This morning in metals news, productivity was down for a number of manufacturing industries last year, BHP has executed its first blockchain iron ore trade with China’s Baosteel and copper prices continue to surge.
This Morning in Metals: Labor productivity declines in wide range of manufacturing industries in 2019
Week in Review: Industrial production rises; Liberty Steel invests in the future; MW aluminum premium spikes
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:
The COVID-19 pandemic continues to wreak havoc on economic activity around the world.
That impact was particularly noticeable on the U.S. industrial sector last month.
The Automotive Monthly Metals Index (MMI) fell 1.3% this month.
The U.S.’s industrial production levels plunged in March amid efforts aimed at curbing the spread of COVID-19.
Manufacturers are increasingly questioning whether their supply chain is likely to be exposed to disruption from the coronavirus outbreak ravaging China.
Even if your company does not source product directly from China, many companies are still predicting supply chain disruption as the raw materials used by their manufacturing plants — which can be located anywhere in the world — probably originates in China.
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.
According to the Federal Reserve, U.S. industrial production fell 0.3% in January as “unseasonably warm weather held down the output of utilities and as a major manufacturer significantly slowed production of civilian aircraft.”
“The major market groups posted mixed results in January,” The Fed reported. “The output of business equipment declined 2.6 percent as a result of the slowdown in the production of aircraft. The step-down in the index for utilities contributed to decreases for consumer energy products and energy materials. The index for consumer durables rose, supported by an increase of 2.8 percent in the output of automotive products.”
Manufacturing production dropped 0.1%; however, production increased 0.3% when excluding the decline in production of aircraft and parts.
The Financial Times reported the eurozone’s economy is growing at the slowest rate since the bloc’s debt crisis seven years ago, according to data published late last week.
The Eurozone grew at a quarterly rate of 0.1% in the fourth quarter, its slowest rate of expansion since early 2013.