Week in Review: Aluminum prices plunge; U.S., E.U. reach Section 232 deal; magnesium shortages add to supply chain woes

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:
MetalMiner has launched a full suite of precious metals as part of the MetalMiner Insights platform. This includes a complete suite of catalytic converter precious metals, which are particularly useful for automotive end-use applications.

Week of Nov. 1-5 (aluminum prices, a Section 232 deal and much more)

• Stuart Burns touched on the latest supply chain challenge for metals producers: magnesium shortages.
• The U.S. and E.U. have reached an agreement that will see to an at least partial rollback of Section 232 tariffs in favor of a tariff-rate quota system for both steel and aluminum.
• Burns delved further into the Section 232 deal, particularly language regarding cooperation on sustainability.
• After peaking in mid-October, aluminum prices have since plummeted by 20%.
• U.S. steel capacity utilization fell to 84.3% last week, the American Iron and Steel Institute reported.
• Sohrab Darabshaw checked in on the COP26 summit in Glasgow, during which Chinese President Xi Jinping called for all countries to take stronger action on climate change.
• Christopher Rivituso outlined recent Tata Steel developments in the U.K. and the Netherlands.
• U.S. Steel reported net earnings of $1.54 billion in Q3.
• Icelandic firm Carbfix is implementing a process that can be used to capture carbon from mining and smelting operations.
• In the second part of his series on the properties of Bitcoin and gold, Nick Athanis takes a look at Bitcoin with respect to the properties of durability, portability and uniformity.
• ELYSIS, a joint venture of Alcoa and Rio Tinto, announced progress toward the production of carbon-free aluminum.
• Nichole Bastin recapped the month that was for the aluminum market in the latest installment of the Aluminum Monthly Metals Index.
• Oil prices have dipped to their lowest in about four weeks, closing Thursday below $80 per barrel.
• Circling back to aluminum, Burns analyzed a report indicating Russia could put an end to its aluminum export tax next month.

Are you under pressure to generate steel cost savings? Make sure you are following these five best practices.