This morning in metals news: the latest MetalMiner Monthly Metal Outlook report is out; Steel Dynamics has acquired a Mexican metals recycling company; and copper prices bounced back off three-week lows Monday.
August MMO report is out
For metals buyers, it’s important to keep abreast of news and trends in metals markets, from price drivers to potential policy announcements (and more).
MetalMiner’s Monthly Metal Outlook overviews everything you need to know for 10 key metals.
Included in this month’s report is coverage of:
- The U.S. dollar index fell to a two-year low (a weaker U.S. dollar generally correlates with higher commodities prices).
- Copper prices continued to make gains in early July as importers eye an upcoming decision from the United States Trade Representative regarding potential tariffs on copper products from Europe.
- After posting some gains in May and June, U.S. steel prices trended downward last month, even as U.S. automotive production has largely returned.
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Visit the Monthly Metal Outlook landing page for more information and to subscribe.
Steel Dynamics acquires Mexican recycler
Steel Dynamics has acquired a Mexican metals recycling company, the former announced Monday.
The U.S. firm purchased Zimmer, S.A. de C.V., “as part of its raw material procurement strategy to support its new Texas flat roll steel mill, which is planned to begin operations mid-year 2021.”
Zimmer’s scrap processing facilities ship approximately 500,000 gross tons of scrap annually, according to Steel Dynamics.
Copper prices recover after dip
While copper prices have surged in recent months, the price recently fell to a three-week low.
However, the price bounced back Monday, Reuters reported, buoyed by strong factory data from China.
LME three-month copper is up 6.88% from the previous month, closing Monday at $6,435/mt, according to MetalMiner Insights data.
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