This morning in metals news: Chilean firm Antofagasta announced its second-quarter production results; Brent crude oil prices were down 20% in Q1 2020 compared with Q1 2019; and Alcoa announced a new deal to supply low-carbon rolling slabs.
Possibly as much to OPEC+’s surprise as the wider market, their deep cuts to output of just a few months ago are already bearing fruit.
This morning in metals news: Rio Tinto released its second-quarter production results; steel industry groups want infrastructure to be added to the U.S.’s next stimulus bill; and reported plans to replace furnaces at Tata Steel’s Port Talbot plant have raised worries that thousands of jobs could be lost in the process.
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 silver prices, LME off-warrant stocks, cobalt-free lithium-ion batteries and more:
This morning in metals news: Toyota will reportedly source electrical steel sheet from China’s Baowu Steel; Nevada Copper is requesting a financial hardship exemption; and iron ore continues to soar.
This morning in metals news: the U.S. steel sector’s capacity utilization rate ticked up this past week; a steel processing company plans to open a new facility in Kentucky on Nucor’s campus; and China’s demand for iron ore from Australia has persisted, despite trade tensions between the two countries.
Before we head into the weekend, let’s take a look at the week that was and some of the metals storylines here on MetalMiner:
- MetalMiner’s Stuart Burns interviewed Stratfor’s Rodger Baker on the state of U.S.-China trade tensions.
- U.S. automotive sales remained down last month but have shown some signs of an incremental recovery.
- Burns weighed in on LME load-out queues and physical delivery premiums for aluminum.
- May construction spending fell 2.1% from the previous month.
- A rare earths processing facility recently opened in Colorado.
- India has put a number of coal mines up for auction.
- Gold prices have been on a tear of late.
- Burns outlined ArcelorMittal’s plan to reach net-zero emissions by 2050.
This Morning in Metals: Norsk Hydro’s Alunorte signs deal to research feasibility of low-carbon cement from bauxite residue
This morning in metals news: Norsk Hydro’s Alunorte alumina refinery has signed a deal with the Federal University of Pará; a decline in petroleum demand yielded a rise in crude inventories this spring; and U.S. hires reached 6.5 million in May.
India’s coal sector is in the limelight following a series of recent government decisions.
A new study by data analytics company GlobalData shows that India and a few other countries would step in to bolster an anticipated about 7.8% drop in U.S. coal production this year.
This morning in metals news: the Chinese province of Henan will raise its fees for steel and cement producers that do not meet low-emissions targets; BMO says the copper concentrate market will tighten this year; and the Oyu Tolgoi project took another step forward this past week.