Weekly Review: Aluminum Prices Dip; US, EU Reach Section 232 Agreement; magnesium shortages worsen supply chain problems – steel, aluminum, copper, stainless steel, rare earths, metal prices, forecast
Before we get into the weekend, let’s take a look at the week that has unfolded and some of the metals storylines here on MetalMiner:
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Week of November 1-5 (aluminum prices, section 232 agreement and much more)
- Stuart Burns spoke about the latest supply chain challenge for metal producers: magnesium shortages.
- The US and the EU have reached an agreement that will at least partially reduce Section 232 tariffs in favor of a tariff rate quota system for steel and aluminum.
- Burns went deeper into the Section 232 deal, especially the language regarding sustainability cooperation.
- After peaking in mid-October, aluminum prices have since fallen 20%.
- US steel capacity utilization fell to 84.3% last week, the American Iron and Steel Institute reported.
- Sohrab Darabshaw visited the COP26 summit in Glasgow, where Chinese President Xi Jinping called on all countries to take stronger action on climate change.
- Christopher Rivituso described recent developments at Tata Steel in the UK and the Netherlands.
- US Steel reported third quarter net income of $ 1.54 billion.
- Icelandic company Carbfix implements a process that can be used to capture carbon from mining and smelting operations.
- In the second part of his series on the properties of Bitcoin and gold, Nick Athanis looks at Bitcoin in terms of properties of durability, portability and uniformity.
- ELYSIS, a joint venture of Alcoa and Rio Tinto, announced progress towards the production of carbon-free aluminum.
- Nichole Bastin recapped the month devoted to the aluminum market in the latest installment of the Aluminum Monthly Metals Index.
- Oil prices fell to their lowest in about four weeks, closing below $ 80 a barrel on Thursday.
- Returning to aluminum, Burns analyzed a report indicating that Russia may end its export tax on aluminum next month.
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