Three-month base metals prices on the London Metal Exchange were trading in positive territory at the close on Tuesday April 7, bolstered by reports that daily-reported Covid-19 cases were abating, giving rise to a spate of short-covering. Other market participants attributed today's gains to a risk-off rally induced by China's gradual return to market amid a fresh slew of supply disruptions to ke...Read More
Marex Spectron has created the new role of head of steel and ferrous derivatives and has hired Sam Mehew to fill the post, the company announced on Tuesday April 7.Mehew will be responsible for driving liquidity in all ferrous markets and aluminium premium products.Marex Spectron is a category I member of the London Metal Exchange, and trades across the various base, precious and ferrous...Read More
The aluminium premium in Italy declined by 26.8% this week, which market sources attributed to "non-existent" demand while countries battle with the Covid-19 outbreak and falling premiums in Rotterdam.Fastmarkets assessed the aluminium P1020A premium, fca dp Italy at $120-140 per tonne on Tuesday from $175-180 per tonne a week ago. Although shipments are not being sent to Italy, participants...Read More
Editor's Note: Mining Journal is making some of its most important coverage of the COVID-19 pandemic freely available to readers. For more coverage, please see our COVID-19 hub. To subscribe to Mining Journal, click hereThe company had already implemented extensive measures to protect workers and their families living in around the Lumwana copper mine against the virus, said country mana...Read More
First Quantum Minerals has put its Cobre Panama operation into care and maintenance following orders from the government to suspend activities to prevent the spread of the Covid-19 pandemic. Mining and processing operations will be halted, but the company said it is expected that the port and power plant will continue operations to supply electrical power into the Panama national grid as well as t...Read More
Hot-rolled coil prices in the United States have plunged below $25 per hundredweight ($500 per short ton) on fears that demand won't recover in the first half of 2020.Fastmarkets' daily steel hot-rolled coil price, fob mill US, was calculated at $24.68 per cwt ($493.60 per ton) on Tuesday April 7, down by 3.6% ($0.93 per cwt) from $25.61 per cwt on Monday April 6 and down by 8% ($2.15 per cwt) fro...Read More
Romanian flat steel producer Liberty Galati has reduced production and implemented "partial technical unemployment" due to the economic slowdown caused by the Covid-19 pandemic, the company told Fastmarkets on Tuesday April 7."The purpose of the measure is both to protect the interests of employees and ensure the long-term sustainability of the steel plant's operations," Liberty said. "We look for...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Uncertainty and a near complete stop of economic activity in numerous countries around the world froze steel markets and seaborne trade. This has led to sharp price falls or created expectations that prices will drop as soon as markets reopen. The fast-moving nature of events made forecasting particularly challenging, and th...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia were stable this week after the sharp fall last week, with the market very slow amid concerns about the Covid-19 pandemic, sources told Fastmarkets on Tuesday April 7.Only one hot-rolled coil booking was heard, with nobody wanting to place new orders because of the current situation in around the world and sharply falling prices...Read More
Turkish deep-sea scrap import prices have gone up strongly, as expected, with news of fresh cargo deals, sources said on Tuesday April 7.A steel mill in the Iskenderun region booked a European cargo, comprising 10,000 tonnes of HMS 1&2 (75:25) at $235 per tonne, 20,000 tonnes of shredded at $243 per tonne, 4,000 tonnes of a mixture of HMS 1 and plate and structural scrap (P&S) at $248 per tonne, a...Read More
Seaborne iron ore prices went down on Tuesday April 7 from the levels seen at the end of last week, but high-grade ore performed well in portside trading. The Chinese markets had been closed on Monday for the Qingming Festival holiday.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $82.73 per tonne, down by $0.57 per tonne.62% Fe low-alumina fines, cfr Qingdao: $84.11 per tonne, down by $0....Read More
Improved market sentiment due to the containment of Covid-19 across the United States and Europe boosted buying momentum in copper and pushed the three-month copper price higher during morning trading on Tuesday April 7. Copper's outright price was recently at $5,074.50 per tonne, climbing more than 3% from an intra-morning low of $4,937 per tonne, while trading volumes topped 10,000 lots as of 9:...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up across the board this morning, Tuesday April 7, with gains averaging 1.2% and 1.4% respectively.Broader markets are in a firmer tone following a 7.7% rise in the Dow Jones Industrial Average on Monday and after this morning's announcement of a record breaking 108 trillion yen ($990 billion) stimulus package by Ja...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesAustralia-based junior IronRidge Resources takes big picture approach in AfricaSPONSOREDironridge resources End of isolation, and gosh not a second too soon.Never would I dare suggest t...Read More
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The Masbate mine, which recently resumed operations, is expected to produce between 200,000-210,000 oz this year. Credit: B2Gold B2Gold (TSX: BTO) has released its operational results for the first quarter of 2020, during which the Vancouver-based gold miner posted record gold production and revenue.During the first quarter, the company saw its gold output reach a new record of 262,632 oz, includ...Read More
A historic headframe at Maple Gold Mines' Douay gold property in northern Quebec. Credit: Maple Gold Mines. An induced polarization (IP) survey completed over the Northeast IP target at Maple Gold's 355-sq.-km Douay project in Quebec has traced a 1,500-metre long drill target, within the southwest portion of a 3 km corridor of chargeability anomalies.The geological setting and IP response withi...Read More