Japanese export prices for ferrous scrap have fallen for the third consecutive week, with market conditions expected to deteriorate further in the short term, trading sources told Fastmarkets on Wednesday March 18.Fastmarkets' price assessment for steel scrap H2 export, fob main port Japan, settled at ?22,000-22,500 ($206-210) per tonne on Wednesday, down by ?500 per tonne week on week from last...Read More
Seaborne coking coal prices were stable on Wednesday March 18, with trading activity muted.Fastmarkets indicesPremium hard coking coal, fob DBCT: $163.91 per tonne, up $0.17 per tonnePremium hard coking coal, cfr Jingtang: $166.77 per tonne, down $0.93 per tonneHard coking coal, fob DBCT: $145.01 per tonne, down $1 per tonneHard coking coal, cfr Jingtang: $152.50 per...Read More
Seaborne iron ore prices were up on Wednesday March 18, with Brazilian-origin high-grade fines finding traction among buyers in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.71 per tonne, up $0.51 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $93.20 per tonne, up $0.81 per tonne 58% Fe fines high-grade premium, cfr Qingdao: $80.43 per tonne, up 0.64 per ton...Read More
Operations at Vale's iron ore distribution and blending center at the Teluk Rubiah Maritime Terminal in Malaysia, could be suspended until March 31, market sources told Fastmarkets on Wednesday March 18. The miner confirmed the news late in the evening in Singapore."Vale could temporarily halt, starting on Saturday, its distribution center in Malaysia until March 31. Vale is communicating with the...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were limit down 92 points in pre-opening trade. Investors responded to news that COVID 19 infections in the world exceeded 200,000.Early weakness partially was prompted by a $19.64 drop in Boeing to $104.50. Index futures were unchanged following release of February Housing Starts at 8:30 AM EDT. Consensus was a decrease to 1.5...Read More
Nickel briquette premiums fall in the United States on declining spot demand, while all Chinese premiums rose on better arbitrage opportunities and European premiums were flat amid little trade in the week to Tuesday March 17.US briquette premiums slip while the World Health Organization declared Covid-19 a global pandemic on Wednesday March 10.Premiums rise in China, where the novel coronavirus (...Read More
Global zinc and lead premiums held firm in the week to Tuesday March 17 following the dent to physical appetites stemming from the global spread of novel coronavirus (2019-nCoV) while Asian markets began a partial recovery.Partial restarts in China enlivened spot demand for material, but this is yet to manifest in regional zinc and lead premiums.Automaker shutdowns have dented US' zinc and lead de...Read More
The London Metal Exchange three-month copper price was trading down 4.7% during the morning session on Wednesday March 18, with a second day of inflows into LME-approved global warehouses continuing to heap pressure on prices. Some 15,000 tonnes of copper was put back into global sheds as of 9am this morning - 8,800 tonnes of which arrived into Rotterdam while the remaining 6,200 tonnes was s...Read More
Despite massive rescue packages announced by governments around the world, equity indices are still falling - as are most of the base metals - this morning, Wednesday March 18.But we are starting to production halts emerge in the metals, so both the demand and supply sides of the supply/demand equation are now likely to be reined in. Although with economic activity in Europe slowing, demand is lik...Read More
Transport disruptions and dampened demand due to the novel coronavirus (2019-nCoV) pandemic kept aluminium premiums steady throughout the world over the past week, while the contango in the three-month/cash price spread on the London Metal Exchange encouraged market participants to hold on to metal.Illiquidity persisted amid lockdowns across Europe keeping premiums unchangedAsian markets waiting f...Read More
Cobalt sulfate prices fell below 50,000 yuan ($7,131) per tonne on Wednesday March 18, with the rapid spread of the novel coronavirus (2019-nCoV) outside China exacerbating concerns over slower growth in global electric vehicle (EV) production. Fastmarkets' price assessment for cobalt sulfate 20.5% Co basis exw China, dropped to 47,000-49,000 yuan per tonne on Wednesday March 18, down 5.8% from 50...Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday March 18.Key drivers Firm production at ferro-titanium plants supports alloy and titanium scrap prices against similar demand in end-user markets. Titanium scrap prices steady against strong alloy production. Market sources expect little change near term ahead of a...Read More
The feasibility study for an expansion of the currently idled First Cobalt cobalt refinery in Canada continues despite the novel coronavirus (2019-nCoV) outbreak, with a restart in the fourth quarter under consideration.The company is contemplating an initial recommissioning of the refinery in partnership with commodities miner and marketer Glencore before expanding production as early as the seco...Read More
Auryn Resources Inc, which is developing the Sombrero copper-gold project in southern Peru, has halted work after recalling all personnel from the field due to the novel coronavirus (2019-nCoV) pandemic, the company said. The decision was made prior to the Peruvian government mandating a temporary two-week border lockdown, with all work at public institutions also suspended for 15 days. "Such disr...Read More
Lost amid concerns about the COVID-19 coronavirus outbreak that has dominated headlines for weeks was news that the China National Space Administration (CNSA) has achieved a milestone in lunar exploration, one that could have great potential for prospecting and, eventually, mining on the Moon.CNSA's Lunar Exploration Program, also known as the Chang'e project (after the Chinese Moon goddess of the...Read More
First Cobalt (TSXV: FCC) has announced that the feasibility study on an expansion of its Ontario refinery will be complete in the coming weeks. It is also in discussions with potential automotive off-take partners looking for a North American source of refined cobalt sulphate.The company is also completing a prefeasibility study on a restart of the refinery."We are in the final stages of a feasibi...Read More
Drilling at BTU Metals' (TSXV: BTU) 197-sq.-km Dixie Halo project in Ontario's Red Lake district returned continuous volcanogenic massive sulphide-style mineralization over 300 metres, starting at surface, with metal grades increasing with depth.Hole 19-25 includes a 173-metre interval grading 0.35% copper-equivalent, starting at 182 metres down-hole. Within this interval are higher-grade section...Read More
The decline in the copper price accelerated on Wednesday, as pandemic fears grip global markets and mining companies announce a wave of production halts and project construction suspensions.Copper trading in New York fell by as much as 8.8% to US$2.11 per lb. (US$4,650 a tonne), the weakest level since October 2016. The copper price is now down more than 25% from its 2020 high, near the end of Jan...Read More
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The Italian 10Y, which was trading below 1% as recently as one month ago, exploded as high as 2.99% this morning, before easing some of the rout following media reports that the ECB is intervening via the Bank of Italy.Read full newsRead More