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March 9, 2020

Coronavirus Takes Toll On Global Metals Users

 

  • The IHS Markit Global Steel Users PMI fell to a post-financial crisis low of 45.5 in February, down from 49.4 in January. Firms reported a renewed and steep fall in output during February, with the rate of reduction the quickest since January 2009. The downturn was mainly driven by Asian users, where the coronavirus outbreak led to factory closures and reduced operating schedules. European users also registered lower output. The full report is here.
  • The IHS Markit Global Aluminum Users PMI fell to a 131-month low of 45.6 in February, down from 49.7 in January. The report said, “Manufacturers notably reversed production rises seen over the previous five months, with latest data signaling the sharpest drop in output for 11 years.” The downturn was mostly driven by a marked fall in activity at Asian users, attributed to factory shutdowns amid the outbreak of COVID-19, but European users also reported weaker production for the sixteenth month. The full report is here.
  • The IHS Markit Global Cooper Users PMI dropped from 49.0 in January to 46.2 in February, its quickest since May 2009. Central to the downturn was the emergence of the coronavirus outbreak in China, which led to a number of factory shutdowns. As a result, output at Asian copper users contracted at the sharpest rate for over 11 years. The full report is here.
  • As a reminder, all available purchasing managers’ index reports are available here.