China steel futures end higher as stimulus spurs demand hopes

Steel futures in China closed higher on Monday, with construction rebar extending gains into a fourth session, on hopes that favourable monetary policies will boost demand. China’s new loans in March rose sharply to 2.85 trillion yuan ($405 billion), beating a forecast of 1.8 trillion yuan, as the central bank pumped in more liquidity and […]

India & Russia to be key factors to influence Asian HRC prices

According to the market in Asia, the hot-rolled coil prices showed rebound on April 13th. However, the market participants mentioned that Russia and India would be the key factor for the continuing price increase in the future. From this year, the Asian hot-rolled coil prices have declined continuously, mainly caused by the outbreak of COVID-19. […]

SP Angel . Morning View – Gold breaks through $1,715/oz on record ETF holdings

Gold breaks through $1,715/oz on record ETF holdings MiFID II exempt information – see disclaimer belowBlueRock Diamonds* (BRD LN) – Extension to lockdown in South Africa till end AprilBluejay Mining* (JAY LN) – MoU with trader for 200ktpa of ilmeniteChaarat Gold* (CGH LN) – FY19 financial resultsHochschild Mining (HOC LN) – Temporary suspension of the final […]

Coronavirus: Miners in Canada’s North say federal wage subsidy doesn’t help enough

YELLOWKNIFE — Northern miners have told the federal government that the wage subsidy program brought in to get the country through the COVID-19 pandemic leaves them out in the cold. “We urgently request the federal government take the unique circumstances of Canada’s North into account and ensure the companies active in its most important and largest private […]

Easter trading schedule for precious metals markets

(Kitco News) – The global economy has all but ground to a halt because of the COVID-19 pandemic. It will be even quieter Friday as some European and all North America financial markets will be closed for the Easter long weekend. The Asian trading session will also be relatively like as Australian and New Zealand markets […]

China March iron ore imports dip, sees firm demand on economic restorations

BEIJING (Reuters) – China’s iron ore imports dipped in March, official customs data showed on Tuesday, as mills slowed output to digest record-high steel inventories after disruptions caused by the coronavirus outbreak curtailed construction and industrial activities. Imports of the key steelmaking ingredient were 85.91 million tonnes last month, according to the official data from […]

Five more COVID-19 cases at northwestern Ontario palladium mine

The Thunder Bay District Health Unit (TBDHU) has confirmed five more individuals at Lac des Iles Mine (LDI) have tested positive for COVID-19. This brings the number of infected workers at the remote mine, 90 kilometres northwest of Thunder Bay, to six. Impala Canada said two of these individuals remain at the site in self-isolation, receiving […]

Canada’s Quebec allows mining activities to resume

The government of Quebec is allowing mines to reopen as essential services from Wednesday, but only if they can comply with strict measures to limit the spread of Covid-19. Mining companies, including Agnico Eagle, Eldorado Gold, Glencore and Yamana Gold, have confirmed that they would either resume operations this week, or analyse options to restart […]

Annual steel ingot output to rise 3.2m tons

IMIDRO has put the value of the projects to boost the steel ingot output in the present year at $793 million. Iran’s major steel companies have produced over 18.5 million tons of steel ingots during the 11-month period from March 21, 2019, to February 19, 2020, registering a four-percent growth from the figure for the […]

METALS-Demand hope, disrupted supply propel copper to 4-week high

* Spread of coronavirus: tmsnrt.rs/3aIRuz7 * Discount for cash over 3-month copper highest since Jan. * Discount for cash over 3-month aluminium near 5-year high LONDON, April 14 (Reuters) – Copper prices hit a four-week high on Tuesday, boosted by coronavirus-linked supply disruptions and expectations of stronger demand, although worry that optimism was premature capped […]

Gold is back: why the yellow metal will continue to rule the safe haven domain

 Gold still remains the ultimate safe haven asset, but the road to higher prices could be a bumpy one with several obstacles along the way, this according to The Telegraph ’s Tom Stevenson. “No one should expect the price of gold to move serenely higher. Forecasts of new records above the $1,822 reached in 2013 may […]

US Steel idles another Gary Works blast furnace

Integrated steelmaker US Steel has idled another blast furnace at its Gary Works steel mill in Indiana as it deals with falling demand from closures related to Covid-19. Blast furnace No 8 was idled last week due to declines in demand as North American auto plants remain closed. No 8 has a production capacity of […]