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Market sentiment in the Chinese domestic rebar market was optimistic on Thursday March 12 after the National Health Commission (NHC) announced the peak of the novel coronavirus (2019-nCoV) in China has passed.
The continued spread of the novel coronavirus (2019-nCoV) worldwide has weighed on China’s tungsten market in the week to Wednesday March 11, sources told Fastmarkets.
The enlargement of the quarantine zone in Italy to a nationwide reach has already started to affect steel output, with at least two long steel mills announcing production stoppages, sources told Fastmarkets on Wednesday March 11.
The Dow Jones Industrial Average Index (DJIA) closed down by 5.9% on Wednesday, and in the pre-market this morning, Thursday March 12, the DJIA futures are down by around 4.4% – such is the continued fear in the market.
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