This could accurately be described as the week that steel struck back in the ongoing Car Wars over what material automobile bodies will be made from. ArcelorMittal announced more big investments in its German automotive steel plant this week. Chrysler announced that it would rely on lightweight steel alloys for its Dodge Ram line of trucks for the foreseeable future rather than switching to lighter aluminum as Ford has already done for its 2015 F-150 pick-up.
The National Highway Transportation Safety Administration (NHTSA) will begin enforcing tougher Corporate Average Fuel Economy (CAFE) standards next year, prompting the changes for automakers.
In non-body panel news we got our first good look at the Elio, a three-wheeled roadster, this week.
The week’s biggest mover on the weekly Automotive MMI® was the price of US platinum bar, which saw a 2.8 percent decline to $1,422 per ounce. This comes on the heels of a 0.3 percent increase the week before. The price of US palladium bar fell 1.4 percent to $864.00 per ounce after rising 3.5 percent the week before.
Following a 1.4 percent increase in the week prior, the price of US HDG fell 0.4 percent last week to $778.00 per short ton.
For the third week in a row, the copper 3-month price dropped, falling 0.2 percent on the LME to $6,905 per metric ton. Closing at $6,921 per metric ton, the primary copper cash price remained unchanged on the LME for the week. Closing at KRW 3,890 ($3.78) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. The price of Chinese lead closed at CNY 14,700 ($2,394) per metric ton after a flat week.
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.