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Manufacturers are increasingly questioning whether their supply chain is likely to be exposed to disruption from the coronavirus outbreak ravaging China.
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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.
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Tesla’s Model 3. Source: Tesla
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.
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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.”
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Manufacturing production dropped 0.1%; however, production increased 0.3% when excluding the decline in production of aircraft and parts.
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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.
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The Eurozone grew at a quarterly rate of 0.1% in the fourth quarter, its slowest rate of expansion since early 2013.
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One of U.S. President Donald Trump’s objectives when applying high import tariffs to steel, aluminum and, now, downstream products was to support domestic producers by making it economically more attractive to produce locally than to import.
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An unexpected, or at least unintended, side effect of Britain’s decision to leave the U.K., or Brexit, could be something similar for the U.K. car industry.
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South Africa, the primary or major source of so many critical metals, is caught in a Catch-22 situation of its own making.
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The mining industry is a major employer in South Africa and contributes some 7% of national GDP.
The impact of mining goes beyond mineral extraction and processing.
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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: aluminum production and prices; Trump’s tariffs on aluminum and steel derivatives; the coronavirus’ potential impact on iron ore; General Motors’ electrification drive; and the arrival of Brexit.
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This morning in metals news, new orders for manufactured durable goods increased in December, Lake Michigan steel mills have struggled with a variety of operational challenges and the Chinese government has continued efforts to curb the spread of the coronavirus.
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New orders for manufactured durables goods rise 2.4%
According to the U.S. Census Bureau’s most recent data release, new orders for manufactured durable goods reached $245.5 billion in December, up 2.4% from the previous month.
The increase came after a 3.1% decline in November.
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nordroden/Adobe Stock
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 Federal Reserve’s recent industrial production report, the U.S.’s December boom in housing starts, the U.S. steel sector’s capacity utilization rate and the International Monetary Fund’s latest growth projections.
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Andrey Kuzmin/Adobe Stack
This morning in metals news, the European Union has registered flat-rolled stainless steel imports from a trio of Asian countries in what could be a prelude to tariffs, China’s Jingye Group plans to cut 500 jobs as part of its British Steel takeover and manufacturers look to adapt to business conditions in the years ahead.
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