This morning in metals news, copper gains momentum, Japan’s steel federation thinks domestic output will grow this year and U.S. Steel will have to pay at least $40 million to repair one of its facilities after a fire.
Copper Reaches Seven-Week High
Copper prices surged to a seven-week high on Thursday, Reuters reported, inversely with a dropping U.S. dollar.
LME copper jumped 0.5% to hit $6,167 per ton, according to the report.
Japanese Domestic Output
The chief of Japan’s steel federation said Japan’s domestic steel output will likely be higher, aided by demand from the 2020 Tokyo Olympics, according to a Reuters report.
In 2018, Japan’s steel output slipped 0.3% on a year-over-year basis, as India overtook it for the No. 2 spot on the list of the world’s top steel producers.
U.S. Steel to Repair Clairton Plant After Fire
U.S. Steel announced this week that it would need to spend at least $40 million on repairs after a fire at its Clairton Coke Plant (just south of Pittsburgh), the Pittsburgh Post-Gazette reported.
The fire ran through the building on Christmas Eve, leading to county officials to issue air quality alerts.