This Morning in Metals: China auto sales drop 9.4% year over year

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This morning in metals news: auto sales in China fell by 9.4% on a year-over-year basis; meanwhile, Norsk Hydro is exploring new renewable hydrogen projects; and, lastly, ArcelorMittal reported its Q3 2021 results, including its strongest net income figure since 2008.

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China auto sales down 9.4%

cars on the road in Shanghai, China

eyetronic/Adobe Stock

China auto sales fell by 9.4% year over year in October, the China Association of Automobile Manufacturers reported. October sales totaled 2.3 million vehicles.

However, the October sales total rose by 12.8% month over month. Sales increased on a month-over-month basis for the second straight month on the heels of five straight months of month-over-over month declines.

Sales in the year to date totaled 20.1 million vehicles, up 6.4% year over year.

Hydro, Shell to explore renewable hydrogen

Oslo-based Norsk Hydro announced it is working with Shell New Energies Holding Europe B.V. to explore potential joint renewable hydrogen projects.

“The ambition is to use the hydrogen to help decarbonize Hydro’s and Shell’s own operations, and to supply customers in heavy industries, the maritime sector and road transport,” Hydro said.

Hydro aims to reduce its carbon emissions by 30% by 2030.

ArcelorMittal releases Q3 results

Meanwhile, steelmaker ArcelorMittal reported Q3 net income of $4.6 billion, its highest quarterly total since 2008.

The Q3 mark increased from $4.0 billion in Q2 2021 and a loss of $261 million in Q3 2020.

For the first nine months of 2021, net income totaled $10.9 billion, up from a loss of $1.9 billion during the same period in 2020.

The steelmaker produced 17.2 million tons of crude steel in the quarter, down from 17.8 million the previous quarter. Total iron ore production reached 13.0 million tons, up from 11.2 million tons in Q2 2020.

“The outlook remains positive: underlying demand is expected to continue to improve; and, although marginally off the recent record highs, steel prices remain at elevated levels, something which will be reflected in the annual contracts for 2022,” CEO Aditya Mittal said in the earnings report.

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