The Italian government has ordered the closure of all non-essential production operations in the country, including steelmaking, as part of the measures to battle the 2019-nCoV coronavirus pandemic, prime minister Giuseppe Conte said on Saturday March 21.Flat steel producer ArcelorMittal Italia, however, will continue operations despite the new decree, the company told Fastmarkets on March 23.Ital...Read More
Eastern China's Shagang has increased the prices for its long steel products for bookings over the March 21-31 period, according to an announcement on Saturday March 21.HRB400 rebar (16-25mm): 3,700 yuan ($521) per tonne,...Read More
Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.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...Read More
Metals, mining and alloy producers have been scenario-planning in response to the novel coronavirus. The South African government appears to have just removed all but one option.President Cyril Ramaphosa ordered the country's mineral resources industry to shut underground mines and furnaces from Thursday March 26, unless they can be operated remotely. The shutdown will last for three weeks an...Read More
Most of the world's markets for steel billet have been affected by negative sentiment after strong decreases in the prices for ferrous scrap. Buyers in China, however, were importing material while their domestic prices were rising.Import prices of ferrous scrap in Turkey fell last week, with a day-on-day drop of $23.90 per tonne on March 18, and further price cuts were expected.Fastmarkets' daily...Read More
CIS export rebar and wire rod prices remained largely unchanged in the week to Monday March 23 with trading activity being limited.Lower levels of trade followed the slowdown of demand in most markets due to the spread of the 2019-nCoV coronavirus pandemic."The market is very weak at the moment. If last week there was some activity, today and in the next two weeks it will all be quiet," one trader...Read More
Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.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...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 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