Week in Review: Goldman Sachs bullish; steel capacity utilization nears 70%; copper output falls
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 Goldman Sachs is bullish on commodities, U.S. steel production, global copper mine production and more.
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.
Week of Oct. 26-30 (Goldman Sachs bullish, U.S. steel production and more)
- Western European steelmakers are cautiously optimistic 2021 will bring better days.
- Nucor Corporation commenced work on its new steel plate plant in Brandenburg Kentucky.
- Stuart Burns on the development of gold reserves in Scotland.
- U.S. steel imports fell in September.
- U.S. Steel announced the startup of an electric arc furnace in Fairfield, Alabama.
- Goldman Sachs is bullish on commodities for 2021.
- The U.S. steel sector’s capacity utilization rate ticked up to 69.7% last week.
- Vale’s iron ore output jumped 31% in Q3.
- Copper mine production fell during the first seven months of the year.
- The aluminum can market is struggling to meet the demand amid changing consumer preferences during the pandemic.
- Reuters reported Joe Biden, if he becomes president, would consult with U.S. allies before making a decision on the Trump tariffs on China.
- Global crude steel production fell during the first nine months of the year.
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