This Morning in Metals: Nucor Launches Net Zero Carbon Steel Product Line – Steel, Aluminum, Copper, Stainless Steel, Rare Earths, Metals Prices, Forecasts

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This morning in the metals news: Nucor Company announced the launch of a line of net zero carbon steel products; meanwhile, the American Iron and Steel Institute released import permit application data in September; and, finally, average mortgage rates in the United States continue to hover around 3%.

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Nucor announces new range of net zero carbon steel

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Nucor has announced the launch of a new line of zero carbon steel products.

The steelmaker said General Motors will be the first recipient of the new Econiqâ„¢ net zero carbon steel products.

“General Motors will receive the Econiq net zero steel starting in the first quarter of 2022, and all steel purchased by GM from Nucor is expected to be net carbon neutral by the end of 2022, â€Nucor said.

Steel import permit applications surge in September

Applications for importing steel permits into the United States for September jumped 8.8% from August to September, the American Iron and Steel Institute reported.

The tonnage of import permit applications in September was 2.87 million net tonnes.

In addition, the estimated market share of finished steel imports reached 22% in September, compared to 20% for the year to date.

Mortgage rates remain around 3%

US mortgage rates fell slightly this week, according to the mortgage company Freddie mac reported.

The average 30-year fixed-rate mortgage this week fell to 2.99%, down 0.02 percentage points from the week before. The 15-year rate fell to 2.23%.

“Mortgage rates continue to hover around 3% this week again due to growing uncertainties in the economic and financial markets,” noted Freddie Mac. “Unfortunately, with the expectation that mortgage rates and house prices will continue to rise, competition remains high and housing affordability decreases.â€

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