Our July MMI report is in the books, and it paints a more positive picture than our June report.
Last month, four sub-indexes posted no movement. This month? Just one.
On top of that, the number of sub-indexes posting upward movement increased from four to six.
It was an especially good month for the Raw Steels MMI, which shot up 4.4%.
The Stainless Steel MMI — stainless is also part of the Section 232 investigation – also rose, while the other 232 investigation subject, aluminum, fell by a point.
The Department of Commerce is expected to announce the results of the Section 232 steel investigation in the near term. Will the Trump administration opt for tariffs, quotas, or a combination of the two, to combat excess capacity from China? Will China make good on talk of cutting production, particularly in light of what was a record June for Chinese steel and aluminum production?
Once the first 232 domino drops, the metal markets will feel the ripple effects — it’s only a matter of when.
You can read about all of the above and much more in our July MMI report, which you can download below.