This morning in metals news, stock markets took heavy losses Monday, U.S. raw steel production is up 1.1% in the year to date and concerns abound regarding workers at Baowu Steel’s Wuhan plant amid the coronavirus outbreak.
Sunshine Seeds/Adobe Stock
According to the Federal Reserve, U.S. industrial production fell 0.3% in January as “unseasonably warm weather held down the output of utilities and as a major manufacturer significantly slowed production of civilian aircraft.”
“The major market groups posted mixed results in January,” The Fed reported. “The output of business equipment declined 2.6 percent as a result of the slowdown in the production of aircraft. The step-down in the index for utilities contributed to decreases for consumer energy products and energy materials. The index for consumer durables rose, supported by an increase of 2.8 percent in the output of automotive products.”
Manufacturing production dropped 0.1%; however, production increased 0.3% when excluding the decline in production of aircraft and parts.