Week in Review: USMCA turns 1; metal inventory levels; EU steel safeguards

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 week, we touched on the USMCA (which turned 1 on Thursday), Stuart Burns covered the relationship between inventory levels and metals demand, and much more.
On the USMCA — which went into effect July 1, 2020, almost four years after NAFTA talks began — United States Trade Representative Katherine Tai offered some comments this week on the occasion.
“We should also celebrate the USMCA because of what it represents: a renewed commitment by our three countries to pursue negotiations that raise standards and create a race to the top,” she said.
Furthermore, USMCA trade ministers will meet in Mexico City on July 7 to commemorate the one-year anniversary of the trade agreement.
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Week of June 28-July 2 (USMCA, metal stock levels and more)

• The global lead and zinc markets were in surplus through the first four months of 2021, the International Lead and Zinc Study Group said.
• Meanwhile, GDP rose in all 50 states in the first quarter, the Bureau of Economic Analysis (BEA) reported.
• In addition, Stuart Burns covered Russia’s plans to impose export taxes on key metals.
• U.S. steel capacity utilization for the week ending June 26 reached 82.7%, the American Iron and Steel Institute reported.
• The U.S. Court of International Trade made a ruling affirming duty levels set by the Department of Commerce with respect to heavy walled rectangular steel pipes and tubes from Korea.
• Burns on the loss of support for the zinc price.
• The E.U. voted to extend steel safeguards, originally imposed in 2018, for an additional three years.
• The USMCA Labor Council convened for the first time, pursuant to the 1-year-old agreement’s chapter on labor.
• Think stock levels are a reliable indicator of true metals demand? Think again.
• Norsk Hydro has signed a letter of intent to build an aluminum recycling plant in Michigan.
• Meanwhile, the United States-Mexico-Canada Agreement, or USMCA, hit the one-year mark this Thursday.
• The U.S. goods and services deficit rose in May from the previous month.
• Lastly, for subscribers, the MetalMiner Monthly Outlook for July is now available.

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