This morning in metals news: Cleveland-Cliffs released its preliminary Q4 2020 results; demand for sustainable aluminum is rising in the maritime industry; and U.S. steel prices continue to rise. Cleveland-Cliffs revenue jumps Cleveland-Cliffs reported Q4 2020 revenues of approximately $2.2 billion to $2.3 billion. The total marked a 320% year-over-year jump. Meanwhile, the firm reported […]
Tag: Steel
This Morning in Metals: U.S. steel capacity utilization hits 76.7%
This morning in metals news: the U.S. steel sector’s capacity utilization rate hit 76.7% last week; the London Metal Exchange has proposed permanently closing its iconic Ring trading floor; and the copper price has trended flat over the past week. Steel capacity utilization reaches 76.7% The U.S. steel sector’s capacity utilization rate hit 76.7% for […]
LME steel contracts build momentum
Steel is the world’s second-largest commodity after crude oil. It is 15 times the size of all other metals markets combined in terms of metric tons. Furthermore, it is worth twice their value. Yet, until recently, it was an industry that saw little use for a futures market. That is primarily because major steel participants […]
Raw Steels MMI: Index increases by double digits as steel prices gain to close 2020
The Raw Steels Monthly Metals Index (MMI) increased by 16.5% this month, as steel prices showed strength in December. U.S. steel events The American Iron and Steel Institute, the Steel Manufacturers Association, the United Steelworkers union, the Committee on Pipe and Tube Imports and the American Institute of Steel Construction sent a letter to Joe […]
This Morning in Metals: Industry groups urge Biden to keep steel tariffs
This morning in metals news: several industry groups urged President-elect Joe Biden to continue existing steel tariffs and quotas; Germany’s OGE and Thyssenkrupp and Norwegian energy company Equinor are collaborating to mitigate emissions; and Norsk Hydro and Nuvosil are working on aluminum and silicon recycling technology. Industry groups urge Biden to keep steel tariffs President […]
Turkey steel exports draw interest due to location, lower costs
While Turkey’s finished steel products enjoy local demand, lower costs and the country’s location between Europe and Asia have also made steel exports from there attractive, market watchers told MetalMiner. Turkey’s trade in steel exports came to 9.4 million mt in the first seven months of 2020. The total is down 12.1% year over year […]
Best of 2020: Top steel posts of the year
Continuing our look back at the best of 2020, today we’ll take one last review of the top steel posts of the year here on MetalMiner. As with metals as a whole, steel prices experienced a rocky 2020. The coronavirus pandemic slammed metals demand overall, including steel demand. The automotive industry idled production at the […]
Chinese steel scrap imports could be market mover in 2021
There has been quite a bit of analyst chatter about the likely impact of China’s return to the steel scrap market next year. In 2019, the authorities essentially banned steel scrap imports. The move came, in part, because many of the grades were classified as waste. However, of late the rumor is China will be […]
‘A’ is for allocation steel markets
Not so long ago on a fall night here in Chicago, I had the opportunity to meet up with a couple of folks from a steel producer. What they told me then sounded a little scary — they suggested the “A” word — but not nearly as scary as current market conditions suggest. In metals […]
Nippon Steel looks to increase production capacity overseas
Keeping future demands in mind, Nippon Steel Corp. has decided to focus more on markets like the United States and India. At the same time, it is reducing focus on Japan for the medium term. The aim, according to a top-level executive of the Japanese steel company, is to capitalize on overseas profit which. At […]
