This morning in metals news: copper on the SHFE is headed for its fifth straight month of price increases; a Swedish joint venture is ramping up its efforts toward producing fossil-fuel-free steel; and Mexico is instituting a new export pre-approval process to avoid reimposition of steel tariffs by U.S. President Donald Trump.
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SHFE copper on the rise again
The SHFE copper price is headed for a fifth straight month of price rises, Reuters reported.
According to the report, the five-month streak marks the longest such upward rise in 11 years.
Swedish JV eyes fossil-fuel-free steel production
A joint venture in Sweden, Hybrit, is looking to make big changes to how steel is produced.
In particular, the JV is looking to remove coking coal from the equation, Bloomberg reports. Instead, the steel production process would feature hydrogen and other forms of clean energy.
SSAB AB, LKAB and Vattenfall AB are the operators of the JV.
Mexico to institute steel export pre-approval process
On the heels of President Donald Trump’s recent reimposition of the 10% Section 232 tariff on some Canadian aluminum, the Mexican government is hoping to avoid a similar outcome for its steel exports to the U.S.
According to Bloomberg, Mexico is putting into place a new pre-approval process for steel exports.
In short, the approval process — which would go into effect Sept. 4 — would confirm the steel exports did not pass through a third country.
Does your company have a steel buying strategy based on current steel price trends?