This Morning in Metals: Nickel price gains to start the week

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nickel

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This morning in metals news: the nickel price has gained to start the week; Reliance Steel and Aluminum Co. recently released its Q3 results; and, finally, the U.S. imported $19 billion in energy goods from Mexico last year.

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Nickel price gains

The LME three-month nickel price gained over the first two sessions of the week.

Closing Tuesday at $15,384 per metric ton, the LME three-month nickel price gained $236 per metric ton over the previous 24 hours.

On a month-over-month basis, nickel is up 6.8%.

Reliance releases Q3 results

In its Q3 financial results, Reliance Steel and Aluminum posted pretax income of $127 million, up from $102 million in Q2 2020.

“Reliance is cautiously optimistic that demand for non-residential construction activity will continue to improve in the fourth quarter of 2020 based on healthy backlogs and positive customer sentiment,” the firm said in its earnings report.

However, Reliance recorded pretax income of $312.1 million during the first nine months of the year. That total marked a 56.6% percent decline from pretax income of $719.7 million during the first nine months of 2019.

EIA: U.S. imported $13B in energy goods from Mexico in 2019

The U.S. imported $13 billion in energy goods from Mexico in 2019, the Energy Information Administration (EIA) reported Wednesday.

Meanwhile, the U.S. exported $34 billion in energy goods to Mexico last year.

The value of U.S. energy exports to Mexico has exceeded that of imports every year since 2015, the EIA reported.

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