Domestic rebar prices in the United Arab Emirates have gone down over the past week amid concerns about the spread of the 2019-nCoV coronavirus outbreak, sources said on Tuesday March 17.Local rebar producers announced new monthly domestic prices on February 25. Emirates Steel was offering rebar at 1,897 dirhams ($516) per tonne ex-works last week, but the company lowered its price once again this...Read More
Import prices for steel slab in Southeast Asia and East Asia fell over the week to Monday March 16 amid worsening sentiment while novel coronavirus (2019-nCoV) infections surge within the region. Fastmarkets' price assessment for steel slab imports, cfr Southeast Asia and East Asia was $405-415 per tonne on Monday March 16, down by $5 per tonne from a week earlier.A steelmaker in East Asia was hea...Read More
China's domestic rebar prices fell on Tuesday March 17 on weakening stock and futures markets, following the March 16 meltdown in the United States.Eastern China (Shanghai): 3,500-3,540 yuan ($500-506) per tonne, down 20-30 yuan per tonne Northern China (Beijing): 3,380-3,420 yuan per tonne, down 10-20 yuan per tonneOn March 16, US stock dropped 7.47% soon after opening, triggering a mel...Read More
The European Commission (EC) has published guidelines for border management measures including goods transportation during the outbreak of 2019-nCoV coronavirus, now that logistics issues have begun to bite, the EC said on Monday March 16.The rapid spread across Europe of the Covid-2019 disease caused by the virus has forced governments to resort to strict measures, including border closures in so...Read More
European car manufacturers have announced temporary stoppages at production sites across Europe due to the 2019-nCoV coronavirus pandemic, Fastmarkets learnt on Monday March 16.Car manufacturer Groupe PSA - maker of the Peugeot, Citroen, Opel and Vauxhall brands - has decided to close its plants in Europe, it said on Monday.It opted to close a number of production sites until March 27 "due to the...Read More
Cadence Minerals is poised to become a 20% shareholder in the Amap?? iron ore project in Brazil once the mine's current owner reaches a settlement agreement with its secured bank creditors. The London-based company and its joint-venture partners, Indo Sino Pte Ltd, have been in their own negotiations with the creditors and have offered a settlement involving a discount on the amounts owed by curre...Read More
The UK steel industry has welcomed a boost in infrastructure spending in the latest government budget, announced on March 12, but expressed disappointment about missed opportunities to tackle weaknesses in the sector.Chancellor Rishi Sunak announced investment of ?640 billion ($786.2 billion) in roads, railways, communications, schools, hospitals and power networks across the United Kingdom by 20...Read More
Here are five Fastmarkets stories you might have missed on Tuesday March 17 that are worth another look.Three more European car manufacturers are set to close and halt production in response to the spread of the coronavirus (2019-nCoV), Fastmarkets learned on March 17.The London Metal Exchange intends to suspend all ring trading and move to full electronic pricing from next week if the United King...Read More
A summary of base metals premiums from across the globe for the week to Tuesday March 17.Click on...Read More
Domestic prices for hot-rolled coil in Northern Europe have decreased day on day in a slow market, sources told Fastmarkets on Tuesday March 17.Market activity decreased due to closures among big automotive manufacturers and slowdowns at some service centers, according to market sources.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?477.00 ($531.94) per tonne...Read More
London Metal Exchange three-month base metals prices largely traded down at the close on Tuesday March 17 with risk-aversion from the global spread of the coronavirus (CoV-2019) and associated corporate shutdowns weighing heavily on the complex."Global financial markets remain rattled while the virus wreaks havoc across Europe and the United States," Fastmarkets research analyst Andy Farida said....Read More
Here are five Fastmarkets stories you might have missed on Tuesday March 17 that are worth another look.Three more European car manufacturers are set to close and halt production in response to the spread of the coronavirus (2019-nCoV), Fastmarkets learned on March 17.The London Metal Exchange intends to suspend all ring trading and move to full electronic pricing from next week if the United King...Read More
If global financial markets had been operating under a pervading sense of uncertainty due to the impact of the novel coronavirus (2019-nCoV), they now appear to be veering on panic.Oil prices have suffered their biggest one-day collapse since the 1991 Gulf War following Saudi Arabia's declaration of a price war on Russia through a shock move to hike oil production. S&P Dow Jones Indices was forced...Read More
The novel coronavirus (2019-nCoV) is set to accelerate what the trade wars started: the diversification of global supply chains. Both events have demonstrated just how interconnected the global economy is and have provided a wake-up call to businesses worldwide that it might be time to reduce their reliance on China as the workshop of the world. Of course, that's easier said than done. China is th...Read More
Trade disputes and geopolitical uncertainties had already made the prospects for global economic growth uncertain. A coronavirus has now added to the challenges facing financial markets.The epicenter of the virus is Wuhan, an important commercial hub in China that is home to 11.9 million people, including the country's largest student population. It is also a manufacturing hub, with around 500 fac...Read More
China's appetite for importing steel billet despite high levels of steel inventories indicates growing confidence that a rebound in the domestic steel sector is expected in the near future, a stark contrast to virus-induced uncertainty worldwide. This could alleviate the pressure on regional prices with other Asian steelmakers struggling to exhaust billet surpluses due to a consumption slowdown du...Read More
A summary of base metals premiums from across the globe for the week to Tuesday March 17.Click on...Read More
London Metal Exchange three-month base metals prices largely traded down at the close on Tuesday March 17 with risk-aversion from the global spread of the coronavirus (CoV-2019) and associated corporate shutdowns weighing heavily on the complex."Global financial markets remain rattled while the virus wreaks havoc across Europe and the United States," Fastmarkets research analyst Andy Farida said....Read More
The London Metal Exchange intends to suspend all ring trading and move to full electronic pricing from next week if the United Kingdom's current directives restricting the movement of people in a bid to stop the spread of the Covid-19 coronavirus (2019-nCoV) remain in place."If current trends continue, the LME anticipates that it will temporarily move to fully electronic pricing on Monday 23 March...Read More
Copper has attempted to rebound since early September following a marked sell-off in the summer months where macro and fundamental forces have been prevalent.On the macro front, copper has benefited from a slight easing in US-China trade tensions and more monetary policy easing across the globe - including China, where copper consumption is the most exposed - that has shored up investor sentiment....Read More