This morning in metals news, U.S. imports of steel rebar from Turkey surged during the first quarter of this year, the coronavirus outbreak is impacting the stainless steel market and investors are bullish about the long-term prospects of Brazilian miner Vale.
U.S. steel rebar imports from Turkey surge 451%
According to recent trend data from the Steel Import Monitoring Analysis (SIMA) system, U.S. steel rebar imports from Turkey jumped 451% during the January-March 2020 period (compared to the April-December 2019 period).
On a monthly average basis, the U.S. imported 45,092 tons of rebar during Q1 2020, compared with 8,180 tons per month during the nine-month period in 2019.
Coronavirus outbreak shakes up stainless steel markets
As it has other sectors, the coronavirus outbreak has also shaken up stainless steel markets.
According to the Hellenic Shipping News, Outokumpu mills in Europe are well stocked and supplying the northern half of the continent, while mills in Italy and Spain have shut down amid the escalation of the coronavirus outbreak.
Investors eye Vale
Companies across most sectors have taken heavy hits since the coronavirus outbreak began, including the mining sector.
Brazilian iron ore giant Vale is among the companies to have been hit hard. As Bloomberg notes, the firm’s stock price fell to a three-year low recently but has recovered 30% in the last week.
Analysts cited by Bloomberg argue Vale is a good value for several reasons, among them the underperformance of the Brazilian real.