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)

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  • 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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