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 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.
Airbus has risen to rival Boeing to form a duopoly despite the plane maker operating across multiple countries and, even before the pandemic, facing problems of scale, fragmentation and lack of profitability.
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.
The Automotive Monthly Metals Index (MMI) held flat this month.
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.
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 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.
This morning in metals news, U.S. imports of steel were down 20% through the first four months of the year, a primary aluminum production plant in Brazil part-owned by Norsk Hydro is restarting after an earlier power outage and China is importing U.S. copper concentrate after Chinese companies won tariff relief.
Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner: