A summary of the financial results for Switzerland-based special and stainless steel producer Schmolz + Bickenbach (S+B) for the first quarter of 2020.In brief The company attributed the weaker quarterly results to the effects of the Covid-19 pandemic. A fragile market recovery, which started in early 2020, was interrupted by the pandemic. Geographically, all regions and countries suffered a doubl...Read More
A summary of Brazilian steelmaker Gerdau's financial results in the first quarter of 2020, as stated in its earnings report on Wednesday May 6.In brief Sales volumes and financial performance weakened year-on-year with all of the company's divisions affected by lower demand in the last 15 days of March due to the Covid-19 pandemic. The North America unit reported stronger results amid higher consu...Read More
Stainless steel prices in China were largely unchanged in the week to Wednesday May 6, with market participants in the country absent from May 1-5 for the Labor Day holiday. The lack of major price movements in the cost of nickel was another factor contributing to steady stainless steel prices, sources said.The three-month nickel contract on the London Metal Exchange has averaged $11,878 per tonne...Read More
Broader markets were mixed this morning, Thursday May 7 after Wednesday’s employment data in the United States knocked market confidence, but with a barrage of data expected today and Friday, the market is braced for a reality check. Not, all the data released so far has been bad though; the all-important Chinese trade data for April showed a surprise 3.5% rise in exports compared with a year...Read More
The copper mining industry has long been prone to unplanned disruptions, which can have an important bearing on market sentiment, moving prices and spot TC/RCs. Fastmarkets analysts have been routinely monitoring these supply disruptions in recent years, and continue...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for First Quarter U.S. Non-farm Productivity was a drop of 5.5% versus a gain of 1.2% in the fourth quarter. Actual was a drop of 2.5%. Consensus for Weekly Jobless Claims was 3.00 million...Read More
If ever there was a masterclass in the need to disaster-proof a supply chain, then the Covid-19 pandemic has provided a harsh reminder to the automotive sector that it's failing. It's a wake-up call for the industry, which, after a massive earthquake and tsunami hit Japan in March 2011, had vowed to end its "just in time" production philosophy and diversify its supply chain in orderto limit a repe...Read More
London Metal Exchange three-month base metals prices rose on Tuesday May 5, buoyed by increasing optimism for an increase in demand amid expectations that Covid-19 trade restrictions will continue to be eased in some parts of Europe while China's restart gathers momentum. China's market absence - due to the Labor Day public holiday from May 1 to May 5 - failed to dampen upward price momentum acros...Read More
The three-month tin price on the London Metal Exchange was higher across morning trading on Tuesday May 5, supported by the largest fresh cancelation in the tin market this year, while climbing exchange stocks and lackluster trade continues to pressure the aluminium price. The LME tin price was recently at $15,165 per tonne, up 0.5% from Monday's closing price of $15,085 per tonne. The price spike...Read More
Employees at the Kroondal chrome mine in South Africa have been informed the facility will not restart after lockdown measures are relaxed because of financial challenges in the market, according to a source close to the matter. Kroondal is part of the Glencore-Merafe Chrome Venture, in which Glencore has 79.5% stake. The mine near Rustenberg has a production capacity of 1 million tonnes per year,...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 5 that are worth another look.US President Donald Trump is threatening to abandon a preliminary trade deal leading to an easing of trade tensions with China, citing the Covid-19 virus.Employees at the Kroondal chrome mine in South Africa have been informed the facility will not restart after lockdown measures are relaxed b...Read More
The spread of the Covid-19 virus is causing disruption to immediate supply chains and future demand forecasts across the technology and consumer electronics sector. Since the outbreak gathered pace in January 2020, companies including Apple and Samsung have closed plants, shifted production, and in some cases, revised revenue forecasts. The far-reaching effects of the virus on the global economy a...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 5 that are worth another look.US President Donald Trump is threatening to abandon a preliminary trade deal leading to an easing of trade tensions with China, citing the Covid-19 virus.Employees at the Kroondal chrome mine in South Africa have been informed the facility will not restart after lockdown measures are relaxed b...Read More
Mexican scrap prices were stable or higher last week as low availability for some grades led to exceptional deals at increased prices, according to sources.Market participants reported that some scrap buyers had planned a 200 pesos ($8) price cut for last week, but by the end of the week such changes were not applied."In the whole month of April, buyers announced price cuts of around 1,000 pesos,...Read More
The Turkish deep-sea scrap import markets remained quiet with the mills seeking lower prices amid weak finished steel markets, sources said on Tuesday May 5.The most recent cargo deal was recorded on Friday May 1 when a steel mill in the Iskenderun region booked a European cargo comprising 17,000 tonnes of HMS 1&2 (80:20) at $236 per tonne cfr and 7,000 tonnes of bonus at $246 per tonne cfr, sendi...Read More
Broader markets are looking a bit brighter this morning, Tuesday May 5, with equity indices and base metals prices firmer while participants look forward to better demand once more plans are announced about lifting lockdown restrictions.The Dow Jones Industrial Average reversed from being down by 1.5% to close positively on Monday.US factory orders dropped by 10.3%, but this data was for March; by...Read More
The spread of the Covid-19 virus is causing disruption to immediate supply chains and future demand forecasts across the technology and consumer electronics sector. Since the outbreak gathered pace in January 2020, companies including Apple and Samsung have closed plants, shifted production, and in some cases, revised revenue forecasts. The far-reaching effects of the virus on the global economy a...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 5 that are worth another look.US President Donald Trump is threatening to abandon a preliminary trade deal leading to an easing of trade tensions with China, citing the Covid-19 virus.Employees at the Kroondal chrome mine in South Africa have been informed the facility will not restart after lockdown measures are relaxed b...Read More
Russia's largest steelmaker, Novolipetsk Steel (NLMK), which also runs assets in Europe and the United States, expects steel demand to show a double-digit drop in home markets in the second quarter of 2020 and for the full year, the company said on Thursday April 30."In Russia, we expect a double-digit decline in steel consumption in May and June, with potential recovery starting in July," chief e...Read More
The Egyptian parliament has this week requested the government add a 10% import duty on finished steel products to protect local steel production, Egyptian market sources told Fastmarkets.The government has not yet approved or rejected the proposal but, if accepted, flat steel producers will benefit from the new duties, sources said.Egypt already imposes a definitive safeguard duty of 16% of the c...Read More