This Morning in Metals: South Korean steelmaker POSCO reports strong Q2

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This morning in metals news: South Korean steelmaker POSCO reported its strongest operating profit in Q2 since Q3 2010; the United States International Trade Commission made a determination regarding steel wire mesh from Mexico; and, lastly, tin prices have been soaring.

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POSCO records strong Q2

POSCO logo

Dennis/Adobe Stock

South Korean steelmaker POSCO reported its strongest operating profit since 2010 in the second quarter of this year.

The steelmaker reported Q2 2020 operating profit of 168 billion KRW ($145.6 million), which jumped to 2,201 billion KRW ($1.9 billion) in Q2 2021.

Crude steel production reached 9.45 million tons in Q2 at a capacity utilization rate of 93.2%. Meanwhile, the steelmaker tallied 9.56 million tons in Q1 at a rate of 95.3%.

However, the Q2 rate marked a sizeable jump from the second quarter of 2020, when output reached 7.79 million tons at rate of 77.0%.

USITC rules on steel wire mesh imports

The United States International Trade Commission recently issued a determination regarding imports of standard steel welded wire mesh from Mexico.

The USITC said domestic injury is materially injured by imports of the product. The Department of Commerce had already determined the product has been sold into the U.S. at less than fair value.

The Department of Commerce will now issue an anti-dumping duty order.

Tin price surges

The tin price has been ascendant this past month, closing Thursday at $33,564 per metric ton.

The LME three-month price is up 11.62% month over month. After falling to just under $30,000 per metric ton on June 21, the price has recovered steadily since then.

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