Industrial Metal News

SpectrumNews1: U.S., Mexico implement policies to prevent Chinese steel #tariff evasion The White House is joining forces with Mexico to prevent Chinese companies from importing steel and aluminum into the U.S. through the Southern border without paying #tariffs. The two countries have agreed to implement a series of policies intended to bolster North American #supplychain, they announced in a joint statement Wednesday. Under the new joint agreement, Mexico will require importers to provide country-of-origin information about their steel products. Mexico will also increase tariffs on #aluminum, #steel and other products from countries with which it does not have a free trade agreement. For its part, the United States will impose requirements for melting, pouring, smelting and casting certain aluminum and steel imports before they are allowed to enter the U.S. without tariffs. “These joint actions with Mexico will help to ensure the long-term viability of our steel and aluminum industries and the integrity of North American steel and aluminum market integration,” U.S. Trade Representative Katherine Tai said in a statement Wednesday. Continue reading: https://lnkd.in/gbbnpAq2

Labor Tribune: Senators, Steelworkers raise concerns over purchase of U.S. Steel Senators and United Steelworkers (#USW) leaders together raised concerns over proposed purchase of U.S. Steel as the deal rolls forward. U.S. senators Sherrod Brown (D-Ohio), Bob Casey Jr. (D-Penn.) and John Fetterman (D-Penn.) wrote a joint letter to U.S. Treasury Secretary Janet Yellen on June 27 warning that #Nippon Steel’s record of dumping steel products in the U.S. presents a clear conflict with defending the U.S. steel industry, according to USW. “Nippon’s acquisition of #USSteel poses a grave threat to the international trade system that seeks to protect American manufacturers and workers from those who would unfairly dump steel into the American market,” the senators wrote. “Given the clear and present threats that a Nippon #Steel acquisition poses to American workers and a critical industry, we believe executive action to block this deal is urgent.” Both President Joe Biden and former president Donald Trump have gone on record opposing the Nippon deal. Following his declaration, USW formally endorsed Biden in the 2024 presidential race. CHALLENGING THE DEAL USW leaders met with local union leaders from U.S. #Steelmills and mines last week to update them about the progress of recent months. Since the Nippon deal was announced in December 2023, USW has filed grievances challenging the deal by alleging that U.S. Steel violated the successorship provisions bargained more than 20 years ago that require any potential buyer to assume the contract and all associated collective bargaining agreements. The #Steelworkers allege that Nippon is trying to avoid responsibility for the contracts by setting up “Nippon Steel North America” as a shell company to shield it from its obligations to workers and retirees. Continue reading: https://lnkd.in/g-BMSAGH

Financial Times: #Battery maker SK On declares ‘emergency’ as #EV sales disappoint Supplier to Ford and Volkswagen may have to be rescued by its South Korean parent as losses mount A leading South Korean producer of electric vehicle batteries has declared itself in crisis as its customers struggle with disappointing EV sales in Europe and the US. SK On, the world’s fourth-largest #EVbattery maker behind Chinese giants CATL and #BYD and South Korean rival LG Energy Solution, has recorded losses for 10 consecutive quarters since being spun off by its parent company in 2021. Its net debt has increased more than fivefold, from Won2.9tn ($2.1bn) to Won15.6tn over the same period, as western EV sales have fallen far short of its expectations. #metalprices #procurement Continue reading: https://lnkd.in/dquPy93i

MetalMiner: Rare Earths MMI: What China Further Tightening Rare Earths Means for the U.S. The Rare Earths MMI (Monthly Metals Index) took a steep dive in price action after a month of relative stability, dropping 14.4%. #Terbium (both metal and oxide) yanked the index down tremendously, falling more than 16%. However, the #rareearths index could yet experience some rebound from now until October, when China’s recent set of brand new rare earth restrictions are set to take effect (stay posted on shifts in the rare earths market due to China’s new export restrictions with MetalMiner’s weekly newsletter). What Do China’s Revised Rare Earths Restrictions Mean for U.S. Companies? China recently unveiled a fresh set of restrictions designed to further tighten control over its exports of rare earth elements. The new rules adhere to earlier prohibitions regarding the export of #germanium and #gallium, which are necessary for the production of microchips. Continue reading: https://lnkd.in/gbtTxQ-R

