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Aluminum Rises Due to Brazilian Supply; Alcoa, Rusal Cutbacks

Aluminum Rises Due to Brazilian Supply; Alcoa, Rusal Cutbacks

Production cuts buoyed aluminum Thursday on the LME. In Brazil, aluminum companies producing at the lowest level in 12 years as threats of summer energy rationing shutdowns continue to plague that market. Alcoa Inc. said it will cut output at its smelter in Geelong, Australia, and Russia’s UC Rusal, the biggest producer, said its output would fall to the lowest in at least eight years, according to Bloomberg News.

US Steel Shutdowns Could Lead to Supply Disruptions

US Steel Shutdowns Could Lead to Supply Disruptions

Limited supply in the Midwest could push steel prices higher as the traditional domestic construction season gets underway. US Steel’s Gary, Indiana, works, is curtailing production with its blast furnaces down due to ice conditions on the Great Lakes. A separate, unplanned outage continues at US Steel’s Great Lakes Works, due to repairs.

Aluminum Surges as Buyers Empty LME Warehouse Stock

Aluminum Surges as Buyers Empty LME Warehouse Stock

Aluminum headed for the biggest weekly gain on the LME since November 2012 yesterday as orders to withdraw the metal from warehouses surged while producers began to cut output. Warehouse withdrawals, known in the industry as canceled warrants, jumped the most this week since December 2012, Bloomberg News reported.

If Russia is Sanctioned, China Would Pick Up Nickel Business

If Russia is Sanctioned, China Would Pick Up Nickel Business

Russian companies selling to Europe and the US would switch to buyers in China if the US and EU sanction Russia according to a Bloomberg News survey of industry insiders. China is the largest consumer of nickel, said eight out of 12 nickel producers, traders and analysts in the Asia-Pacific region.

Hot-Rolled Coil Up, US Steelmakers Contemplate Price Hikes

Hot-Rolled Coil Up, US Steelmakers Contemplate Price Hikes

On Wednesday the US HRC futures contract 3-month price experienced the biggest change, rising 1.6 percent to $645.00 per short ton. After a 1.1 percent increase, the spot price of the US HRC futures contract finished the day at $646.00 per short ton.

Copper Down on the LME After Rally, Chinese Liquidity Still the Culprit

Copper Down on the LME After Rally, Chinese Liquidity Still the Culprit

After a few days of rebounding prices, copper fell on the LME Wednesday, losing much of its previous gains and further fueling fears that surplus copper held in China will keep prices low for much of 2014. China is not only the world’s largest consumer of the red metal, but estimates have fluctuated wildly about just how much of it is being housed in the Shanghai Warehouse District as investment collateral by banks and financial institutions.

Outokumpu to Keep ThyssenKrupp’s German Stainless Plant Open in 2015

Stainless steelmaker Outokumpu agreed last week to push back the planned closure of its plant in Bochum, Germany until at least August 2015 and offer its workers compensation as well as jobs elsewhere. Outokumpu said in February it had scrapped plans to shut the plant, which it bought as part of its acquisition of German steelmaker ThyssenKrupp’s stainless steel business last year.

Indian Steelmakers Cut Prices; Schumer, Nucor Want Steel Import Duties

Indian Steelmakers Cut Prices; Schumer, Nucor Want Steel Import Duties

Another week of import duty talk and price cuts did not have much effect on the steel markets. U.S. Sen. Charles Schumer visited Nucor Steel in Auburn, New York, last […]

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