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

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

aluminum ingot

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  • 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.

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