This morning in metals news: steel prices have been making gains; the WTI crude price moved up; and Vale plans to increase its iron ore output.
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Steel prices rise
U.S. steel prices are on the rise, but that rise can be attributed more toward the supply side of the ledger than the demand side, according to Bloomberg.
U.S. Steel, for example, this week hiked its prices. The company raises prices on flat-rolled steel products by at least $60 per ton, according to the report.
WTI ticks up
In other commodities news, the WTI crude oil price closed Thursday $40.97 per barrel, per the Energy Information Administration.
Thursday closing price marked an increase of $3.97 from the prior week. However, the price was down $17.14 from the same point in 2019.
Vale eyes iron ore output target of 400M
Brazilian miner Vale hopes to produce 400 million tons of iron ore annual, mining.com reported.
Currently, Vale has capacity to produce to 318 million tons per year.
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