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 the copper price, oil price gains and steel imports:
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 Nov. 9-13 (copper price, oil price gains and more)
- The copper price gained on the heels of Democratic candidate Joe Biden’s presidential victory, Outokumpu released Q3 results and a Midwest-based service center could be looking to expand nationwide.
- The copper price surged to a 28-month high last month.
- Aluminum prices also made significant gains last month.
- Steel prices remain hot and show no sign of letting up.
- The U.S. steel sector’s capacity utilization rate rose to 71.1% last week.
- China’s import-export steel and aluminum balances are starting to revert back to historical levels after an import-heavy summer.
- China’s top legislature recently passed an export control law that will go into effect Dec. 1.
- Liberty Steel will lay off 104 employees at its Georgetown steel mill after Christmas this year.
- MetalMiner’s Maria Rosa Gobitz on South Africa’s proposed chrome export tax.
- Like the copper price (and other metals), oil prices also moved up, in part due to positive news regarding a potentially viable COVID-19 vaccine.
- U.S. steel imports are down 22.2% through the first 10 months of the year.
- The gold price this week notched its biggest one-day drop in seven years.
- Lynas Corp. recently released its quarterly activity report, including neodymium-praseodymium output.
- Finally, the November 2020 MMI report is available for download.
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