Global shipping volatility is tightening its grip on metal supply chains. And the risks are not easing; in fact, they’re escalating, according to Anton Posner, CEO of Mercury Resources.
There was a lot going on this past week on both the geopolitical and economic fronts. Investors were fixated on the two-day visit to China by President Trump. He arrived in Beijing last Wednesday night, with a massive corporate delegation in tow. Expectations were high that some progress would be made on a host of thorny issues. But at the end of the day, the trip produced relatively modest results.
The LME price for aluminum spiked at the start of the US/Israel war on Iran and has lately hovered around $3,400-$3,600 per ton, not yet breaching $4,000.
“The timing of our Mt. Holly restart could not be better...providing additional American metal units to the domestic market,” CEO Jesse Gary said.
In the base metals markets, we had a mixed showing. Tin did best, adding almost 10% on the week on concern about lagging supply.
Anton Posner, CEO of Mercury Resources, will join Steel Market Update (SMU) and Aluminum Market Update (AMU) for a Community Chat on Thursday, May 14, at 11 am ET.
Century Aluminum CEO Jesse Gary said his company could start up its new smelter in Oklahoma ahead of schedule if the permitting process moved more quickly.
There’s a lot of news to keep track of, so we’re lending a hand with highlights from the past month and what they mean for you.
Anton Posner, CEO of Mercury Resources, will join Steel Market Update and Aluminum Market Update for a Community Chat on Thursday, May 14, at 11 am ET.
Markets were all over the map last week. But once again, it was energy that commanded the most attention.