This morning in metals news, General Motors is planning to increase production of its popular pickups and SUVs, U.S. Steel announced a long-term iron ore supply deal, and copper prices have made some gains today.
This morning in metals news, U.S. steel production levels were down significantly last week, the Census Bureau released April steel import totals and copper prices dipped Wednesday.
This morning in metals news, copper prices were up Friday but expected to be down for the week, Rusal says the aluminum market recovery could stretch into next year and JW Aluminum’s CEO weighed in on potential impacts of the COVID-19 pandemic on U.S. businesses’ sourcing strategy.
Global copper mine production dipped last year compared with 2018, according to the most recently monthly data from the International Copper Study Group (ICSG).
Copper concentrate production declined 0.6% and solvent-extraction electrowinning fell by around 1%, the ICSG reported.
The Copper Monthly Metals Index (MMI) held at a value of 70 this month based on a mix of mild price changes globally.
LME copper prices traded sideways during most of February, following late January’s precipitous price drop. However, the price weakened again in early March.
This morning in metals news, arbitration fell in favor of the Department of Justice vis-a-vis the proposed merger of Novelis and Aleris, January steel shipments rose 5.6%, and copper made gains off of multiyear lows.
According to the International Copper Study Group, the global copper market was in deficit by approximately 385,000 tons through the first 11 months of 2019.
The LME three-month copper price built some upward momentum in late 2019 and the first two weeks of 2020, rising to just over $6,300/mt as of mid-January.
Since then, however, LME copper has fallen 9.5% — down to $5,727/mt — amid growing fears regarding the coronavirus outbreak in China and reports of a growing number of cases around the world, including in South Korea, Italy and Iran.
The Copper Monthly Metals Index (MMI) dropped six points this month to 70, a new long-term low, although close in value to October 2019’s reading of 71.
LME copper prices rallied as January progressed then dropped precipitously later in the month due to demand uncertainty stemming from the coronavirus outbreak in China.
Before we head into the weekend, let’s take a look at the week that was and some of the metals storylines here on MetalMiner, including coverage of: copper prices and the coronavirus’ impact; European steel consumption; Jingye’s British Steel takeover bid; U.S. steel production; automotive sales and more.
This morning in metals news, China will slash tariffs it had imposed on a number of U.S. imports, copper’s slide continues and stainless steel manufacturer Outokumpu reported a stainless steel deliveries last year.