This morning in metals news, Ford Motor Co. announced it would delay the planned restart of its North American operations, General Motors reported first-quarter sales and Allegheny Technologies Inc. (ATI) cited Section 232 tariffs in its decision to shutter its Midland, Pennsylvania operations.
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.
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.
With many around the country (and world) currently self-quarantining per recommendations by health organizations or by government mandate, there may not be as many cars on the road as there usually are (there is certainly far less red on rush-hour traffic maps these days).
In addition, there won’t be as many cars going through the manufacturing line, either.
As government entities in the U.S. battle to curb the spread of the coronavirus (COVID-19), incrementally stricter provisions on public gatherings have been implemented. Large businesses, from casinos on the Las Vegas strip to Disney World, have closed up shop.
As of 4:00 p.m. CET (Central European Time) on Monday, the World Health Organization (WHO) reported 168,109 confirmed cases in 148 countries, including 6,610 deaths.
Before we head into the weekend, let’s take a look back at the week that was and some of the coverage here on MetalMiner, including: Tesla’s reported interest in cobalt-free batteries; the oil price crash; falling aluminum prices; supply-chain challenges amid the COVID-19 outbreak; Trump’s travel suspension; and global cobalt mine production:
Reuters recently reported on Tesla’s announcement that it is in advanced talks to use batteries from China’s Contemporary Amperex Technology Co Ltd (CATL) that contain no cobalt specifically for use in cars made at Tesla’s Shanghai plant.
The statement went on to say as a result of using CATL’s lithium-iron-phosphate (LFP) batteries, Tesla would be able to substantially lower the cost of those cars using the alternative battery technology, as cobalt is the most expensive component in traditional nickel-cobalt-aluminum (NCA) and nickel-manganese-cobalt (NMC) batteries.
Before we head into the weekend, let’s take a look back at the week that was with some of the metals coverage here on MetalMiner, including: oil prices, global steel production, Chinese steel stocks, U.S. automotive sales and more.
The Automotive Monthly Metals Index (MMI) held flat this month for a March MMI reading of 86.
Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including coverage of: Tesla’s struggle between price competitiveness and battery range; supply chains amid the coronavirus outbreak; U.S. industrial production; zinc’s global supply deficit; and E.U.-U.K. trade talks.