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Here are five Fastmarkets stories you might have missed on Thursday March 19 that are worth another look.Automobile manufacturers General Motors (GM) and Mercedes-Benz have enforced "collective holidays" at their Brazilian operations starting from March 30, in response to the novel coronavirus outbreak (2019-nCoV), the companies said on Wednesday March 18.Japan's demand for aluminium is the highes...Read More
The London Metal Exchange three-month copper price slightly improved at the close on Thursday March 19, up by 2% but firmly below the $5,000-per-tonne resistance level, while nickel recorded its highest daily trading volume since November 2016. Copper's underlying price on the LME closed at $4,830 per tonne this afternoon, while turnover was once again just below 30,000 lots over the day.Yet buyin...Read More
Japan's demand for aluminium is the highest in Asia but recently has been falling fast due to a slowing economy and the coronavirus (2019-nCoV) outbreak affecting downstream demand. Japan is the biggest buyer of aluminium in Asia, typically ratcheting up to more than 1 million tonnes per year of imports, but the industry is now experiencing a period of increasingly weak demand. According to t...Read More
Japan's demand for aluminium is the highest in Asia but recently has been falling fast due to a slowing economy and the coronavirus (2019-nCoV) outbreak affecting downstream demand. Japan is the biggest buyer of aluminium in Asia, typically ratcheting up to more than 1 million tonnes per year of imports, but the industry is now experiencing a period of increasingly weak demand. According to t...Read More
Key pricing data from the alumina index, fob Australia pricing session on Thursday March 19. Key drivers: Fastmarkets' daily alumina index, fob Australia declined 4.6% to $283.11 per tonne on Thursday, down from $297.23 per tonne the previous day and down 6.5% week on week when it was at $303.17 per tonne. A fresh deal concluded today for 30,000 tonnes of Indonesian material at $275 per tonne for...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 19 that are worth another look.Automobile manufacturers General Motors (GM) and Mercedes-Benz have enforced "collective holidays" at their Brazilian operations starting from March 30, in response to the novel coronavirus outbreak (2019-nCoV), the companies said on Wednesday March 18.Japan's demand for aluminium is the highes...Read More
The fall in cobalt hydroxide payables has accelerated over the past week on increasing concerns about a slowdown in the global economy and electric vehicle (EV) production due to the global spread of the novel coronavirus (2019-nCoV). Fastmarkets' cobalt hydroxide payable indicator fell to 65-68% against the standard-grade cobalt price (low-end) on Wednesday March 18, down 2.2% from 67-69% on...Read More
The Turkish deep-sea scrap import market was quiet on Thursday March 19, despite a sharp decrease in prices the day before, sources have told Fastmarkets.On March 18, a steel mill in the Marmara region booked a Canadian cargo, comprising 18,000 tonnes of HMS 1&2 (90:10), 20,000 tonnes of shredded and 12,000 tonnes of plate and structural (P&S) scrap, at an average price of $255 per tonne cfr.Marke...Read More
Prices for bulk ferrous scrap cargoes imported into Bangladesh have fallen over the past week amid a deterioration in international scrap prices and heightened disruption created by the 2019-nCoV coronavirus pandemic, market sources told Fastmarkets on Thursday March 19.Bangladesh has provided a rare bright spot for bulk scrap sellers over recent weeks, with a strong local steel market and high co...Read More
Fastmarkets announces the launch of import ferrous scrap prices for the markets of Bangladesh and South Korea.These new price assessments, and accompanying written content, will significantly boost Fastmarkets' coverage of the Asia ferrous scrap complex, providing subscribers with accurate pricing data together with detailed and insightful market commentary.After undertaking an extensive consultat...Read More
Zinc and lead miners have had their silver lining taken out.The price of the precious metal fell abruptly to an 11-year low of $11.80 per oz in the week to Thursday March 19, having traded close to multi-year highs mere days previously.Investors dumped silver, a precious metal that in physical form is mostly used in industrial applications, as part of a wide selloff in liquid asset classes on fear...Read More
While risk-off dominates and even though governments are prepared to throw money at the financial system and into economies and households, the likelihood is that more factories will close, household spending will fall, as will demand for raw materials, but there may be some dead cat bounces along the way.Partial and full lockdowns will hopefully mean the novel coronavirus (2019-nCoV) is brought u...Read More
The plummeting of share prices among companies in the battery supply chain due to the 2019-nCoV coronavirus pandemic is reversing the gains achieved after China's announcement of its policy on electric-vehicle subsidies, indicating weak sentiment toward the market.Lithium and cobalt commodity prices have largely been resilient to volatility since the outbreak of the coronavirus pandemic.Benchmark...Read More
The London Metal Exchange has approved Minara cobalt briquettes produced at Glencore's Murrin Murrin nickel-cobalt operations in Australia for delivery against the exchange's physically settled cobalt contract.Murrin Murrin produces about 3,000 tonnes per year of cobalt briquettes. The LME suspended brand-listing fees for new cobalt brands in March last...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 19 that are worth another look.Automobile manufacturers General Motors (GM) and Mercedes-Benz have enforced "collective holidays" at their Brazilian operations starting from March 30, in response to the novel coronavirus outbreak (2019-nCoV), the companies said on Wednesday March 18.Japan's demand for aluminium is the highes...Read More
Domestic prices in Europe for hot-rolled coil have fallen by ?,?7.31 per tonne day on day following a slump in demand, sources told Fastmarkets on Thursday March 19.Demand for flat steel drastically decreased after a number of automotive manufacturers temporarily closed some or all of their operations due to the 2019-nCoV coronavirus pandemic.Fastmarkets' daily steel hot-rolled coil index, domesti...Read More
ArcelorMittal will temporarily idle blast furnace (BF) A in Asturias and some other equipment "in around 15 days" in Spain, the company's spokesman told Fastmarkets on Thursday March 19.ArcelorMittal Asturias operates two BFs with a total capacity of 4.7 million tonnes per year, according to Fastmarkets' Capex quarterly service.The steelmaker will also stop operations at one of its two sinter plan...Read More
Automotive manufacturers in Europe have announced temporary production shutdowns at sites across the continent because of the problems being created by the measures taken by governments to restrict the spread of the 2019-nCoV coronavirus pandemic.On Wednesday March 18, BMW, Toyota and Jaguar-Land Rover listed their sites that were intended for closure, while previous shutdowns included Groupe PSA,...Read More
Steel billet import prices in Egypt fell in the week to Thursday March 19, but there was no resulting pick-up in demand, sources told Fastmarkets.The spread of the novel coronavirus (2019-nCoV) in Egypt has caused trade to decrease significantly, and many offices have been closed, sources told Fastmarkets.As of March 19 there were 210 confirmed infections in Egypt, with si...Read More