Week in Review: Steel capacity; February US auto sales; OPEC meets
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, which this week includes coverage of steel capacity utilization, the latest OPEC ministerial meeting and much more.
Overall, most base metals seem to be retracing from a late February peak. LME copper and aluminum have both been declining since late February.
The tin price’s dive has been more stark. LME three-month tin has dropped over 13% since Feb. 25. However, in the long term, the outlook for tin remains promising, particularly given its application in electronics.
The MetalMiner team will be presenting a commodity forecast for copper, aluminum, stainless and carbon steel on Wednesday, March 24, at 10:00 a.m. CDT: https://zoom.us/webinar/register/WN_6J8wAyYySfihVk3ZUH9yMA.
Week of March 1-5 (steel capacity, oil prices and more)
- European aluminum buyers are facing challenges in securing supply.
- The Census Bureau released figures for construction spending in January.
- Stuart Burns took a look at the rising oil price.
- US steel capacity utilization rose to 77.2% last week.
- Earlier this week, MetalMiner released the March 2021 Monthly Metal Outlook (MMO) report.
- Global supply chains are under pressure from a number of factors.
- Japan’s steel sector is also grappling with challenges.
- The Senate confirmed former Rhode Island Gov. Gina Raimondo to the position of secretary of commerce.
- US automakers enjoyed a solid February.
- Construction spending increased in January, but the Architecture Billings Index posted another sub-50 reading.
- The Department of Commerce issued anti-dumping and countervailing subsidy determinations related to imports of common alloy aluminum sheet.
- Like most base metals, nickel has enjoyed a strong bull run.
- OPEC ministers this week agreed to by and large maintain March output levels into April.
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