|
Europe’s metals industry is likely to be hit with another wave of curtailments and closures unless steps are taken to ease soaring energy prices, according to an industry trade group, Eurometaux. Eurometaux, which represents companies like Glencore and Rio Tinto, wrote the European Commission president on Tuesday to press the EU to consider releasing strategic gas reserves and capping carbon prices to help support smelters. Goldman Sachs estimates that 820 thousand mt of primary aluminium capacity and 750 thousand mt of primary refined zinc smelting capacity have been suspended across Europe. Traders expect energy prices to remain elevated as Europe seeks to refill its gas storage, meaning there will be little respite in the near term. (Financial Times, 1/18/22)
|
|
|
Note: Clients with AEGIS Platform access can see this and other research, plus hedge portfolio reporting and tools here. |
||
|
|
||
Price Indications |
||
|
|
||
|
|
||
Today's Charts |
||
 |
 |
|
 |
 |
|
AEGIS Insights |
||
|
01/10/2022: Section 232 Tariffs: Most relevant developments (AEGIS Reference) 01/05/2022: AEGIS Factor Matrices: Most important variables affecting metals prices 11/30/2021: Will the Omicron COVID Variant Impact South African Metals Production or Exports? |
||
|
|
||
Important Headlines & Economic Data |
||
|
AISI Steel Capability Utilization Rate Investing.com Economic Calendar 1/12/2022: Workers at Teck’s Highland Valley mine threaten to strike 1/12/2022: Nickel price storms to 10-year peak on supply worries 1/11/2022: Exclusive: China's Metals Output in December 1/10/2022: Tesla signs deal for first U.S. nickel supply with Talon Metals 1/10/2022: Nickel price hits highest in a month with inventories close to record lows 1/7/2022: French aluminium smelter to cut output by 15% on energy costs |
||
|
|
||
|
|
||
| Important Disclosure: Indicative prices are provided for information purposes only, and do not represent a commitment from AEGIS Hedging Solutions LLC ("Aegis") to assist any client to transact at those prices, or at any price, in the future. Aegis makes no guarantee to the accuracy or completeness of such information. Aegis and/or its trading principals do not offer a trading program to clients, nor do they propose guiding or directing a commodity interest account for any client based on any such trading program.
|
||
