This morning in metals news: Ford Motor Co. and Mahindra announced the mutual decision to end joint venture talks; the Energy Information Administration released its quarterly coal report; and, finally, the zinc price has retraced.
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Ford, Mahindra end joint venture talks
A previously announced joint venture between Ford Motor Co. and Mahindra will not be going through, the companies announced recently.
The two companies had reached a deal back in October 2019, with a long-term expiration date of Dec. 31, 2020.
“According to the companies, the outcome was driven by fundamental changes in global economic and business conditions – caused, in part, by the global pandemic – over the past 15 months,” Ford said in a prepared statement. “Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities.”
Meanwhile, Ford said its independent operations in India will continue “as is.”
EIA releases quarterly coal report
In addition to the Ford-Mahindra joint venture news, the EIA released its quarterly coal report, reporting Q3 2020 production of 135.8 million short tons.
The output total in Q3 marked an increase of 17.9% from the previous quarter. However, Q3 2020 output declined 25.2% year over year.
Meanwhile, U.S. coal exports jumped 3.2% from Q2 to Q3, with the average export price reaching $89.18 per short ton.
On the other hand, 74.8% of U.S. coal imports came from Colombia.
Zinc price drops
Lastly, metals prices did slow down somewhat over the holiday season.
Among them, the LME three-month zinc price is down 1.52% over the past month. The zinc price closed 2020 at $2,745 per metric ton.
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