ALS has been exempted from the lockdown in Peru but has halted activities in India and South Africa, the global inspection and analysis firm said. The Brisbane, Australia-based company said it is following guidelines from governments, the World Health Organisation and its own health and safety advice amid the spread of the novel coronavirus (2019-nCoV) pandemic. "[India] is in a 21 day lockdo...Read More
Codelco, the world's biggest copper producer, will suspend construction works of some expansion projects for 15 days to improve safety and prevent the novel coronavirus (2019-nCoV) from spreading among its employees, the company said on Wednesday March 25.Remaining work on the underground phase of the Chuquicamata mine, the initial stage of Rajo Inca, and works at the Andina division will all be h...Read More
Global nickel premiums continued to trade flat in the week to Tuesday March 24 despite regional business practises diverging in the fight against the 2019-CoV coronavirus. China continued its market return while the United States headed toward lockdown, and European participants remained firmly on the sidelines.China's market return has yet to show in premium levels, with patchy spot trading on oc...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday March 25.Please click...Read More
The three-month tin price on the London Metal Exchange was the standout performer at the close of trading on Wednesday March 25, climbing by more than 6% to breach resistance at $14,000 per tonne, while the outright lead price rallied above the $1,600 per tonne threshold. Tin's underlying price on the LME closed at $14,299 per tonne on Wednesday afternoon, gaining $815 per tonne from an intraday l...Read More
Brazilian flat steel producer Usiminas will grant collective holidays to some of its employees at service center and distribution subsidiary Solu???ues Usiminas and at capital goods arm Usiminas Mec??nica.The measure will affect 46.3% of employees at Solu???ues Usiminas and 29.6% of those at Usiminas Mec??nica.Production at Solu???ues Usiminas' units in Porto Alegre, Guarulhos, Betim, Taubat?...Read More
Prices for hot-rolled coil in the United States were mostly stable on Wednesday March 25, with domestic steelmakers showing little willingness to lower prices dramatically and questions emerging about whether more mills will announce production cuts that could help offset the drop in demand, sources said.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $28.33 per hundr...Read More
German steelmaker Thyssenkrupp has announced that it will go ahead with a restructuring plan that will eliminate 3,000 jobs after reaching an agreement with the workers' trade union, it said on Wednesday March 25.The announcement included a "coronavirus package" with reduced hours for staff, agreed with workers' representative IG Metall.Because of a sharp decline in demand, the company will make p...Read More
The 2019-nCoV coronavirus pandemic has led to parts of the Indian automotive sector closing down its operations, Fastmarkets heard on Wednesday March 25.Some of them did so even before the country's government announced on Tuesday that it was imposing a 21-day lockdown beginning that day.Germany-based carmaker BMW has confirmed that its plant in Chennai will be closed from March 23 to March 31.Jap...Read More
Domestic prices for hot-rolled coil have been fairly stable across Europe due to the limited trading activity that has resulted from the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on Wednesday March 25.This price stability, however, has mainly been supported by the lack of trading and prices were likely to drop sharply when buyers return to the market, they added.To compensate for th...Read More
Prices for hollow steel sections moved down across Europe over the past week, despite trading activity continuing, sources told Fastmarkets on Wednesday March 25.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?595-620 ($643-670) per tonne on Wednesday, down from ?,?600-630 per tonne one week previous."We are still working and are trying...Read More
Stainless steel scrap prices have fallen even further in the wake of the novel coronavirus spread in the United States, which has created additional problems for an already weak marketplace, sources told Fastmarkets.Scrap recycling facilities have been classified as essential businesses, but many are closing retail operations while maintaining services to industrial accounts."Industrial scrap cont...Read More
The global spread of the novel coronavirus (2019-nCoV) is seriously limiting deep-sea scrap trading in Turkey, with market players also struggling with mill closures, sources said on Wednesday March 25.A number of steel mills in Turkey have stopped or reduced production because of the pandemic. "I heard a steel mill in the Iskenderun region halted production and two steel mills in the Izmir region...Read More
Seaborne coking coal prices dropped on Wednesday March 25 as major consumer India announced a 21-day lockdown. Fastmarkets Indices Premium hard coking coal, fob DBCT: $154.91 per tonne, down $1.49 per tonne Premium hard coking coal, cfr Jingtang: $158.18 per tonne, down $6.48 per tonne Hard coking coal, fob DBCT: $141.64 per tonne, down $0.62 per tonne Hard coking coal, cfr Jingtang: $148 per tonn...Read More
Export prices for Japanese ferrous scrap continued to fall over the week to Wednesday March 25, but tighter supply offered some support to prices for Shindachi busheling, market sources have told Fastmarkets.Japanese scrap traders expected difficulties in procuring Shindachi material in the short term after carmaker Toyota closed several production lines for 3-9 days from Wednesday. And fellow car...Read More
National lockdowns in India and South Africa raised concerns about supply in the seaborne iron ore market on Wednesday March 25 and caused prices to rise for two consecutive days after a massive drop on Monday. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $87.34 per tonne, up $3.37 per tonne 62% Fe low-alumina fines, cfr Qingdao: $88.82 per tonne, up $3.32 per tonne 58% Fe fines high-gr...Read More
The trading of metals into India is likely to be severely affected by difficulties in opening letters of credit (LCs) now that the country is locked down to contain the spread of the novel coronavirus (2019-nCoV), sources told Fastmarkets on Wednesday March 25.The Indian government imposed the 21-day nationwide lockdown beginning Wednesday, which includes strict curfew measures on the country's 1....Read More
India's steel sector will not come under any restriction during the country's 21-day lockdown to contain the spread of the novel coronavirus (2019-nCoV), though mills continue to face various uncertainties with regard to the move.The steel ministry, in a letter addressed to the sector seen by Fastmarkets, said it was aware of problems faced by the country's steelmakers with regard to the entry of...Read More
Tin ingot premiums in the United States moved up in the week to March 24 on physical supply concerns, with similar fears affecting European market sentiment while Chinese premiums are flat amid ample availability.This all comes despite a near 27% decline in the London Metal Exchange tin price over a fortnightly period.European premiums hold firm but availability a concern. Supply concerns push up...Read More
China's aluminium producer Jisco has started to place their smelters on maintenance following a multi-year low aluminium price on the Shanghai Futures Exchange, sources told Fastmarkets on Wednesday March 25.The company idled 100,000 tonnes of aluminium capacity for an overhaul in the smelter, based in Jiayuguan city, last week but may increase the reduced capacity in the coming days if the low al...Read More