Before we head into the weekend, let’s take a look back at the week that was and the metals news here on MetalMiner, including iron ore volatility, rare earths production quotas in China and much more:
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Week of May 31-June 4 (iron ore volatility, rare earths quotas and more)
- Firstly, MetalMiner’s Stuart Burns on how carbon emissions initiatives are changing corporate strategies.
- Meanwhile, US personal consumption expenditures increased by 0.5% in April, the Bureau of Economic Analysis reported.
- Burns on the COVID-19 crisis in Peru, the world’s second-largest producer of copper.
- The iron ore market has been characterized by significant volatility.
- Furthermore, China’s massive iron ore import totals have posed a problem for India’s smaller steelmakers.
- US steel capacity utilization reached 81.5% last week, the American Iron and Steel Institute reported.
- Hot rolled coil prices continue to rise in western Europe, Christopher Rivituso explained.
- General Motors said it plans to increase deliveries to US and Canadian customers.
- Rare earths oxide prices have taken a fall as Beijing has relaxed production quotas.
- Lastly, US nonfarm payroll employment gained by 559,000 in May, the Bureau of Labor Statistics reported.
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