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.
The Construction Monthly Metals Index (MMI) gained 2.9% 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.
Aluminum prices have been on an upward trend the last week or two, currently holding comfortably above $1,500 per ton for spot cash after months in the $1,400s.
The market, though, is undergoing convulsions.
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.