This morning in metals news: U.S. Steel on Monday announced the startup of a new electric arc furnace (EAF) in Fairfield, Alabama; WTI crude dipped below $39 per barrel; and the International Aluminum Institute released global alumina production data.
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.
U.S. Steel announces new EAF in Alabama
First up today, U.S. Steel this week announced the successful startup of a new EAF in Fairfield, Alabama.
“The EAF significantly enhances our ability to deliver customer-centric solutions and results,” U.S. Steel President and CEO David Burritt said. “We made a commitment to add electric arc steelmaking to our operating footprint as part of our ‘Best of Both’ strategy. This successful start-up delivers on that promise, and I am very pleased with the way our people safely accomplished this while navigating the disruptive influences of the COVID-19 pandemic.”
In addition, the EAF will have an annual steelmaking capacity of 1.6 million tons, U.S. Steel said.
WTI crude below $39 per barrel
Next up, as readers of our Annual Outlook report know, oil prices are one of three macroeconomic price drivers MetalMiner tracks vis-a-vis commodity markets.
Per the Energy Information Administration, the WTI crude price closed Monday at $38.56 per barrel. The closing price marked a decline of $2.27 per barrel from the previous week.
Meanwhile, a year ago the price stood at $56.66 per barrel.
Alumina output down in September
Finally, global alumina production reached 10,717 metric tonnes in September, per the International Aluminum Institute.
Meanwhile, the figure marked a decline from August’s 11,404 metric tonnes. However, the September 2020 figure fell only slightly on a year-over-year basis (10,838 metric tonnes in September 2019).
Furthermore, China’s estimated alumina production reached 5,855 metric tonnes in September, down from 6,050 metric tonnes the previous month.
Stay up to date on MetalMiner with weekly updates – without the sales pitch. Sign up today.