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steel

gui yong nian/Adobe Stock

This week’s coverage included coverage ranging from the announced update to SIMA, iron ore price movements and the U.S.’s decision to rescind the recently reimposed 10% Canadian aluminum tariff.

Before we head into the weekend, let’s take a look back at the week that was and all the metals storylines here on MetalMiner.

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Week in Review, Sept. 14-18 (SIMA, steel prices and more)

The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.

steel

gui yong nian/Adobe Stock

This morning in metals news: steel prices have been making gains; the WTI crude price moved up; and Vale plans to increase its iron ore output.

Upcoming negotiation on your steel buy? Make sure you know how your service centers will negotiate with you. 

Steel prices rise

U.S. steel prices are on the rise, but that rise can be attributed more toward the supply side of the ledger than the demand side, according to Bloomberg.

U.S. Steel, for example, this week hiked its prices. The company raises prices on flat-rolled steel products by at least $60 per ton, according to the report.

WTI ticks up

In other commodities news, the WTI crude oil price closed Thursday $40.97 per barrel, per the Energy Information Administration.

Thursday closing price marked an increase of $3.97 from the prior week. However, the price was down $17.14 from the same point in 2019.

Vale eyes iron ore output target of 400M

Brazilian miner Vale hopes to produce 400 million tons of iron ore annual, mining.com reported.

Currently, Vale has capacity to produce to 318 million tons per year.

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