This Morning in Metals: U.S. Steel Production Up 5.6%
This morning in metals news, U.S. steel production through Nov. 24 was up 5.6% compared with the same period last year, copper prices fell back Tuesday and Ford’s November U.S. sales were down.
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U.S. Steel Production
According to a recent American Iron and Steel Institute (AISI) report, U.S. steel production for the year (through the week ending Nov. 24) was up 5.6% compared with the same time frame in 2017.
For the period through Nov. 24, the U.S. produced 85.6 million tons at a capacity utilization rate of 78.1%, up from 81.1 million tons at a 74.2% rate last year.
For the week ending Nov. 24, the U.S. saw 1.9 million tons of production at a rate of 81.3%, up from 1.7 million tons at a 73.3% rate for the same week in 2017.
Copper Prices Fall
After making gains Monday, copper prices fell back Tuesday, according to a Reuters report.
Three-month London copper dropped 0.2% Tuesday, while the most-traded SHFE contract fell 0.7%, according to the report.
Ford November Sales
November proved to be a down month for Ford in the U.S. market.
The automaker’s November sales were down 6.9% year over year, with 196,303 units sold.
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Even truck and SUV sales slumped, down 2.3% and 4.9% year over year, respectively.
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