This Morning in Metals: U.S. steel imports down 22% through October
This morning in metals news: U.S. steel imports were down by 22.2% year over year through the first 10 months of 2020; German steelmaker Thyssenkrupp AG is seeking state aid; and the nickel price has bounced back in November after falling during the second half of October.
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U.S. steel imports down 22.2%
U.S. steel imports through the first 10 months of the year totaled 19.3 million net tons, down 22.2% year over year, the American Iron and Steel Institute (AISI) reported.
Steel import market share reached an estimated 17% in October, down from the year-to-date share of 18%.
By product, import permits for oil country goods in October rose 126% compared with the September final import total.
Thyssenkrupp looks to government for aid package
Bloomberg reports German steelmaker Thyssenkrupp is in talks with the German government over a potential aid package.
The report notes debate continues over what the scope of the aid package might be. However, Bloomberg cites sources who said the sides are discussing approximately €2 billion in liquidity and €3 billion in grants.
Nickel price rises
The LME three-month nickel price lost steam in the second half of October, falling from $15,849 per metric ton down to $15,289 per metric ton to close October.
So far in November, however, the nickel price has made gains. The price rose as high as $15,917 per metric ton earlier this week. Nickel closed Wednesday at $15,835 per metric ton.
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