This morning in metals news, Novelis Inc. announced a $175 million investment in its aluminum recycling and production capabilities in aluminum, Chinese steel prices fell, and U.S. CRC and HDG prices dropped to start the week.
Novelis Announces $175M Investment
Aluminum roller and recycler Novelis announced it is investing $150 million in its Brazilian aluminum rolling and recycling operations.
The investment will seek to expand its Pindamonhangaba facility.
“This investment in additional rolling and recycling capacity further strengthens our commitment to the South American region and better positions us to meet our customers’ needs,” President and CEO Steve Fisher said in a release. “Our focus on establishing another reliable water source also helps us further deliver on our purpose of shaping a sustainable world together.”
Chinese Steel Prices Drop
Prices of Chinese steel fell to multimonth lows, Reuters reported, as a result of concerns regarding demand in the country.
Rebar hit a 3 1/2-month low Monday but gained 0.3% Tuesday, according to the report.
MetalMiner’s Take: SHFE Chinese rebar prices this week fell back to April levels, when prices started to increase.
The pullback in prices is not only driven by a slower Chinese economy, but also by a slower demand. Chinese steel prices also started to decrease at this point of the year last year. Readers may want to study last year’s price levels and formulate a strategy based on them.
U.S. HDG, CRC Prices Fall
Prices of U.S. cold-rolled coil and hot-dipped galvanized steel sheet have continued to drop this week, S&P Global Platts reported.