This Morning in Metals: US steel capacity utilization dips to 84.3%

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This morning in metals news: U.S. steel capacity utilization dipped to 84.3% last week; the OECD reported global foreign direct investment (FDI) flows rebounded during the first half of 2021; and, lastly, the United States International Trade Commission conducted a five-year sunset review of duties on alloy magnesium from China.

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Steel capacity utilization down to 84.3%

steel production

photollurg/Adobe Stock

U.S. steel capacity utilization for the week ending Oct. 30 fell to 84.3%, the American Iron and Steel Institute reported.

Steel output during the week totaled 1.86 million net tons, or down 0.5% from the previous week.

Meanwhile, for the year to date, production is up 20.3% to 78.9 million net tons.

OECD: FDI flows recover in 2021

According to a report from the Organization for Economic Cooperation and Development (OECD), global flows of foreign direct investment (FDI) bounced back in the first half of this year.

FDI flows in H1 2021 reached U.S. $870 billion, more than doubling FDI flows in H2 2020.

China came in as the top recipient of FDI worldwide, followed by the United States and the United Kingdom.

“The signs of a recovery are apparent, supported by a flurry of cross-border deals, although growth prospects remain weak in many emerging markets and developing economies as announced greenfield projects continue to decline,” OECD reported. “New investment activity in advanced economies grew slightly, mainly driven by announced projects in the healthcare and manufacturing sectors.”

USITC makes sunset review of alloy magnesium

In a five-year sunset review of imports of alloy magnesium from China, the USITC determined revoking existing antidumping duties would “lead to continuation or recurrence of material injury.”

As a result, the antidumping duties will remain in place.

Recently, MetalMiner’s Stuart Burns has delved into alloy magnesium and the impact of shortages therein on the steel and aluminum markets.

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