Steel billet prices in some global markets rose in the week to Friday February 28, supported by firm demand, sources told Fastmarkets.But the spread of the novel coronavirus (2019-nCoV) across the world, including rising infection numbers in other parts of Asia, such as South Korea and Japan, dampened market sentiment, sources said.Scrap prices declined during the week, with Fastmarkets' dail...Read More
Russian miner Alrosa’s investment committee has approved financing for preliminary engineering studies at the Jubilee diamond mine, to provide up-to-date information to decide on the construction of an underground mine.The Jubilee pipe of the Aikhal division is currently being mined by openpit methods.AdvertisementIn 2019, the company considered technical specifications and decided to start...Read More
With competition in the global steel markets remaining fierce, Fastmarkets provides an update on the new, progressing and closed trade cases from around the world in February 2020.The case list below includes only updates. For other continuing cases this year, see the...Read More
Angola sold just over 9.44-million carats of diamonds last year, earning $1.299-billion, the National Diamond Commercialisation Company of Angola (Empresa Nacional de Comercialização de Angola) – better known as Sodiam – has reported. This represented a year-on-year increase of 12.3% in production and 6.2% in revenues. At the presentation of these figures, in Luanda, Ango...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable over the week ended Friday February 28, supported by a combination of the positive effects of long lead times from the region's mills and a lack of competitive import offers.In the second half of the week, Italians steelmakers made higher offers and achieved small price rises in transactions.Fastmarkets' daily steel hot-roll...Read More
The D? 1/4 sseldorf wire and tube fair has been postponed due to the spread of the novel coronavirus (2019-nCoV), the fair organizer, Messe D? 1/4 sseldorf, said on Saturday February 29.The international trade fair for wire, cable, tube and pipe industries was due to take place on March 30 to April 3. "We are following the recommendation of the crisis management team of the German government to ta...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 resourcesFinancing risks can be managedSPONSOREDHe said the drop was mainly driven by gold-focused exploration budget cuts and the lack of reinvigoration of exploration spend in the sector in th...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 resourcesFinancing risks can be managedSPONSOREDThe 2020-2030 plan aims to provide a roadmap for the development of the mining sector which will consolidate gains and guide future governments.Read More
The Turkish steel producers have extended their absence from the deep-sea scrap markets in expectation of lower prices, but suppliers were holding firm, sources said on Monday March 2.After buying several cargoes in the first three weeks of February, the mills stepped back from purchase activity at the beginning of last week.The most recent deep-sea transactions had put the price of HMS 1&2 (80:20...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 resourcesFinancing risks can be managedSPONSOREDThe focus for 2019 drilling was to infill the in-pit inferred resource in preparation for an update of the 2013 feasibility study, but that result...Read More
The auto bundle scrap price in the Turkish domestic market has increased on a weaker lira and tighter supply, while ship scrap prices were fairly stable, sources said on Monday March 2.The Turkish currency depreciated following an airstrike in Idlib, northwestern Syria, late last week.The lira was trading at 6.26 lira to $1 on March 2, compared with 6.11 lira to $1 on February 24, according to Oan...Read More
Artemis all set thanks to unique approachSPONSOREDartemis resourcesSpeaking as part of a Tethyan-focused panel, Mac Canby, a director for generative exploration at Freeport-McMoran, said the bar was lower for ore in West Tethys - a tectonic belt which extends fromRead More
A shortage of shipping containers resulting from the control measures put in place in China to contain the spread of the novel coronavirus (2019-nCoV) is slowing global trade.Container ships are waiting offshore for the chance to unload goods at Chinese ports, while the same ports are also stacked with empty containers waiting to be filled and returned to the seaborne market. The build-up of empty...Read More
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