Nucor Guides Earnings Down Despite Strong Automotive Performance

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Nucor said in a news release yesterday that the steel mills segment will have weaker second quarter performance when compared to the previous quarter despite an improvement in plate.

Nucor still reports stronger end markets for both energy and automotive. And though hot dipped galvanized prices appear to have gained some support this last week, other metals feeding the automotive industry fell.

The week’s biggest mover on the weekly Automotive MMI® was the price of US HDG, which saw a 8.4 percent increase.

Following a 3.6 percent increase in the week prior, the 3-month price of copper fell 4.6 percent on the LME last week to $7,120 per metric ton. The cash price of primary copper fell 4.5 percent on the LME to $7,086 per metric ton after rising 2.6 percent the week before. Korean 5052 coil premium over 1050 sheet traded sideways last week. This past week, the price of Chinese lead kept quiet, holding flat.

Following a 1.9 percent increase in the week prior, the price of US platinum bar fell 2.2 percent last week to $1,478 per ounce. The price of US palladium bar fell 0.1 percent to $756.00 per ounce after rising 0.1 percent the week before.

The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. 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.