Indonesia Battery Corporation and South Korea’s
LG will build a $1.2 billion battery plant in Indonesia; and the copper price has cooled since reaching an all-time high earlier this month.
US steel capacity utilization rate at 79.0%
niteenrk/Adobe Stock
US steel capacity utilization reached 79.0% for the week ending May 22, the American Iron and Steel Institute (AISI) reported.
The rate marked a decline from 79.2% posted the previous week. Meanwhile, the rate for the same week in 2020 had reached just 54.6%.
Production during the week ending May 22 totaled 1,793,000 net tons, down 0.3% from the previous week. However, the output total marked an increase of 46.6% on a year-over-year basis.
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This morning in metals news: several companies have collaborated on a solution that aims to allow for end-to-end cobalt traceability; meanwhile, the Associated General Contractors of America said rising materials prices threaten the economic recovery; and, lastly, the US, Canada and Mexico issued a trilateral statement on the United States-Mexico-Canada Agreement.
The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.
Companies collaborate on cobalt traceability solution
Chris Titze Imaging/Adobe Stock
Several companies have collaborated to launch a pilot solution, dubbed ReISource, that will allow for “end-to-end cobalt traceability.”
Adobe Stock
Here’s a quick rundown of news and thoughts from particular commodity markets, including precious metals movements, a major U.S. Steel decision, and booming iron ore and steel prices in Asia.
MetalMiner, a sister site of ours, scours the landscape for what matters. This week:
U.S. Steel cancels $1.5B Mon Valley Works upgrades
Earlier this month, U.S. Steel announced it is ending previously announced plans to execute massive upgrades to its Mon Valley Works operations.
The upgrades would have amounted to an investment of approximately $1.5 billion.
MetalMiner CEO Lisa Reisman and Vice President of Business Solutions Don Hauser weighed in on the decision.
The
Raw Steels Monthly Metals Index (MMI) picked up 9.0% for this month’s reading, as steel prices continued ascending this past month.
US steel prices continue to rise
For buyers waiting to see a peak in steel prices: keep waiting.
At least for now, steel prices continue to rise, posting double-digit month-over-month price gains. Price rises took somewhat of a pause from late March into mid-April, but it proved temporary.
The US hot rolled coil price, for example, closed Tuesday at $1,456 per short ton, or up 10.39% from a month ago.
Meanwhile, cold rolled coil reached $1,645 per short ton, or up 8.8%. US hot dipped galvanized rose by 10.69% to $1,770 per short ton.