This Morning in Metals: BMW will buy steel from Sweden’s H2 Green Steel – Steel, Aluminum, Copper, Stainless, Rare Earth, Metal Prices, Forecast
This morning in metal news: BMW announced on Wednesday that they will buy steel from a Swedish company H2 green steel; meanwhile miners Freeport-McMoRan today reported its results for the third quarter and nine months of 2021; and finally, metal prices remain high but have taken a step back this week.
Stay up to date on MetalMiner with weekly updates – without sales tips. sign up now.
BMW buys green steel from a Swedish company
Car manufacturer BMW reported that it will buy steel with wind and hydropower from Swedish H2 Green Steel.
“From 2025, the company plans to buy steel produced with up to 95% less CO2 emissions and without requiring fossil resources such as coal, says BMW. “BMW Group has now reached an agreement on this with the Swedish startup H2 Green Steel, which uses hydrogen and only green power from renewable energy for steel production. Thanks to its particularly energy-intensive manufacturing process, steel production is considered one of the most important sources of global carbon dioxide.2 emissions. “
FreeportMcMoRan reports Q3 results
Freeport-McMoRan reported Q3 2021 net profit of $ 1.4 billion. The figure marked an increase from USD 329 million during the third quarter of 2020.
For the nine-month period ending September 30, 2021, net profit was $ 3.2 billion. At the same time, during the same period in 2020, the net profit amounted to a loss of $ 109 million.
Revenue reached $ 6.1 billion, up from $ 3.9 billion in the third quarter of 2020.
On the production side, copper production for the third quarter amounted to 987 million recoverable pounds. The sum increased from £ 844 million during the third quarter of 2020.
Metals cool after swelling
Metals such as aluminum, copper and zinc increased during the first half of October. As we noted earlier this week, zinc prices recently reached 14-year highs.
But even though prices are still high, they have cooled this week.
After reaching $ 3,757 per meter to close last week, the LME closed three-month zinc on Wednesday at $ 3,565 per metric tonne, according to MetalMiner Insights data. At the same time, the LME’s three-month aluminum fell from $ 3,200 per tonne to $ 3,076 per metric tonne.
LME three-month copper fell from $ 10,177 per tonne to $ 9,996 per metric tonne.
More MetalMiner is available on LinkedIn.