Morning Bites (part 1)
🏭Global primary aluminium output jumped 3.9% YoY in February, after the revised +2.7% YoY in January, the International Aluminium Institute reports. Specifically, China’s output (58% of global Al supply) increased 3.8% YoY. Meanwhile, according to Reuters, market participants expect China’s output to also gain in March, when the power supply seasonally improves. In our view, a recovery of construction activity in China (~58% of global Al demand in 2022), driven by record high liquidity injections in early-2024, remains the major possible trigger for subdued Al prices (with >50% of global Al suppliers breakeven or loss-making at current prices, on our numbers)
According to market estimates, if new projects start up in 3Q24 as planned, China’s aluminium supply is set to rise >2.5% YoY to 42.7mnt this year
#aluminium
https://metals-wire.com/sector/Aluminium
🏭Global primary aluminium output jumped 3.9% YoY in February, after the revised +2.7% YoY in January, the International Aluminium Institute reports. Specifically, China’s output (58% of global Al supply) increased 3.8% YoY. Meanwhile, according to Reuters, market participants expect China’s output to also gain in March, when the power supply seasonally improves. In our view, a recovery of construction activity in China (~58% of global Al demand in 2022), driven by record high liquidity injections in early-2024, remains the major possible trigger for subdued Al prices (with >50% of global Al suppliers breakeven or loss-making at current prices, on our numbers)
According to market estimates, if new projects start up in 3Q24 as planned, China’s aluminium supply is set to rise >2.5% YoY to 42.7mnt this year
#aluminium
https://metals-wire.com/sector/Aluminium
Morning Bites (part 2)
💍Signet same-store sales dropped 9.6% YoY in 4Q23 (November-January), broadly in line with the 3Q23 dynamics. Specifically, same-store sales in North America shrank 10.0% YoY (-12.3% YoY in the previous quarter); proceeds from the international segment were down 1.0% YoY (-4.6% YoY in 3Q23). According to Signet CEO Virginia Drosos, the company expects some improvement in same-store sales over FY25 (ends in January-2025), as engagements gradually recover, but total sales are seen falling 2-5% YoY
In our view, the gradual improvement of consumer sentiment in the key US and Chinese markets (which jointly account for ~65% of the world's gem-set jewellery trade) might provide additional support to diamond demand, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
💍Signet same-store sales dropped 9.6% YoY in 4Q23 (November-January), broadly in line with the 3Q23 dynamics. Specifically, same-store sales in North America shrank 10.0% YoY (-12.3% YoY in the previous quarter); proceeds from the international segment were down 1.0% YoY (-4.6% YoY in 3Q23). According to Signet CEO Virginia Drosos, the company expects some improvement in same-store sales over FY25 (ends in January-2025), as engagements gradually recover, but total sales are seen falling 2-5% YoY
In our view, the gradual improvement of consumer sentiment in the key US and Chinese markets (which jointly account for ~65% of the world's gem-set jewellery trade) might provide additional support to diamond demand, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘EU + UK passenger car registrations rose 10% YoY in February, roughly in line with the 11% YoY growth in January. The dynamics also matched our estimates. Meanwhile, sales were still 13% below the pre-COVID, 2019 level. We reiterate our view that EU car sales are likely to remain sluggish in the near future, given the weak local economic activity (as indicated by the EU PMI remaining <50) and persistent inflationary pressures in the region, which is a negative factor for PGM consumption
To recap, the EU+UK accounted for some 20% and 32% of world autocatalyst Pd and Pt demand, respectively, in 2022
#cars
https://metals-wire.com/sector/PGM
🚘EU + UK passenger car registrations rose 10% YoY in February, roughly in line with the 11% YoY growth in January. The dynamics also matched our estimates. Meanwhile, sales were still 13% below the pre-COVID, 2019 level. We reiterate our view that EU car sales are likely to remain sluggish in the near future, given the weak local economic activity (as indicated by the EU PMI remaining <50) and persistent inflationary pressures in the region, which is a negative factor for PGM consumption
To recap, the EU+UK accounted for some 20% and 32% of world autocatalyst Pd and Pt demand, respectively, in 2022
#cars
https://metals-wire.com/sector/PGM
Morning Bites
🔗Global crude steel output rose 4% YoY to 149mnt in February, following the revised 5% YoY gain in January, the World Steel Association reports. Meanwhile, China’s production (55% of global crude steel supply in February) rose 4% YoY, following the revised +5% YoY in January. At the same time, ex-China steel output was also up 4% YoY. Specifically, Indian output (~8% of global steel supply) continued to grow, having risen 11% YoY (after the revised +17% YoY in January), while Russia’s output was down 4% YoY. US steel production fell 1% YoY in February, while the EU's shrank 3% YoY (vs. the revised +2% YoY in January)