Reuters: #Tin outperforms as broader base #metals rally falters The #LME hit a two-year high in May when funds surged into #basemetals, chasing a narrative of manufacturing recovery, super-charged energy transition demand and constrained supply. Doctor #Copper, investors' favourite barometer of industrial activity, soared to an all-time high, spurred by a ferocious squeeze on the CME contract. Both gold and silver markets also climbed as the metals complex returned to the investor spotlight after years of neglect. Continue reading: https://lnkd.in/eMfkYPXw

MetalMiner: Stainless MMI: Bearish Stainless Demand Leads to Steep Discounts Overall, the Stainless Monthly Metals Index (MMI) reversed to the downside, with a 10.88% drop from June to July. Nickel prices experienced heavy losses during June, securing the title of worst-performing base metal with an over 14% decline. Prices had fallen over 19% from their May 20 peak by early June as they remained in search of a new bottom. Continue Reading: https://lnkd.in/gMzjbHMW

MetalMiner: Anglo American Rejects £39 Billion Offer from BHP, Citing Regulatory Risks Australian mining multinational #BHP recently abandoned its bid for London- and Johannesburg listed #AngloAmerican after the target company rejected the latest offer. “While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost,” BHP quoted CEO Mike Henry as saying. “Despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive,” the statement also quoted Henry as saying. Continue reading: https://lnkd.in/g9W35HFq #copper #copperprices #metalprices

The Wall Street Journal: Why #Copper Fever Is Breaking The energy-transition metal is still popular among investors, but bets on a looming supply crunch look less sure than a month ago Investors have piled into bets on a looming #coppershortage this year. That itself is helping to ease the potential problem—and spoil the party for latecomers. Copper bulls, who have long touted the metal as an energy-transition play, appeared vindicated a month ago. On May 20, spot prices on the #LME hit a record of around $11,100 a metric ton in intraday trading, up 29% from the beginning of the year. The commodity’s starring role in what might have been the biggest #mining deal in history, as industry leader #BHP courted its peer #AngloAmerican, only added to a sense that this was copper’s moment. Continue reading: https://lnkd.in/gVqyq8td

MINING.com: Copper supply gets a boost as Chile shows signs of recovery #Copper production in Chile, the world’s biggest supplier of the wiring metal, is showing signs of recovering from 20-year lows. Output in May was the highest this year, rising more than 8% compared with both April and the year earlier, according to data released Friday by the country’s bureau of statistics. While top producer #Codelco has indicated its output won’t begin to show year-on-year increases until the second half, other suppliers are picking up the slack after grappling with lower #copperore quality and operational setbacks. Authorities are looking for a 5% increase in country-wide copper output this year due to an expansion at the Quebrada Blanca #mine and improvements at #BHP #Escondida. Continue reading: https://lnkd.in/gTpfmNxc

MetalMiner: Stainless MMI: Stainless Demand Slow, #NAS Determines New Ferrochrome Pricing Overall, the #Stainless Monthly #Metals Index (MMI) rose 3.89% from May to June. The #nickel price mirrored other base metals, finding a peak on May 20 before inverting to the downside. By the close of June 20, nickel prices had fallen over 19%, returning to their lowest level since early April. That said, they remain 4.24% above their Q1 close. Stainless Market Rolls into Summer with Slow Demand Market sources showed little optimism about the current state of the stainless market as demand for 304 cold rolled #stainlesssteel reportedly slowed, with no expectation of a turnaround in the short term. Although the summer months typically experience more muted conditions relative to the rest of the year, brokers and distributors characterized demand as “especially challenged.” While buying activity historically begins to pick up again around August, market participants are not optimistic that things will turn around by then. Buyers continued to show no interest in building out inventories amid high interest rates and uncertainty related to the upcoming election. Continue reading: https://lnkd.in/g7V9G9xS