This morning in metals news: the U.S. steel sector’s capacity utilization rate rose to 71.1% last week; WTI crude oil has bounced back up over the last week; and Arconic recently released its Q3 financial results.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.
U.S. steel capacity utilization up to 71.1%
U.S. steel mills posted a capacity utilization rate of 71.1% for the week ended Nov. 7, the American Iron and Steel Institute (AISI) reported.
Mills produced 1.57 million net tons during the week, up 1.0% from the previous week. Production during the week, however, fell 13.7% on a year-over-year basis.
Capacity utilization during the same week in 2019 reached 78.8%.
WTI crude bounces back
In addition to capacity utilization, the oil price is another factor MetalMiner considers in its long-term forecasting.
After dipping below $40 per barrel, the WTI crude price has bounced back.