Week in Review: Stainless steel boosts nickel; aluminum production rises; commodity ETFs gain momentum

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, including stainless steel consumption’s impact on nickel prices, surging aluminum prices and much more:

Week of Sept. 13-17 (stainless steel drives nickel, aluminum prices rise and more)

• Stainless steel production is driving the nickel price, Stuart Burns explained.
• Global aluminum production rose to 5.74 million metric tons in July, the International Aluminum Institute reported.
• Commodity exchange-traded funds (ETFs) are seeing large inflows this year.
• The German government plans to offer $65 million in funding toward a new ArcelorMittal direct reduced iron (DRI) plant.
• Aluminum prices continued to surge this week.
• Construction spending rose in July, while the Architecture Billings Index continued its run of growth.
• Lynas Malaysia offered an update on its processing operations in the country.
• Gold prices fell in the first half of August before bouncing back near the tail end of the month.
• U.S. import prices took a step back in August, dropping by 0.4%.
• Battery maker LG Energy Solution cited the increasingly competitive market for battery materials while announcing its new nickel and cobalt supply agreement with Australian Mines Ltd.
• The Oak Flat copper project in Arizona is at an impasse amid tribal opposition.
• Chinese aluminum might end up avoiding European anti-dumping duties that previously seemed to be a slam dunk to go forward.
• In its Q3 2021 guidance, U.S. Steel forecast the quarter will be a record-setting one.

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