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 Sept. 20-24 (China’s property market and steel prices, global copper mine production and much more)
- ArcelorMittal announced plans to invest $800 million toward expanding its iron ore production in Liberia.
- Meanwhile, Rio Tinto aims to triple solar capacity at its Weipa bauxite mine.
- Global copper mine production rose by 4.9% during the first half of the year, the International Copper Study Group reported.
- Nucor is evaluating locations for a new sheet mill with capacity of 3 million tons.
- Stuart Burns on skyrocketing natural gas prices and the implications for steel producers.
- Iron ore prices have taken a sharp fall since earlier this year.
- Ford Motor Co. is collaborating with battery materials company Redwood Materials on closed-loop battery recycling and development of a domestic battery supply chain.
- U.S. steel capacity utilization fell to 84.9% last week, the American Iron and Steel Institute reported. While the pace of gains has slowed, U.S. steel prices continue to rise.
- Burns took a look at the precarious situation at Chinese real estate developer Evergrande Group and what it could mean for steel prices.
- Alcoa will restart an aluminum smelter in Brazil that had been idled since 2015. Aluminum prices this week soared to a 13-year high.
- Single-family housing starts fell in August, the Census Bureau reported.
- Lastly, Mercedes-Benz, Stellantis and TotalEnergies are each taking a 33% stake in battery cells manufacturer Automotive Cells Company.
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