This Morning in Metals: Toyota to source electrical steel sheet from Baowu

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Source: Toyota

This morning in metals news: Toyota will reportedly source electrical steel sheet from China’s Baowu SteelNevada 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.

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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.

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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.

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