This morning in metals news: steelmaker Nucor will open a new steel plant in Florida by the end of this year; U.S. gasoline prices are low heading into the Labor Day weekend; and Chinese demand continues to power high iron ore prices.
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Nucor to open steel plant by end of 2020
Nucor will open its new steel plant in Frostproof, Florida, by the end of this year, The Ledger reported.
Employment at the plant is expected to reach approximately 250 workers next year, The Ledger reported.
U.S. gas prices at lowest since 2004
For those getting in the car and traveling over Labor Day weekend, there’s good news.
According to the Energy Information Administration, U.S. gasoline prices are at their lowest since 2004.
As of this Monday, the U.S. average price stood at $2.22 per gallon.
“U.S. gasoline prices are relatively low because of continued low demand for gasoline since mid-March, when travel demand fell because of efforts to limit the spread of coronavirus,” the EIA said.
Iron ore rises to six-year high
On the other hand, demand for steelmaking raw material iron ore remains high in China.
Per mining.com, Chinese demand has helped push the iron ore price to a six-year high.
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