As much as China would have the rest of the world believe it has the coronavirus beat, both the authorities and the economy are acutely sensitive to the possibility of a resurgence.
This morning in metals news, thousands of Ford Motor Co. employees who have been working remotely as a result of the coronavirus pandemic might be allowed to continued doing so during the remainder of the year, Chinese coal imports dropped in May and Chinese steel rebar prices lost some ground on oversupply concerns.
This morning in metals news, the Bureau of Labor Statistics reported prices of U.S. imports increased in May, Alcoa will begin the formal process of dismissing employees at the San Ciprián aluminum smelter, and India wants its oil and gas producers to use more domestically produced steel.
This morning in metals news, Norsk Hydro’s primary aluminum, bauxite and alumina production levels were up in April and May, the Aluminum Association reiterates its stance against the reimposition of tariffs on Canadian aluminum, and April U.S. steel shipments fell 31.5%.
This morning in metals news, the Federal Reserve on Wednesday opted to maintain the federal fund interest rate at 0-0.25%, the Producer Price Index for final demand rose 0.4% in May and Chinese rebar futures fell Thursday.
Various agencies have pegged the contraction of Indian steel demand to come in anywhere between 14-18%.
A new report by the World Steel Association has said India’s steel demand would fall by 18% in 2020, even as global steel demand was expected to drop to 6.4% because of the COVID-19 pandemic, the Financial Express reported.
President Donald Trump had scant regard, nor interest, in the impact his decision in 2018 to impose 25% import duties on steel products would have on other markets around the world — his focus was, reasonably enough, purely on the U.S.
This morning in metals news, the Aluminum Extruders Council has released a statement calling for the U.S. to rescind its aluminum import tariffs, U.S. raw steel production came in at a capacity utilization rate of 53.3% for the week ending June 6 and Thyssenkrupp plans to partners with RWE on technology aimed at curbing emissions from steel production.
This Morning in Metals: Union workers at Ilva steel plant to go on strike over reported job cuts plan
This morning in metals news, workers at Italy’s Ilva steel plant will go on strike to protest a reported job cuts plan by plant owner ArcelorMittal, Alcoa has begun to lay off workers at its Ferndale, Washington aluminum smelter and President Donald Trump renewed a previous threat to impose tariffs on automobiles imported from the E.U.