The London Metal Exchange has closed its open outcry trading floor and is using its electronic trading platform for price discovery as a precautionary measure amid the novel coronavirus (2019-nCoV) pandemic.The only other time the 143-year-old metals exchange temporarily closed was during World War II, when - in the absence of electronic trade - the venue was forced to shut entirely. The move to c...Read More
Thyssenkrupp has made changes to its executive board following the recent sale of its elevator unit, the company said on March 20.Martina Merz has been permanently appointed as chief executive officer of Thyssenkrupp AG for a three-year term from April 1, following her appointment in October 2019, which followed the resignation of interim ceo Guido Kerkhoff.Merz was delegated to the group exe...Read More
Hermes Belous Freire has joined Sumitomo Corp as sales manager for cobalt briquettes. Belous Freire is currently based in Switzerland as a consultant, but will relocate to...Read More
The copper price is coming off its worst week in almost a decade, but analysts feel there could be more downside for the metal as novel coronavirus (2019-nCoV) lockdowns globally wreck demand prospects. The London Metal Exchange three-month copper price closed at $4,810 per tonne on Friday March 20, down 11% from the start of the week and hit a three-year low of $4,371 per tonne on Wednesday. Gove...Read More
The 2019-nCoV pandemic is definitely a black swan event, one which nobody saw coming. Global business sentiment has taken a massive hit, with major industries grinding to a halt on travel bans, quarantine orders and border controls. Major airlines such as Singapore Airlines and Qatar Airways have grounded their fleets, stock markets have collapsed with exchanges closing and tourism is taking a pun...Read More
The London Metal Exchange three-month nickel price continued its downturn up to the close of trading on Monday March 23, falling over 3.5% and dipping below nearby support levels, while tin futures failed to hold on to Friday's gains. Nickel's underlying price on the LME closed at $10,880 per tonne on Monday afternoon, its lowest closing price since December 2018, while turnover was high at more t...Read More
The copper price is coming off its worst week in almost a decade, but analysts feel there could be more downside for the metal as novel coronavirus (2019-nCoV) lockdowns globally wreck demand prospects. The London Metal Exchange three-month copper price closed at $4,810 per tonne on Friday March 20, down 11% from the start of the week and hit a three-year low of $4,371 per tonne on Wednesday. Gove...Read More
Seaborne coking coal prices retreated on Monday March 23, with fears of a global economic downturn taking hold due to the spread of the novel coronavirus (2019-nCoV), even though sentiment among Chinese participants was starting to become more optimistic.Fastmarkets IndicesPremium hard coking coal, fob DBCT: $159.43 per tonne, down $1.22 per tonnePremium hard coking coal, cfr Jingtang: $...Read More
The spread of the novel coronavirus (2019-nCoV) 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 g...Read More
Trading activity in the hot-rolled coil market in Northern Europe was slowed by closures at a number of vehicle manufacturers across Europe, although other consuming industries remained relatively active, sources told Fastmarkets on Monday March 23.But at the same time, trading activity in Southern Europe was close to zero, according to market participants.Fastmarkets' daily steel hot-rolled coil...Read More
Norsk Hydro will temporarily idle two European recycling operations - one each in France and Luxembourg - and will reduce or temporarily close some activities in its extruded solutions unit, mostly in southern Europe.The company warned that there could be impact on its rolled products business, which is largely running normally at present, in the coming days due to customers cl...Read More
South Africa will enter a 21-day nationwide lockdown from midnight on Thursday March 26 and ordered the country's metals and mining operations to be placed on care and maintenance. In an address to the nation, President Cyril Ramaphosa said the move was in response to the spread of the novel coronavirus (2019-nCoV) and would last until midnight on April 16. "Companies whose operations require...Read More
The London Metal Exchange three-month nickel price continued its downturn up to the close of trading on Monday March 23, falling over 3.5% and dipping below nearby support levels, while tin futures failed to hold on to Friday's gains. Nickel's underlying price on the LME closed at $10,880 per tonne on Monday afternoon, its lowest closing price since December 2018, while turnover was high at more t...Read More
New Caledonia's Koniambo nickel mine, a joint venture between Switzerland-based commodity and mining firm Glencore and local miner Soci?(C)t?(C) Mini??re du Sud Pacifique (SMSP), has cut production in a bid to protect employees amid the global novel coronavirus (2019-nCoV) pandemic. While production has not stopped completely, sources close to the matter indicated that two smelters at the mine sit...Read More
Key pricing data from the alumina index, fob Australia pricing session on Monday March 23. Key drivers Fastmarkets' daily alumina index, fob Australia, to $272.41 per tonne on Monday from $275.47 per tonne on Friday March 20. The index is now at its lowest level since May 18, 2017, when the price was $272.10 per tonne. Marks a...Read More
Lead production at Glencore's San Gavino plant in Sardinia will cease on Monday March 23, but the company's zinc smelter Portovesme will continue operations, Fastmarkets understands.San Gavino refines lead and precious metals while Portovesme smelts zinc and lead from batteries...Read More
Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.04 per hundredweight ($560.80 per short ton) on Monday March 23, down slightly from $28.06 per cwt on Friday March 20 and 2.4% below $28.73 per cwt a week earlier on March 16. Leads times were generally four to six weeks. Inputs were received in a range of $27.50-29 per cwt - creating a spread of just $1.50 per cwt,...Read More
NLMK USA plans to take a three-week outage in June to make upgrades to its flat-rolled steel mill in Portage, Indiana, the company's top executive said."We have a major skid project in Indiana that impacts the reheat furnace in Indiana," NLMK USA president and chief executive officer Bob Miller said in an email to Fastmarkets AMM.The project was planned in advance and is not the result of the Covi...Read More
Tata Steel India is to install a slab conditioning line at its Kalinganagar works in the state of Odisha to serve the automotive market, equipment provider SMS Group said in a press release on Thursday March 19.The scarfing line will process slabs to remove surface and subsurface defects, which is required by some car manufacturers for steel to be used in vehicle-body applications.It is hoped that...Read More
Another set of major US automakers will extend manufacturing shutdowns due to the impact of the novel coronavirus (2019-nCoV).Hyundai Motor Manufacturing Alabama (HMMA) said in a statement it would extend suspension of production of automobiles in Montgomery, Alabama for seven days beginning Monday March 23 through Tuesday March 31. The suspension will reduce production by approximately 10,00...Read More