Here are five Fastmarkets stories you might have missed on Friday April 3 that are worth another look.Polish coal miner Jastrzebska Sp??lka Weglowa (JSW), the largest coking coal producer in Europe, declared force majeure to its clients on Thursday April 2 due to the effects of the Covid-19 pandemic on its operations, in a statement seen by Fastmarkets.The benchmark for the supply of aluminium to...Read More
Dear Friend of GATA and Gold:A friend writes:"Here's a question for you."People like GoldMoney's Alasdair Macleod have stated that China has 20,000 to 25,000 tonnes of gold. Does this total refer just to the People's Bank of China or does it include all the gold that the central bank and the people of China have?"Is it possible that the total is much higher -- that the central bank has 20,000 to...Read More
Dave Kranzler"Bad money drives out good money." When Gresham put forth this proposition, sovereigns were diluting gold and silver coins with metals of lesser value yet the diluted coins were given the same value for legal tender purposes as the more pure coins. Gresham observed that the more pure coins would be hoarded and the lesser value coins would be used for trade.Sound familiar? Go fin...Read More
By: Ira EpsteinGold's long-term chart shows the support at the 18-week average, market remains in a positive posture from the bounce, back to challenging its highs.https://www.iraepstein.comRead More
All in the BattleSmall Business HelpBye-Bye, BuybacksChina PuzzleGlobal RecessionLightning RoundFinal ThoughtsA Personal MemoryIn times of change learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists. Eric HofferGreetings from Puerto Rico, where this frequent traveler is evidently home for an unusually long time.I want to st...Read More
Here are five Fastmarkets stories you might have missed on Friday April 3 that are worth another look.Polish coal miner Jastrzebska Sp??lka Weglowa (JSW), the largest coking coal producer in Europe, declared force majeure to its clients on Thursday April 2 due to the effects of the Covid-19 pandemic on its operations, in a statement seen by Fastmarkets.The benchmark for the supply of aluminium to...Read More
A much vaunted infrastructure bill could be back on the agenda again while the United States moves to shore up its economy and stem job losses amid the Covid-19 pandemic.US President Donald Trump said in a post on social media platform Twitter earlier on Tuesday March 31 that the bill would be the fourth part of the government's stimulus measures to handle the impacts of the virus."With interest r...Read More
The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's also created a problem. The one-two punch demand and supply shock that the virus has created is putting the mining sector under extreme pressure. With banks even more reluctant than before to provide capital to the mining sector amid the tumultuous global financial backdrop, corporates...Read More
The latest forecast from Fastmarkets' team of analysts is ready to view.Aluminium: Downside momentum maintainedThe aluminium price has continued to decline, with LME cash even falling below the $1,500 per tonne mark at the start of this week. Downside pressure and momentum remains in the short term while ex-China demand plummets amid auto production line closures and while smelters resist capacity...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.As oil price stumbles, outlook for welded markets weakensIn February, oil prices, already hit by the economic slowdown in Asia, turned lower on the failure of OPEC+ to reach an agreement on production cuts. This was enough to shake oil markets, but the collapse of global demand due to the pandemic has driven Brent below $30/...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key ferro-alloy forecast highlights:While the ferro-alloy industry's initial response to the Covid-19 outbreak was marked by rising prices primarily in response to supply-side concerns, focus has now shifted somewhat. As Chinese activity slowly returns to more normal levels, for alloys with a strong Chinese prod...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.A 6% decline in the daily average 62% Fe iron ore fines benchmark last week contributed to the lowest quarterly price rise for the first quarter in five years, in spite of clear evidence of supply-side constraints. Although there were clear demand-related obstacles to iron ore suppliers raking in more typical, seasonal price...Read More
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 is ready to view.Although China is slowly returning to pre-outbreak activity, the same cannot be said for the rest of the world, which is grappling with the Covid-19 outbreak, with a fifth of the global population and counting under lockdown. Average blast furnace activity in China is recovering but iron ore demand from outside China is expec...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
RAPAPORT... The recent declines in diamond trading and pricing follow a rise in supply and a severe drop in demand, Rapaport Senior Analyst Avi Krawitz explained in a webinar last week. The presentation, titled "Understanding the Impact of the Coronavirus on the Diamond Market," highlights some of the ways the pandemic is changing the trade, along with an opportunity to ensure a return to growth w...Read More
RAPAPORT... The Kimberley Process (KP) is trialing the use of digital certificates for rough-diamond shipments, claiming the method will increase efficiency and reduce fraud.Russia, which is chairing the global certification scheme this year, will test the idea with exports to select countries, a spokesperson for the country's KP operation told Rapaport News. Participating nations will identify of...Read More
RAPAPORT... Alrosa CEO Sergey Ivanov has sold a portion of his stake in the company to help fight the COVID-19 pandemic.Ivanov offloaded half of his shares in the Russian mining company for RUB 18.5 million ($241,670), Alrosa said last week. The proceeds of the sale will be donated to help stem the spread of the coronavirus in the Mirny district of Yakutia, where Alrosa operates."All proceeds...Read More
RAPAPORT... Tse Sui Luen (TSL) has warned it will report a loss for the fiscal year, with sales hampered by a sluggish retail environment in greater China.The Hong Kong-based jeweler expects a loss of at least HKD 80 million ($10.3 million) for the year ending March 31, it said last week. That compares with a profit of HKD 54 million ($7 million) the previous year. The company based the proje...Read More
The IDEX Polished Diamond Price Index slid 1.6% in March as coronavirus effectively brought trading to a standstill. The previous month had seen an overall drop of 1.27%, also impacted by Covid-19. During the first half of March there was a steady decline, followed by some fluctuations which saw prices bottom on the 25th, followed by a slight rally.IDEX Online members please click here for t...Read More