Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner:
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Week of Nov. 29-Dec. 3 (hot rolled coil prices, Alcoa announces smelter restart and more)
- Christopher Rivituso on a drop in European hot rolled coil prices.
- General Motors recently announced it bought a 25% stake in Pure Watercraft, a Seattle-based firm that focuses on “all-electric boating solutions.”
- Almost two years after its nickel ore export ban went into effect, Indonesia’s president indicated the country could impose nickel and copper concentrate export bans.
- Alcoa said the joint venture Portland Aluminium smelter in Australia will restart after having remained idle since 2009.
- The U.S. steel capacity utilization rate for the week ending Nov. 27 fell to 83.2%.
- The CEO of Chilean copper giant Codelco said copper prices could dip next year.
- Meanwhile, oil prices lost significant ground this week, with Brent crude dipping below $70 per barrel at points.
- Lastly, Russian steel group NLMK is boosting capacity at its Mill 1000 hot rolling facility.
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