This Morning in Metals: Reuters: Trump administration to draft plans for moon mining

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This morning in metals news, Reuters reports the Trump administration plans to unveil plans that will outline a legal framework for mining on the moon, Norsk Hydro recently released its first-quarter results and Chinese iron ore futures made gains Wednesday.

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U.S. to draft plans for mining on the moon

According to Reuters, the Trump administration plans to release a “legal blueprint” governing mining on the moon, a framework including a new international agreement dubbed the Artemis Accords.

Norsk Hydro releases Q1 results

Oslo-based Norsk Hydro reported Q1 underlying EBIT of NOK 2,247 million ($218,187,070), up from the NOK 560 million recorded in Q4 2019.

“The Covid-19 situation is challenging the global economy, causing significant uncertainty for Hydro’s operations and business areas,” President and CEO Hilde Merete Aasheim said. “Our top priority is the health and safety of our people and the communities where we operate.

“Amid significant market uncertainty, it is more important than ever to focus on the elements that we control ourselves. Hydro’s improvement efforts are moving forward with full force, and I am pleased to see Alunorte ramp-up and cost improvements ahead of plan.”

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Iron ore futures rise

Iron ore futures on the Dalian Commodity Exchange made gains Wednesday, Reuters reported, rising as much as 1.8%.

Citing data from Mysteel, Reuters reported the capacity utilization rate at 247 steel mills in China rose to 81.68% as of April 30.

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