This Morning in Metals: Norsk Hydro, Panasonic, Equinor extend battery partnership

This morning in metals news: Norsk Hydro announced it is extending its partnership with Equinor and Panasonic; meanwhile, North American Stainless earlier this month issued a flat product price announcement; and, lastly, aluminum prices remain elevated.
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Norsk Hydro extends battery partnership

Norsk Hydro
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Oslo-based aluminum maker Norsk Hydro yesterday announced it is extending its partnership with Panasonic and Equinor to create a joint European battery business.
“The strategic partnership will continue to develop the business case for a sustainable and cost-competitive European battery business,” Norsk Hydro said in a release.
“The joint battery initiative has refined possible Norwegian site locations for a potential European battery business to a handful. At the same time, the project will be looking at alternative locations in the European Union.”

NAS issues price announcement

Earlier this month, North American Stainless announced several price changes for its products.
The price changes included:

  • Increase of cold rolled by reduction of functional discount by 1 point on 304, 304L and 316L alloys
  • Increase of cold rolled by reduction of functional discount by 2 points on all other alloys
  • Cold rolled non-430 ferritic alloys increase of $0.08/lb
  • Hot rolled products ≥ 3/16” increase by $0.04/lb
  • Hot rolled products < 3/16” will increase by $0.08/lb
  • Gauge extra for all alloy versions of 201 and 301 produced to a thickness of 20ga and lighter will increase from $0.10/lb to $0.15/lb

Aluminum price remains hot

Meanwhile, aluminum prices continue to remain elevated, even as fellow base metal copper has cooled off.
The LME three-month aluminum price closed Wednesday at $2,630 per metric ton, or up 5.03% month over month.
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