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This morning in metals news, Credit Suisse has downgraded the outlook for the U.S. steel sector, a Turkish steel company CEO is optimistic the U.S. will roll back the recently doubled Section 232 metals tariffs and Brazilian miner Vale posted record Q3 iron ore output.

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Credit Suisse Downgrades U.S.’s Steel Sector

Citing oversupply, Credit Suisse downgraded its rating of the U.S. steel sector, Reuters reported.

According to the report, Credit Suisse downgraded the sector’s rating from “overweight” to “market weight.”

Turkish CEO Optimistic on Rollback of Doubled Section 232 Tariffs

Earlier this year, the U.S. doubled its Section 232 metals tariffs vis-a-vis Turkey, bringing them to 50% and 20% for steel and aluminum, respectively.

But one CEO of a Turkish steel firm is hopeful the tariffs will return to their original levels this week.

Ugur Dalbeler, CEO of Colakoglu Metalurji, said he was hopeful the decision would come down this week, according to S&P Global Platts.

Vale Posts Record Q3 for Iron Ore Production

It was a productive third quarter for the Brazilian miner’s iron ore operations.

MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel

According to a Reuters report, Vale reported its iron ore output jumped 10.3% in the quarter compared to the previous year.

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Another month has come and gone, and MetalMiner’s October Monthly Metals Index (MMI) report is out.

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This month’s report featured four subindexes posting declines, four standing put and just two posting increases (Copper and Global Precious).

A few highlights from this month’s report:

• Aluminum prices surged then drifted back down early this month following news surrounding Norsk Hydro and its Alunorte alumina refinery.
• The Copper MMI, one of two MMIs to increase this month, reflected a recovering copper price. After a sluggish summer, the metal has recovered of late, recently breaching the $6,000/mt benchmark.
• It was a down month for several big automakers in terms of U.S. sales.
• U.S. construction spending in August was up 6.5% from August 2017 spending.

MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel

Read about all of the above and much more by downloading the October 2018 MMI Report below: