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:
Fouad Egbaria
This Morning in Metals: Copper prices surge this week
This morning in metals news, copper prices looked to be on their way to their largest weekly gain in over a year, U.S. Steel has begun the process of indefinitely idling its Lorain Tubular Operations and miner Freeport-McMoRan released its 2019 Annual Report on Sustainability.
Construction MMI: U.S. construction spending falls 2.9%, housing starts drop 30.2%
The Construction Monthly Metals Index (MMI) gained 2.9% this month.
This Morning in Metals: U.S. goods and services trade deficit hits $49.4B in April
This morning in metals news, the U.S.’s trade deficit in goods and services rose in April, the China Iron and Steel Association expects Vale to ramp up iron ore exports to China this year and General Motors CEO Mary Barra expects the automaker’s production levels to return to nearly pre-coronavirus levels by the end of June.
Automotive MMI: U.S. automakers restart production after two-month suspension
The Automotive Monthly Metals Index (MMI) held flat this month.
This Morning in Metals: Constellium signs 10-year deal with Airbus
This morning in metals news, Constellium has inked a long-term contract with plane manufacturer Airbus, the U.S. Department of Commerce has launched a Section 232 investigation related to imports of vanadium and Chinese rebar prices have reached a nine-year high.
U.S. steel mills post capacity utilization rate of 53.8% last week
The U.S. steel sector operated at a capacity utilization rate of 53.8% for the week ending May 30, the American Iron and Steel Institute (AISI) reported.
This Morning in Metals: Hydro to launch JV for electric vehicle battery recycling
This morning in metals news, aluminum maker Norsk Hydro recently announced the formation of a joint venture that will aim to recycle electric vehicle batteries, the Aluminum Association reiterated its stance on the need for an aluminum import monitoring system and a Dutch bank says gold prices are expected to drop.
This Morning in Metals: GM to ramp up production of pickups, SUVs
This morning in metals news, General Motors is planning to increase production of its popular pickups and SUVs, U.S. Steel announced a long-term iron ore supply deal, and copper prices have made some gains today.
World Steel Association: April global crude steel production drops 13%
Global crude steel production in April fell 13% compared to April 2019 production, the World Steel Association recently reported.