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.
A recent article by respected Reuters columnist Andy Home reports on the impact of the coronavirus, COVID-19, on the supply-demand balance in China, the world’s largest consumer and producer of aluminum, and the ramifications steps taken to contain the virus could have for the market.
For the first time in more than a decade, demand in the global aluminum market fell slightly last year as trade wars and slowing consumption from the automotive sector dampened demand.
Even so, China’s massive primary aluminum industry continued to churn out metal and add new capacity.
This morning in metals news, Australian miner Fortescue reported financial results for the first half of fiscal year 2020, Chinese iron ore futures rise and the LME primary three-month aluminum price slides.
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: India’s auto sector; a merger of Geely and Volvo; China’s steel industry amid the coronavirus outbreak; the E.U.’s anti-dumping probe of aluminum extrusions from China; and iron ore prices.
A recent Reuters article suggests China’s domination of the base metals market was marching on relentlessly prior to the coronavirus outbreak.
The headline, “China’s copper imports and aluminium consumption to drop again in 2020,” suggested otherwise, painting an initial image of a depressed market — but the reality is it is anything but.
Aluminum extrusions from China are currently subject to anti-dumping duties in the U.S., Canada, Australia and, for a more unique reason of its own, Vietnam, Aluminium Insider reported.
But despite repeated complaints from the industry and industry bodies like European Aluminium, the European Union has done no more than require a surveillance license system to report and monitor imports of aluminum into the E.U.
In a move many consider overdue, the European Commission has now opened a probe into whether Chinese exporters of aluminum bars, rods, profiles, tubes and pipes sold them in the E.U. below cost, Bloomberg reported Friday.
Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including coverage of: U.S. steel prices, 2019 metals sector M&A activity, palladium prices, the copper market amid the coronavirus outbreak, the British automotive sector and more.
- MetalMiner released its February 2020 MMI report this week.
- U.S. steel prices flattened out last month.
- Copper buyers called force majeure amid the coronavirus outbreak in China.
- Despite positive signs in Q4, metals sector deals declined in 2019, according to a recent PwC report.
- MetalMiner’s Stuart Burns weighed in on happenings in the nickel market.
- Palladium prices continue to soar.
- The Stainless MMI fell this month on weaker nickel prices.
- MetalMiner’s Belinda Fuller analyzed the copper market in this month’s Copper MMI report.
- Demand uncertainty has weighed on the aluminum market.
- Glencore signed a five-year cobalt supply deal with Samsung.
- Burns surveyed the state of the U.K. automotive sector on the heels of Brexit.
This Morning in Metals: U.S. Steel layoffs; Braidy needs $500M; Aluminum Association announces new leader
This morning in metals news, U.S. Steel recently underwent another round of layoffs, Braidy Industries‘ new CEO said the company still needs $500 million for its Kentucky aluminum mill, and the Aluminum Association announced its new president and CEO.
The Aluminum Monthly Metals Index (MMI) reversed last month’s three-point increase with a three-point decline back to 83.
LME aluminum price dynamics switched late in January, with a precipitous drop setting prices down to a new short-term low.
This morning in metals news, Novelis Inc. reported its quarterly financial results, steel trade in China slows amid coronavirus fears and India’s carbon emissions are projected to soar over the next 30 years.