This morning in metals news, the U.S. steel industry received a downgrade from Moody’s, a Russian tin producer is looking to expand production and oil prices have taken a fall.
Moody’s Down on U.S. Steel Industry
With U.S. steel prices trending downward of late, ratings service Moody’s has downgraded the U.S. sector.
Moody’s downgraded the outlook for the sector from “stable” to “negative.”
“The price for hot-rolled coil, the benchmark steel price, declined steadily since the second half of 2018, save for a short-lived bounce in August,” Moody’s Senior Vice President Carol Cowan said. “The high prices seen in the first half of 2018 were not supported by underlying demand fundamentals, however, but more the market’s expectation of the US imposing import tariffs, as well as supply concerns, and as such, some price correction was expected.”
Russia’s Seligdar Eyes Expansion
According to the International Tin Association (ITA), Russian tin miner Seligdar is looking to boost its tin concentrate production.
After more than tripling its tin-in-concentrate production to 1,000 tons during the first half of the year, the firm is aiming to produce 6,000 tons per year by 2024, according to the ITA.
Oil Prices Dip
On the heels of attacks at two Saudi Arabian oil installations in September, oil prices received a boost.
However, that boost proved to be short-lived.
According to Reuters, both Brent crude and U.S. WTI were down more than 5% last week.