steel price

Just as we were about to go to press with an article on the surprising resilience of seaborne iron ore and coking coal prices in Asia, the market in Asia closed yesterday with heavy falls – they beat us to it.

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Supply disruptions and what looks like an overly optimistic assessment of likely stimulus measures have supported iron ore and coking coal, despite the collapse of just about all other commodity prices.

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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.

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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.

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Those of us who are just passive investors in the stock market, usually via our pension plans, have no doubt been horrified by the meltdown in stock prices and what feels like the daily destruction of our savings.

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But fear not, as for any of us in there for the long haul, it will no doubt come back gradually over time, however scary it feels in the meantime.

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freshidea/Adobe Stock

This morning in metals news, President Donald Trump said the travel suspension announced Wednesday night does not include trade (despite seeming to indicate as much during his televised speech Wednesday night), shareholders have approved the merger agreement for Cleveland-Cliffs and AK Steel, and Cleveland-Cliffs’ CEO said a tariff loophole could lead him to close a steel plant in Butler, Pennsylvania.

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The Raw Steels Monthly Metals Index (MMI) lost two points during the past month — indicating prices weakened slightly — for a March reading of 69.

Chinese price weakness led the index decline, as all Chinese prices fell (with the exception of Chinese coking coal).

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U.S. steel prices for the four key forms weakened in February for the four key forms in the range of roughly 2-4%.

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The Construction Monthly Metals Index (MMI) dropped four points this month for a March MMI reading of 75.

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The Automotive Monthly Metals Index (MMI) held flat this month for a March MMI reading of 86.

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gui yong nian/Adobe Stock

This morning in metals news, U.S. imports of steel were down last month, miner BHP recently released its half-year financial results and Moody’s assesses the impact of the coronavirus around the world.

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The U.S. Department of Commerce. qingwa/Adobe Stock

This morning in metals news, the U.S. International Trade Commission (USITC) made a negative determination in the ongoing anti-dumping probe of fabricated structural steel imports, the Pilbara Ports Authority released January shipment data and Norsk Hydro will offer aluminum solutions for ships under construction for a Norwegian shipowner.

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Steven Husk/Adobe Stock

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.

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