Meanwhile, Сhinese steel production might be pressured in the coming months: concerns regarding the Chinese economic recovery could weigh on steel supply, as the main steelmaking provinces have already issued suspension plans
#steel
https://metals-wire.com/sector/Steel
🔗Global crude steel output rose 4% YoY to 149mnt in February, following the revised 5% YoY gain in January, the World Steel Association reports. Meanwhile, China’s production (55% of global crude steel supply in February) rose 4% YoY, following the revised +5% YoY in January. At the same time, ex-China steel output was also up 4% YoY. Specifically, Indian output (~8% of global steel supply) continued to grow, having risen 11% YoY (after the revised +17% YoY in January), while Russia’s output was down 4% YoY. US steel production fell 1% YoY in February, while the EU's shrank 3% YoY (vs. the revised +2% YoY in January)
Meanwhile, Сhinese steel production might be pressured in the coming months: concerns regarding the Chinese economic recovery could weigh on steel supply, as the main steelmaking provinces have already issued suspension plans
#steel
https://metals-wire.com/sector/Steel
❤1
Morning Bites (part 1)
🥉Global mined copper production rose 2.6% YoY to 1.8mnt in January, the International Copper Study Group reports. Per ICSG, global mine production gained YoY, as the operating constraints that had affected production in early 2023 are now gone (mainly in Chile, Indonesia and the US). Mining is also being bolstered by additional output from major new projects starting or ramping up to full capacity. Moreover, Congo output continued to grow (+9% YoY), supported by the expansion of the Kamoa mine. Meanwhile, ICSG notes the increase in refined copper consumption, driven by strong apparent demand in China (+6% YoY in January), with usage in the rest of the world estimated to have declined
In our view, further Cu production dynamics is likely to be limited by supply issues in other regions: e.g., ore grade depletion in Chile and the recent closure of Cobre Panama mine (2% of global mined Cu supply)
#copper
https://metals-wire.com/sector/Copper
🥉Global mined copper production rose 2.6% YoY to 1.8mnt in January, the International Copper Study Group reports. Per ICSG, global mine production gained YoY, as the operating constraints that had affected production in early 2023 are now gone (mainly in Chile, Indonesia and the US). Mining is also being bolstered by additional output from major new projects starting or ramping up to full capacity. Moreover, Congo output continued to grow (+9% YoY), supported by the expansion of the Kamoa mine. Meanwhile, ICSG notes the increase in refined copper consumption, driven by strong apparent demand in China (+6% YoY in January), with usage in the rest of the world estimated to have declined
In our view, further Cu production dynamics is likely to be limited by supply issues in other regions: e.g., ore grade depletion in Chile and the recent closure of Cobre Panama mine (2% of global mined Cu supply)
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 2)
🏗China’s preliminary excavator sales were down 2% YoY in March (domestic + export), decelerating from the -41% YoY in February, but remaining near historical lows, according to the CME estimates. The figure was also 68% below the 2021 level. We note that domestic excavator sales are expected to grow 6% YoY from the low base (-80% vs. 2021 level). In our view, the persistently weak local excavator demand indicates that there has been no change in the depressed Chinese real estate sector. At the same time, record high liquidity injections in early-2024 and Beijing’s recently announced support measures for the economy might bolster domestic construction activity this year, we believe
To recap, China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s preliminary excavator sales were down 2% YoY in March (domestic + export), decelerating from the -41% YoY in February, but remaining near historical lows, according to the CME estimates. The figure was also 68% below the 2021 level. We note that domestic excavator sales are expected to grow 6% YoY from the low base (-80% vs. 2021 level). In our view, the persistently weak local excavator demand indicates that there has been no change in the depressed Chinese real estate sector. At the same time, record high liquidity injections in early-2024 and Beijing’s recently announced support measures for the economy might bolster domestic construction activity this year, we believe
To recap, China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
🔗CISA mills' daily crude steel production during mid-March was reported at 2.05mnt, down 0.5% vs. the previous ten days, and -9.1% YoY. Local steel inventories remained broadly flat over the period (but were +3.0% YoY). We remind readers that China’s record high liquidity injections in early 2024 and the recently announced new economic support measures by Beijing might bolster domestic construction activity and steel products prices this year
