Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.South Africa will enter a 21-day nationwide lockdown from midnight on Thursday March 26 and ordered the country's metals and mining operations to...Read More
Metals, mining and alloy producers have been scenario-planning in response to the novel coronavirus. The South African government appears to have just removed all but one option.President Cyril Ramaphosa ordered the country's mineral resources industry to shut underground mines and furnaces from Thursday March 26, unless they can be operated remotely. The shutdown will last for three weeks an...Read More
The London Metal Exchange three-month nickel price continued its downturn up to the close of trading on Monday March 23, falling over 3.5% and dipping below nearby support levels, while tin futures failed to hold on to Friday's gains. Nickel's underlying price on the LME closed at $10,880 per tonne on Monday afternoon, its lowest closing price since December 2018, while turnover was high at more t...Read More
Jack ChanPosted Mar 23, 2020The word “crisis” in Chinese is danger/opportunity.Ancient Chinese wisdom has taught us that when there is danger, there is opportunity. 1987.2000.2008.Now.Current market condition has wreaked havoc in all sectors, stocks, ETFs, currencies, and bonds. And the carnage may not be over as past major corrections in 2000 and again in 2008 were at 50 to 60%, and t...Read More
Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.South Africa will enter a 21-day nationwide lockdown from midnight on Thursday March 26 and ordered the country's metals and mining operations to...Read More
Fastmarkets will continue to provide the price data, news and analytics you rely on in these turbulent times.Dear Colleagues,First and foremost, we hope that you, your family, your friends and your colleagues are keeping well in these uncertain times. Covid-19 has disrupted our economy, our normal work patterns and, for many, our lives. Before I speak to the status of our business continuity...Read More
Metals, mining and alloy producers have been scenario-planning in response to the novel coronavirus. The South African government appears to have just removed all but one option.President Cyril Ramaphosa ordered the country's mineral resources industry to shut underground mines and furnaces from Thursday March 26, unless they can be operated remotely. The shutdown will last for three weeks an...Read More
Freeport-McMoRan said Monday as part of its response to Covid-19, its board had resolved to suspend the quarterly cash dividend of US5c per share previously planned for May 1.Read More
Key pricing data from the alumina index, fob Australia pricing session on Monday March 23. Key drivers Fastmarkets' daily alumina index, fob Australia, to $272.41 per tonne on Monday from $275.47 per tonne on Friday March 20. The index is now at its lowest level since May 18, 2017, when the price was $272.10 per tonne. Marks a...Read More
The Brazil-based miner had warned of a possible 800,000 tonne impact on sales this quarter if it had to close the distribution centre due to restrictions designed to halt the spread of the coronavirus.TRMT had handled 23.7 million tonnes of iron ore shipped in 2019."Vale is in communication with the government and working on a contingency plan to keep the terminal operating, while safeguarding its...Read More
Montr?(C)al, QC - Siyata Mobile Inc. (TSX-V:SIM | OTCQX: SYATF) (the "Company" or "Siyata") is pleased to announce that it has commenced delivery on its large government tender for up to 15,000 push-to-talk devices, previously announced on December 02, 2019.Depending on the total units and mix between rugged handsets and in-vehicle devices, the tender is valued between $3-million to $5-milli...Read More
The mandatory social isolation declaration significantly and immediately restricts travel through to March 31.Yamana Gold is implementing a partial demobilisation of its workforce at its Cerro Moro mine in Santa Cruz. The company will reduce underground operations and operate largely from its openpit and from stockpiled material. It plans to maintain plant operations during this period.Employees a...Read More
The spread of the novel coronavirus (2019-nCoV) outside China has brought with it logistical restrictions, a reconsideration of raw material requirements and concerns over possible disruptions to supply in the coming weeks. Here are five things under consideration by the minor metals and ferro-alloys markets while the situation develops. Adjustments to delivery and payment terms to mitigate risk T...Read More
The pros who confidently bought the dips for more than a decade are now quietly selling the rallies. During the bull market, accumulating stocks on weakness was a no-brainer, as easy a ticket to big profits as investors will ever enjoy. But the bear market has ended this rare opportunity. Instead, the Masters of the Universe have been unloading as much stock as they can into every rally. This ta...Read More
By Avi Gilburt, ElliottWaveTrader.netSo, how many of you followed reckless bulls into this mess?I know many of you took me to task for missing some of the rally in the SPX. But, as I had been trying to warn you, the IWM and the EEM, as well as a host of other charts, were warning me that something was just not right about the move in the SPX. Then, when I publicly posted that I was shortin...Read More
There are two things which we all need to focus w.r.t to corona virus:Positive: China could be corona "virus free" in the next two weeks to four weeks. This will be very bullish for crude oil demand and industrial metal demand.Negative: One needs to closely watch the corona virus spreads in India, Pakistan, Bangladesh and Indonesia. These are world's most densely populated zone with inadequate m...Read More
Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.South Africa will enter a 21-day nationwide lockdown from midnight on Thursday March 26 and ordered the country's metals and mining operations to...Read More
The spread of the novel coronavirus (2019-nCoV) is causing disruption to immediate supply chains and future demand forecasts across the technology and consumer electronics sector. Since the outbreak gathered pace in January 2020, companies including Apple and Samsung have closed plants, shifted production, and in some cases, revised revenue forecasts. The far-reaching effects of the virus on the g...Read More
The Turkish deep-sea scrap import market started the week in silence on Monday March 23, with some fearing the worst is yet to come with regard to the impact of the novel coronavirus (2019-nCoV), sources told Fastmarkets.The market has been quiet since a $23.90-per-tonne day-on-day price drop on Wednesday March 18, following news of a fresh cargo.Since then, market participants have turned increas...Read More
Turkish domestic auto bundle scrap prices have fallen sharply over the past week, in line with declining scrap import values, with some mills stopping their scrap purchases, sources said on Monday March 23.Turkish scrap import prices fell by 9% last week, amid the novel coronavirus (2019-nCoV) pandemic.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $249.0...Read More