The latest forecasts from Fastmarkets' team of analysts are ready to view.Coronavirus continues to shape scrap markets but tighter supply may partly offset lower demandWe have downwardly revised our ferrous scrap price forecasts for the following few months and, as a result, for the whole year of 2020, with the Covid-19 outbreak outside China stalling the markets. The Fastmarkets' daily benchmark...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Having first hit Asia during early 2020, the Covid-19 viral outbreak is now having an even bigger impact on European countries and the US. Widespread lockdown measures have been put in place on people and industry, and economic activity has slowed markedly.For now, stainless steel markets in Europe and the US are yet to show...Read More
Domestic prices for hot-dipped galvanized coil (HDG) have decreased over the past week in Northern Europe due to poor demand, sources told Fastmarkets on Thursday April 16.Fastmarkets' weekly price assessment for steel HDG, domestic, exw Northern Europe, was ?,?550-560 ($601-612) per tonne ex-works on April 15, down by ?,?30 per tonne week on week from ?,?580-590 per tonne ex-works.The assessment...Read More
The three-month copper price on the London Metal Exchange was little changed at the close of trading on Thursday April 16, holding above nearby support levels despite a 10-day low in turnover, while aluminium futures continued to find support above the $1,500 per tonne threshold.Copper's underlying price on the LME closed at $5,138.50 per tonne, climbing by just over 0.5% from Wednesday's closing...Read More
Dasa long section Credit: Global AtomicNIGER - Global Atomic has released the results of a preliminary economic assessment (PEA) for its Dasa deposit in the Republic of Niger.The study outlines the first phase of a larger underground mine at the site - with a 12-year life, this phase would extract the high-grade Flank zone and surrounding mineralization. With average annual production of 4.4 mill...Read More
A supply crunch continues to restrict flows in the copper scrap market, with more retail yards closing due to the Covid-19 pandemic in the United States.Along with supply woes, end demand for copper scrap products has also been hit as the overall metals sector suffers in the aftermath of the novel coronavirus outbreak."Most retail yards are not accepting material, and industrial accounts are slowi...Read More
SASKATCHEWAN - CanAlaska Uranium reported that, prior to the declaration of COVID-19 as a pandemic, its crews were able to complete four drill holes from a planned six-hole winter program at the West McArthur uranium project in the prairies.In a press release, CanAlaska said that drilling was stopped mid-March to ensure an orderly shutdown.According to the company, assays and data from the drill...Read More
German carmaker Volkswagen has become the first European car manufacturer to announce the restart of operations in the region following several weeks of suspended activity under lockdown measures brought in to help stem the spread of the Covid-19 pandemic.VW announced on March 15 that it would suspend output at its production site in Bratislava, Slovakia, on March 23 but did not give a scheduled r...Read More
Key pricing data from the pricing session for Fastmarkets' alumina index, fob Australia on Thursday April 16. Fastmarkets' daily alumina index, fob Australia was little changed from the previous day and steady from $225.40 per tonne a week prior. But the current index level remains 24% lower than a month ago. Key drivers: Fresh deal concluded on March 15 at $225 per tonne fob Australia with...Read More
Canadian minerals company Strongbow Exploration has announced the final assays at the United Downs project in Redruth, Cornwall, after a high-grade copper-tin mineralization was discovered in a previously unmined area of the county in south-west England earlier this month.Three samples were taken at the untapped site, which was discovered by Cornish Lithium on April 7 this year. A 14.96 meter inte...Read More
Diamond industry under stress as mining, manufacturing and retail centers remain closed during COVID-19 lockdown. US government starts $2.2 trillion stimulus to help relieve liquidity pressures as new unemployment claims exceed 20 million in April. US retail sales slide -6.2% in March. China retail reopening to light traffic. Chow Tai Fook 4Q China same-store sales -50%, Hong Kong/Macau -65%. Some...Read More
RAPAPORT... Alrosa maintained its production forecast for 2020 as the company reduced its rough-diamond stockpiles in the first quarter despite weak market conditions.The miner expects production to rise 11% to 34.2 million carats this year, it said Thursday, but cautioned that its ability to sell will depend on the coronavirus situation. "The diamond industry started 2020 in a good shape as...Read More
Australian miner Panoramic Resources has suspended activity at its domestic Savannah nickel mine in the west of the country amid the mounting pressure of the Covid-19 pandemic on operations there, the company said on Wednesday April 15. The impact of the virus has hampered transportation, the availability and cost of the site's workforce and equipment availability, the company said, adding it has...Read More
RAPAPORT... Lucapa Diamond Company has created a partnership with a high-end diamantaire to cut and polish a portion of rough from the Mothae mine in Lesotho.The miner sought the deal after coronavirus lockdowns halted sales of its diamonds through regular tenders in Belgium, the company said Tuesday. The diamantaire purchased 3,963 carats from Mothae for $2 million, or $505 per carat. That i...Read More
RAPAPORT... Five major watch brands have pulled out of the 2021 Baselworld show, prompting organizers MCH Group to consider the event's future.Rolex, Patek Philippe, Chanel, Chopard and Tudorwill launch a new fair in Geneva in early April 2021 alongside the Watches & Wonders show (formerly SIHH), they said Tuesday.The five companies cited Baselworld's postponement of its 2020 edition to J...Read More
RAPAPORT... Alrosa has increased its contribution to the coronavirus relief efforts in the Yakutia region to $4.2 million, it said Wednesday.The funds will be used to purchase medical equipment and supplies, as well as personal protective gear, in Russia's Yakutia region, where Alrosa mines. The miner will give RUB 25 million ($336,425) to local hospitals in the Mirny and Lensky districts, an...Read More
RAPAPORT... US retail sales saw the largest monthly drop ever recorded, as stores were ordered to shut down amid the COVID-19 pandemic.Total purchases fell 6% year on year in March, and 9% compared to February, according to data the National Retail Federation (NRF) reported. The slowdown was even steeper than the 4.3% decline in November 2008, during the Great Recession. NRF based these numbe...Read More
Rebar prices in the United States declined after the Covid-19 pandemic trimmed ferrous scrap input costs and raised concerns that construction investment may become constrained. Fastmarkets' price assessment for steel reinforcing bar (rebar), fob mill US slid to a new range of $29-30 per hundredweight ($580-600 per short ton) on Wednesday April 15 from $29.75-30.75 per cwt ($595-615 per ton)...Read More
RAPAPORT... Diamond jeweler Graff will contribute $1 million to help at-risk countries stem the spread of the coronavirus.The company will give the money through its charity foundation to the COVID-19 Solidarity Response Fund, which was created by the World Health Organization (WHO). The funds will be used to provide essential medical supplies in vulnerable communities and to accelerate the d...Read More
(IDEX Online) - Canada's Renard diamond mine is to remain closed, even though a coronavirus ban on its operations was lifted yesterday. Owners Stornoway Diamond say it will remain on care and maintenance because the rough market is so depressed. The company said 540 workers would be affected and 50 would remain on site at in the James Bay region of north-central Quebec. Work was suspended at...Read More