This Morning in Metals: Vale iron ore output jumps 31% in Q3 2020

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This morning in metals news: miner Vale released its Q3 2020 production results; the Can Manufacturers Institute announced it will release grants in 2021 for aluminum can capture equipment; and, finally, U.S. crude oil inventories remain elevated.
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Vale iron ore output surges

Brazilian miner Vale’s iron ore output reached 88.7 million tons in Q3 2020, up 31.2% from the previous quarter.
Pellet production reached 8.6 million tons, up 21.1%, powered by higher availability from the Itabira Complex and elsewhere.
Copper production reached 87,600 tons, up from 84,500 tons in Q2. Nickel production, however, fell to 47,100 tons from 59,400 tons.

Grants for aluminum can recapture technology

Amid an ongoing shortage of aluminum cans that has impacted beverage makers, the Can Manufacturers Institute recently announced it will provide grants next year toward aluminum can capture technology.
“With this new grant program, the aluminum beverage can industry is demonstrating its commitment to building on the industry’s leading beverage packaging recycling rates,” said Scott Breen, vice president of sustainability for the Can Manufacturers Institute. “Capturing these missorted cans will result in significant additional revenue for recyclers and deliver significant carbon emissions reductions from greater use of recycled aluminum.”

Oil inventories 9% above five-year average

Finally, according to the Energy Information Administration’s latest weekly petroleum report, U.S. crude oil inventories for the week ended Oct. 23 totaled 492.4 million barrels.
The inventory total is up 9% compared with the five-year average for this time of year, according to the EIA.
As for imports, the U.S. imported an average of 5.7 million barrels per day over the last four weeks. Furthermore, the daily import average marked a 13.1% decline from the daily average during the same stretch in 2019.
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