Here’s what we’re tracking this morning in metals:
- U.S. steel shipments are up in October. AISI has reported that U.S. steel mills shipped close to 8.2 million net tons in October, a 4.6% rise over the month of September — and a 6% increase from the 7.7 million net tons shipped in October 2017.
- In a weekly briefing from Shanghai Metals Market released today, the near-term outlook appears to be weak for copper, aluminum and lead, according to the publication.
- “Copper prices across Chinese markets are likely to hover in a wide range in the short term as supply growth slows and as demand improves,” the briefing stated. “China’s fixed-asset investment in the power sector rebounded for two consecutive months to -7.6% in October.”
- Poor supply and demand in the aluminum market in China is likely to continue in December, according to SMM. Primary aluminum inventories across eight consumption areas in China are down by nearly 3% over the week ending Nov. 29, while 6063 billet stocks rose 3% across five major consumption areas, according to SMM data.
- “China’s actual consumption of refined lead is estimated to decline 0.7% to 411,000 mt in December as demand weakens,” the briefing stated.
- Finally, in the non-news news, the U.S. Commerce Department released Secretary Wilbur Ross’ comments on the recent unanimous decision for the ITC’s final affirmative injury determinations in the antidumping duty and countervailing duty investigations involving Chinese imports of common alloy aluminum sheet (which came down Nov. 7): “The Department of Commerce will not stand idly by while products are illicitly forced upon U.S. markets,” said Ross. “I applaud the International Trade Commission for this determination in holding bad actors accountable for their actions on the international stage.”