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Eurozone’s 3rd largest economy struck down by virus – what now?

Popular hotspots in Italy are almost deserted. The country has closed all shops and restaurants following 15.113 patients diagnosed with the coronavirus; over a thousand of these cases were lethal.

‘Italy faces mounting economic damage from coronavirus’, the Financial Times reports. It’s one of many headlines hinting at the far-reaching implications of the pandemic.

Reuters just revealed that copper inventories in China have reached a 4-year high. Stocks of Shanghai Future Index listed warehouses have increased 10.1% compared to last week. ‘Supply swamps virus-hit demand,’ the news company urges. Aluminium inventories have topped 500 000 tonnes while zinc continues to build up. Chinese steel stocks climb to record 38.91 million tonnes. And bear in mind that key metal consuming sectors ‘are slow to return to work’.

Only time will tell exactly how COVID-19 will affect the global recycling industry. It’s fair to say that the first cracks are already starting to appear. Many factories in China are closed, international trade is reaching a standstill, the scrap market is struggling, business trips are being cut short while major conferences and trade shows are being cancelled or postponed. There is little clarity amidst the chaos.

We would very much like to hear how the people in the global recycling community are handling this unique situation. Please share your experiences, tips, concerns and thoughts with us via: [email protected] – your input could provide meaningful insight.

In the words of Italy’s prime minister Giuseppe Conte: ‘Let’s keep our distance today – so that we can embrace each other better tomorrow’.

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