This morning in metals news, U.S. unemployment insurance claims soared last week as the coronavirus outbreak intensified, Thyssenkrupp announced 3,000 layoffs and the United States Trade Representative (USTR) said there had been progress in enforcing some provisions of the recently signed Phase One trade deal with China.
Global copper mine production dipped last year compared with 2018, according to the most recently monthly data from the International Copper Study Group (ICSG).
Copper concentrate production declined 0.6% and solvent-extraction electrowinning fell by around 1%, the ICSG reported.
This morning in metals news, the U.S. Senate is prepared to vote on a $2 trillion stimulus package Wednesday, U.S. steel imports are down 21% and U.S. Steel is idling its Lorain tubular plant.
This morning in metals news, the Democratic Republic of the Congo has reportedly locked down a mining province for 48 hours, the U.S. steel sector’s steel capacity utilization rate is 81.7% for the year through March 14 and Ford provided an update on its North American operations amid the coronavirus crisis.
How will the coronavirus outbreak and oil price volatility impact metal prices in 2020 and how can industrial metal buying organizations be prepared for what’s ahead?
This past Friday, the MetalMiner team hosted a pop-up webinar on that very subject, “Managing Metal Price Volatility: How the Coronavirus Will Impact Metal Prices Throughout 2020,” featuring MetalMiner CEO Lisa Reisman, MetalMiner Editor-at-Large Stuart Burns and Vice President of Business Solutions Don Hauser.
This morning in metals news, Turkey has objected to the E.U.’s steel safeguards at the World Trade Organization (WTO) level, copper prices continue to plummet and Chinese iron ore prices took heavy losses Monday.
Although housing starts in the U.S. in February declined compared with January, they rose 39.2% compared with starts in January 2019, according to the U.S. Census Bureau and Department of Housing and Urban Development (HUD).
Before we head into the weekend, let’s take a look back at the week that was and some of the metals coverage here on MetalMiner, including: the coronavirus outbreak’s impact on share prices and commodities prices; a look back at Norsk Hydro’s 2019; precious metals prices’ plunge; Moody’s releases a coronavirus heat map; and “negative oil” prices.
This morning in metals news, U.S. Steel unveiled its guidance for the first quarter, Glencore issued its response to the COVID-19 crisis, and gold prices are rising in relative value compared with copper and silver.
This morning in metals news, MetalMiner on Friday will host a webinar on the subject of the coronavirus outbreak and its impact on metal prices, the Aluminum Association responded to the COVID-19 crisis with proposals to strengthen the aluminum sector, and Paris-based Constellium will reduce or suspend some of its operations.