This morning in metals news, aluminum maker Norsk Hydro recently announced the formation of a joint venture that will aim to recycle electric vehicle batteries, the Aluminum Association reiterated its stance on the need for an aluminum import monitoring system and a Dutch bank says gold prices are expected to drop.
Norsk Hydro to launch JV
Norsk Hydro recently announced it would launch a new JV with Northvolt aimed at the recycling of electric vehicle batteries in Norway.
“Hydro Volt AS plans to establish the recycling facility in Fredrikstad, Norway, with expected production start in 2021,” Hydro said in a release. “The 50/50 joint venture is established between the Norway-based global aluminium company Hydro and Northvolt, a leading European battery manufacturer based in Sweden.”
Aluminum Association says import monitoring system needed
The industry group the Aluminum Association again emphasized its hope for the rollout of an aluminum import monitoring system, similar to what is already in place for steel.
“We appreciate the Commerce Department’s work-to-date to develop a monitoring system that will help government officials and the industry to better identify trends in trade flows and address misclassification, transshipment and evasion of duties,” Aluminum Association President and CEO Tom Dobbins said. “Now it’s critical that the department refine its initial proposal and establish a system that works for the entire U.S. aluminum industry value chain.”
Down on gold
Dutch bank ABM Amro expects gold prices to decline, Kitco News reported.
According to the report, the bank is projecting a major drop in gold prices over the next quarter.
Gold prices closed at just under $1,739 per ounce on Monday.