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This morning in metals news, Arconic Corporation announced it expects to resume operations at its Tennessee facility this week, BHP is looking to expand its iron ore exports from the Port Hedland terminal and China Baowu Steel Group surpassed ArcelorMittal in 2019 as the world’s top steel producer.
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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 coverage of: a potential copper find in Cornwall; the automotive sector’s struggles; falling oil prices; rising aluminum production and much more.
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This morning in metals news, U.S. steel import levels increased from February to March, new home sales declined and BHP reviewed its operations for the nine-month period ending March 31.
Rio Tinto recently released its Q1 production results, a quarter in which the coronavirus outbreak overwhelmed health systems, disrupted supply chains and led to downward revisions of economic growth forecasts.
Even so, Rio Tinto’s production levels, while down compared with Q4 2019, were up on a year-over-year basis (i.e., compared with Q1 2019).
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Well, it happened: negative oil.
As we wrote some weeks ago, the possibility of negatively priced oil has become a reality. Producers desperate to make delivery against CME contracts have been forced to pay leaseholders on space at the Cushing oil depot to take deliveries off their hands.
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This morning in metals news, Brazilian miner Vale’s iron ore production dropped 18% in Q1, U.S. total energy exports exceeded imports in 2019 and China has imposed new scrap import quotas.
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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 coverage of: steel prices; container traffic trends; housing starts; oil prices; E.U. anti-dumping duties on stainless steel; and much more.
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The president tweeted and the world’s media rushed out news reports on Sunday that a deal had been reached between Saudi Arabia, Russia, OPEC and the U.S., a deal that would reduce oil output by nearly 10 million barrels a day to support prices and save oil-producing countries’ budgets.
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This morning in metals news, Great Lakes steel production plummets, Northshore Mining on Minnesota’s Iron Range is being idled through August and the Pilbara Ports Authority recently reported March port data.
Like its metals markets, India’s mining sector is in a state of turmoil because of the ongoing COVID-19 pandemic.
A new report by data analytics company GlobalData has forecast India’s iron ore exports will decline by around 25% to 23.3 million metric tons in 2020 due to the coronavirus outbreak, the closure of ports, shortage of workers and transport restrictions.