The monthly Automotive MMI® registered a value of 104 in February, on par with January’s value.
The auto metals index, though flat from January, still hung onto its gains from December at 104, four points above the January 2012 baseline. The Auto MMI reflects the price movement for the main metals used in car-making.
Auto sales increased by 14% from January 2012 sales figures, coming in at over 1.04 million vehicles.
“Pent up demand combined with the fact that people are holding onto vehicles longer than the historical average has driven demand for new vehicles,” said Lisa Reisman, managing editor of MetalMiner. “But how long folks will continue buying autos – now approaching levels not seen since prior to the financial crisis – remains unclear.”
“Automotive demand will likely remain as robust, provided the underlying economy remains healthy,” Reisman continued, “but many feel the economy will face some headwinds during the second half of 2013.”
Primary Price Drivers of the Auto Metals Index
The price of US platinum bar jumped 9.4 percent last month to $1,683 per ounce. At $8,168 per metric ton, the 3-month price of copper increased 3.2 percent on the LME.
At $757.00 per short ton, the price of US HDG steel fell 2.9 percent. The US shredded steel scrap price dropped 0.5 percent, ending at $389.00 per short ton.
The price of Korean 5052 coil premium over 1050 sheet dropped 2.4 percent over the past month, ending at KRW 4,360 ($4.00) per kilogram.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends over a 30-day period. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.