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Aluminum Prices

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Carbon Steel Prices

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Nickel Alloy Prices

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Stainless Steel Prices

View quotes and charts of the North American Stainless Steel Index and current pricing for 304 Sheet, and 430 Sheet

Titanium Prices

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Articles on: Metal Prices

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This morning in metals news, European aluminum maker Constellium moves its U.S. offices from New York to Baltimore, copper and aluminum take a step back, and AK Steel announces a price hike.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Constellium to Set up Shop in Baltimore

European aluminum firm Constellium announced it will move its U.S. corporate offices from New York to Baltimore, The Baltimore Sun reported Wednesday.

According to a statement from Constellium, at least 25 senior management and executives will be relocated to the new Baltimore office by the end of 2018.

Constellium, which has its corporate headquarters in Amsterdam and two additional corporate offices in Paris and Switzerland, produces aluminum products for a wide range of industries, including aerospace, automotive, transportation, defense and packaging.

Copper, Aluminum Fall Back

After recently hitting multi-year highs, copper and aluminum fell on Thursday.

According to Reuters, the drop is the result of investors who “locked in profits from a steep rally amid doubts about future demand in top metals consumer China.”

Speculator activity has seen the LME index rise 16% from early June, according to the report.

AK Steel Announces Price Hike

Effective immediately, AK Steel will raise the price for all carbon flat-rolled steel products by a minimum of $30 per ton, according to a report on Nasdaq.com.

Since last August, AK Steel’s shares have risen 5%, compared with 21.8% for the industry, according to the report.

Despite that disparity, AK Steel had a strong second quarter, topping earnings and sales estimates, according to the Nasdaq report.

Free Download: The July 2017 MMI Report

The company reported net income of $61.2 million (or 19 cents per share), up 253.7% from net income of $17.3 million (or 8 cents) recorded in the prior-year quarter, the report says.  The company also recorded net sales of $1,557.2 million for the quarter, up 4.3% from the year-ago quarter, exceeding the Zacks Consensus Estimate of $1,530 million.

Bizarrely, although zinc prices have soared this year on the back of demand for galvanized steel for construction, further strength this week may have been heightened by a loss of investor appetite for those same steel products.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Following booming steel prices this year, the Shanghai exchange increased trading charges last week in an effort to curb speculative activity. Steel prices have consequently slumped by 3.5% as investors got out of steel and into steelmaking raw materials with lower transaction charges, such as zinc.

Surging Shanghai zinc prices have in turn encouraged a rise in the London Metal Exchange price, hitting a peak of $2,994 per metric ton — not seen since October 2007, Reuters reports.

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The U.S. Department of Commerce. qingwa/Adobe Stock

This afternoon in metals news, experts say that despite the delay in the Section 232 investigation of steel imports, they still expect President Donald Trump to impose tariffs, U.S. steel production is up 2.9% in the year to date and copper and steel output from Kazakhstan rose significantly from January to July.

Section 232 Tariffs Still Coming, Experts Say

The wait continues for the Trump administration’s announcement of what it is going to do at the conclusion of its Section 232 investigation into steel imports.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

The investigation was launched in April, and Secretary of Commerce Wilbur Ross has 270 days to present President Donald Trump with a report (making for a January deadline).

An announcement was expected to be made by the end of June, but that self-imposed deadline came and went without an announcement. However, despite the delay, some industry experts believe Trump still plans to impose tariffs, according to a report by Reuters.

Trading partners around the world, including the European Union, in recent months have warned of the possibility of retaliatory measures should the U.S. move forward with tariffs (or a quota system, or a hybrid tariff-quota measure).

A Trump administration official told Reuters the Section 232 review is active and is “still under the final stages of review within the administration.”

U.S. Raw Steel Production Up 2.9%

Per data released in the American Iron and Steel Institute’s weekly report, U.S. raw steel production in the year to date is up 2.9% compared with the same time frame in 2016.

Adjusted year-to-date production through Aug. 12 was 55,650,000 net tons, up 2.9 percent from the 54,106,000 net tons during the same period last year, according to the report.

For the week ending Aug. 12, production was up 1% from the week ending Aug. 5, up to 1,780,000 net tons from 1,762,000 net tons the previous week.

Copper, Steel Output Up, Zinc Output Down in Kazakhstan

Output of copper and steel rose significantly from January to July in Kazakhstan compared with the same time frame in 2016, according to Reuters.

Copper output rose 5.7% and steel output rose 10.1% for the first seven months of the calendar year.

Free Download: The July 2017 MMI Report

Meanwhile, zinc output dropped 0.9%.

AdobeStock/Stephen Coburn

Two articles in the Financial Times this week give polar opposite views on the direction for oil prices next year.

