This Morning in Metals: US energy consumption down 7% in 2020
This morning in metals news: US energy consumption fell by 7% in 2020; the United Steelworkers union commented on the details of President Joe Biden’s American Jobs Plan; and the aluminum price retraced last week.
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US energy consumption down 7% in 2020
Amid the impact of the COVID-19 pandemic, US energy consumption fell by 7% in 2020, the Energy Information Administration (EIA) reported.
“Last year marked the largest annual decrease in U.S. energy consumption in both percentage and absolute terms in our consumption data series that dates back to 1949,” the EIA said. “Much of the 2020 decrease in energy use is attributable to economic responses to the COVID-19 pandemic that began in the United States during the spring of 2020.”
USW on American Jobs Plan
As we noted last week, the United Steelworkers union last week announced a strike at nine Allegheny Technologies Inc. facilities. The move could have significant ramifications for stainless steel buyers, should it linger.
Elsewhere, USW commented late last week on the president’s announced American Jobs Plan.
“It is clear that a massive investment to rebuild, upgrade and repair critical infrastructure systems has long been necessary,” USW said in a release. “President Biden’s bold plan to invest in transportation, broadband, water and other systems will draw on the products, components and services USW members make and supply each day, making workers and their communities the direct beneficiaries of this spending.”
Aluminum price retraces
While still on a long-term upward trajectory, the aluminum price took a step back last week.
LME three-month aluminum closed last week at $2,236 per metric ton. The metal had opened last week at $2,285 per metric ton.
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