This morning in metals news, the U.S. steel industry’s capacity utilization rate fell to 80.4%, those in the copper market could use satellites to keep tabs on production stoppages and the General Motors strike continues into its fourth week.
U.S. Steel Capacity Utilization Falls to 80.4%
The U.S. steel industry’s production levels remain higher in the year to date on a year-over-year basis. Production reached 74.3 million tons for the year through Oct. 5, up 3.0% compared with the same period in 2018.
Capacity utilization fell to 80.4% for the year, however, down from 80.6% as of the previous week.
New Service to Help Copper Watchers Keep Eye on Smelters
A new service will help copper traders and fund managers keep eyes on copper smelters — from above.
According to Reuters, a new service will offer the use of satellites to monitor copper smelters for production stoppages or ramp-ups, which would be invaluable to stay ahead of price movements.
The Earth-i service, based in the U.K., will launch next week, according to the report.
GM Strike Continues
The strike at automaker General Motors entered its fourth week this week, as GM and the United Automobile Workers (UAW) continue to dig in.
According to a report by MLive, one point of negotiation has hit a wall: the issue of bringing production back to the U.S. from Mexico.