Seaborne coking coal prices dropped further on Tuesday April 21 due to inactive trading and persistent bearish sentiment among market participants.Fastmarkets indicesPremium hard coking coal, fob DBCT: $125.05 per tonne, down by $3.21 per tonne.Premium hard coking coal, cfr Jingtang: $135.04 per tonne, down by $1.47 per tonne.Hard coking coal, fob DBCT: $116.01 per tonne, down by $1.00 per tonne.H...Read More
Japan's Nippon Steel will halt a third blast furnace due to an "immediate sharp drop in demand for steel products" caused by the Covid-19 pandemic, it said.Company: Nippon SteelLocation: Kimitsu, Chiba prefectureEquipment: No2 blast furnace (BF), coke ovensDate: From mid-May The 8-million-tonnes-per-year Kimitsu steel works has...Read More
Steel production outside China could contract by a double-digit percentage in 2020, according to global miner BHP, but output in China may rise slightly in the same period if the country can avoid a second wave of Covid-19 infections. According to the miner, steel makers from a variety of regions, including Europe, the Americas, India and Japan, have announced or signaled full shutdowns or curtail...Read More
China's domestic hot-rolled coil prices dropped on Tuesday April 21, with market sentiment hurt by a slump in financial markets triggered by an oil crash in the United States.DomesticEastern China (Shanghai): 3,300-3,320 yuan ($466-469) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,240 yuan per tonne, down 20 yuan per tonneSellers across China lowered their offers in response to...Read More
The London Metal Exchange three-month copper price declined during morning trading on Tuesday April 21, threatening to dip below the key $5,000-per-tonne support level, while tin futures fell 2.5% despite a sizeable stock outflow.LME copper's outright price was recently at $5,069 per tonne, sinking from an intra-morning low of $5,182 per tonne, while turnover is moderately high at some 9,000 lots...Read More
China's domestic rebar prices slid further on Tuesday April 21 amid futures losses sparked by an oil market crash in the United States. Eastern China (Shanghai): 3,420-3,450 yuan ($483-488) per tonne, down by 10 yuan per tonneNorthern China (Beijing): 3,430-3,450 yuan per tonne, down by 20 yuan per tonne The May futures contract for West Texas Intermediate (WTI) crude oil fell as low as minus...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were weaker this morning, Tuesday April 21, and Asian-Pacific and pre-market major western equity indices were weaker too. On Monday we had thought poor corporate earnings data had the potential to rattle markets, but it seems that negative oil futures prices were the catalyst that caused traders concern. The soon-to-exp...Read More
Some metal-product cargoes can now be shipped out of Durban, almost one month after the biggest terminal in sub-Saharan Africa stopped handling such material amid a nationwide lockdown intended to contain the spread of the Covid-19 pandemic, Fastmarkets has learned.Several Asia-bound copper cargoes originally scheduled to leave the South African port one month ago departed over the past weekend, t...Read More
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Oil prices collapse into the negatives.Lower oil prices are still inflationary.Gold ETFs beginning to look risky as supplies lag demand.Oil and gold may be the one-two punch that takes out the dollar.The gold standard is coming back.Unlike oil, at least Bitcoin will only go to zero.** This livestream experienced some buffering, but you can hear the uninterrupted version at https://schiffradio.com...Read More
The US stock market is once again in imminent danger of a major collapse. Please click here now. Double-click to enlarge this disturbing daily chart of the Dow.A rally towards resistance has taken the shape of a bear wedge. The rally failed to even reach that resistance zone, and now there's an ominous breakout to the downside.The US government has embraced socialism for almost every sec...Read More
With everything going on in the market, it certainly makes sense to include gold and cryptocurrencies in your investing portfolio. These asset classes give you a cash alternative you can draw upon if traditional fiat currencies lose value through inflation. They may even increase in value, giving you more buying power to take advantage of opportunities.Think of physical gold and cryptocurrencies a...Read More
Komatsu P&H 2650CX hybrid shovel. After extensive reliability testing over the past few years, Komatsu's P&H 2650CX hybrid shovel has accumulated nearly 22,000 hours of validation and verification, making it ready for the market.Extensive customer focus groups highlighted a need in the mining space for a piece of equipment that would combine the reliability of P&H electric rope shovels with the...Read More
Mill Lining. Image from Metso. Metso has won a contract for the supply of semi-autogenous grinding (SAG) and ball mill linings for Russian Copper Company's (RCC) Tominsky processing plant. The deal complements two earlier mill lining contracts for RCC's Mikheevsky plant, which were signed in December.Metso is an industrial company offering equipment and services for the sustainable processing...Read More
Kirkland Lake Gold's Macassa gold mine in northern Ontario's Abitibi gold belt. Credit: Kirkland Lake Gold Kirkland Lake Gold (TSE: KL) has released the results of 19 drill holes as well as assays for 15 historical unreported and reinterpreted holes from the Macassa mine in Ontario. These results expand the South Mine Complex (SMC) by at least 75 metres to the east of the current resource limits...Read More
Beijing Skyline. Stock image. China, the world's top metals consumer, is looking to reboot industrial activity across the country, after the pandemic lockdown hit its economy hard. But potential shortages of key metal-making raw materials create risks to production of everything from home appliances to electric vehicle batteries.Copper China boosted copper imports year-on-year in March, but still...Read More
The US stock market is once again in imminent danger of a major collapse. Please click here now. Double-click to enlarge this disturbing daily chart of the Dow.A rally towards resistance has taken the shape of a bear wedge. The rally failed to even reach that resistance zone, and now there's an ominous breakout to the downside.The US government has embraced socialism for almost every sec...Read More
West Texas Intermediate crude for June delivery was worth US$13.93 a barrel, Bloomberg reported, following oil for May delivery plunging into negative territory this week as a worldwide slump in demand has led to a lack of storage space.The Economist Intelligence Unit energy lead analyst Peter Kiernan said price pressure would continue in the coming months "as storage rapidly builds up and the glo...Read More