Articles in Category: Automotive

This morning in metals news: global aluminum production rose in June compared to last year, the International Aluminum Institute reported; Ford of Europe reported its Q2 sales; and, lastly, June electricity demand surged amid a heat wave in the Pacific Northwest.

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Global aluminum production rises in June

aluminum ingot

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Global aluminum production reached 5.55 million tons in June, the International Aluminum Institute reported Tuesday.

The June total marked an increase from 5.31 million tons in June 2020. However, output declined from the 5.75 million tons tallied in May 2021.

Furthermore, China’s output reached an estimated 3.25 million tons in June 2021, up from 3.03 million tons in June 2020. However, its output declined from May’s 3.35 million tons.

Ford reports Q2 Europe sales

Meanwhile, Ford of Europe touted sales of 242,618 vehicles in Q2 2021, up 43.7% year over year.

For the year to date (through June), Ford of Europe reported sales jumped 22.6% year over year.

According to the automaker, 46% of its passenger vehicle sales in Euro 20 countries in the second quarter were electric vehicles.

Electricity demand jumps in PNW

Amid a historic heat wave for the Pacific Northwest in June, electricity demand surged, the Energy Information Administration reported.

“A heat wave in the Northwest United States in late June led to more regional demand for electricity. During periods of high temperatures, electricity demand increases as people turn up their air conditioners, dehumidifiers, fans, and other cooling equipment,” the EIA reported. “Very high temperature events, like the one in June in the Northwest, tend to push electricity demand to very high levels.”

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This morning in metals news: General Motors reported strong Q2 sales in China; miner Anglo American said it had completed its first maritime biofuel trial; and, lastly, the copper price has trended sideways so far in July.

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General Motors reports strong China sales in Q2

General Motors headquarters

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General Motors reported its Q2 sales with its joint ventures in China rose by 5.2%.

The automaker said vehicle deliveries totaled more than 750,000.

“The growth was driven by luxury and premium vehicles, midsize/large SUVs and MPVs, including the Cadillac CT5 and XT6, and Buick LaCrosse, Enclave and GL8 family,” GM said. “Sales of new energy vehicles (NEVs) across GM’s brands also posted a strong performance.”

GM also touted the expansion of its Ultium platform to China.

“In addition to offering popular EVs underpinned by SAIC-GM-Wuling’s locally developed GSEV platform, GM is bringing to China its advanced global EV platform – Ultium – which will empower a range of multi-brand and multi-segment EVs,” GM said. “The first Ultium-based model for China, the Cadillac LYRIQ all-electric SUV, made its global public debut at Auto Shanghai 2021, before it goes on sale early next year.”

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Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including coverage of aluminum prices, U.S. auto sales, a Saudi-Emirati oil output spat and much more:

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Week of July 5-9 (aluminum prices, U.S. auto sales and much more)

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This morning in metals news: the United Steelworkers union this week announced it had reached a tentative deal with Allegheny Technologies Inc. (ATI) to end a three-month strike; meanwhile, Ford China’s sales rose by 24% in the first half of the year; and, lastly, the U.S. and Mexico announced a course of remediation under the United States-Mexico-Canada Agreement (USMCA) Rapid Response Labor Mechanism.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

USW announces tentative deal to end ATI strike

strike

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The United Steelworkers union in late March announced a strike at nine ATI facilities, citing “unfair labor practices.”

About three months later, that strike appears to be at an end.

The union this week announced it had reached a tentative deal on a four-year contract with ATI to end the labor stoppage.

“Broadly, the proposed agreement provides lump sum payments, meaningful wage increases and maintains a premium-free health insurance plan for union members without establishing a permanent lower tier of benefits for new hires,” the USW said in a release earlier this month.

“If the proposed agreement is ratified, the recall process would begin immediately, and USW members are expected to return to work shortly after the ratification process is complete.”

Ford China touts sales rise

Ford China reported its first-half sales jumped by 24%.

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The Automotive Monthly Metals Index (MMI) slipped by 0.7% for this month’s index reading, as U.S. auto sales surged in June and Q2.

July 2021 Automotive MMI chart

 

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US auto sales

auto sale

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Among the top automakers, General Motors reported its Q2 sales in the U.S. market jumped by 40% year over year.

GM reported sales of 688,236 vehicles in the quarter.

The automaker touted continued robust demand but also noted the ongoing strain on supply stemming from the global semiconductor shortage.

