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:
Week in Review: Industrial production rises; Liberty Steel invests in the future; MW aluminum premium spikes
This Morning in Metals: Aluminum sector CEOs express opposition to return of Section 232 aluminum tariff for Canada, Mexico
This morning in metals news: CEOs across the aluminum industry supply chain sent a letter to United States Trade Representative Robert Lighthizer to voice their opinion about a potential reimposition of aluminum tariffs on aluminum from Canada and Mexico; the International Aluminum Institute recently released global production figures for May; and the Energy Information Administration said U.S. oil and natural gas production hit record highs last year.
While most steelmakers are struggling for survival, Liberty Steel Group UK (LSUK) is pushing on with ambitious plans to double production and expand into new areas.
India has imposed definitive anti-dumping duty on certain steel products imported from China, South Korea and Vietnam after an investigation established these items caused injury to domestic producers.
This morning in metals news: U.S. steel imports were down by nearly one-fifth during the January-May period; India has imposed duties on some steel products imported from China, Korea and Vietnam; and imports of oil country goods are down significantly this year.
Although demand and overall economic activity in China has begun to recover in recent weeks, overall global steel production in May remained down compared with May 2019 levels.
As much as China would have the rest of the world believe it has the coronavirus beat, both the authorities and the economy are acutely sensitive to the possibility of a resurgence.
This morning in metals news, thousands of Ford Motor Co. employees who have been working remotely as a result of the coronavirus pandemic might be allowed to continued doing so during the remainder of the year, Chinese coal imports dropped in May and Chinese steel rebar prices lost some ground on oversupply concerns.
This morning in metals news, the Bureau of Labor Statistics reported prices of U.S. imports increased in May, Alcoa will begin the formal process of dismissing employees at the San Ciprián aluminum smelter, and India wants its oil and gas producers to use more domestically produced steel.
This morning in metals news, the U.S. steel sector’s capacity utilization rate moved up from the previous week, Australia’s Pilbara Ports Authority recently released shipping data for May and Tesla reportedly plans to expand its cobalt supply relationship with Glencore.