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13.05.2024
Mexico’s government revoked its 35% tariff on primary unalloyed aluminum and 20% tariff on primary alloyed aluminum less than three weeks after both duties were included in a larger package of tariffs announced on April 22, 2024.
13.05.2024
Below is a table summary of International Lead and Zinc Study Group (ILZSG), indicating the world refined zinc supply and usage are (.000 tons):
FEBRUARY 2024 =
Mine production 922.2 (declining MoM) ;
Refined production 1,072.2 (declining MoM);
Metal usage 1,032.1 (declining MoM) .
JAN- FEBRUARY 2024 =
Mine production 1,891 (increasing YoY) ;
Refined production 2,235 (increasing YoY) ;
Metal usage 2.182 (declining YoY) .
13.05.2024
OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
10 may = $ 84.29 /b (down from previous daily value)
(The OPEC Reference Basket (ORB) introduced on 16 June 2005, is currently made up of the following: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia , UAE and Venezuela.
13.05.2024
Follows a table summary of International Lead and Zinc Study Group (ILZSG) with world refined lead supply and use (.000 tons):
FEBRUARY 2024 =
Mine production 320.2 (declining MoM) ;
Refined production 1,056.4 (declining MoM ) ;
Metal usage 1,029.6 (declining MoM) .
JAN- FEBRUARY 2024 =
Mine production 690 (increasing YoY) ;
Refined production 2,123 (increasing YoY) ;
Metal usage 2,092 (increasing YoY) .
13.05.2024
Steel producers remain optimistic about construction demand despite its lackluster short-term outlook, according to market participants.
The construction industry, which has been buffeting headwinds from historically high interest rates and slow take off for projects, remains an attractive end consumer for domestic steel producers.
The Federal Reserve said on Wednesday May 1 it is keeping its key interest rate unchanged at between 5.25-5.50%, the highest level in more than two decades, and a rate it has been maintaining since July 2023 to battle high inflation.
The Architectural Billing Index (ABI) — a major indicator of construction activity — fell for the 14th consecutive month in March 2024, declining to a score of 43.6, down from 49.5 in February, and lower than 46.2 in January and 45.4 in December 2023.
Despite these lukewarm indicators, steel producers who service the construction end markets were positive in their quarterly earnings.
The World Steel Association (WSA) said a residential construction downturn driven by high interest rates and high construction costs “have dragged down steel demand across most major steel using regions..... But a meaningful recovery in residential construction is expected to begin only from 2025 onwards.”
It is also consequential that 2024 is a presidential election year, and some market participants say that construction demand will pick up once the election uncertainty is settled.
13.05.2024
Swedish miner-smelter Boliden announced that its Tara zinc mine in Ireland will ramp-up production in the fourth quarter of 2024 and will reach full production capacity by January 2025.
The announcement followed an agreement with the workers’ trade union at the site, after a preliminary agreement was reached earlier.
The agreement includes, among other things, an optimized mining plan which reduces transportation distances and maximizes metal output, starting with a production rate of 1.8 million tonnes per year.
The Tara mine has been under care and maintenance since July 2023, due to “negative zinc price development, overall cost levels and operational challenges.”
Boliden announced that it expected the normal cash cost of the mine to reduce to $1.00 per lb of zinc, from $1.37 per lb of zinc before the mine paused production in the first half of 2023.
“The reduction is attributed to an improved outlook on the price of energy as well as lower benchmark treatment charges [TCs], coupled with improved productivity levels,” the company said.