“The U.S. economy is accelerating, consumer spending is robust and jobs are plentiful,” said Elaine Buckberg, GM chief economist. “Consumer demand for vehicles is also strong, but constrained by very tight inventories. We expect continued high demand in the second half of this year and into 2022.”

Meanwhile, Ford Motor Co. reported retail sales fell by 32.5% in June. Retail truck sales dropped by 34.4%, while SUV sales dipped by 17.8%.

Ford’s electric vehicle sales rose by 117% in June. Furthermore, illustrative of strong demand and constrained supply, Ford said average transaction prices are up by $6,400 from a year ago to $47,800.

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This morning in metals news: U.S. steel capacity utilization rose to 83.0% last week; meanwhile, the U.S. Department of Commerce is now requiring and collecting aluminum import licenses; and, lastly, General Motors said it will source U.S.-based lithium.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Steel capacity utilization reaches 83.0%

hot rolled steel

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The U.S. steel capacity utilization rate reached 83.0% last week, the American Iron and Steel Institute reported.

Steel production during the week totaled 1,842,000 net tons. The output marked an increase of 0.4% from the previous week and a 41.0% jump year over year.

Furthermore, output in the year to date reached 46,896,000 net tons at a steel capacity utilization rate of 79.0%.

DOC to collect aluminum import licenses

As part of the Aluminum Import Monitoring system, the Department of Commerce recently announced it began requiring and collecting aluminum import licenses as of June 28.

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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.

This week, we touched on the USMCA (which turned 1 on Thursday), Stuart Burns covered the relationship between inventory levels and metals demand, and much more.

On the USMCA — which went into effect July 1, 2020, almost four years after NAFTA talks began — United States Trade Representative Katherine Tai offered some comments this week on the occasion.

“We should also celebrate the USMCA because of what it represents: a renewed commitment by our three countries to pursue negotiations that raise standards and create a race to the top,” she said.

Furthermore, USMCA trade ministers will meet in Mexico City on July 7 to commemorate the one-year anniversary of the trade agreement.

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Week of June 28-July 2 (USMCA, metal stock levels and more)

USMCA

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  • The global lead and zinc markets were in surplus through the first four months of 2021, the International Lead and Zinc Study Group said.
  • Meanwhile, GDP rose in all 50 states in the first quarter, the Bureau of Economic Analysis (BEA) reported.
  • In addition, Stuart Burns covered Russia’s plans to impose export taxes on key metals.
  • U.S. steel capacity utilization for the week ending June 26 reached 82.7%, the American Iron and Steel Institute reported.
  • The U.S. Court of International Trade made a ruling affirming duty levels set by the Department of Commerce with respect to heavy walled rectangular steel pipes and tubes from Korea.
  • Burns on the loss of support for the zinc price.
  • The E.U. voted to extend steel safeguards, originally imposed in 2018, for an additional three years.
  • The USMCA Labor Council convened for the first time, pursuant to the 1-year-old agreement’s chapter on labor.
  • Think stock levels are a reliable indicator of true metals demand? Think again.
  • Norsk Hydro has signed a letter of intent to build an aluminum recycling plant in Michigan.
  • Meanwhile, the United States-Mexico-Canada Agreement, or USMCA, hit the one-year mark this Thursday.
  • The U.S. goods and services deficit rose in May from the previous month.
  • Lastly, for subscribers, the MetalMiner Monthly Outlook for July is now available.

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This morning in metals news: the U.S. goods and services deficit rose by $2.2 billion in May; meanwhile, new orders for manufactured goods rose in May; and, lastly, Ford Motor Co. released its June sales results.

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US goods and services deficit increases in May

U.S. trade

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The U.S. goods and services deficit rose by $2.2 billion in May to $71.2 billion, the Census Bureau reported.

The deficit increased from $69.1 billion the previous month.

Furthermore, May exports reached $206.0 billion, or up $1.3 billion from the previous month. Meanwhile, May imports reached $277.3 billion, or up $3.5 billion.

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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, including a fall in commodity prices, aluminum market supply and much more:

commodities graphic

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Week of June 21-25 (commodity prices, aluminum market and more)

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Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner:

Stop obsessing about the actual forecasted nickel price. It’s more important to spot the trend. See why.

Week of June 14-18 (Boeing-Airbus dispute, copper prices and much more)

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