This morning in metals news:
- The aluminum price retraced this week
- General Iron is building a new metal shredding home in Chicago
- Finally, the United States Geological Survey (USGS) reported estimates on undiscovered Gulf Coast Basin oil reserves
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.
Aluminum price falls below $1,800/mt
The LME aluminum price closed Thursday at $1,795 per metric ton.
The price reached a 2020 high earlier in October, touching just over $1,863 per metric ton.
Meanwhile, the LME three-month price reached a 2020 low in early April, reaching around $1,460 per metric ton.
General Iron begins construction on new Chicago home
General Iron has started construction on its new metal shredding home in Chicago, the Chicago Sun-Times reported.
The rebranded Southside Recycling will shred approximately 1 million tons’ worth of cars, appliances and other items annually.
USGS estimates undiscovered Gulf Coast Basin oil reserves
Finally, the Austin Chalk and Tokio and Eutaw Formations of the Gulf Coast Basin contain a mean of 6.9 billion barrels of oil, USGS noted in a report Thursday.
Furthermore, the formations contain an estimated 41.5 trillion cubic feet of natural gas.
The USGS cited the Energy Information Administration, which noted the U.S. used 7.5 billion barrels of petroleum products in 2019.
“The Austin Chalk and Tokio and Eutaw Formations extend from Texas near the border with Mexico in an arc through Texas, Arkansas, Louisiana, Mississippi and into coastal Alabama,” the USGS said in a release. “Despite covering such a large region, most of the assessed oil and gas resources are in Texas.”
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