Global crude steel production in April fell 13% compared to April 2019 production, the World Steel Association recently reported.
This morning in metals news, U.S. imports of steel were down 20% through the first four months of the year, a primary aluminum production plant in Brazil part-owned by Norsk Hydro is restarting after an earlier power outage and China is importing U.S. copper concentrate after Chinese companies won tariff relief.
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, the U.S. steel sector’s capacity utilization rate for the week ending May 16 hit 52.7%, U.S. Steel announced an iron ore sales agreement and the United States International Trade Commission (USITC) is holding a five-year sunset review of duties on oil country tubular goods from several countries.
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 coverage of: copper prices, the automotive sector’s push to restart production, oil prices and more.
- ArcelorMittal reported its Q1 2020 earnings.
- MetalMiner’s Stuart Burns on the U.S.’s aluminum tariff system.
- Copper prices made some gains in April.
- Updates on the steel sector.
- Don’t expect oil prices to recover to pre-coronavirus levels anytime soon.
- Burns on going “back to work” in the U.K.
- The Stainless MMI ticked up 4.8% this month.
- First Cobalt announced a positive feasibility study for a proposed cobalt refinery in North America.
- India’s steel sector is not happy about a rise in the country’s iron ore exports.
This morning in metals news, the E.U. could slap new duties on steel imported from Turkey, Australian energy exports to China have surged and union representatives questioned Alcoa’s efforts to keep its Ferndale, Washington smelter running.
The Raw Steels Monthly Metals Index (MMI) held flat this month.
This morning in metals news, U.S. steel shipments fell in March, Chinese stainless steel futures surged to a nine-month high and BHP made its first yuan-denominated sale of iron ore to China’s Baosteel.
The Construction Monthly Metals Index (MMI) held flat this month.