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 Aug. 30-Sept. 3
- The Port of New Orleans, the fourth-largest port in the U.S., closed earlier this week after Hurricane Ida made landfall on Sunday. The port announced a return to normal condition Wednesday.
- E.U. apparent steel consumption showed signs of recovery in Q4 2020 and Q1 2021.
- Amid the holiday season, hot rolled coil prices in Western Europe have taken a break from price rises.
- The U.S. steel sector posted a capacity utilization rate of 84.9% last week, the American Iron and Steel Institute reported.
- Jindal Steel plans to invest $2.4 billion to boost capacity over the next six years.
- South African platinum and palladium producer Sibanye-Stillwater released its financial results and commented on rising battery metals demand.
- U.S. construction spending increased in July, the Census Bureau reported.
- New orders for manufactured goods picked up in July, marking increases in 14 of the last 15 months.
- U.S. automotive sales slowed in August amid low inventory and the ongoing chips shortage.
- Pre-Labor Day retail gasoline prices are at their highest level since 2014.
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