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A recent resurgence of Covid-19 infections in Beijing led to some jitters in China’s steel sector in the initial stages of the outbreak, but market participants do not expect this second wave to leave much of an impact on the industry.
The aluminium duty-paid market in Europe is set to come under increasing pressure due to fears of excess stock arriving from Canada and a weak Japanese market.
ArcelorMittal has increased its offers for hot-rolled coil in Northern Europe to €440 per tonne ex-works, market sources told Fastmarkets on June 23.
Hong Kong’s Noble Group notched a $206 million loss in the first quarter of 2020, with the company citing the breaking of supply chains due to the Covid-19 outbreak as the key reason for the slump, the trading group announced on June 23.
Sellers of steel billet from the Commonwealth of Independent States could be forced to sell more of their material outside of Asia and at lower prices, if demand in that region does not recover, sources have told Fastmarkets.