High power costs in Europe are forcing closures.
Nyrstar will cut production by up to 50% at its three European zinc smelters from Oct. 13 due to the soaring price of electricity. “The cost burden of carbon emitted by the electricity sector which is passed on to industrial and domestic customers, mean it is no longer economically feasible to operate the plants at full production.
Column 1 0 Nyrstar’s zinc production a casualty of high European energy prices
by alanpatrickryan
European long steel producers cut output to manage skyrocketing energy costs
The spikes in electricity and natural gas prices have forced some European long steel producers to make output adjustments to be able to manage surging costs, sources told Fastmarkets.
Spot prices for electricity and natural gas across Europe have increased sharply in October and are expected to remain volatile until the end of the year at least.
Notably, steelmakers claim that electricity prices in Europe jumped to about €150-230 ($173-266) per MWh in October, while in November it could be €250-300 per MWh. This is sharply higher than last year’s electricity price of €50-60 per MWh.
Electricity price rise adds strength to tight European ferro-chrome market
Higher electricity prices have added to the production costs of chrome alloy, especially low-carbon ferro-chrome, during the week to Tuesday October 12, at a time when the market was already short of material with prices at multi-year highs.
Risk aversion prevails in silicon, magnesium, manganese flake amid shortages and talk of reneges in China
Market participants are gathering in London this week while some minor metals with energy-intensive manufacturing processes and a reliance on China for supply have surged to multi-year highs.
The sharp price increases in the Chinese market are rapidly filtering across Europe, resulting in the depletion of silicon and magnesium inventories in Rotterdam.
“This LME Week is different, totally different, especially for certain products in which there is a big question mark such as silicon, magnesium or manganese flake,” a European trader told Fastmarkets.
“The situation is very desperate,” the trader said. “Prompt material is very difficult to find and there is panic everywhere; the more energy-intensive the market is, the more panic.”
Power supply problems in many of China's key industrial and manufacturing hubs have worsened since September while the nation tries to meet strict carbon reduction regulations. Energy prices have set repeated multi-year highs.
Fastmarkets assessed the price of silicon grade 4-4-1 99% Si min, in-whs Rotterdam at €8,500-8,650 ($9,825-9,894) per tonne on Friday October 8, up by 31.9% from €6,000-7,000 per tonne week on week.
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