This morning in metals, the U.S.’s steel capacity utilization rate inches upward, Emirates Steel forecasts a slower 2019 for regional construction and copper falls back from its eight-month peak.
U.S. Steel Capacity Utilization Rate
According to the American Iron and Steel Institute’s weekly steel production report, U.S. steel mills churned out steel at a capacity utilization rate of 80.9% through Feb. 23.
Production for the year to that point hit 14.6 million net tons, up 8% year over year.
A 2019 Slowdown
This year will be a slow one for regional construction, according to the biggest steelmaker in the United Arab Emirates.
According to Reuters, steelmaker Emirates Steel said construction in the region is expected to slow this year, impacted in part by oil price dynamics and weaker global growth.
The copper price has been trending upward of late, recently hitting its highest level since last July.
However, the LME copper price slipped on Tuesday, according to Reuters.
Three-month LME copper fell 0.2% Tuesday, according to the report.