Week in Review: Copper retraces; USCIT rules on Section 232 steel tariff; Vale reaches $7B settlement
Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, from steadier metals prices to the United States Court of International Trade’s recent ruling related to a Section 232 steel tariff challenge.
Furthermore, Brazilian miner Vale reached a massive settlement two years after the Brumadinho tailings dam disaster.
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Week of Feb. 1-5 (metals prices in 2021, USCIT rules on Section 232 and more)
- After an ascendant 2020, have container rates finally peaked?
- The copper price has retraced over the last month.
- Sweden’s SSAB opted to walk away from talks over the potential acquisition of Tata Steel’s IJmuiden plant.
- The bullish stainless steel market of 2020 is likely to continue into this year.
- The February Monthly Metal Buying Outlook is available to subscribers.
- Automotive sales in the US got off to a strong start in January.
- US mines produced about $82.3 billion worth in minerals last year, the United States Geological Survey reported.
- A proposal by the Indian government to reduce duties on steel and stainless steel products has divided domestic opinion.
- After a chaotic 2020, metals prices are likely to show far less volatility this year.
- Prices for hot rolled coil in Western Europe have been declining of late.
- The United States Court of International Trade denied a challenge to the Section 232 steel tariff from a group of domestic companies.
- President Joe Biden’s proposed infrastructure plans would likely, if implemented, boost metals demand and prove supportive of prices.
- Meanwhile, Russian group Evraz reported crude steel production at its North American assets declined by 15.1% in 2020.
- Lastly, Brazilian miner Vale has reached an approximately US $7 billion settlement with the State of Minas Gerais about two years after the Brumadinho tailings dam collapse led to 270 deaths.
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