The Volkswagen Group is developing an air taxi that will allow passengers to skip land-based gridlock and avoid public transport amid the ongoing Covid-19 pandemic."We're developing a drone that's ready to be licensed. That opens the possibility for us to participate in the future market of individual mobility that takes place in the air and not down on the streets," Volkswagen Group China chief e...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 11 that are worth another look.Luxembourg-based steelmaker ArcelorMittal has decided to resume its galvanizing capacity expansion project in southern Brazil in response to fast-growing demand in the country, the company stated in its fourth-quarter earnings report published on Thursday. The project aims to increase col...Read More
Confirmed deals have driven hot-rolled coil prices in the United States over $59.50 per hundredweight ($1,190 per short ton), to an all-time high.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $59.63 per cwt ($1,192.60 per ton) on Thursday February 11, up by 0.98% from $59.05 per cwt the previous day and 0.68% higher than $59.23 per cwt one week ago.Inputs were...Read More
Luxembourg-based steelmaker ArcelorMittal has decided to resume its galvanizing capacity expansion project in southern Brazil in response to fast-growing demand in the country, the company stated in its fourth-quarter earnings report published on Thursday February 11.The project aims to increase cold-rolling and galvanizing capacity by 700,000 tonnes per year at ArcelorMittal's Vega do Sul un...Read More
A summary of ArcelorMittal's financial results for October-December 2020.In briefTotal steel shipments fell during the quarter compared with a year earlier due to global steel demand being lower than pre-Covid-19 levels despite a gradual improvement, ArcelorMittal said.The company's earnings increased as a result of a price recovery in Brazil; lower fixed costs and improved performance by its mill...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 11 that are worth another look.Luxembourg-based steelmaker ArcelorMittal has decided to resume its galvanizing capacity expansion project in southern Brazil in response to fast-growing demand in the country, the company stated in its fourth-quarter earnings report published on Thursday. The project aims to increase col...Read More
A shortage of containers to ship commodities around the world and the consequent soaring in associated freight rates have led to a revival of interest in breakbulk cargoes. Producers and physical traders of metals, agricultural, chemical and timber products have been starting to book shipments in breakbulk vessels, which cost far less and doesn't require vast amounts of equipment in port. On the m...Read More
Total London Metal Exchange off-warrant stock fell by 77,245 tonnes, or 3.9%, month on month to 1.88 million tonnes in December, according to its latest off-warrant stocks report. That is roughly the same amount by which stocks increased over November 2020, when data collected by the LME showed there was 1.96 million tonnes of metal held off-warrant. Although volumes of aluminium decreased by 4.9...Read More
With markets in China and much of Southeast Asia closed on Thursday February 11 ahead of Lunar New Year, trading on the London Metal Exchange this morning has been quiet with the base metals ranged between being down by 0.3% and up by 0.2%.The US Dollar Index remains on a back foot US 10-year treasury yields were weaker than they were at the start of the weakBase metalsThe three-month base metals...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US hot-rolled coil prices moved in line with our forecasts in January, with actual prices modestly exceeding our forecasts for the month. Fastmarkets' US HRC index averaged $1,099 per ton in January, slightly above our forecast price of $1,075 per ton for the month. W...Read More
Domestic prices for hot-rolled coil in Northern Europe increased day on day on Thursday February 11 due to good demand and long lead times, sources told Fastmarkets.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at ?,?717 ($869.34) per tonne on February 11, up by ?,?8.67 per tonne from ?,?708.33 per tonne on Wednesday February 10.The index was also...Read More
The zinc futures contract had the biggest increase among base metals on the London Metal Exchange, and lead surpassed the $2,100-per-tonne mark at the close on Thursday February 11.The rest of the base metals held around their recently established highs.Zinc's three-month price climbed 2.4% on Thursday to $2,789.50 per tonne from its closing price of $2,725 per tonne on Wednesday February 10. Its...Read More
A summary of Belgian battery materials company Umicore's results for the full year of 2020 as stated in its report published on Thursday February 11. Record year for earnings and in the recycling divison. "Strongest financial performance" was buoyed by the recycling division, which showed a 92% increase in earnings before interest, taxes, depreciation, and amortization (Ebitda), thanks to stronger...Read More
Russian nickel producer Nornickel has received a new bill from a local government agency in Siberia, relating to an oil spill in the Arctic region in May 2020, the company announced on Thursday February 11.The new bill is for the sum of nearly $7 million and adds to a $1.93 billion federal government fine, which Nornickel contested but which was upheld by a Russian court on February 5.The latest c...Read More
A steady stream of unfunded yet highly prospective opportunities in the battery minerals space led Sir Mick Davis to form investment company Vision Blue Resources (VBR) earlier this year. After raising $60 million in the first few weeks, it has already made its first investment and more will soon follow, Davis told Fastmarkets. The former chief executive of Xstrata Plc said in an interview that ma...Read More
Aluminium producer UC Rusal has agreed to acquire the business and assets of Aluminium Rheinfelden GmbH out of insolvency, it said on Thursday February 11. Aluminium Rheinfelden is one of Germany's main manufacturers of aluminium alloys, semis and carbon-based components, and is a major supplier to the global automotive industry. The acquisition comes after the Germany-based aluminium products pro...Read More
Nickel's price, together with the bulk of the London Metal Exchange complex, consolidated on Thursday morning from highs hit on Wednesday, while the start of the Lunar New Year holiday has been felt in the total number of volumes traded on the LME.The three-month nickel price was at $18,600 per tonne at 9am on Thursday, on low volumes of just over 600 lots traded.The metal's price had reached $18,...Read More
Total London Metal Exchange off-warrant stock fell by 77,245 tonnes, or 3.9%, month on month to 1.88 million tonnes in December, according to its latest off-warrant stocks report. That is roughly the same amount by which stocks increased over November 2020, when data collected by the LME showed there was 1.96 million tonnes of metal held off-warrant. Although volumes of aluminium decreased by 4.9...Read More
Latin American crude steel production fell by 8.4% in 2020 over the previous year due to operations being halted or limited especially in the second quarter as a result of restrictions imposed in several countries to combat the Covid-19 pandemic, regional steel association Alacero said on Thursday February 11. According to data from Alacero, crude steel output totaled 55.56 million tonnes in Latin...Read More
Turkish steel billet prices have increased this week in line with rising imported scrap values, which also triggered demand especially for exports, market sources said on Thursday February 11.The country's steel mills resumed their deep-sea scrap bookings on Wednesday, raising prices by around $10 per tonne.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $...Read More