Glencore is planning on curbing zinc smelting at its Nordenham plant. The shutdown is yet another blow to European metal manufacturing, which has seen a wave of shutdowns amid the ongoing energy crisis.
Glencore plans to place the zinc smelting line at its Nordenham plant in northern Germany on care and maintenance starting November 1. This represents yet another major blow to European metal manufacturing, which continues to see shutdowns amid the continent-wide energy crisis.
Nordenham is in Germany’s Lower Saxony state, near its border with The Netherlands. The site can produce 164,000 metric tons per year of zinc and zinc alloys and up to 105,000 metric tons of lead. Glencore’s planned stoppage comes about one year after high energy prices prompted the company to put another smelter on care and maintenance. That time, it was the Portovesme zinc smelter located on the Italian island of Sardinia.
Benchmark Dutch TTF was €173.69 per kilowatt hour on Oct. 5. This represents a rise of 11.74% from €161.95 . On the other hand, zinc’s 3-month closing price jumped 2.51% on the same day. The Oct. 6 price was $3,120.50 per metric ton on Oct. 6, a jump from $3,044 the day before. Looking at metal manufacturing as a whole, zinc will likely have better insulation from the sharp economic slowdown Europeans expect. After all, as we enter winter, people will mostly be focused on paying their costs rather than acquiring new automobiles.Besides Nordenham going off stream, metal manufacturing faces plenty of other issues. For instance, the LME has banned the warranting of zinc and copper from vertically-integrated Russian producer Ural Mining and Metallurgical Company .
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