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The first is a report on bets taken by the highly successful hedge fund manager Pierre Andurand on the direction for prices. Andurand is predicting prices will rise above $100 per barrel by 2020 as demand growth exceeds the ability of the U.S. shale industry to meet demand at current prices.

The article quite reasonably points out investment in the oil industry has fallen dramatically as prices have declined, saying on average 40 new developments were approved annually between 2007 and 2013 by the oil majors. That number fell to just 12 last year, as the low oil price left only the most simple and straightforward projects viable.

Furthermore, Andurand believes the U.S. shale industry will find it increasingly difficult to justify new investment if prices remain at current levels — as new fields will become more expensive to develop and maintain, the industry is surviving on the low-hanging fruit at present.

The second article reports on the International Energy Agency (IEA) announcements last week that, despite robust consumption, the current level of cuts is failing to curtail commercial inventories fast enough and still stand at some 3 billion barrels.

Noncompliance from some oil producers exempted from the supply cuts agreement and widespread cheating by others have failed to deliver the level of constraint needed to counter rising U.S. shale output.

Impacts of Oil Price Fluctuations on Metal Prices

True, oil prices have rallied some 8% since July as stockpiles have eased and reports of global demand rising have encouraged the market — but here is why this is relevant for more than just the cost of a tank of gas.

Oil prices are one of the key drivers, along with GDP and the strength of the U.S. dollar, in determining metal prices. A continued weak oil price would help constrain rises in metal prices next year, at a time when stock markets show no sign of falling and the U.S. dollar has remained persistently weak this year. Metal prices are on a rise this month and many consumers fear we are in for a period of sustained price increases through the end of this year.

Free Sample Report: Our Annual Metal Buying Outlook

Let’s hope the IEA’s more pessimistic forecast is closer to the truth than Andurand’s bullish bets.

The lead price grew this week following a Chinese-issued ban on North Korean exports.

According to a report from Reuters, lead’s sister metals also rebounded, in response to once-rising geopolitical tension easing up a bit and Chinese data, a top metals consumer, coming in higher than expected.

Want a short- and medium-term buying outlook for aluminum, copper, tin, lead, zinc, nickel and several forms of steel? Subscribe to our monthly buying outlook reports!

“Those Chinese numbers (on Monday) were quite soft … I suppose the only glimmer of light came in the new yuan loans, which beat consensus, and maybe that suggests that things will remain stable as we go forwards,” Robin Bhar, head of metals research at Societe Generale in London, told Reuters.

“The metals seem well poised. After a period of consolidation this week perhaps we’ll have another push towards those (recent) highs going forward,” Bhar added.

Lead Price Movement in August

Earlier this month, our own Fouad Egbaria reported that Chinese primary lead posted a price increase, growing 3.3% to $2,694.90/metric ton.

How will lead and base metals fare in 2017? You can find a more in-depth lead price forecast and outlook in our brand-new Monthly Metal Buying Outlook report.

For a short- and long-term buying strategy with specific price thresholds:

The demise of the iron ore price has been repeatedly predicted but has failed to materialize over the last few months. Miners line up to announce strong sales and yet repeatedly voice notes of caution that excess supply could overwhelm the recovery.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Yet the market continues to be confounded by not just a rising iron ore price, but continued strength in Chinese steel prices and a wider strength in metals prices.

Several factors are feeding this robust performance and it will take a reversal of one or more factors to spark a change in direction of metal prices.

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This morning in metals news, China pressured iron ore traders not to buy from North Korea even before the newest round of U.N. sanctions were imposed, a Chilean copper company is preparing to invest in Mongolia and China produced a record amount of steel in July.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

China Puts Pressure on N. Korean Iron Ore Business

As the political situation on the Korean peninsula continues to intensify and President Donald Trump criticizes China for allegedly not doing enough to rein in North Korea, a Reuters report indicates China has taken some action against North Korean interests.

According to Reuters, China pressured its iron ore traders not to buy North Korea iron ore, pressure that even preceded the latest round of U.N. sanctions.

Per two traders Reuters spoke to, the Chinese government stopped issuing permits to bring in iron ore “several weeks ago.”

Codelco Looks to Make Investment in Mongolia

Chilean state miner Codelco is planing to make an investment in faraway Mongolia, Codelco’s chief executive told Reuters on Friday.

According to CEO Nelson Pizarro, the company is looking for medium-term investments in the country, which may have untapped copper deposits.

Chinese Steel Output Hits 74M Tons in July

Chinese steel producers had a prolific July, churning out  a record 74 millions tons, Reuters reported.

Free Sample Report: Our Annual Metal Buying Outlook

The output bested the previous month’s then-record total of 73.23 million tons, reached in spite of government efforts to combat pollution.

Our August MMI report is in the books, and it paints a positive picture for a wide range of metals.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

In our June MMI, four sub-indexes posted no movement. The July MMI? Only one stood pat.

