Week in Review: Steel prices soften; House sends infrastructure bill to Biden’s desk; CPI rises 0.9% in October

Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including softening steel prices, the House’s passage of the over $1 trillion infrastructure bill and more:

Week of Nov. 8-12 (steel prices, infrastructure bill and more)

• Limited inventory and semiconductor shortages continue to weigh on U.S. automotive sales.
• The House of Representatives voted to pass the Infrastructure Investment and Jobs Act last Friday. President Joe Biden will sign the bill during a ceremony Monday, Nov. 15.
• MetalMiner’s Nichole Bastin delved into recent copper market trends.
• Steel prices have started to soften.
• Earlier this week, we broke down the infrastructure funding categories within the Infrastructure Investment and Jobs Act.
• U.S. steel capacity utilization fell to 83.4% last week, the American Iron and Steel Institute reported.
• Meanwhile, U.S. construction spending dipped in September, the Census Bureau reported.
• A strong aluminum market has been a boon for Novelis, as reflected by its most recent quarterly report.
• The Consumer Price Index rose by 0.9% in October, the Bureau of Labor Statistics reported. Furthermore, the index is up by 6.2% over the last 12 months.
• The Greenland parliament this week voted to ban uranium mining and exploration, effectively halting the Kvanefjeld project.
• Automotive sales in China fell by 9.4% year over year in October, the China Association of Automobile Manufacturers reported.
• The Global Precious MMI rose by 5.8% for this month’s reading.
• Lastly, German firm Aurubis AG announced plans to invest €300 million to build a metals recycling plant in the U.S.

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