This morning in metals news, iron ore made gains Friday, a Houston metal manufacturer plans to close and Nippon Steel plans to cut its capital spending by 10%.
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Iron Ore Prices Rise
Chinese iron ore futures rose 4% Friday on heightened restocking demand, Reuters reported.
The most-traded January 2020 Dalian Commodity Exchange contract picked up 4% to reach $85.65 per ton, according to the report.
Houston Metal Fabricator to Shutter
United Structures of America, a metal fabricator with locations in Houston and Portland, Tennessee, will shutter in September, the Houston Chronicle reported.
The report cites steel tariffs, a recent cyber attack and financial issues as factors underpinning the shuttering.
Nippon to Cut Capital Spending
Japan’s Nippon Steel plans to cut its capital spending by 10% through fiscal year 2020, the Nikkei Asian Review reported, impacted by a slowing steel market and the ongoing U.S.-China trade war.
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Nippon expects its profits to fall 55% this fiscal year compared with last year, according to the report.