This morning in metals news: MetalMiner’s March update to its Annual Outlook report is now available to subscribers; US steel capacity utilization reached 77.4% last week; and the United States Trade Representative announced the conclusion of WTO quota negotiations with the European Union.
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March 2021 Annual Outlook update now available
In September, MetalMiner released its Annual Outlook forecast report, which takes detailed looks at 10 key metals and their price drivers, in addition to macroeconomic factors shaping commodities markets.
MetalMiner updates that outlook throughout the year, with the most recent update becoming available this week.
Steel capacity reaches 77.4%
US steel capacity utilization reached 77.4% for the week ending March 6, the American Iron and Steel Institute (AISI) reported.
The rate increased from 77.2% the previous week. Furthermore, the rate for the same week in 2020 reached 76.2%.
Output last week reached 1.76 million net tons, or down 0.3% year over year but up 0.3% from the previous week.
For the year through March 6, steel production has reached 16.11 million net tons, or down 7.6% year over year.
USTR concludes WTO quota negotiation with EU
The USTR announced Monday that the US had concluded WTO quota negotiations with the EU.
The negotiations come on the heels of the UK’s departure from the bloc.
“The agreement, after two years of negotiations under WTO procedures, will determine how to split TRQ quantities between the EU-27 and the United Kingdom (UK),” the USTR said in a statement.
The deal will go into effect after the EU concludes its own approval procedure.
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