Malaysia Smelting Corp (MSC), the world's second-largest tin exporter, has resumed production following a hiatus related to the Covid-19 pandemic, the company told Fastmarkets."At the moment, MSC has commenced its smelting and mining activities and is operating at approximately 50% capacity," company spokeswoman Mei-Lynn Keow said.MSC had been under a Malaysian government lockdown that began on Ma...Read More
Brazilian mining company Vale expects to find a potential investor to exit its South Pacific nickel asset Vale New Caledonia (VNC) in the next one to two months, base metals director Mark Travers said in a conference call on Wednesday April 29.The company confirmed it was looking to divest from the business in December last year, while talks with interested parties began in November, Travers added...Read More
The supply and demand balance in both nickel and copper markets is expected at a surplus this year despite lower output due to the Covid-19 pandemic, Brazilian mining company Vale said in its first-quarter earnings report on Tuesday April 28. Supply of finished nickel, for example, is forecast to have declined by 12,000-15,000 tonnes in the first quarter because of coronavirus-related closures and...Read More
He said the Fed expected to maintain interest rates near zero until it was confident the economy had weathered recent events."Next week's jobs report is expected to show that the unemployment rate, which was at 50-year lows just two months ago, has surged into double-digits," he told a press conference."Overall, economic activity will likely drop at an unprecedented rate in the second quarter."The...Read More
A summary of Peru-based miner Buenaventura's production results for the first quarter of 2020, as stated in its production report on Wednesday April 29.In brief Zinc and copper output increased year on year in the first three months of 2020 despite lower volumes reported in March due to the Peruvian lockdown enforced to contain the spread of the Covid-19 virus. The...Read More
An overview of the minor metals markets and the reasons for their latest price moves.Read More
Here are five Fastmarkets stories you might have missed on Wednesday April 29 that are worth another look.Export prices for Japan-origin plate and structural (P&S) grades of ferrous scrap rose by ?500 ($5) per tonne week on week on April 29, with tighter supplies over recent weeks keeping the values up, sources have told Fastmarkets.Brazilian mining company Vale expects to find a potential invest...Read More
Turkish steel mills continued to stay away from the deep-sea scrap market on Wednesday April 29, holding out for lower prices, sources told Fastmarkets.After about 10 days of silence, on April 27 one Turkish steel mill booked a Baltic Sea cargo at $242 per tonne cfr for 26,000 tonnes of HMS 1&2 (80:20) and $252 per tonne cfr for 6,00 tonnes of bonus scrap, sending the daily scrap in...Read More
Export prices for Japan-origin plate and structural (P&S) grades of ferrous scrap rose by ?500 ($5) per tonne week on week on Wednesday April 29, with tighter supplies over recent weeks keeping the values up, sources have told Fastmarkets.Japanese scrap collection has decreased over recent months, and was now affecting both prime and obsolete grades of material.Plant closures among car manufactur...Read More
Metals prices generally seem to be consolidating this morning, Wednesday April 29, and for the most part look well placed to extend gains, but whether underlying confidence is strong enough in these uncertain times remains to be seen. Asian-Pacific and pre-market major western equity indices are all positive, as are oil prices that are up around 3%.Market participants likely to focus on US gross d...Read More
Domestic prices for cold-rolled coil in Europe have dropped due to poor demand and lower import offers, sources told Fastmarkets on Wednesday April 29.Fastmarkets' weekly price assessment for steel CRC, domestic, exw Northern Europe, was ?,?530-540 ($574-585) per tonne on April 29, down by ?,?10-20 per tonne from ?,?540-560 per tonne.The assessment was based on a few deals and "workable" prices he...Read More
Domestic prices for hot-rolled coil in Europe have dropped in the week to Wednesday April 29 due to low demand, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?426.25 ($461.99) per tonne on Wednesday, down by ?,?13.75 per tonne day on day from ?,?440.00 per tonne.Wednesday's index was calculated based on deals and workable prices...Read More
Domestic prices for heavy steel plate in Europe have been largely stable over the past week, but downward pressure has been mounting due to poor demand, sources told Fastmarkets on Wednesday April 29.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was unchanged at ?,?490-500 ($531-542) per tonne on April 29. The assessment was based on offers heard...Read More
Prices for hollow steel sections in Europe moved downward this week, with demand not yet showing any sign of rebounding, sources told Fastmarkets on Wednesday April 29.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-595 ($629-645) per tonne on Wednesday, down from ?,?585-600 per tonne one week before.Demand in Northern and Southern...Read More
The price for steel H-beams in Europe remained flat on Wednesday April 29, with demand remaining at low levels because of the lockdown measures related to the Covid-19 pandemic, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was unchanged at ?,?535-570 ($580-618) per tonne on Wednesday."Beams and sections have the lowest act...Read More
Fastmarkets will publish its Poland rebar price assessment a day early this week, on Thursday April 30, because of the Labor Day holiday on Friday May 1. In accordance with the Fastmarkets holiday pricing schedule, weekly and monthly EMEA, CIS and Turkey ferrous prices will not be published during UK public holidays and holidays that take place in the country where the price in question is based....Read More
A summary of Brazilian mining company Vale's financial results for the first quarter of 2020.In brief Pro forma adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) down by 26% year on year due to depreciation of Brazilian Real.Net income of $239 million, compared with a net loss of $1.6 billion in the first quarter of 2019. Investments totaled $1.12 billion, up by...Read More
Turkish steel mills continued to stay away from the deep-sea scrap market on Wednesday April 29, holding out for lower prices, sources told Fastmarkets.After about 10 days of silence, on April 27 one Turkish steel mill booked a Baltic Sea cargo at $242 per tonne cfr for 26,000 tonnes of HMS 1&2 (80:20) and $252 per tonne cfr for 6,00 tonnes of bonus scrap, sending the daily scrap in...Read More
Export prices for Japan-origin plate and structural (P&S) grades of ferrous scrap rose by ?500 ($5) per tonne week on week on Wednesday April 29, with tighter supplies over recent weeks keeping the values up, sources have told Fastmarkets.Japanese scrap collection has decreased over recent months, and was now affecting both prime and obsolete grades of material.Plant closures among car manufactur...Read More
"It's pretty clear the world economy is collapsing."Jim Rogers co-founded the Quantum Fund with George Soros in 1973, helping to steer the fund to a 4200% return before "retiring" at age 37. He is considered to be one of the greatest investors of all time. Rogers has made two record-setting journeys - once by motorcycle and once by car - and is in the Guinness Book of World Records for doing so. I...Read More