Furthermore, according to CISA estimates, Chinese steel production (~57% of global output) is set to decline 7% vs. 2023 in 2025, which could result in a ~4% drop in the world's steel supply, bolstering prices in the medium term
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production during mid-March was reported at 2.05mnt, down 0.5% vs. the previous ten days, and -9.1% YoY. Local steel inventories remained broadly flat over the period (but were +3.0% YoY). We remind readers that China’s record high liquidity injections in early 2024 and the recently announced new economic support measures by Beijing might bolster domestic construction activity and steel products prices this year
Furthermore, according to CISA estimates, Chinese steel production (~57% of global output) is set to decline 7% vs. 2023 in 2025, which could result in a ~4% drop in the world's steel supply, bolstering prices in the medium term
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
💍China’s jewellery and watch retail sales were flat YoY in January-February, after the one-off 9% YoY decline in December. The sales were also 17% above the 2021 level (as well as +31% vs. early-2019). Meanwhile, Rapaport notes that local retail activity started picking up in February, with steady demand for small diamonds. In our view, further improvement in China's diamond demand (which accounts for ~12% of the world's gem-set jewellery trade), in addition to potentially lower key rates in the top economies (e.g. the EU and US) in 2024, would support the gradual recovery in the global diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
💍China’s jewellery and watch retail sales were flat YoY in January-February, after the one-off 9% YoY decline in December. The sales were also 17% above the 2021 level (as well as +31% vs. early-2019). Meanwhile, Rapaport notes that local retail activity started picking up in February, with steady demand for small diamonds. In our view, further improvement in China's diamond demand (which accounts for ~12% of the world's gem-set jewellery trade), in addition to potentially lower key rates in the top economies (e.g. the EU and US) in 2024, would support the gradual recovery in the global diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
📈Russia’s gold output jumped 23.4% YoY in February, accelerating from the 7.0% YoY gain in January, according to Rosstat data. Meanwhile, Russian gold production was up 51.2% MoM, likely amid seasonal effects (+31.0% MoM in February 2023). Overall, we maintain our positive view on gold, amid the steady demand from global central banks. In addition, the anticipated key rate cuts in the world's top economies (e.g. the EU and US) in 2024 could well add further support to the precious metal’s price, in our view
To recap, Russia accounts for ~9% of the world's mined gold output
#gold
https://metals-wire.com/sector/Gold
📈Russia’s gold output jumped 23.4% YoY in February, accelerating from the 7.0% YoY gain in January, according to Rosstat data. Meanwhile, Russian gold production was up 51.2% MoM, likely amid seasonal effects (+31.0% MoM in February 2023). Overall, we maintain our positive view on gold, amid the steady demand from global central banks. In addition, the anticipated key rate cuts in the world's top economies (e.g. the EU and US) in 2024 could well add further support to the precious metal’s price, in our view
To recap, Russia accounts for ~9% of the world's mined gold output
#gold
https://metals-wire.com/sector/Gold
👍2
Morning Bites (part 2)
☢️ The 800MW Palisades nuclear power plant in the US is set to restart by 2025, as Holtec gets a USD 1.52bn loan from the US Department of Energy (DOE), potentially making it the first local nuclear plant to be restarted, Reuters reports. To recap, Palisades was shut down in May 2022, after more than 40 years of commercial operation. Although Palisades accounts for <1% of US nuclear power capacity, the news underpins growing interest for uranium globally - a favourable factor for prices in the long term, we believe
Currently, US operable nuclear capacity stands at 97GWe (net energy) with 20GWe being halted (~5% of global operable capacity), which might add support to global U demand were there to be further recommissioning
#uranium
https://metals-wire.com/sector/Uranium
☢️ The 800MW Palisades nuclear power plant in the US is set to restart by 2025, as Holtec gets a USD 1.52bn loan from the US Department of Energy (DOE), potentially making it the first local nuclear plant to be restarted, Reuters reports. To recap, Palisades was shut down in May 2022, after more than 40 years of commercial operation. Although Palisades accounts for <1% of US nuclear power capacity, the news underpins growing interest for uranium globally - a favourable factor for prices in the long term, we believe
Currently, US operable nuclear capacity stands at 97GWe (net energy) with 20GWe being halted (~5% of global operable capacity), which might add support to global U demand were there to be further recommissioning
