This morning in metals news: Toyota will reportedly source electrical steel sheet from China’s Baowu Steel; Nevada Copper is requesting a financial hardship exemption; and iron ore continues to soar.
Toyota to source steel product from Baowu
The Nikkei Asian Review reported Japanese automaker Toyota plans to source electrical steel sheet — which it has mainly sourced from Japanese producers in the past — from China’s Baowu Steel.
As the Nikkei Asian Review notes, Toyota’s decision to source electrical steel sheet from China — despite the world-leading, robust electrical steel segment in Japan — is an indicator that China is working its way up the steel value chain.
Nevada Copper looks for financial hardship exemption
Miner Nevada Copper has requested a financial hardship exemption to bypass shareholder approval to finance the restart of its underground mine, Kitco News reported.
Iron ore surges past gold as best-performing commodity of 2020
This year has been a challenging one for a wide variety of sectors and products, but the recovery of demand in China has boosted certain commodities.
For example, iron ore has surged past gold as the best-performing commodity of 2020, the Financial Times reported. Per the Financial Times, the iron ore price is up 21% this year compared to a 19% rise for gold.