This morning in metals news, two new vehicles made mostly with steel represent a victory for the steel industry, iron ore prices are down and the U.S. International Trade Commission (ITC) voted to continue its investigation into common alloy aluminum sheet from China.
New Ram Pickup, Chevy Silverado Made with Steel
As the steel industry battles to remain the dominant material in automotive construction, the news of two new models constitutes a win for the industry.
Fiat Chrysler‘s new Ram pickup and General Motors‘ new Chevrolet Silverado truck are made mostly with steel, Reuters reported. The announcements represent a big win for steel, which is seeing increasing competition from aluminum within the automotive industry.
As Reuters reported, in late 2014 Ford launched the all-aluminum body F-150. While the versatile metal offered improved fuel economy, it comes at a premium to steel. The interplay between steel and aluminum vis-a-vis automobile construction is something that will need to continue to be monitored going forward.
Iron Ore Prices Drop
As Chinese rebar steel futures fell, so too did prices of iron ore in the face of flagging demand, Reuters reported.
Iron ore on the Dalian Commodity Exchange dropped 2.3% to 535 yuan per ton, according to the report.
ITC Continues Aluminum Sheet Investigation
The U.S. ITC announced Friday that it voted to continue its investigation of common alloy aluminum sheet from China.
“The United States International Trade Commission (USITC) today determined that there is a reasonable indication that a U.S. industry is materially injured by reason of imports of common alloy aluminum sheet from China that are allegedly subsidized and sold in the United States at less than fair value,” the ITC release covering the announcement states.
Now, a preliminary countervailing duty determination is due Feb. 1 from the Department of Commerce.