This Morning in Metals: US import prices rise by 1.0% in June
This morning in metals news: import prices rose by 1.0% in June; Saudi Arabia and the United Arab Emirates have reportedly reached a deal to resolve their recent oil output spat; and, lastly, Norsk Hydro recently announced the restart of its aluminum extrusion plant in Sjunnen, Sweden.
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US import prices rise by 1.0%
U.S. import prices rose by 1.0% in June, the Bureau of Labor Statistics reported.
Import prices had jumped by 1.4% in May.
“Rising prices for fuel and nonfuel imports contributed to both the June and May advances,” the BLS reported.
Meanwhile, U.S. export prices increased by 1.2% in June after rising by 2.2% in May.
Saudi Arabia, UAE reportedly reach deal
Recently, MetalMiner’s Stuart Burns weighed in on a rare public disagreement between OPEC partners, this time between Saudi Arabia and the United Arab Emirates.
“Saudi Arabia and the other 23 members of OPEC+ are in agreement to increase production by a modest 400,000 barrels per day each month from August to December,” he wrote. “They would then extend the current baseline cuts from the scheduled end in April 2022 to December 2022.
“But the UAE has been a standout dissenter, according to the Financial Times. Under the proposed OPEC+ deal, the UAE would proportionally cut its production by 18%. That compares with a 5% cut for the kingdom and a 5% increase for Russia.
“The UAE said it has suffered with around 35% of its current production capacity shut for two years now, compared with an average of around 22% for others in the agreement.”
Meanwhile, this week, Saudi Arabia and the UAE have reportedly reached a deal to resolve the spat, Reuters reported.
Norsk Hydro restarts Sweden extrusion plant
Elsewhere, Oslo-based Norsk Hydro recently announced plans to restart its previously idled aluminum extrusion plant in Sjunnen, Sweden.
“The press operations in Sjunnen, Sweden that was idled a few years ago will be reopened,” Norsk Hydro said. “The plant will be fully operational during the fall of 2021 and increases Hydro Extrusions Sweden’s capacity of aluminium profiles made with recycled aluminium by approximately 20%.”
The company said it decided to reopen the plant in response to increasing demand for “low-carbon aluminium profiles across all industries where Hydro Extrusions operates.”
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