#uranium
https://metals-wire.com/sector/Uranium
Morning Bites (part 1)
📈China’s output of aluminium products jumped 12% YoY to 4.8mnt in January-February, the sharpest increase since March 2021, after the +6% YoY in December. Despite strong demand, Al prices remain subdued. On our numbers, ~50% of global non-integrated Al suppliers are breakeven or loss-making at spot, despite persistently strong demand for aluminium in China (~61% of world primary Al consumption in 2023). In our view, were the strong consumption dynamics to persist, this would bolster aluminium prices, in addition to the expected monetary easing in key economies (e.g., the US and EU) in 2024
🥉Chinese output of copper products dropped 8% YoY in January-February, to 1.4mnt, following the -10% YoY in December. As China remains the world's major copper consumer, representing ~58% of global Cu demand in 2023, were a further slowdown in downstream consumption to materialise, that would be an unfavourable factor for copper prices
#aluminium #copper
https://metals-wire.com/news-reports
📈China’s output of aluminium products jumped 12% YoY to 4.8mnt in January-February, the sharpest increase since March 2021, after the +6% YoY in December. Despite strong demand, Al prices remain subdued. On our numbers, ~50% of global non-integrated Al suppliers are breakeven or loss-making at spot, despite persistently strong demand for aluminium in China (~61% of world primary Al consumption in 2023). In our view, were the strong consumption dynamics to persist, this would bolster aluminium prices, in addition to the expected monetary easing in key economies (e.g., the US and EU) in 2024
🥉Chinese output of copper products dropped 8% YoY in January-February, to 1.4mnt, following the -10% YoY in December. As China remains the world's major copper consumer, representing ~58% of global Cu demand in 2023, were a further slowdown in downstream consumption to materialise, that would be an unfavourable factor for copper prices
#aluminium #copper
https://metals-wire.com/news-reports
Morning Bites (part 2)
⛏ Indonesia might further increase nickel output despite subdued prices, the Financial Times reports, citing the country’s deputy minister of investing and mining. Hence, in the next three years, local NPI capacity is expected to grow 15% from current 1.9mnt, while the country's battery-grade capacity might increase 4x by 2030 to 1mnt. Nevertheless, Reuters previously noted the potential for Ni production cuts in Indonesia, amid the unfavorable market environment. According to various estimates, >250kt cuts might be needed in order to balance the Ni market in 2024
To recap, several less efficient Ni mines have recently halted operations amid low Ni prices (-44% vs. early-2023 levels), while Reuters sources note that some Indonesian NPI producers (50% of global Ni supply in 2023E) are already loss-making at current prices
#Nickel
https://metals-wire.com/Nickel
⛏ Indonesia might further increase nickel output despite subdued prices, the Financial Times reports, citing the country’s deputy minister of investing and mining. Hence, in the next three years, local NPI capacity is expected to grow 15% from current 1.9mnt, while the country's battery-grade capacity might increase 4x by 2030 to 1mnt. Nevertheless, Reuters previously noted the potential for Ni production cuts in Indonesia, amid the unfavorable market environment. According to various estimates, >250kt cuts might be needed in order to balance the Ni market in 2024
To recap, several less efficient Ni mines have recently halted operations amid low Ni prices (-44% vs. early-2023 levels), while Reuters sources note that some Indonesian NPI producers (50% of global Ni supply in 2023E) are already loss-making at current prices
#Nickel
https://metals-wire.com/Nickel
Morning Bites
🔋Chile might double its lithium production over the next 10 years, in order to avoid the risk of substitution in batteries, Bloomberg reports. According to the country’s Finance Minister, potential oversupply creates less risks for the Li industry than shortages, which might trigger the development of alternative technologies. As such, the government expects 3-4 new local projects to be under construction by 2026. In our view, the anticipated production gain in Chile (~24% of global Li supply in 2023), reflects the growing consumer interest in EVs globally
Li prices, however, have plunged >80% from their record high late-2022 levels, while potentially weaker EV sales in Europe (due to the cancellation of subsidies) could add some stress to demand for the battery metal in 2024
#lithium
https://metals-wire.com/news-reports
🔋Chile might double its lithium production over the next 10 years, in order to avoid the risk of substitution in batteries, Bloomberg reports. According to the country’s Finance Minister, potential oversupply creates less risks for the Li industry than shortages, which might trigger the development of alternative technologies. As such, the government expects 3-4 new local projects to be under construction by 2026. In our view, the anticipated production gain in Chile (~24% of global Li supply in 2023), reflects the growing consumer interest in EVs globally
