Photo: Hessam Bakhtiarzadeh
If vehicle recalls meant the scrap yard for all cars, then that headline would be true – however, General Motors is simply generating a heck of a lot repair receipts, as some 2.7 million cars – roughly 2.4 million of them Chevy Malibus built between 2003 and 2012 for “potentially faulty brake wiring,” according to the FT, are recalled. (Who knows, some folks may opt to scrap their cars if they’re already junkers.)
CEO Mary Barra has a lot on her plate with the massive recalls, but the US auto sector forges forward, and metals used in the sector are shown rising on the week.
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 4.0 percent increase to $825.00 per ounce. This comes on the heels of a 1.7 percent decline the week prior. The price of US platinum bar rose 3.4 percent over the past week to $1,477 per ounce. This was the third week in a row of increasing prices.
The price of US HDG rose 1.8 percent this week, closing out the third week at $790.00 per short ton.
The 3-month price of copper rose 2.2 percent on the LME to $6,844 per metric ton after falling 0.2 percent during the previous week. Closing out the third week of rising prices, the primary copper cash price increased by 2.2 percent on the LME, landing at $6,884 per metric ton. At CNY 13,950 ($2,239) per metric ton, the price of Chinese lead finished the week 0.2 percent higher. At KRW 3,890 ($3.80) per kilogram, the week finished with no movement for Korean 5052 coil premium over 1050 sheet.
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.