Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner:
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Week of July 12-16 (Chinese steel exports, CPI rises, cobalt recovers and much more)
- Copper prices have consolidated, Maria Rosa Gobitz explained in this month’s Copper MMI report.
- Stuart Burns overviewed developments in China’s steel sector.
- U.S. construction spending fell from April to May, the Census Bureau reported.
- General Motors reported a Q2 sales rise of 5.2% in China.
- European aluminum producers argue the E.U.’s Carbon Border Adjustment Mechanism will hurt them.
- The United Steelworkers Union and Allegheny Technologies Inc. (ATI) reached a tentative deal July 2 to end a three-month strike, a deal they went on to officially ratify July 13.
- A shipment of mixed rare earth carbonate is the first in a new E.U.-U.S. rare earths supply chain.
- The Consumer Price Index for All Urban Consumers rose by 0.9% in June.
- Steel prices remain elevated.
- Chinese steel prices have recovered after dropping on the heels from Beijing’s warnings to speculators.
- ArcelorMittal aims to make its Sestao plant in Spain the “world’s first full-scale zero carbon-emissions steel plant.”
- Gold prices took a fall in June but have bounced back in the first half of July.
- After plunging through the first two-thirds of the second quarter, cobalt prices turned around in June and into July.
- U.S. import prices rose by 1.0% in June.
- Meanwhile, much of the steelmaking capacity in the Chinese steelmaking hub of Tangshan is reportedly back online after earlier restrictions, Sohrab Darabshaw writes.
- Lastly, Chinese steel exports rose in June compared with the previous month.
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