Li prices, however, have plunged >80% from their record high late-2022 levels, while potentially weaker EV sales in Europe (due to the cancellation of subsidies) could add some stress to demand for the battery metal in 2024
#lithium
https://metals-wire.com/news-reports
Morning Bites (part 1)
🌏Global manufacturing PMIs showed mixed dynamics in March. The Eurozone Markit Manufacturing PMI fell further to 45.7 (3-month low), well below the consensus estimate of 47.0. The US ISM manufacturing PMI, however, recovered to 50.3 ahead of the consensus, marking the first >50.0 since October 2022
🇨🇳The official NBS Manufacturing PMI in China jumped to 50.8 in March (vs. 49.1 in February), beating market estimates of 49.9. Meanwhile, the Caixin China Manufacturing PMI was at 51.1 in March -- broadly in-line with the forecasts of 51.0
🇮🇳 Indian manufacturing PMI jumped to a record high 59.1, but came in slightly short of the consensus estimates (59.4)
❗️Although EU PMI remained depressed in March (staying below 50.0), Chinese, Indian and US PMIs dynamics were solid. Overall, this reflects improving sentiment in the local manufacturing sectors -- a positive factor for the industrial metals demand (e.g. steel, aluminum and copper)
#PMIs
https://metals-wire.com/news-reports
🌏Global manufacturing PMIs showed mixed dynamics in March. The Eurozone Markit Manufacturing PMI fell further to 45.7 (3-month low), well below the consensus estimate of 47.0. The US ISM manufacturing PMI, however, recovered to 50.3 ahead of the consensus, marking the first >50.0 since October 2022
🇨🇳The official NBS Manufacturing PMI in China jumped to 50.8 in March (vs. 49.1 in February), beating market estimates of 49.9. Meanwhile, the Caixin China Manufacturing PMI was at 51.1 in March -- broadly in-line with the forecasts of 51.0
🇮🇳 Indian manufacturing PMI jumped to a record high 59.1, but came in slightly short of the consensus estimates (59.4)
❗️Although EU PMI remained depressed in March (staying below 50.0), Chinese, Indian and US PMIs dynamics were solid. Overall, this reflects improving sentiment in the local manufacturing sectors -- a positive factor for the industrial metals demand (e.g. steel, aluminum and copper)
#PMIs
https://metals-wire.com/news-reports
Morning Bites (part 2)
🏢China's new residential home sales from leading real estate companies slid 46% YoY in March, following the -60% YoY in February, Bloomberg reports, citing preliminary data from CRIC (China's real estate data provider). Furthermore, the agency claims that the domestic new-home market is unlikely to recover soon, despite recently announced new economic stimulus by Beijing
Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
🏢China's new residential home sales from leading real estate companies slid 46% YoY in March, following the -60% YoY in February, Bloomberg reports, citing preliminary data from CRIC (China's real estate data provider). Furthermore, the agency claims that the domestic new-home market is unlikely to recover soon, despite recently announced new economic stimulus by Beijing
Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
Morning Bites
🇨🇱Chile’s copper output recovered to climb 10% YoY in February, after the flat dynamics in January, according to INE data. Meanwhile, according to Bloomberg, citing the country’s Finance minister, Codelco’s copper output (top Chilean miner) might increase up to 5% YoY in 2024 for the first time in several years, following the gradual ramp up of underground operations at its Chuquicamata mine (~1% of global Cu supply in 2023). Therefore, were the recovery in the world's top copper producing country to persist, this might partially unwind the pressure on global supply, as Chile accounted for ~24% of global copper supply in 2023
#copper
https://metals-wire.com/sector/Copper
🇨🇱Chile’s copper output recovered to climb 10% YoY in February, after the flat dynamics in January, according to INE data. Meanwhile, according to Bloomberg, citing the country’s Finance minister, Codelco’s copper output (top Chilean miner) might increase up to 5% YoY in 2024 for the first time in several years, following the gradual ramp up of underground operations at its Chuquicamata mine (~1% of global Cu supply in 2023). Therefore, were the recovery in the world's top copper producing country to persist, this might partially unwind the pressure on global supply, as Chile accounted for ~24% of global copper supply in 2023
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 1)
🏦 Global central banks purchased net 19t of gold in February, vs. the revised +45t in January, marking the 9th consecutive increase in holdings, the World Gold Council (WGC) reports. The major contributors were China (+12t), India and Kazakhstan (+6t both). On the sellers' side were Uzbekistan and Jordan, which sold 12t and 4t, respectively. In our view, the spot gold price has approached its fundamentally reasonable level, amid persistently strong demand from global central banks and market expectations of potential US Fed funds rate cut in 2024
