European automaker and subsequent smelter shutdowns in the United Kingdom - enforced to halt the spread of the coronavirus - drove secondary aluminium ingot prices down in the region to an 11-year low on Wednesday March 25.European carmaker closures to combat the virus, which started in earnest with Volkswagen's Slovakia-site closure on Sunday March 15, have riled the secondary aluminium supp...Read More
Prices for imported steel billet in Egypt decreased in the week ended Thursday March 26 with market activity being very weak because of the Covid-19 pandemic, sources told Fastmarkets.The spread of Covid-19 in the country has caused market activity to soften significantly, the sources added.Egyptian natural gas prices were decreased by $1 to $4.50 per MMBtu this week, after electricity prices were...Read More
The 2019-nCoV coronavirus pandemic has led to parts of the Indian automotive sector closing down its operations, Fastmarkets heard this week.Some sector participants did so even before the country's government announced on Tuesday that it was imposing a 21-day lockdown from that day.Germany-based carmaker BMW has confirmed that its plant in Chennai will be closed from March 23 to March 31.Japan's...Read More
The Turkish markets for steel billet have crashed over the past week, following the sharp decline in imported scrap prices amid the spread of the Covid-19 pandemic, sources said on Thursday March 26.Fastmarkets' weekly price assessment for steel billet import, cfr main port Turkey, was $357-360 per tonne on Thursday, down from the $390-400 per tonne of last week.After the imported scrap prices cra...Read More
Domestic rebar and wire rod prices in Turkey have gone down over the past week due to a complete absence of demand resulting from the Covid-19 pandemic, sources said on Thursday March 26.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was 2,950-3,030 Turkish lira ($458-471) per tonne on Thursday, down from the 3,100-3,150 lira per tonne of last week.Wi...Read More
Long steel export prices in Turkey have gone down sharply over the past week amid the Covid-19 pandemic, which has affected almost all markets, sources said on Thursday March 26.Steel producers in Turkey have reduced their offers on rebar to $390-395 per tonne fob on an actual weight basis, from last week's $425-430 per tonne, but only one bid was heard at $375 per tonne.Fastmarkets' weekly price...Read More
China's domestic hot-rolled coil prices fell on Thursday March 26 amid weak demand, while export trading was also thin with sellers exercising caution after many overseas buyers canceled their orders.DomesticEastern China (Shanghai): 3,350-3,370 yuan ($472-475) per tonne, down 40 yuan per tonneNorthern China (Tangshan): 3,280 yuan per tonne, narrowed downward by 20 yuan per tonneTrading activity w...Read More
The global spread of the Covid-19 virus continues to limit deep-sea scrap trading in Turkey, sources told Fastmarkets on Thursday March 26.The finished long steel and billet markets were also seriously down in Turkey because of the outbreak, they added."There has been no export business [for rebar] for the past three weeks - apart from ongoing trades. We are only producing...Read More
The London Metal Exchange has developed procedures to manage the temporary unavailability of one of its approved warehouses or delivery points that might stem from the Covid-19 outbreak.These measures, which are in line with the exchange's Warehouse Agreement, address potential issues around delivery obligations, warranting and rent payments, it said. "These procedures have been discussed wit...Read More
Prices for bulk cargoes of ferrous scrap imported to Bangladesh sank on Thursday as scrap-heavy steel mills showed less appetite for material, market sources told Fastmarkets.Mills in Bangladesh have been on a bulk-scrap buying bonanza for much of March - securing at least nine bulk cargoes from the United States, Japan and Australia during the month.But purchasing has declined drastically in rece...Read More
Seaborne coking coal prices dropped on Thursday March 26 due to ex-China market participants - particularly those in India - continuing to hold a bearish view on demand, although there was some optimism that prices were approaching a bottom. Fastmarkets Indices Premium hard coking coal, fob DBCT: $153.03 per tonne, down $1.88 per tonne Premium hard coking coal, cfr Jingtang: $158.25 per tonne, up...Read More
The seaborne iron ore market cooled down on Thursday March 26 after gaining ground for two consecutive days, with the lower prices in line with a softer futures curve for rebar. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $86.77 per tonne, down $0.57 per tonne 62% Fe low-alumina fines, cfr Qingdao: $87.64 per tonne, down $1.18 per tone58% Fe fines high-grade premium, cfr Qingdao:&...Read More
ArcelorMittal Nippon Steel India (AMNS India) is the latest steelmaker in the country to confirm it is reducing production rates due to the Covid-19 coronavirus lockdown in the country."AMNS operations are running at very low capacity, with minimum staff inside its facilities," a company spokesperson told Fastmarkets on Thursday March 26 without revealing details on which units had been&...Read More
India's JSW Steel expects a significant reduction in its capacity utilization rates during the country's 21-day lockdown following its move to suspend or scale down operations across various locations, it said on Thursday March 26."The company has taken the decision to scale down/suspend production to support the cause of containment of the Covid-19 pandemic, notwithstanding the exception to manuf...Read More
The London Metal Exchange three-month copper price declined during morning trading on Thursday March 26, with price action consolidating near the $4,800-per-tonne support level amid mild turnover, while tin futures failed to hold gains in a 2.4% downturn. Copper's outright price on the LME was recently at $4,803 per tonne, down by 1.5% from Wednesday's closing price of $4,855 per tonne, while turn...Read More
China's domestic rebar market was steady on Thursday March 26, with sellers keeping prices flat despite rising output in view of lower stock. Eastern China (Shanghai): 3,470-3,500 yuan ($488-492) per tonne, unchanged Northern China (Beijing): 3,380-3,400 yuan per tonne, unchanged End-user demand increased gradually over the past couple of weeks, which drew down steel mills' inventories, sourc...Read More
Governments' massive efforts to support economies have provided some relief to markets and sentiment, but with the novel coronavirus (nCoV 2019) pandemic still spreading rapidly throughout Europe, the United States and elsewhere, there is still just too much uncertainty for markets to settle down.In line with this, the countertrend move of recent days is showing signs of running out of steam this...Read More
The spread of the Covid-19 virus is forcing shutdowns and a reassessment of consumers' cobalt requirements. Prices of cobalt - metal, intermediates and salts - have so far taken a hit amid concerns of a general, global economic slowdown caused by the virus; a slower uptake in electric vehicle usage; and disrupted demand from the aerospace sector. But lockdowns aimed at limiting the spread of the v...Read More
Canada-based ferro-titanium producer Metalliage is urging local authorities to allow the company to return to production, arguing the alloy maker provides an essential service, after the provincial government of Quebec ordered non-essential services to shutdown for three weeks effective midnight March 24.The move follows international efforts to limit the spread and impact of the coronavirus (2019...Read More
The Ambatovy Nickel Project (Ambatovy) will temporarily stop operations due to national restrictions imposed to contain the spread of the novel coronavirus (2019-nCoV) in Madagascar. "In Bolivia and Madagascar, all-day or night curfews have been imposed and public transportation has been suspended. Considering the impact of these measures, including difficulties of securing access to the operation...Read More