Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including whether or not we are in a supercycle, rising EV demand and more:
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Week of May 3-7 (supercycle, EV battery demand and more)
- Stuart Burns on rising electric vehicle demand, cobalt prices and battery production.
- U.S. Steel said it is ending its previously announced plans to upgrade its Mon Valley Works plant.
- US steel capacity utilization reached 78.7% last week, the American Iron and Steel Institute reported.
- Burns on the state of the nickel market.
- The Department of Energy has awarded $19 million toward 13 projects focusing on rare earths and critical mineral production.
- US construction spending rose in March, as did the Architecture Billings Index.
- The May MMO report came out earlier this week and is available to subscribers.
- US auto sales were strong in April, including Ford reporting a 57.1% year-over-year jump.
- Christopher Rivituso offered an update on the ongoing rise of hot rolled coil prices in Western Europe.
- Nonfarm business sector labor activity picked up by 5.4% in the first quarter, the Bureau of Labor Statistics reported.
- Are we in or headed for another supercycle? Burns weighed in with his thoughts on the state of the markets and where they’re likely to go.
- Australia’s Lynas Rare Earths Ltd. released production results for the quarter ending March 31.
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