China’s official manufacturing purchasing managers index (PMI) slumped to 35.7 in February from 50 previously, but despite this the base metals are up across the board this morning, Monday March 2, and Asian equity indices are for the most part firmer too. China's official non-manufacturing PMI dropped to 29.6 from 54.1.The buoyancy of the base metals seems to stem from expectations that...Read More
Seaborne coking coal prices were stable on Monday March 2, as most market participants in China adopted a wait-and-see approach on seaborne coking coal buying.Fastmarkets indicesPremium hard coking coal, fob DBCT: $162.39 per tonne, up $0.34 per tonnePremium hard coking coal, cfr Jingtang: $168.54 per tonne, up by $0.01 per tonneHard coking coal, fob DBCT:...Read More
Seaborne iron ore prices surged on Monday March 2, boosted by expectations that stimulus measures from the Chinese government, following weak manufacturing data, will lend much-needed support to the country's economic growth and specifically the commodities sector.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $88.93 per tonne, up $4.97 per tonne.62% Fe low-alumina fines, cfr Qingdao: $90....Read More
Global gross domestic product (GDP) growth and dry bulk trade are both facing uncertainty due to the spread of the novel coronavirus (2019-nCoV), though Chinese government stimulus measures are likely lend much-needed support, iron ore miner Rio Tinto said last week. "We are currently evaluating the impact of the Covid-19 [disease], which could create significant uncertainty for our business in th...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.Index futures moved in a wide range overnight. Dow Jones Industrial Average futures initially moved sharply lower, then sharply higher, then sharply lower again for a 1,000 point swing. They currently are down 200 points.Asian equity markets were mostly higher. The Shanghai Composite Ind...Read More
China's hot-rolled coil market participants are alert for possible price drops amid mounting inventories, even as domestic prices rebounded on Monday March 2.DomesticEastern China (Shanghai): 3,480-3,510 yuan ($498-502) per tonne, widening upward by 10 yuan per tonneNorthern China (Tangshan): 3,260-3,280 yuan per tonne, up 20-30 yuan per tonneSpot prices rebounded on Monday following futures gains...Read More
China's domestic rebar prices dropped further on Monday March 2, but futures picked up following news that most industry sectors in the country have resumed work.Eastern China (Shanghai): 3,360-3,390 yuan ($482-486) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,260-3,290 yuan per tonne, down 60-70 yuan per tonneMore local governments have reported that various industries and projec...Read More
The novel coronavirus (2019-nCoV) is making its presence felt in Vietnam's hot-rolled coil markets, with sentiment in the major importing nation taking a hit in the past week.Fastmarkets' steel HRC import, cfr Vietnam assessment, which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam, was $470-472 per tonne cfr for the week ending Monday March 3,...Read More
China's export price of electronic manganese flake dropped by $60-150 per tonne on Friday February 28 after overseas buyers retreated on sufficient stocks and expectations supply will improve now that producers in southwest China are resuming operations, market sources said.Fastmarkets assessed the price of manganese 99.7% electrolytic manganese flake, fob China at $1,700-1,850 per tonne on F...Read More
The price of European aluminium ingot 226 continued to climb on Friday February 28 due to strong domestic demand amid concerns that the spread of the novel coronavirus (2019-nCoV) in Italy could hamper production in the region, leaving a tight market with inadequate supply. Fastmarkets assessed the price of aluminium diecasting ingot DIN226/A380, delivered Europe at ?,?1,420-1,480 ($1,566-1,6...Read More
Global ferrous scrap prices edged up (apart from in Turkey) in the week to Friday February 28, mainly due to a rise in freight rates, with many market participants reporting weak trading activity.Turkish import scrap prices dip as bookings slowUS export scrap prices remain largely stableFreight costs continue to push up prices in Taiwan and VietnamIndian import prices steady on lackluster salesTur...Read More
Bangladesh steel producer GPH Ispat has begun trial production at its new electric arc furnace (EAF) in Kumira, Chattogram state, market sources told Fastmarkets.The EAF will have capacity of 800,000-900,000 tonnes per year, according to a Bangladeshi source. That will take GPH's overall steelmaking capacity above 1 million tpy.GPH Ispat's new mill will produce billet to be further transformed int...Read More
The Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) have signed a memorandum of understanding (MOU) with the Brazilian Mining Association (IBRAM) that seeks to increase investment in the Brazilian mining sector over the coming years.The signing of the MOU, which coincided with the Prospectors and Developers Association of Canada convention, is expected to open up opportunities for exp...Read More
Developer Wallbridge Mining (TSX: WM) has announced plans to acquire explorer Balmoral Resources (TSX: BAR) in an all-share deal worth $110 million, consolidating the Fenelon gold property, within the Abitibi greenstone belt, to 86 square kilometres."The combination of our two companies creates an entity with a solid balance sheet; a diverse yet focused project portfolio; a motivated management g...Read More
Alrosa, the world's top diamond miner by volume, is betting on a new strategy to boost its sales amid an industry-wide slowdown that has hit small companies the hardest.The Russian state-owned company is now selling naturally occurring fluorescent diamonds mixed with others. At the same time, it's holding talks with global jewellery retailers about jointly marketing its "Luminous Diamonds" brand,...Read More
A day after its shares started trading on the TSX Venture Exchange, Canada Nickel Company (TSXV: CNC) released a maiden resource estimate for the wholly-owned Crawford nickel-cobalt sulphide project near Timmins, Ontario.The resource features 600.4 million tonnes in the measured and indicated category grading 0.25% nickel and 0.013% cobalt for a total of 1.53 million tonnes nickel and 78,000 tonne...Read More
Rockcliff Metals (CSE: RCLF) has released resource updates for the Tower and Talbot volcanogenic massive sulphide (VMS) deposits within the Flin Flon-Snow Lake greenstone belt in Manitoba.At its wholly-owned Tower property, indicated resources are now at 1 million tonnes grading 5.74% copper-equivalent for a total of 129.8 million lb. copper-equivalent, with additional inferred resources of 367,00...Read More
AJN Resources (TSXV: AJN) has dropped plans to acquire 10% of the Kibali gold mine in the Democratic Republic of Congo from state-owned Soci?(C)t?(C) Mini??re de Kilo-Moto (SOKIMO), after facing stern opposition from Barrick Gold (TSX: ABX; NYSE: GOLD), the mine's operator.Barrick and AngloGold Ashanti, which each own 45% of Kibali, said SOKIMO had not consulted nor informed them about the transac...Read More
(IDEX Online) - The supply of rough diamonds must flow freely again when the world emerges from the coronavirus pandemic, says De Beers boss Bruce Cleaver.In an impassioned open letter, the CEO argues his company has a global, even more than a corporate, responsibility to its workers and customers not to halt production."The continuity of our (mining) operations is central to our people, the local...Read More
Aim-listed diversified miner Vast Resources has commented on articles published in the Zimbabwean press during the last week of April, around the Chiadzwa community concession block joint venture, for which Vast is awaiting finalisation of a mining agreement.The company wishes to mine the Chiadzwa diamond fields, in Zimbabwe, through its subsidiary Katanga Mining, in joint venture with Zimbabwe Co...Read More