Our August MMI, meanwhile, painted a different picture.

Nine of the 10 sub-indexes posted positive movement, with the remaining sub-index (GOES) dropping.

It was a strong month for the Renewables MMI, which grew 6.9% to hit 77. The Raw Steel MMI rose 5.6% to hit 75.

As Irene Martinez Canorea wrote Friday, there’s a bullish outlook behind metals like aluminum, copper and zinc these days. Can they continue that momentum throughout the rest of the calendar year? That remains to be seen, but they’ve certainly been on an uptrend.

Speaking of aluminum, the U.S. Department of Commerce last week made a preliminary determination in a countervailing duty investigation of Chinese aluminum foil, declaring that the products are unfairly benefiting from Chinese government subsidies. The decision was met with applause from the U.S. aluminum industry, particularly the Aluminum Association.

“The association and its foil-producing members are very pleased with the Commerce Department’s finding and we greatly appreciate Secretary Ross’s leadership in enforcing U.S. trade laws to combat unfair practices,” said Heidi Brock, President and CEO of the Aluminum Association, in a prepared statement.

What could come of the investigation? Duties as high as 81% could be slapped on Chinese aluminum foil.

In other investigations, the Department of Commerce’s Section 232 investigations of steel and aluminum imports remain pending. The investigations don’t appear to be at the forefront of the Trump administration’s agenda right now. Furthermore, the deadlines for Secretary of Commerce Wilbur Ross to present President Donald Trump with policy recommendations don’t hit until January.

Of course, things can change quickly — but, for now, a final ruling on trade policy regarding steel and aluminum imports possibly won’t materialize for a while.

Free Sample Report: Our Annual Metal Buying Outlook

You can read about all of the above and much more in our August MMI report, which you can download below.

The bullish trend has become even stronger.

Copper and zinc prices have joined the bullish trend led by aluminum in the latest rally, which started at the beginning of August.

This new uptrend in these three metals is accompanied by heavy buying volume — signaling a a bull market.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

As suggested in our article published Tuesday, aluminum prices have outperformed and broke out from their sideways trend.

Source: MetalMiner analysis of FastMarkets

Copper prices have decided to join in on the fun, and are also trending up again.

After the breathtaking rise that copper prices demonstrated at the end of July, prices are up again. A bullish sentiment has returned for copper.

Source: MetalMiner analysis of FastMarkets

Zinc prices have also hit their highest levels recorded since 2007, according to FastMarkets historical data, and point to a possible continuing uptrend. A rally in zinc prices occurred just after the sharp increase in aluminum prices. Buying trading volumes remain heavy, therefore the uptrend is underpinned by strong buying sentiment.

Overall Outlook

Although MetalMiner considers a variety of variables, indexes and data to analyze market sentiment, the most important variable is how metal prices behave.

Commodities have re-started a short-term uptrend after they lost steam at the beginning of the year. Meanwhile, industrial metals have moved from bullish (to nearly sideways/top, as we had even considered switching our industrial metal outlook to bearish but did not) to absolutely bullish again (mainly caused by these three metals rallies). The U.S. dollar has fallen relentlessly since the beginning of the year.

Free Sample Report: Our Annual Metal Buying Outlook

What This means for Buying Organizations

Buying organizations should watch metal prices closely to determine the best strategy to commit long- and short-term purchases.

For more insight into forward buys and hedging, subscribe to our monthly reports.

A once abandoned U.K. mine with a rich tin mining history may get another shot at resurrection thanks to a Canadian company.

The South Crofty tin mine in Cornwall has been shut down for nearly two decades, but Canada-based Strongbow Exploration is well on its way to reopening the mine still rich in tin.

Want a short- and medium-term buying outlook for aluminum, copper, tin, lead, zinc, nickel and several forms of steel? Subscribe to our monthly buying outlook reports!

According to a report from The Telegraph, the South Crofty mine didn’t shut down because its tin bounty depleted — in fact, it shut down because of falling tin prices.

The news source states that if all things go according to plan, the mine could be reopened by 2020. The hope is that the continual recovery of tin prices will buoy the mine’s resurgence.

“It’s going to be a modern mine in the location of an old mine,” Richard Williams, Strongbow Exploration’s chief executive officer, told The Telegraph.

Once operational, the mine could employ as many as 300 individuals, not counting suppliers.

“We know there’s a resource there, we can identify it with new technology and make the project economic,” Peter Wale, its director, told the The Telegraph.

Once it opens again, the South Crofty mine will be one of just several functioning mines in the U.K., joining Wolf Minerals and ICL, the news source stated.

Tin Price Movement in 2017

How will tin and base metals fare in 2017? You can find a more in-depth tin price forecast and outlook in our brand-new Monthly Metal Buying Outlook report.

For a short- and long-term buying strategy with specific price thresholds: