This morning in metals news, U.S. raw steel production is up through the first 2 1/2 months of the year, Anglo American will temporarily slow work on its Quellaveco copper project in Peru and China’s copper inventories are up to a four-year high.
Experts in India are of the opinion that the outbreak of the novel coronavirus, COVID-19, presents an opportunity for India to become an alternate supply chain to China in metals, especially steel.
TV Narendran, Tata Steel’s chief executive and managing director, is one of the people who believes just that.
While addressing a meeting of business representatives recently, he said the de-risking of supply chains originating from China, which had started following heightened concerns of a U.S.-China trade war, was likely to be accelerated on the back of concerns over the recent outbreak.
This morning in metals news, arbitration fell in favor of the Department of Justice vis-a-vis the proposed merger of Novelis and Aleris, January steel shipments rose 5.6%, and copper made gains off of multiyear lows.
The Stainless Steel Monthly Metals Index (MMI) declined by three points this month to 67, following a five-point decline last month.
LME nickel prices continued to slide as global markets reacted to production delays due to coronavirus, which weakened demand and prices.
This morning in metals news, the Aluminum Association filed antidumping and countervailing duty petitions alleging imports of aluminum sheet from 18 countries are harming the U.S. industry, the British Steel takeover is set to be completed today, and the issue of steel and aluminum tariffs on Brazil remains up in the air.
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.
This morning in metals news, steel import permit applications plunged in February, buyers are lining up to buy British Steel’s plant in France and Vietnam is ramping up purchases of U.S. agricultural goods in the hopes of avoiding tariffs.
This morning in metals news, the U.S steel sector posted a capacity utilization rate of 81.8% through the first two months of the year, a major copper conference has been canceled amid coronavirus concerns and a British Steel takeover deal has finally been reached.
As if the social cost of the coronavirus Covid-19 were not bad enough, some sectors of China’s industrial economy are suffering growing pain despite a supposed return to work last week.
The property sector, which accounts for about 40% of China’s steel consumption, is stagnant, a Reuters report states, while other steel-consuming industries are likely to be operating far below full capacity.
As the impact of the coronavirus outbreak began to be felt in latter half of January and into February, the total scope of the health crisis and its ramifications for economies around the world remains to be seen.
However, according to the World Steel Association, despite seeing the early stages of the outbreak, global crude steel production in January ticked up 2.1% compared with production in January 2019.