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In London, base metal prices were trading higher across the board this morning with LME 3-mo. copper and aluminum recently trading around $5,334/mt and $1,500/mt, respectively. In foreign exchange trading the dollar was softer this morning as the euro advanced to $1.088 while the British pound was buying $1.2205. On Wall Street, stocks rallied higher...

Industrial Production The Federal Reserve reported last week that U.S. industrial production fell 11.2% in April, including declines of 13.7% for manufacturing, 6.1% in mine output, and 0.9% for utilities. The drop in industrial production marked the largest monthly drop in the 101-year history of the index, according to the Fed’s press release. Retail Sales...

Other U.S. releases out this week will cover initial unemployment claims (consensus: 2.4 million), the Philadelphia Fed Index (consensus: -43), and the Conference Board’s leading economic index (consensus: -5.3%), On the monetary policy front, Fed Chair Jay Powell testifies before the Senate Banking Committee on Tuesday and the Fed and European Central are subsequently scheduled...

Two slides of particular interest from Mr. Hurtik’s presentation covered the recent price development for the major scrap grades, including the strength in prime scrap prices: And here are the planned restarts for the major auto makers, including restarts from the big 3 scheduled for today: As for first quarter global steel production, here are...

Diesel fuel prices started to edge up in the Gulf Coast region and on the West Coast (excluding California), while prices were down slightly in most of the other major regions.