This Morning in Metals: Panasonic, Equinor, Norsk Hydro sign MOU to explore potential European lithium-ion battery business

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lithium-ion battery

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This morning in metals news: Norsk Hydro has signed a memorandum of understanding to explore a potential lithium-ion battery business; U.S. import prices fell slightly in October; and Gulf of Mexico oil production fell in August by the largest amount since 2008.

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Norsk Hydro signs MOU to explore potential lithium-ion battery business

Norsk Hydro, Panasonic and Equinor have signed a memorandum of understanding to explore the potential for a lithium-ion battery business based in Norway.

“The companies will work together towards summer 2021 to assess the market for lithium-ion batteries in Europe and mature the business case for a green battery business located in Norway,” Norsk Hydro said in a release. “The companies intend that this initiative is based on Panasonic’s leading technology and targets the European market for electric vehicles and other applications.”

U.S. import prices fall in October

Meanwhile, U.S. import prices fell 0.1% in October after gaining 0.2% in September, the Bureau of Labor Statistics reported.

Prices for U.S. imports fell 0.1% in October. The drop marked the first decline for the index since a 2.6% drop in April.

Furthermore, from April to September, import prices rose 4.3%, the EIA reported.

Gulf of Mexico oil production posts biggest drop since 2008

Lastly, Gulf of Mexico oil production in August fell by its largest amount since September 2008, the Energy Information Administration (EIA) reported.

Oil output fell by 453,000 barrels per day in August, the EIA reported. Gulf of Mexico oil production totaled 1.2 million barrels per day in August.

Hurricanes Laura and Marco contributed to production shutdowns as of Aug. 22.

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.

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