This morning in metals news, gold isn’t so golden, U.S. sheet steel prices held steady as the Department of Commerce’s self-imposed Section 232 announcement deadline came and went, and mining operations in Chile could open back up, as the price of the metal has rebounded.
Steady as Steel
Friday, June 30, was the deadline set by the Department of Commerce for the announcement of its Section 232 investigation regarding steel imports.
That self-imposed deadline came and went without an announcement from Commerce Secretary Wilbur Ross.
Sheet steel prices held steady Friday, Platts reported, and price changes aren’t expected until the 232 investigation results are announced.
The steel industry has been waiting for the Trump administration’s policy decisions on the subject of steel imports. Apparently, the industry will have to wait a little while longer.
Gold Hits Seven-Week Low
Gold fell to its lowest spot price in seven weeks, Bloomberg reported.
Rises in the U.S. dollar and European stock markets led to decreased demand for so-called safe-haven metals (like gold), the outlet reported.
According to the article, June and July are typically “middling” months for the precious metal.
Chilean Copper Mines Could be Opening Back Up
With copper prices on the rise, mines in Chile may be ready to open back up, Reuters reported.
Mines in Chile, a major copper producer, closed in recent years as a result of slumping prices. According to Reuters, copper prices have risen 7% in 2017.
The mines reopening is far from a sure thing, however. According to Reuters, some investment decisions will wait until after Chile’s presidential election in November.