Metal & Steel News
Commercial Metals Company reported a 35.1% increase in fourth-quarter core EBITDA to $393.7 million as stronger North American steel margins, higher shipments and acquired precast operations lifted fiscal 2026 results.
U.S. copper inventories have climbed above 1.6 million tonnes as tariff expectations redirected metal into American warehouses. With COMEX stocks exceeding 700,000 tonnes, traders are watching whether policy changes could again trigger the kind of market reversal seen in 2025.
China’s steel mills lifted average daily crude steel output to 2.45 million tonnes in September, but only about 7% of producers were profitable by month-end as weak domestic demand and compressed margins weighed on the sector.
COMEX copper fell 1.2% to $6.5810/lb on October 15, putting the December contract on course for a third straight decline as hotter U.S. inflation strengthened the dollar and revived expectations for another Federal Reserve rate increase.
Nova Steel has operations on both sides of the border. Its CEO says the company has found ways to adapt, but there’s one part of its business that’s nearly disappeared.
Rio Tinto produced 842,000 tonnes of aluminium in the third quarter of 2026, down 2% year over year as the Arvida closure offset improvements at Kitimat and Boyne. Alumina production rose 10%, while tailings constraints are expected to reduce Yarwun output sharply in the fourth quarter.
Macquarie, BMO and BMI now forecast 2026 copper prices within a narrow $119-per-tonne range, but their longer-term outlooks diverge as rising mine supply, U.S. stockpiles and tariff uncertainty reshape the market.
worldsteel recognized six steelmakers for safety and health initiatives ranging from AI hazard detection and machine safeguards to ergonomics and real-time process monitoring. Several programs delivered measurable reductions in high-risk events and serious incident exposure.
U.S. copper inventories are estimated at roughly 1.6 million tonnes as the tariff-driven trade that pulled metal into American warehouses begins to lose momentum. COMEX still holds about 70% of global visible exchange stocks, leaving copper plentiful in the U.S. but comparatively tight elsewhere.
Iowa’s proposed $15 billion Mesabi Metallics steel complex has secured state incentive legislation and selected Midrex for its DRI technology, but financing, land acquisition, permits and the final state contract remain unfinished.
EU imports of Russian iron and steel fell 55% to 1.6 million tonnes during January–August 2026, but semi-finished products still accounted for nearly 98% of the trade. A smaller slab quota now applies as the bloc moves toward a September 2028 phase-out.
Pacific Steel Group’s Mojave Micro Mill is set to bring steelmaking back to California in 2027 while creating a major new local outlet for scrap. The facility plans to recycle nearly 500,000 tons of California steel scrap annually into as much as 450,000 tons of rebar.
Global steel demand is forecast to remain flat at 1,722 million tonnes in 2026 before rising 1.7% to 1,752 million tonnes in 2027, according to worldsteel. India remains the fastest-growing major market, while continued contraction in China masks much stronger growth across the rest of the world.
U.S. raw steel production reached 1.796 million net tons in the week ended October 10, up 4.1% from a year earlier despite a 0.3% weekly decline. Year-to-date output remains 5.3% ahead of 2025, while capability utilization continues to run above year-ago levels.
Steelworkers at Granite City Works say U.S. Steel contract negotiations are moving closer to a deal, but long-term plant security remains a central concern. The Illinois mill’s federal protection against closure or idling expires in June 2027, years earlier than safeguards covering most other U.S. Steel production sites.
U.S. steel mills shipped 8.22 million net tons in August 2026, up 5.9% from a year earlier and 5.4% year to date. Monthly volumes, however, were virtually unchanged from July, showing continued annual strength without fresh month-over-month acceleration.
Copper prices moved higher as a fatal landslide at Codelco’s El Teniente mine and an ongoing strike at Antofagasta’s Centinela operation added to supply concerns. China’s Yangshan copper premium has also reached a four-year high, pointing to strong demand for imported metal despite rising SHFE inventories.
Cleveland-Cliffs CEO Lourenco Goncalves says the company is prepared to defend Stelco’s layoffs in court as Ottawa argues they violate binding five-year employment commitments tied to the 2024 acquisition. Up to 500 jobs could be affected across Stelco’s Ontario operations.
With the midterm elections in 26 days, Trump is looking for evidence that his controversial tariff policy will return jobs to the United States as promised.
Coface says copper and nickel prices could nearly double over the next decade as supply growth fails to keep pace with rising demand. Copper could face a refined supply gap of up to 6.5 million tonnes by 2035, while nickel faces an even larger potential deficit under a net-zero scenario.
Novelis and Beiersdorf have increased the recycled aluminum content of the Nivea Creme tin to 95%, up from 80% in 2024. The packaging has been available in Germany since early 2026, with broader European and international rollout planned from 2027.
LME copper gained 1% to US$14,617.50 per tonne as Chinese traders returned from a week-long holiday and a strike at Antofagasta’s Centinela mine in Chile added supply concerns. Zinc, aluminum and iron ore also advanced.
Iowa's proposed $15 billion Mesabi Metallics steel mill has entered the gubernatorial race after lawmakers expanded state incentives for the project. Democratic candidate Rob Sand and Republican candidate Zach Lahn both said incentives should be tied to completed investment, construction or employment benchmarks.
Copper supply, demand and future availability will take center stage at BIR Malaga 2026 on October 26. The Non-Ferrous Metals session will examine European copper fundamentals, recycled-material availability and how changing export rules could reshape international copper flows.
Florence Copper has officially launched commercial operations at its Arizona facility, the first new greenfield source of U.S. copper production since 2008. The operation is ramping toward 85 million pounds of annual copper capacity and is expected to produce at least 1.5 billion pounds over 22 years.