#gold
https://metals-wire.com/sector/Gold
🏦 Global central banks purchased net 19t of gold in February, vs. the revised +45t in January, marking the 9th consecutive increase in holdings, the World Gold Council (WGC) reports. The major contributors were China (+12t), India and Kazakhstan (+6t both). On the sellers' side were Uzbekistan and Jordan, which sold 12t and 4t, respectively. In our view, the spot gold price has approached its fundamentally reasonable level, amid persistently strong demand from global central banks and market expectations of potential US Fed funds rate cut in 2024
#gold
https://metals-wire.com/sector/Gold
❤1
Morning Bites (part 2)
💍Hong Kong jewellery and watch sales fell 3% YoY in February, after the revised +22% YoY in January, marking the first drop since December 2022, according to the government data. The sales were also 33% below the 2019 level. As we have previously noted, HK’s border with the Mainland fully reopened in February 2023, which limited the YoY recovery this February. However, according to Rapaport, citing a HK official, local inbound tourism is expected to revive further, while rising household income and the government’s initiatives are likely to support the sentiment in retail
Overall, the gradual improvement in consumer sentiment on the US and Chinese markets (~53% and ~12% of the world's gem-set jewellery trade, respectively) might add support to the stressed diamond sector, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
💍Hong Kong jewellery and watch sales fell 3% YoY in February, after the revised +22% YoY in January, marking the first drop since December 2022, according to the government data. The sales were also 33% below the 2019 level. As we have previously noted, HK’s border with the Mainland fully reopened in February 2023, which limited the YoY recovery this February. However, according to Rapaport, citing a HK official, local inbound tourism is expected to revive further, while rising household income and the government’s initiatives are likely to support the sentiment in retail
Overall, the gradual improvement in consumer sentiment on the US and Chinese markets (~53% and ~12% of the world's gem-set jewellery trade, respectively) might add support to the stressed diamond sector, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘US light vehicle sales gained 4% YoY in March, after the 10% YoY growth in February. The figure, though, was still 12% lower vs. the pre-Covid 2019 level. Seasonally adjusted sales volumes increased 4% YoY last month, but were also 10% below the 2019 level. Although US car sales might accelerate their recovery in 2024, bolstered by the widely expected US Fed rate cuts, the positive effect on automotive demand for PGMs might be limited, in our view, amid the growing appetite for EVs globally
On our numbers, North America accounted for ~22% and ~16% of world autocatalyst Pd and Pt consumption, respectively, in 2022
#cars
https://metals-wire.com/news-reports
🚘US light vehicle sales gained 4% YoY in March, after the 10% YoY growth in February. The figure, though, was still 12% lower vs. the pre-Covid 2019 level. Seasonally adjusted sales volumes increased 4% YoY last month, but were also 10% below the 2019 level. Although US car sales might accelerate their recovery in 2024, bolstered by the widely expected US Fed rate cuts, the positive effect on automotive demand for PGMs might be limited, in our view, amid the growing appetite for EVs globally
On our numbers, North America accounted for ~22% and ~16% of world autocatalyst Pd and Pt consumption, respectively, in 2022
#cars
https://metals-wire.com/news-reports
Morning Bites (part 1)
🚘New car registrations in France, the UK, Spain, Italy and Germany were flat YoY in March, after the +10% YoY in February. The figure remained well below the pre-COVID level (-24% vs. March 2019). In particular, in Germany and Spain, car sales were 24% and 23% lower, respectively, than in the same month in 2019, while registrations in France were 20% lower. Sales in Italy were 16% below the 2019 figures, while UK sales were 31% weaker
Given these five countries represented >70% of new vehicle registrations in Europe in 2023, overall EU car sales have likely remained subdued in March
#cars
https://metals-wire.com/sector/PGM
🚘New car registrations in France, the UK, Spain, Italy and Germany were flat YoY in March, after the +10% YoY in February. The figure remained well below the pre-COVID level (-24% vs. March 2019). In particular, in Germany and Spain, car sales were 24% and 23% lower, respectively, than in the same month in 2019, while registrations in France were 20% lower. Sales in Italy were 16% below the 2019 figures, while UK sales were 31% weaker
Given these five countries represented >70% of new vehicle registrations in Europe in 2023, overall EU car sales have likely remained subdued in March
#cars
https://metals-wire.com/sector/PGM