Iron ore shows volatility; HRC prices are rising; rare earth production quotas
Before we get into the weekend, let’s take a look at the week that has unfolded and metals news here on MetalMiner, including iron ore volatility, rare earth production quotas in China and much more:
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Week of May 31 to June 4 (iron ore volatility, rare earth quotas and more)
- First, MetalMiner’s Stuart Burns on how carbon emissions initiatives are changing business strategies.
- Meanwhile, personal consumption spending in the United States rose 0.5% in April, the Bureau of Economic Analysis reported.
- Burns on the COVID-19 crisis in Peru, the world’s second largest producer of copper.
- The iron ore market has been characterized by significant volatility.
- In addition, China’s massive iron ore imports have posed a problem for small Indian steel producers.
- US steel capacity utilization reached 81.5% last week, the American Iron and Steel Institute reported.
- Hot-rolled coil prices continue to rise in Western Europe, said Christopher Rivituso.
- General Motors has announced plans to increase deliveries to US and Canadian customers.
- Prices for rare earth oxides have fallen as Beijing relaxed production quotas.
- Finally, non-farm payroll employment in the United States increased by 559,000 in May, the Bureau of Labor Statistics reported.
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