Brazilian flat and long steel producer Companhia Sider??rgica Nacional (CSN) has started procedures to halt the No2 blast furnace at its Usina Presidente Vargas (UPV) unit amid low demand caused by the spread of the Covid-19 pandemic, Fastmarkets has learned.The local metalworkers' union, Sindmetal-SF, said that the company has begun to shut down the furnace and was planning to eliminate 2,000 job...Read More
Domestic prices for hot-rolled coil in Europe dropped again over the past seven days due to poor demand, sources told Fastmarkets on Wednesday May 13.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?413.50 ($447.96) per tonne on Wednesday, down by ?,?0.50 per tonne from ?,?414.00 per tonne on Tuesday. The index was down by ?,?8 per tonne week on week and down b...Read More
The price for steel H-beams in Europe remained unchanged on Wednesday May 13, due to a lack of trading and despite continuing fluctuations in feedstock costs, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?525-560 ($569-607) per tonne on Wednesday, unchanged week on week.Some market participants reported a small uptick in...Read More
Prices for hollow steel sections in Europe moved down this week because of poor demand, with eyes now turning to the upcoming renewals of the EU import quotas, sources told Fastmarkets on Wednesday May 13.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-590 ($628-639) per tonne, down from ?,?580-595 per tonne one week before.The EU i...Read More
Uncertainty about how the lifting of lockdowns will pan out, with some clusters of Covid-19 infections being seen in countries where lockdowns have been lifted, is unsettling markets this morning, Wednesday May 13. As such, base metals prices along with equity markets have started to pull-back, or at least their rebounds are on hold. * Business loans for long-term investments drop by 15% in Europe...Read More
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Seven ways the resources sector can survive the COVID-19 crisisSPONSOREDproudfootCardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesEditor's Note: Mining Journal is making some of its most important coverage of the COVID-19 pandemic fre...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. Index futures are responding to news that the Democrat controlled House of Representatives has proposed an additional stimulus bill valued at over $3 trillion.Index futures were virtually unchanged following release of the April Producer Price Index at 8:30 AM EDT. Consensus is that the...Read More
Turkish steel producers continued to book deep-sea scrap cargoes for June shipment on Wednesday May 13, but prices started to show signs of a downturn due to the weak rebar market, sources told Fastmarkets. A steel mill in the Marmara region booked a US cargo, comprising 12,000 tonnes of HMS 1&2 (80:20) at $252 per tonne and 18,000-20,000 tonnes of shredded at $257 per tonne cfr.But another s...Read More
Seaborne premium hard coking coal prices continued to gain on Wednesday May 13 due to active trading in China's market, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $115.17 per tonne, up $0.11 per tonne Premium hard coking coal, cfr Jingtang: $123.13 per tonne, up $2.12 per tonneHard coking coal, fob DBCT: $87.56 per tonne, up $0.40 per tonneHard coking coal, cfr Jingtang: $...Read More
The seaborne iron ore market largely maintained current levels on Wednesday May 13, with good demand for steel and consumption of iron ore continuing to support prices. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $91.63 per tonne, down $0.04 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $94.36 per tonne, up $0.16 per tonne. 58% Fe fines high-grade premium, cfr Qingdao: $78.88 per t...Read More
Japanese export steel scrap prices have jumped in the week to Wednesday May 13 following an active week of trading, market sources told Fastmarkets.Prices in the Japan market were buoyed firstly by a rise in the Kanto tender sales early on Tuesday and then again by much higher deals closed into South Korea later in the day.South Korean electric arc furnace (EAF) mills are seeing greater long steel...Read More
Australian iron ore major Rio Tinto and China's steel giant Baoshan Iron & Steel (Baosteel) have completed their first paperless, yuan-denominated iron ore deal, underlying both the increasing digitization of iron ore trades and importance of the Chinese currency, DBS Bank, which was one of the enablers of the deal, said on Tuesday May 12.The trade was done through Contour, an open trade finance n...Read More
Queues to remove metal from London Metal Exchange-approved warehouses were mostly non-existent at the end of April, according to latest LME data. There was only one queue across the whole LME network: at Istim's warehouses in Port Klang, Malaysia. The waiting time to take aluminium out of Istim warehouses in Port Klang was 26 as of the last working day in April 2020. This compares with a waiting t...Read More
- Detailed gravity surveys never previously performed over the project area- Gravity report interpretation shows good correlation between previously mapped and interpreted structural zones- Several areas of potential system-related alteration, including possible signs of dolomitization, identified for field follow-upELKO, Nevada, May 13, 2020 /PRNewswire/ -- U.S. Gold Corp. (Nasdaq: USAU) (the "...Read More
Global nickel premiums were flat in the week to Tuesday May 12 amid subdued spot trade, despite optimism for commercial restarts in major global economies after the pandemic, sources said.Shanghai Futures Exchange to allow delivery of nickel briquettes, while China premiums staticMore inquiries fail to enliven spot business, keeping US premiums flatEuropean nickel premiums hold despite restart opt...Read More
Key data from the pricing session in London on Wednesday May 13. Key drivers Market sources are indicating a slight uptick in inquiries for summer or fourth-quarter delivery, although the spot market remains relatively thinly traded. Weak demand is keeping...Read More
Spot-market prices for cobalt sulfate in China have risen this week on better sentiment after an inquiry for a large tonnage emerged last Friday, although the logistics restraints on the movement of cobalt raw materials remained.Fastmarkets assessed the price of cobalt sulfate, 20.5% Co basis, exw China, at 44,000-45,000 yuan ($6,194-6,335) per tonne on Wednesday May 13, up by 1.1% from 43,000-45,...Read More
Canadian authorities may launch a national security review of the imminent merger between Endeavour Mining (TSX: EDV) and Semafo (TSX: SMF), which would create West Africa's top gold producer.The proposed deal would bring together six mines into one portfolio, with a combined production estimated at over 1 million ounces a year.In a financial update, Quebec-based Semafo said the director of invest...Read More
First Vanadium (TSXV: FVAN; US-OTC: FVANF) has completed a preliminary economic assessment (PEA) for its Carlin vanadium project in Elko County, 10 km south of the town of Carlin in north-central Nevada."Getting to the PEA level for Carlin was a significant milestone for us and is a key part of the process for unlocking the value of the project," Paul Cowley, the company's president and CEO, said...Read More