This morning in metals news, the cobalt craze intensifies, Switzerland goes to the World Trade Organization (WTO) over the U.S. steel and aluminum tariffs, and U.S. raw steel production for the week ending July 7 was up 3.4%.
Demand for Cobalt Rises
Cobalt prices recently eased away from long-term highs, but the market quickly changed — as it often does — as increasing demand has sent the price up, CNBC reported.
The rare material is coveted by automakers and tech companies, particularly in electric vehicle batteries. Demand for cobalt to be used in electric battery materials is projected to rise 40% this year, according to Darton Commodities, CNBC reported.
Switzerland Files WTO Complaint
Switzerland joined the growing list of countries to file a WTO complaint over the U.S. steel and aluminum tariffs, Reuters reported.
Switzerland is the eighth WTO member to file such a complaint.
Raw Steel Production Up 3.4%
U.S. raw steel production for the week ending July 7 was up 3.4% compared with the same week in 2017, according to an American Iron and Steel Association (AISI) report this week.
Production hit 1,792,000 net tons at a capacity rate of 76.4%, according to AISI.