $1.04 to $22.30 after repor...Read More
The seaborne iron ore market was depressed in April 2020 compared with the first quarter of the year, because of a slow recovery from a severe winter, but buying activity at Chinese ports remained resilient due to healthy short-term production by local mills, which kept the portside markets trading at a premium throughout the month.The monthly average price for 62% Fe iron ore slipped to $84.42 pe...Read More
Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation."Five people have been injured and transported to hospital. All of the injured people's families have been contacted," Anglo American said on Wednesday.Local media reports suggest that an explosion had occurre...Read More
The London Metal Exchange told Fastmarkets that it is confident there is enough capacity to meet the increasing demand to store metal in its warehouses across the globe. Demand for physical metal continues to decline following Covid-19 shutdowns in downstream sectors and premiums are falling, forcing stockholders to take up the option of storing their material in warehouses instead. Metal stock on...Read More
China's domestic hot-rolled coil prices picked up on Wednesday May 6, the first working day after a five-day break for Labor Day, which sparked expectations for growing imports.DomesticEastern China (Shanghai): 3,320-3,340 yuan ($470-473) per tonne, up 40-50 yuan per tonneNorthern China (Tangshan): 3,310 yuan per tonne, up 60-70 yuan per tonneMajor spot markets saw active trading during the day, w...Read More
China's domestic rebar prices moved up on Wednesday May 6 after a five-day break for Labor Day amid a drop in spot market inventory levels and rising futures. Domestic Eastern China (Shanghai): 3,430-3,460 yuan ($486-490) per tonne, up by 20 yuan per tonne China's 20 biggest rebar markets had 8.31 million tonnes of the product at the end of April, down by 610,000 tonnes (6.8%) from April 20,...Read More
The London Metal Exchange three-month nickel price gained 2.4% on the previous day's close to hit a high of $12,295 per tonne during morning trading on Wednesday May 6, as China's return to market proved to be a tailwind for nickel demand and the metal's outright price.China's re-entry into the market at a time when the country is restarting its commercial activities is expected to bolster metals...Read More
Broader markets were mixed this morning, Wednesday May 6, while base metals prices on the London Metal Exchange were up across the board. Base metals prices on the Shanghai Futures Exchange were mixed following Chinese participants' return to the market after the country's Labor Day holiday (May 1-5).Asian-Pacific and pre-market western equity indices were mixed this morning.Markets should be brac...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Ailing silicon producer Ferroglobe will delay filing its 2019 annual report by up to six weeks as a result of the Covid-19 pandemic, the company announced last week."With the uncertainties created by the Covid-19 pandemic and potential implications for Ferroglobe's operating environment and financial results, the company continues to prepare financial scenarios for the near term, which its externa...Read More
A summary of stainless steel producer Aperam's results for the first quarter of 2020.In brief Sales, shipments and adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) were down year on year due to the coronavirus-driven downturn. The company reported a "seasonally normal...Read More