This morning in metals news: U.S. automotive retails sales appear to be on the rise this month for the first time since February; U.S. steel imports are down 21%; and the zinc price has slipped nearly 4% over the past month.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.
Automotive retail sales forecast to gain this month
According to a forecast released jointly by LMC Automotive and J.D. Power, U.S. new-vehicle retail sales this month are expected to rise on a year-over-year basis.
The increase marks the first gain since February, according to the forecast.
“Retail sales in September are poised to post the first year-over-year gain since February, a milestone in the recovery from the disruption that COVID-19 has had on the industry,” said Thomas King, president of the data and analytics division at J.D. Power.
Steel imports down 21%
U.S. steel imports this year through August fell 21% compared with the same time frame in 2019, according to the American Iron and Steel Institute (AISI).
Meanwhile, finished steel import market share reached an estimated 17% in August. For the first eight months of the year, import market share for finished steel reached 19%.
Zinc down 4%
The zinc price has retraced in recent weeks, falling 3.96% month over month.
The LME three-month zinc price closed Thursday at $2,391 per metric ton.
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