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Market Movers Americas, Dec. 5-9: Steel and containers markets weaken, USWC auctions offshore wind leases

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보기: Market Movers Americas, Dec. 5-9: Steel and containers markets weaken, USWC auctions offshore wind leases

  • 주요 내용
  • Valarie Jackson
  • 원자재
  • Electric Power Metals Shipping
  • 길이
  • 01:32

In this week's Market Movers Americas, presented by Valarie Jackson:

• Steel market monitors impact of mill price hikes

• Weak consumer demand pressure North American container rates

• First West Coast offshore wind lease takes place

전체 원고 보기

This week, flat-rolled steel sheet prices are in focus as several North American steelmakers announced increases in base rates last week. Mills have raised offers in attempts to stem declines in the US hot-rolled coil price, which recently reached a year-to-date low. We will be monitoring whether higher mill offers will hold and establish a price floor for the market.

The Americas container market is facing low volumes from weak consumer demand for cargoes from North Asia. Many importers are moving their business to Vietnam and India because of productivity hurdles from China's "zero-COVID" policy. Import rates for shipments bound for the Pacific Coast have stabilized slightly to pre-pandemic levels after an eight-month decline.

In power, the first US West Coast offshore wind lease auction will take place on Tuesday. The auction includes three areas off the Central California coast and two areas off the Northern California coast, and together have the potential to produce more than 4.5 GW. The California Energy Commission has a preliminary offshore wind goal of up to 5 GW by 2030 and 25 GW by 2045, while the total US goal is 15 GW of floating offshore wind energy by 2035.

I'm Valarie Jackson. Thanks for kicking off your Monday with S&P Global Commodity Insights.