Here are five Fastmarkets stories you might have missed on Thursday February 20 that are worth another look.US-based metallurgical coal producer Warrior Met Coal has announced plans to develop a hard coking coal project in Alabama with a capacity of 3.9-million-tonnes per year, through an investment of around $550-600 million over the next five years.Alcoa Corp has been certified by the Aluminium...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transaction: rebarRebarEast China, domestic, grade III 16-25mm...Read More
The crooks are using copious amounts of paper silver, but they're haven't been able to knock silver's price down. Harvey explains...by Harvey Organ of Harvey Organ BlogFEB 19//GOLD UP $8.25 TO $1608.70//SILVER UP 23 CENTS TO $18.41//HUGE QUEUE JUMP IN GOLD LAST NIGHT//HUGE INCREASE IN COMEX GOLD AND HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS//FOMC MINUTES CLAIM FED INTENDS TO TAPER PURCHASES OF T BIL...Read More
We're not asking for a lot out of silver this year. Just a move to $20 and then on to $22. That sounds reasonable enough...by Craig Hemke via Sprott MoneySo far, it has been a great 2020 for COMEX Digital Gold, and this is playing out much as we forecast when the year began. However, as COMEX Digital Silver and the mining shares lag behind, frustration is building within the sector. So today, let'...Read More
The London Metal Exchange will on February 1 introduce a reporting process that will increase transparency into levels of off-warrant stocks. The exchange announced the plans in November 2019 and aims to attract more metal back in LME sheds. It is controversial, but its passage into the LME rulebook on February 1 follows a consultation last year. Some market participants are now saying the LME sho...Read More
Chinese steelmakers are rushing to export their products due to stagnant domestic demand caused by downstream industries struggling to return to work amid the novel coronavirus (2019-nCoV) outbreak in China.Hebei-based Anfeng Iron & Steel, a mill that had previously focused heavily on domestic sales, exported tens of thousand tonnes of hot-rolled coil in early February, a Shanghai-based trader sai...Read More
The three-month zinc price on the London Metal Exchange was lower at the close of trading on Thursday February 20, falling by more than 1% but holding above the nearby support level, while nickel failed to reduce its losses despite low turnover.Zinc's outright price on the LME closed at $2,112 per tonne in the afternoon, with daily trading volumes the second-highest across the base-metals complex...Read More
Alumina prices on an fob Australia basis have gone up over the past week due to a high-priced deal for material destined for China, but market participants were still searching for clarity on market conditions on Thursday February 20.Fastmarkets calculated the daily alumina index, fob Australia, at $289.84 per tonne on Thursday, up from $281.69 per tonne a week earlier.It was now at its highest le...Read More
Trading activity involving second-tier seaborne coking coal pushed up prices on Thursday February 20, though doubts lingered over recent strength of the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $158.29 per tonne, unchangedPremium hard coking coal, cfr Jingtang: $167.13 per tonne, up $0.19 per tonneHard coking coal, fob DBCT: $141.63 per tonne, up $8.13 per tonneHard coking coa...Read More
Copper has attempted to rebound since early September following a marked sell-off in the summer months where macro and fundamental forces have been prevalent.On the macro front, copper has benefited from a slight easing in US-China trade tensions and more monetary policy easing across the globe - including China, where copper consumption is the most exposed - that has shored up investor sentiment....Read More
The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More
European refined zinc consumption fell to a five-year low in 2019, with refined production down to a three-year low, according to data released by the International Lead Zinc Study Group (ILZSG).Refined zinc consumption in Europe totaled 2.348 million tonnes in 2019, down by 81,000 tonnes or 3.3% from 2018, according to the ILZSG. Production in the continent came to...Read More
As part of U.S. President Donald Trump's proposed federal budget for fiscal 2021, his administration is requesting US$150 million annually over the next decade to stockpile U.S.-mined uranium in a new national uranium reserve.The move is designed to prop up domestic production as a matter of national energy security and re-establish the country's nuclear fuel supply chain.Trump's "Budget for Ameri...Read More
Domestic prices for hot-rolled coil in Northern Europe have been fairly stable due to limited trading activity, sources told Fastmarkets on Thursday February 20.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?481.07 ($519.45) per tonne on Thursday February 20, down by ?,?0.18 per tonne from ?,?481.25 per tonne on February 19.The index was calculated based...Read More
China slowdown affecting global sentiment. Diamond markets quiet as coronavirus reduces value across the supply chain. Chinese and Hong Kong jewelers remain closed and lack of Chinese tourism likely to impact European and US luxury brands. US retailers consider short-term alternatives to Chinese suppliers. Diamantaires concerned about delayed payments from Hong Kong buyers. Reduced demand leading...Read More
Copper output by global miner Anglo American was down slightly in 2019, which the company attributed to the year being one of the driest on record in Chile, it said on Thursday February 20.Output of the red metal dropped by 5% year-on-year to 638,000 tonnes, compared with 668,300 tonnes a year earlier, according to Anglo's 2019 results statement.Production by the Los Bronces copper asset shrank by...Read More
The three-month nickel price on the London Metal Exchange was lower during morning trading on Thursday February 20, with price action pressured by continued inflows of material into LME-registered warehouses, while aluminium futures neared the $1,700-per-tonne support level. Nickel's outright price on the LME was recently at $12,760 per tonne, a drop of some 0.7% from Wednesday's closing price of...Read More
Sentiment low owing to tight liquidity and slow polished demand. Buyers seeking discounts and looking for desperate sellers. Dealers maintaining weak 1H outlook, with concerns Chinese jewelers will return large volume of unsold goods. US supporting the market and showing steady interest in 1 ct., G-J, VS2-I1 diamonds. IIJS Signature fair signals shift to lighter-weight wedding jewelry due to high...Read More
Equity markets remain buoyant in Asia, but pre-market western equity indices have started to weaken, while metals are mixed this morning, Thursday February 20.It seems as though equities are focused on how well the novel coronavirus (2019-nCoV) is being contained, while the metals are taking a more cautious stance as they wait for the market to assess the impact on supply and demand. Indeed, given...Read More