AK Steel Holding Corp. said its fourth-quarter revenue rose 36% on sharply higher shipments, spurred by a strong automotive sector demand and a boost from a recent acquisition.
Shares rose 3.7% to $4.20 in recent premarket trading as per-share profit, excluding items, beat expectations. AK Steel and other major US steelmakers have benefited from strong demand for automobiles but continue to face challenges from lower-priced imports.
Korean 5052 coil premium over 1050 sheet dropped to KRW 4,260 ($3.91) per kilogram making it the biggest mover on the weekly Automotive MMI® this week, after drifting 5.1%. The 3-month price of copper rose 4.2% on the LME to $5,685 per metric ton after falling 2.6% during the previous week. The primary copper cash price rose 4.0% on the LME to $5,707 per metric ton after falling 2.6% during the previous week. The price of Chinese lead remained steady from the previous week at CNY 12,650 ($2,025) per metric ton.
Closing out the third week of declining prices, the price of US HDG dropped by 0.8%, finishing at $711.00 per short ton.
The price of US platinum bar declined 0.7% over the past week, settling at $1,240 per ounce. Following a 3.7% increase in the week prior, the price of US palladium bar fell 0.4% last week to $790.00 per ounce.
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.