China's hot-rolled coil prices slumped on Monday March 23, with sentiment dampened after futures prices plunged amid global lockdowns due to the novel coronavirus (2019-nCoV) spread.DomesticEastern China (Shanghai): 3,370-3,400 yuan ($475-479) per tonne, down 50-70 yuan per tonneNorthern China (Tangshan): 3,260-3,280 yuan per tonne, down 70-90 yuan per tonneSeveral traders said that sellers had to...Read More
China-based minor metals producer Vital Materials has acquired the Germany-based company FHR Anlagenbau, Vital told Fastmarkets on Friday March 20.The company - with headquarters in Ottendorf-Okrilla in Dresden, Germany - will be integrated into Vitals' thin film material business unit.The transaction completed on March 17 includes all assets, tangible and non-tangible from the previous owner Cent...Read More
Hermes Belous Freire has joined Sumitomo Corp as sales manager for cobalt briquettes. Belous Freire is currently based in Switzerland as a consultant, but will relocate to...Read More
The spread of the novel coronavirus (2019-nCoV) outside China has brought with it logistical restrictions, a reconsideration of raw material requirements and concerns over possible disruptions to supply in the coming weeks. Here are five things under consideration by the minor metals and ferro-alloys markets while the situation develops. Adjustments to delivery and payment terms to mitigate risk T...Read More
The rebounds in the metals toward the end of last week do seem to have been countertrend moves as expected; this morning, Monday March 23, the base metals are down across the board on the London Metal Exchange and Shanghai Futures Exchange. Asian Pacific equity indices were mainly lower this morning, the exception was Japan's Nikkei, but it was closed on Friday for a national holiday, as such, the...Read More
The price of stainless steel in the European domestic market was unchanged this week but the market was bracing itself for a substantial slowdown arising from the consequences of the 2019-nCoV coronavirus pandemic, Fastmarkets heard on Friday March 20.Distributors in Northern Europe reported that demand was largely steady, with customers taking their regular tonnages."March is looking like it will...Read More
Prices for imported UG2 chrome ore and Chinese spot high-carbon ferro-chrome dropped in the week to Friday March 20 due to a bearish outlook for the stainless steel market. Fastmarkets' South Africa UG2 concentrates index, basis 42%, cif China fell for a fifth consecutive week to a four-year low of $114 per tonne on Friday. This was down by $8 per tonne or 6.6% from $122 per tonne a week earl...Read More
Automotive manufacturers in the UK have announced production suspensions after measures taken by European governments to restrict the spread of the 2019-nCoV coronavirus pandemic led to a series of closures among other carmakers, creating problems that affect the supply chain and manufacturing.Ford UKUnited States-based Ford will bring forward scheduled summer shutdowns at its UK operations in Dag...Read More
The Italian government has ordered the closure of all non-essential production operations in the country, including steelmaking, as part of the measures to battle the 2019-nCoV coronavirus pandemic, prime minister Giuseppe Conte said on Saturday March 21.Flat steel producer ArcelorMittal Italia, however, will continue operations despite the new decree, the company told Fastmarkets on March 23.Ital...Read More
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Gold is traditionally a safe haven asset during times of trouble. As investors flee riskier assets like stocks, massive amounts of capital gets diverted into bonds, precious metals, and cold hard cash. This downturn has been a bit different.Over the last few months, gold prices have been roughly flat. Gold mining stocks, meanwhile, have been crushed. Even the highest quality miners are being press...Read More
The market crash over the past month already erased more than 35% off the TSX Index.Ongoing volatility should be expected and investors could see additional downside. The coronavirus continues to spread and governments are ramping up strict measures in order to ensure that people adhere to social distancing requirements.Households and businesses need cash and it will take some time for government...Read More
Syrah's Battery Anode Material plant in Louisana, USA. Image from Syrah. Syrah Resources (ASX: SYR) announced on Tuesday that will suspend its Battery Anode Material plant in Vidalia, Louisiana, to assess and manage potential operational risks from covid-19.According to the company, this will delay the distribution of purified natural graphite samples for qualification with potential customers.Th...Read More
File image.Iron ore prices gained on Tuesday, trading at $83.97 a tonne according to Fastmarkets MB, and making up some lost ground after a sharp retreat at the start of the week. The steelmaking raw material has shown surprising resilience - averaging above $90 for 62% Fe fines imported into China so far this year - in the wake of the covid-19 outbreak that began in the central part of the countr...Read More
Casa Berardi mine. Image courtesy of Hecla Mining Company Hecla Mining (NYSE:HL) announced Tuesday it is suspending operations at Casa Berardi until April 13, 2020 to comply with the Government of Quebec's orders."The Government of Quebec ordered the mining industry to reduce to minimum operations as part of the fight against the covid-19 virus, so we are suspending our Casa Berardi operations,"...Read More
Waihi operation, New Zealand. (Image from OceanaGold) OceanaGold (TSX: OGC, ASX: OGC) has announced that the Waihi gold operation in the North Island of New Zealand will temporarily suspend the ongoing development of the Martha underground mine and go into care and maintenance for four weeks in response to covid-19 measures put in place by the New Zealand government. The miner is working with the...Read More
The gold price rallied again in spectacular fashion on Tuesday, as panicked investors scramble for hard assets on the back covid-19 closures of mines and refineries and unprecedented monetary action by the US central bank.On the Comex market in New York, gold for delivery in April, the most active contract, closed the session at $1,660 an ounce, up $93 an ounce compared to Monday's close. Earlier...Read More