This Morning in Metals: U.S. goods and services deficit hits $68.1M in November

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U.S. trade

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This morning in metals news: the Census Bureau and Bureau of Economic Analysis reported the U.S. goods and services deficit totaled $68.1 billion in November; the Brazilian state of Minas Gerais is hoping to win a compensation deal from miner Vale; and the American Iron and Steel Institute released steel import data for December.

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Goods and services deficit reaches $68.1B

The U.S. goods and services deficit reached $68.1 billion in November, the Census Bureau and BEA reported.

The deficit jumped from $63.1 billion in October.

Brazilian state aims to win settlement from miner over 2019 dam disaster

The Brazilian state of Minas Gerais is in talks over a settlement deal with miner Vale vis-a-vis the fatal Brumadinho tailings dam collapse in 2019, Reuters reported.

Per Reuters, the state is seeking a settlement worth at least $5.3 billion.

Government and Vale officials were set to meet today, according to Reuters.

AISI releases December imports data

Per the AISI, steel import permit applications for the month of December totaled 2.07 million net tons, or up 48.1% from November.

Furthermore, for the full year 2020 (including December SIMA permits and November preliminary imports), total steel imports totaled 22.60 million net tons, down 19.1% from 2019.

Meanwhile, finished steel import market share in December reached an estimated 18%. December market share mirrored the share for 2020 as a whole.

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