Articles in Category: Ferrous Metals

zerophoto/Adobe Stock

This morning in metals news, aluminum maker Alcoa released its financial results for Q4 and 2019, an Ohio steel plant touts investment that it says will bring new jobs and a Pittsburgh-based metals manufacturer says it will have to close a facility unless it wins a steel tariff exemption.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

Alcoa releases quarterly financials

Aluminum maker Alcoa reported a net loss of $303 million ($57 million excluding special items) in Q4 2019.

Fourth-quarter revenue came in at $2.4 billion, down from $2.6 billion the previous quarter and $3.3 billion in Q4 2018.

“In 2019, we acted to further strengthen Alcoa, completing the divestiture of uncompetitive assets, modernizing labor agreements in three countries, implementing a new operating model, and making quick progress on the asset review process we announced last quarter,” Alcoa President and CEO Roy Harvey said.

“While the market in alumina and aluminum challenged us, we maintained a strong cash balance of nearly $900 million and drove operational stability,” Harvey said. “Also, our low-cost, top-tier bauxite and alumina segments both set new annual production records based on our current portfolio.”

Read more

Zerophoto/Adobe Stock

Steel companies and mining companies in India have heaved a sigh of relief after the federal government amended the prevailing mining law to permit the “seamless transfer” of regulatory approvals to new owners of operational iron ore mines, the Economic Times reported.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

Earlier the week, the government amended the Mines & Minerals (Development & Regulation) Act to ensure smooth transfer of ownership.

The lease of 334 non-captive mineral mines will expire March 31 this year. Of these, 46 mines are operational, 26 of which are iron ore mines.

When the lease expires, all will go on the auction list as per the mining law. However, for some time now there have been apprehensions that the auction round would not be concluded as scheduled.

Read more

The escalation in U.S.-China trade relations appeared to take a brief pause Wednesday when U.S. President Donald Trump and Chinese Vice Premier Liu He signed what has been billed as a “Phase One” trade agreement between the world’s two largest economies.

“Today we take a momentous step, one that has never been taken before with China, toward a future of fair and reciprocal trade as we sign Phase One of the historic trade deal between the United States and China,” Trump said in opening remarks during the signing ceremony Wednesday, adding the deal would begin to “right the wrongs of the past.”

Keep up to date on everything going on in the world of trade and tariffs via MetalMiner’s Trade Resource Center.

Over the past two years, following the launch of a Section 301 investigation in August 2017, the U.S. has imposed a total of approximately $370 billion in tariffs on Chinese goods, with China responding with tariffs of its own at each step of the way amounting to $110 billion.

Read more

byrdyak/Adobe Stock

The January 2020 Monthly Metals Index (MMI) report is in the books, including coverage of rising steel prices, U.S. automotive sales, construction spending and much more.

This month, all 10 of the MMIs increased.

The GOES, Rare Earths and Global Precious MMIs were the biggest risers, surging by 19.1%, 5.3% and 4.5%, respectively.

Keep up to date on everything going on in the world of trade and tariffs via MetalMiner’s Trade Resource Center.

Some highlights from this month’s MMIs:

  • U.S. steel prices made gains across the board during the first half of December.
  • Copper prices made gains but were capped somewhat by concerns over demand.
  • U.S. automotive sales were forecast to fall 1.7% in 2019 compared with the previous year.
  • U.S. construction spending in November picked up 4.1% on a year-over-year basis.

Read about all of the above and much more by downloading the January 2020 MMI Report below:

Destina/Adobe Stock

This morning in metals news, the U.S. and China will ink the previously agreed “phase one” trade deal today, the United States-Mexico-Canada Agreement (USMCA) is expected to be up for a vote in the U.S. Senate soon and China’s steel mills may be looking away from higher-grade iron ores.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

U.S., China to sign preliminary trade deal

After many turbulent months that saw an escalation of trade tensions, the U.S. and China are finally set to sign a so-called “phase one” trade deal today that, while it doesn’t mark an end to the trade war, at least constitutes a de-escalation.

Read more

Chris Titze Imaging/Adobe Stock

The Renewables Monthly Metals Index (MMI) gained two points for a January MMI reading of 98. (Editor’s Note: This report also includes analysis of grain-oriented electrical steel.)

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

Several U.S. majors named in lawsuit over child mining of cobalt

CBS News reported last month that several U.S. tech companies were named as defendants in a lawsuit alleging the use of child labor in cobalt mining operations in Africa.

According to the report, citing a lawsuit filed in the U.S. District Court in Washington D.C., the companies named in the lawsuit as defendants included Apple, Google parent company Alphabet, Microsoft, Dell and Tesla.

According to the report, the lawsuit was brought by nonprofit group International Rights Advocates on behalf of 13 anonymous plaintiffs from the Democratic Republic of the Congo.

Read more

buhanovskiy/AdobeStock

This morning in metals news, the U.S. steel sector’s capacity utilization rate reached 82.1% as of Jan. 11, Pilbara Ports Authority throughput in December 2019 rose 2% and the U.S. removed the label of currency manipulator it had imposed on China last year.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

U.S. steel capacity utilization rate hits 82.1%

According to the American Iron and Steel Institute (AISI), the U.S. steel industry’s capacity utilization rate for the year through Jan. 11 reached 82.1%.

During the period, mills produced a total of 3.01 million tons, which marked a 2.3% year-over-year increase (last year during the same period, the capacity utilization rate was 80.4%).

Read more

The Raw Steels Monthly Metals Index (MMI) showed some strength again this month with another three-point increase, rising to 72.

U.S. HRC and scrap prices increased quite a bit, while LME billet prices also registered double-digit increases.

Key forms of steel increased across the board in the first half of December 2019. Plate prices increased the most, with prices spiking a couple of times during the month.

Source: MetalMiner data from MetalMiner IndX(™)

However, HRC, CRC and HDG increases lost some steam later in December.

Read more

Steven Husk/Adobe Stock

Before we head into the weekend, let’s take a look back at the week that was and some of the metals coverage here on MetalMiner, including: a natural gas transit deal between Russia and Ukraine; aluminum prices; the impact of escalating U.S.-Iran tensions on oil prices; and the copper demand picture.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

Keep up to date on everything going on in the world of trade and tariffs via MetalMiner’s Trade Resource Center.

The Stainless Steel Monthly Metals Index (MMI) gained one point for a January reading of 75.

Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!

Just a few months back, in September 2019, the index hit a five-year high of 91.

LME nickel prices increased again in the second half of December after finding support just above the $13,000/mt price level:

Read more