Key data from Fastmarkets' pricing session in Europe on Wednesday April 1. Key drivers Russia, a supplier of 40% of European ferro-titanium, is on lockdown due to the Covid-19 virus pandemic until next week and it could be extended.Russian producers are considering declaring force majeure should the lockdown continue beyond a week. Titanium scrap prices are stable...Read More
China's Caixin manufacturing purchasing managers' index (PMI) was released earlier on Wednesday April 1; it rebounded to 50.1 in March from 40.3 in February, which supports the rebound in the official PMI data released on Tuesday - another sign that purchasing managers reported conditions were just "better" in March than they were a month earlier.But the same was not true in Japan, where the final...Read More
South Africa's 21-day lockdown aimed at curbing the spread of the Covid-19 virus has highlighted the cobalt market's dependence on the shipping route out of Durban. South Africa entered the lockdown - initially for three weeks - on Thursday March 26, creating uncertainty over loading at ports, including Durban, which is frequently used for the shipment of Democratic Republic of the Congo-mined cob...Read More
Share this articleVANCOUVER - Teck Resources Ltd. says it has temporarily slowed operations and reduced its crews by up to 50 per cent at its steelmaking coal and Highland Valley Copper operations in response to the COVID-19 pandemic.The company, which also suspended its 2020 financial guidance, says the steps taken on March 25 will be in place for an initial period of two weeks and then be re-ev...Read More
Key data from the April 1 pricing session in London. Key drivers Benchmark metal prices continue to come under pressure from the spread of the Covid-19 virus, its dampening effect on the global economy and weakening demand from lockdowns on...Read More
U.S. Gold Corp. (NASDAQ: USAU) has a portfolio of exploration properties in the USA including Copper King, a PEA stage gold/copper property located in Southeast Wyoming, and Keystone and Maggie Creek -district scale exploration properties on the Cortez and Carlin Trends in Nevada. We learned from Ed Karr, who's President and CEO of U.S. Gold Corp., that the Company recently internally updated the...Read More
West Red Lake Gold Mines Inc. (CSE: RLG, OTCQB: RLGMF, FSE: HYK) has assembled a significant property position, totaling 3,100 hectares in the Red Lake Gold District, which is host to some of the richest gold deposits in the world and has produced 30 million ounces of gold from high grade zones. There are three former gold mines on the property: the Mount Jamie Mine and Red Summit Mine properties...Read More
China will extend the new energy vehicle (NEV) purchase subsidy and purchase tax exemption policy for two years in an effort to support consumption and mitigate the impact of the Covid-19 pandemic on the economy. Yet the measures may not be sufficient to drive lithium and cobalt market development significantly in the near term, Fastmarkets heard. Chinese Premier Li Keqiang announced at a State Co...Read More
Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on Wednesday April 1.The Spanish government issued a royal decree on March 29, ordering the shutdown of all non-essential activities and businesses from March 30, with a rest...Read More
I hope you've all been well through this chaotic turn of events.Here in Maryland, our stay-at-home order officially took effect last night at 8 p.m. All non-essential businesses were closed on Tuesday as my state confirmed its 1,660th positive case of COVID-19.Throughout March, we've talked about one little corner of the oil markets that would flourish during this period of ultra-low crude prices...Read More
The mood in the European market for hot-rolled coil has been downbeat but prices have remained stable despite limited trading activity, sources told Fastmarkets on Wednesday April 1.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, fell by just ?,?0.26 per tonne to ?,?472.50 ($519.73) per tonne on Wednesday, from ?,?472.86 per tonne on March 31.Wednesday's index was ca...Read More
Turkey imported 629,346 tonnes of flat steel in February 2020, up 25.49% from 501,513 tonnes in the corresponding month of 2019, according to the Turkish Statistical Institute (TUIK).The increase in import volumes was due to restocking in December 2019, when orders for February delivery were placed.Demand for flat steel is weak in Turkey at the moment due to the global Covid-19 pandemic and steel...Read More
On INK Ultra Money, we have a free video from INK and a must-watch Real Vision deep dive with Dan Tapiero and Raoul Pal addressing the benefits of both gold and bitcoin in today's environment. Canadian Insider Ultra Club members have access to premium and free content all the time.Before I summarize today's Ultra Money highlights, please remember that today is the last day to save $100. If you ar...Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 1 that are worth another look.Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on April 1.Arconic Inc has completed its separation into two standalone co...Read More
Spain's Ministry of Industry, Trade & Tourism has finally confirmed the steel industry is considered "essential" and can continue operating, albeit at a slower pace, the Spanish steel distributors association, UAHE, said on Wednesday April 1.The Spanish government issued a royal decree on March 29, ordering the shutdown of all non-essential activities and businesses from March 30, with a rest...Read More
Prices for hollow steel sections in Northern and Southern Europe have moved down this week with trading activity continuing to decline, sources told Fastmarkets on Wednesday April 1.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?595-610 ($654-671) per tonne on Wednesday, narrowing downward from ?,?595-620 per tonne one week earlier."We...Read More
Turkish steel producers remained quiet in the deep-sea scrap import markets while suppliers were unwilling to sell at current price levels, sources said on Wednesday April 1.The mills were mostly shunning scrap purchases because of the coronavirus (Covid-19) outbreak, which brought steel trade to a halt and caused mills to close or cut production.After several steel mills in the Izmir region were...Read More
Prices for Japanese ferrous scrap continued to soften over the past week, but the scale of the decline was tempered by falling collection volumes, market sources told Fastmarkets on Wednesday April 1.Japanese H2 scrap prices have fallen by ?4,000 ($37) per tonne over the past seven weeks, and these weaker prices, together with slowing industrial activity due to the spread of the Covid-19 pandemic...Read More
Seaborne iron ore prices managed to stay above $80 per tonne cfr on Wednesday April 1 despite weakening from a day earlier amid a softening rebar market in China.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $82.49 per tonne, down $0.83 per tonne 62% Fe low-alumina fines, cfr Qingdao: $83.80 per tonne, down $0.28 per tonne58% Fe fines high-grade premium, cfr Qingdao: $71.48 per tonne, do...Read More
This morning we are going to look at an array of important factors pointing to another severe drop in the broad US stockmarket imminently, both factors external to it and indications on the charts for the S&P500 index (and other indices which we won't have time to look at). First it is well worth watching another classic video from Greg Mannarino posted yesterday: WOW.. ZERO Economic Activity in...Read More