Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including: Cleveland-Cliffs’ acquisition of ArcelorMittal USA; a breakdown of the British automotive manufacturing sector’s struggles; the PSA–Fiat Chrysler merger; primary aluminum production; the U.S. steel capacity utilization rate; and Hurricane Laura’s impact on Gulf of Mexico crude oil production.
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Week of Sept. 28-Oct. 2 (Cleveland-Cliffs’ acquisition, primary aluminum production and more)
- The U.K.’s car manufacturing sector is at a crossroads, explains MetalMiner’s Stuart Burns.
- U.S. steel imports fell by more than half from July to August.
- On Monday, Cleveland-Cliffs’ acquisition of ArcelorMittal USA dominated headlines.
- In other M&A news, Burns weighed in on the merger of automotive giants Fiat Chrysler and PSA.
- Like U.K. automakers, European steelmakers also face challenging economic realities.
- What does the current pandemic and the circumstances it has brought about mean for globalization?
- Primary aluminum production rose on a year-over-year basis in August.
- Circling back to Cleveland-Cliffs, the MetalMiner team broke down the announcement of Cleveland-Cliffs’ acquisition of ArcelorMittal USA, including what it might mean for steel prices.
- A U.S.-based company is entering the Indian renewable energy storage market.
- President Donald Trump this week signed an executive order aimed at boosting the domestic mining industry.
- As India has sent more and more of its metals output abroad, Burns speculated if the country could be headed for resistance in the form of duties.
- As for steel, U.S. steel capacity utilization rate jumped to 66.1% last week.
- Lastly, Hurricane Laura exerted the most significant impact on Gulf of Mexico oil production of any storm since 2008, according to the Energy Information Administration.
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.