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.
Category: Ferrous Metals
Chinese construction steel prices dip amid cluster of new coronavirus cases
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: Ford employees could get chance to continue working remotely
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: U.S. import prices rise 1.0% in May
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: U.S. steel capacity utilization ticks up to 54.0%
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.
This Morning in Metals: Norsk Hydro updates on April, May production levels
This morning in metals news, Norsk Hydro’s primary aluminum, bauxite and alumina production levels were up in April and May, the Aluminum Association reiterates its stance against the reimposition of tariffs on Canadian aluminum, and April U.S. steel shipments fell 31.5%.
Week in Review: Haulage faces roadblocks; copper rallies; Chinese steel demand recovers
Let’s take a look back at the week that was and some of the metals storylines here on MetalMiner:
Raw Steels MMI: Index climbs 4.7% as Chinese demand grows
The Raw Steels Monthly Metals Index (MMI) increased by nearly 4.7% this month. High expectations for steel demand recovery In late March, steel demand was hit hard by the decline in automotive sales amid the COVID-19 pandemic. As automakers began to restart their operations in early May, steel prices have seen some slight improvement, as […]
This Morning in Metals: Federal Reserve maintains federal funds rate at 0-0.25%
This morning in metals news, the Federal Reserve on Wednesday opted to maintain the federal fund interest rate at 0-0.25%, the Producer Price Index for final demand rose 0.4% in May and Chinese rebar futures fell Thursday.
World Steel Association forecasts 18% decline in Indian steel demand
Various agencies have pegged the contraction of Indian steel demand to come in anywhere between 14-18%. A new report by the World Steel Association has said India’s steel demand would fall by 18% in 2020, even as global steel demand was expected to drop to 6.4% because of the COVID-19 pandemic, the Financial Express reported.
