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Moody’s Investors Service forecast a 10% decline in Indian steel consumption for fiscal year 2021, the Economic Times reported.
Nonetheless, Indian steel companies are upbeat, with some chief executives seeing the first green shoots of recovery. (For additional news and analysis of trends in steel and other metals markets, sign up for MetalMiner’s Gunpowder e-newsletter.)
The U.S. steel sector’s steel capacity utilization rate has continued to inch upward in recent months, rising to 59.3% for the week ending Aug. 1.
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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.
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This morning in metals news: the Aluminum Association of Canada reported the country’s aluminum exports to the U.S. have declined; Great Lakes region steel production is down this year; and the International Tin Association commented on Yunnan province’s tin stockpiling initiative.
This has been a volatile year for global markets, with already slowing economic growth compounded by the destructive impact of the coronavirus pandemic.
The U.S. steel sector has slowly but surely been showing some signs of recovery.
Are gold prices really going to keep rising? Source: Adobe Stock/Nikonomad.
This morning in metals news: the gold price has surged to an all-time high; China is eyeing changes to its steep capacity swap rules; and Northern Dynasty Minerals has received an environmental impact study for its Pebble copper-gold-molybdenum project in Alaska.
A recent Reuters article looked at the seaborne iron ore market and suggests robust demand from China is offsetting weak demand from the rest of Asia and Europe, leaving a largely balanced global seaborne market.
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This morning in metals news: U.S. steel imports fell in June; Freeport-McMoRan reported its Q2 and first-half results; and Norsk Hydro’s underlying EBIT for the second quarter gained compared with Q2 2019.
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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines on MetalMiner: