Mining operations in South Africa may now operate at a reduced capacity of not more than 50% during the country's lockdown and can apply to restart and increase production beyond this level, according to a government minister. Dr Nkosazana Dlamini Zuma, South Africa's minister of cooperative governance and traditional affairs, said approvals will come from the minister of mineral resources and ene...Read More
Metals prices are in limbo this morning, Thursday April 16, while participants weigh up the stark truth that the global economy is experiencing a slump in demand with the potential for a rebound given all the monetary and fiscal stimulus being thrown at economies around the world. The combination of poor data summed up by the United States' Empire State manufacturing index falling to -78.2 in Apri...Read More
Share this articleTORONTO - Barrick Gold says it's on track to achieve its production guidance for this year despite the impact of the COVID-19 pandemic.The disclosure by Barrick that it is well positioned to meet its full-year targets comes as businesses around the world adjust to a dramatic pullback in activity amid widespread preventative health measures.The gold miner says it produced 1.25 mi...Read More
The Covid-19 pandemic has rapidly hit global electric vehicle (EV) production and sales, and so the broadly anticipated reshuffle of China's EV battery supply chain is likely to speed up in 2020. Many already believed the EV subsidy policy in China that had been scheduled to end in December 2020 would squeeze out some companies in the EV battery supply chain, including producers of precursors, cat...Read More
Key data from the Wednesday April 15 pricing session in Shanghai.Key drivers Cobalt metal price supported by steady local futures, but spot trades were limited because foreign demand for Chinese metal remains soft due to the effects of the Covid-19 pandemic.Cobalt tetroxide price stable since...Read More
Today is Thursday, April 16, 2020, and this is your daily gold market update. Let's look at the latest price of gold, value of the dollar, gold/silver ratio, Commitment of Traders data, and exchange-traded fund (ETF) prices to get a sense of how the yellow metal is faring today.Gold PriceThe price of one troy ounce of gold in U.S. dollars today is $1,730.50. It's up 0.81% from yesterday and up 35....Read More
Today is Thursday, April 16, 2020, and this is your daily energy stocks roundup. Today we're looking at the valuations of Equitrans Midstream Corporation (NYSE: ETRN), Montage Resources Corporation (NYSE: MR), and Exterran Corporation (NYSE: EXTN).Equitrans Midstream Corporation (NYSE: ETRN)Equitrans Midstream Corporation (NYSE: ETRN) is a $1.557 billion company today with a one-year return of -69...Read More
Trade log for cobalt sulfate in China including business, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are yuan per tonne on an ex-works basis.Fastmarkets prices Click here for Fastmarkets' price assessment for cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne.The exchange rate on Wednesday April 15 at 43,000 yuan to $6,097.Wednesday April 15Price unchanged...Read More
There are no two ways about it ...A recession is well on its way, and there's nothing anyone can do now to stop it.Bailout checks, Federal Reserve Hail Marys and bureaucratic buffoonery will be the equivalent of putting a piece of gum on the crack of a failing dam.It sucks.Make no mistake, the falsified data from China, the WHO's glaring incompetence, lack of preparation from Washington, and conti...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 16 that are worth another look.Toyota plans further cuts to output at its automotive plants in Japan in response to the Covid-19 pandemic, but has also pledged to support ventilator producers in the fight against the rising infection and death rates.Chinese stainless steel producers have withheld their offers since late last...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
Domestic prices for hot-rolled coil in Northern Europe dropped day on day due to low market activity and decreasing import offers, sources told Fastmarkets on Thursday April 16.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe was ?,?455 ($497.33) per tonne on Thursday April 16, down by ?,?8.33 from ?,?463.33 per tonne on April 15.Offers from Northern European mills hav...Read More
Today on INK Ultra Money it is all about mining. For those following the uranium space, today Real Vision has a must watch interview with Arthur Hyde, partner and co-portfolio manager at Segra Capital Management. Already, between the time of filming and release of the video, one of Hyde's predictions has already happened. Meanwhile, INK takes a look at Taseko Mines (TKO) which has continued opera...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
Prices for imported steel billet in Egypt increased in the week to Thursday April 16, but market activity remained weak because of the response to the Covid-19 pandemic, sources told Fastmarkets.Demand is weak, and buyers have little interest in placing new orders since Egypt's Ministry of Trade and Industry announced a six-month delay to the proposed reduction in safeguard duties o...Read More
Domestic long steel prices in Turkey have increased once again on the back of a weaker Turkish lira and costlier scrap, despite a decline in demand, sources told Fastmarkets on Thursday April 16.Turkish deep-sea scrap import prices had increased once again on Tuesday April 14 because of the reduced supplies coming from Europe and the United States. The daily scrap indices went up by more than...Read More
Brazilian mining output fell by 16.96% year on year in the first quarter of 2020, due to heavy rains and the impact of the global response to the Covid-19 pandemic, according to data released by the country's national mining institute Ibram. Total mine output reached 220.44 million tonnes in the January-March period, Ibram said on Wednesday April 15, compared with 265.45 million tonnes i...Read More
Turkish steel mills have continued to book deep-sea scrap, leaving prices fairly stable on Thursday April 16.A steel mill in the northern Turkey booked a US cargo late on Wednesday, comprising 20,000 tonnes of HMS 1&2 (90:10) and 10,000 tonnes of plate and structural scrap (P&S) at an average price of $262 per tonne cfr. This would put the HMS 1&2 (80:20) price...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.While downward pressure mounts on the steelmaking raw material markets, premiums for higher-grade iron ores have been sustained despite narrowing operating margins at Chinese steelmakers. Chinese mills are operating with shrinking margins since the end of last year but the premium for high-grade ores remains high. Historical...Read More
By Daniel R. Amerman, CFATwo extraordinary and unprecedented actions are being taken in the attempt to contain the economic damage from the national shutdown, and thereby attempt to prevent a depression. Each are on a scale we have never seen before, and each are almost certain to be very long lasting. Even if the actions are "successful" - a depression is prevented and a severe recession is sho...Read More