This morning in metals news: the October Monthly Metals Index (MMI) report is out; the E.U. is reportedly considering imposing carbon border fees; and Alcoa released its third-quarter financial earnings.
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.
October 2020 MMI report is out
For followers of our MMI series, the October 2020 MMI report is out and available for download.
The report covers 10 indexes: Automotive, Construction, Rare Earths, Renewables, GOES, Global Precious, Aluminum, Copper, Stainless Steel and Raw Steels.
To download the report, visit the MMI landing page.
E.U. mulls carbon border fee
Aside from the October 2020 MMI report, as Stuart Burns alluded to in his report earlier today, the E.U. is considering carbon border fees, Reuters reported.
Citing a senior official, Reuters reported the fees would apply to polluting goods for steel, cement and electricity.
Alcoa releases Q3 results
Lastly, Alcoa released its Q3 financial results Thursday, reporting a net loss of $49 million in the quarter.
The Q3 loss marked an improvement from the Q2 net loss of $197 million. Furthermore, Alcoa posted a Q3 2019 net loss of $221 million.
“Across all of our segments, we are delivering solid results and continuing to improve overall performance,” Alcoa President and CEO Roy Harvey said.
In addition, Alcoa “captured the gains from better pricing in alumina and aluminum, increased sales of value-add aluminum products, and realized a 54 percent sequential improvement in adjusted EBITDA,” Harvey added.
On the production side, Alcoa said it set a year-to-date production record for Alcoa-operated bauxite mines.
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