Broader markets were generally weaker this morning, Tuesday May 12, amid concerns about clusters of new Covid-19 infections in the Chinese city of Wuhan and in South Korea, while China's consumer price index (CPI) and producer price index (PPI) data releases were weaker than expected. Asian-Pacific and pre-market major western equity indices were mainly weaker this morning. Base metals Three-month...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
A summary of US-based lithium producer Livent's financial results for the first quarter of 2020.In brief: The company's adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) were down by 66% year on year in the first quarter to $9.4 million due to lower lithium prices and volumes sold against a backdrop of the negative impact of Covid-19 in Asian markets. All Livent's fa...Read More
The production of cobalt may need to increase by 460% from 2018 levels over the next three decades to meet the growing demand for clean energy technologies, according to a report by the World Bank. Cobalt demand in clean energy technologies is seen rising from 140,000 tonnes to 644,000 tonnes by 2050, the report estimated. This is based on the wind, solar and geothermal power, as well as energy st...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
A summary of German steelmaker Thyssenkrupp's financial results for the first half and second quarter of its 2019/2020 financial year up to March 31, 2020. In brief Thyssenkrupp's performance was significantly affected by the initial effects of the coronavirus pandemic. It cites the weak automotive market as well as price and volume losses in the materials businesses. Its steel Eur...Read More
Domestic prices for hot-rolled coil in Northern Europe dropped day on day on Tuesday May 12 due to the slow market, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?414.00 ($448.11) per tonne on Tuesday, down by ?,?6.00 per tonne from ?,?420.00 per tonne on Monday.Tuesday's index was calculated based on a few deals and "workable" prices...Read More
The price of steel rebar in Russia's Central Federal District around Moscow was unchanged week on week on Tuesday May 12, while buying remained slow due to Covid-19-related restrictions and public holidays, sources told Fastmrkets.Market participants said that construction activity, the key rebar consuming sector, remained limited last week."[Most] construction sites have been closed sin...Read More
The import prices for steel billet and rebar in the United Arab Emirates increased slightly over the past week, while demand was weak because of the Islamic holy month of Ramadan, as well as the Covid-19 pandemic, market sources said on Tuesday May 12.Market participants in the United Arab Emirates (UAE) believe demand is unlikely to improve before late May, when Ramadan will end. Local rebar...Read More
China's domestic rebar prices were flat on Tuesday May 12 with most market participants taking a wait-and-see approach.Domestic Eastern China (Shanghai): 3,480-3,510 yuan ($491-495) per tonne, unchangedMonday's price drop after last week's increases led many market participants to suspend trading to wait for further cues to emerge.The lower trading activity kept spot prices steady despite a streng...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Mining company Rio Tinto is maintaining an eye on the potential for merger and acquisition opportunities as a result of the Covid-19 pandemic and plans to stay "patient but not complacent," its chief executive officer said. J-S Jacques told the Bank of America 2020 Global Metals, Mining and Steel Conference that metals market outlooks were currently clouded due to changing supply-demand pictures a...Read More
Most domestic ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o increased week on week after reduced availability of material led some mills to accept higher offers in order to secure supply.Low scrap availability led one mill in Mexico's Bajio manufacturing hub to announce a price increase of around 100-200 pesos last week. Other scrap buyers avoided announcing...Read More
Commonwealth of Independent States (CIS) steel slab exporters turned to the Chinese market for sales in mid-May because customers in this market accepted higher prices than any in other destinations, Fastmarkets heard.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS was $335-340 per tonne on May 12, up from $325-335 per tonne fob a week earlier.Over 100,000 tonnes of...Read More
Exporters of steel billet from the CIS have managed to secure deals at higher prices outside China, where trading activity has been concentrated recently.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $347 per tonne on Tuesday May 12, up by $2 from May 7.A 10,000-tonne cargo of Ukraine-origin billet was reported sold to Italy at $350 per tonne fob Black Sea.And...Read More
The import prices for steel billet and rebar in the United Arab Emirates increased slightly over the past week, while demand was weak because of the Islamic holy month of Ramadan, as well as the Covid-19 pandemic, market sources said on Tuesday May 12.Market participants in the United Arab Emirates (UAE) believe demand is unlikely to improve before late May, when Ramadan will end. Local rebar...Read More
Brazilian automakers are slowly resuming production after more than a month of idling due to Covid-19 brought the country's car output to near zero in April.General Motors (GM) reopened its engine plant in Joinville, in the southeastern state of Santa Catarina, on May 12, a company spokesperson told Fastmarkets. The other units owned by the company in Brazil have been preparing for the past four w...Read More
A summary of German steelmaker Thyssenkrupp's financial results for the first half and second quarter of its 2019/2020 financial year up to March 31, 2020. In brief Thyssenkrupp's performance was significantly affected by the initial effects of the coronavirus pandemic. It cites the weak automotive market as well as price and volume losses in the materials businesses. Its steel Eur...Read More
Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it said in Singapore court filings seen by Fastmarkets.ZenRock has $116.1 million in secured financing owed to the banks HSBC, Natixis, BCP, Bank of China, Credit Agricole and ING Bank, the company's president, Xie Chun, told Singapore's High Court in an affidavit.The company has $448.9 million in unsecured o...Read More
A summary of German steelmaker Thyssenkrupp's financial results for the first half and second quarter of its 2019/2020 financial year up to March 31, 2020. In brief Thyssenkrupp's performance was significantly affected by the initial effects of the coronavirus pandemic. It cites the weak automotive market as well as price and volume losses in the materials businesses. Its steel Eur...Read More