The U.S. Department of Commerce. qingwa/Adobe Stock
This morning in metals news, the U.S. International Trade Commission (USITC) made a negative determination in the ongoing anti-dumping probe of fabricated structural steel imports, the Pilbara Ports Authority released January shipment data and Norsk Hydro will offer aluminum solutions for ships under construction for a Norwegian shipowner.
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This morning in metals news, stock markets took heavy losses Monday, U.S. raw steel production is up 1.1% in the year to date and concerns abound regarding workers at Baowu Steel’s Wuhan plant amid the coronavirus outbreak.
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This morning in metals news, the U.S. steel sector’s capacity utilization checked in at 82.1% for the year to date, General Motors is working to transform its international operations, and copper prices have shown some upward momentum so far this month.
Not surprisingly, the steel sector in China is one of many going through acute uncertainty at the moment over fears the coronavirus spreading from Wuhan is still not under control.
As a result, it is becoming increasingly apparent steel demand is going to be down for some time to come.
The popular wisdom was this virus would peak in a week or so and a falling rate of infection would encourage relaxation of travel bans and some return to normality.
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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: U.S. steel prices, 2019 metals sector M&A activity, palladium prices, the copper market amid the coronavirus outbreak, the British automotive sector and more.
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This morning in metals news, U.S. Steel recently underwent another round of layoffs, Braidy Industries‘ new CEO said the company still needs $500 million for its Kentucky aluminum mill, and the Aluminum Association announced its new president and CEO.
The Stainless Steel Monthly Metals Index (MMI) gave up five points this month, setting the value back to 70.
LME nickel prices dropped slightly below the $13,000/mt price level in late January when industrial metals prices, generally speaking, declined as markets reacted to China’s coronavirus situation.
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This morning in metals news, Novelis Inc. reported its quarterly financial results, steel trade in China slows amid coronavirus fears and India’s carbon emissions are projected to soar over the next 30 years.
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This morning in metals news, Norsk Hydro unveiled its Q4 and full-year 2019 financial results, Nippon Steel projected a net loss of $4 billion for the recent fiscal year, and President Donald Trump’s new tariffs on steel and aluminum derivatives took effect over the weekend.
The Raw Steels Monthly Metals Index (MMI) gave up some of last month’s gains with a one-point drop to 71 (following a three-point increase to 72 last month).
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Recent U.S. steel price increases flattened out in January, while plate prices dropped back somewhat from recent price highs.