Week in Review: Nickel price falls; oil prices remain elevated; Honda temporarily suspends production
Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines of the week here on MetalMiner, including coverage of the nickel price, oil prices, housing starts and more.
Overall, steel prices continue to rise. Meanwhile, after experiencing significant price declines, lead and nickel have steadied of late. Aluminum continues to be on an upward trajectory, while copper has steadied after dropping from a Feb. 25 peak.
The MetalMiner team will be presenting a commodity forecast for copper, aluminum, stainless and carbon steel on Wednesday, March 24, at 10 a.m. CDT: https://zoom.us/webinar/register/WN_6J8wAyYySfihVk3ZUH9yMA
Week of March 15-19 (nickel price steadies, Honda announces temporary production suspension and more)
- Steel prices continue to rise, but could we be nearing a peak?
- Meanwhile, the nickel price plunged recently after some news on the supply front from Tsingshan Holding Group.
- U.S. Steel recently indicated it is increasingly bullish on the steel market.
- In addition, US steel production continues to post small increases in capacity utilization.
- The European Parliament passed a resolution for a Carbon Border Adjustment Mechanism.
- Stuart Burns weighed in on the US’s latest anti-dumping duties on aluminum sheet imports.
- The International Aluminum Institute outlined three “pathways” by which the aluminum sector can reduce its emissions.
- ArcelorMittal announced a new XCarb™ initiative through which it will offer customers green steel certificates and fund innovation to help move the steel industry toward carbon neutral steelmaking.
- Housing starts fell in February, according to the Census Bureau’s latest report.
- The Energy Information Administration expects oil prices to remain elevated through April.
- Contractors are more optimistic about market conditions, according to the US Chamber of Commerce’s latest Commercial Construction Index.
- Iron ore prices surged to a 10-year high before pulling back recently.
- Lastly, Honda announced a temporary suspension of much of its North American production.
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