For the 1st quarter of this year, China’s iron ore imports hit a Q1 record. Altogether, prices climbed nearly 10% from January to March, reaching 29.3 million tons (MT). Indeed, March alone saw imports grow 1.8% to 100.23 MT. Helping these numbers were expectations of stronger steel demand as the Chinese economy continues to emerge […]
Category: Carbon Steel
Renewables/GOES MMI: Slowing Economy Could Impact Renewable Energy Companies’ Projects
The Renewables MMI (Monthly Metals Index) dropped by 3.65% between March and April. This represents the index’s most significant drop since November 2022. Despite this, the index still has yet to break out of its sideways trend. However, the falling economy continues to keep both renewable energy companies and investors on edge. The Inflation Reduction […]
Construction MMI: Infrastructure Construction Remains Robust, Private Projects Feeling Recession Pains
The Construction MMI (Monthly Metals Index) narrowly missed trading flat. Overall, the index remained sideways, with just a minuscule drop of 0.13%. In the face of recent construction news, the index proved much less volatile than in the past three months. All three bar fuel surcharges within the index (Weekly Gulf Coast, Weekly Rocky Mountain, […]
Automotive MMI: HDG, Palladium and Shredded Scrap Steel Prices Jump
The Automotive MMI (Monthly Metals Index) rose significantly from March to April, jumping by 9.01%. This represents the highest rise the index has seen in over a year. Numerous drivers helped bring prices up, with every part of the index rising month-over-month, including: The steel parts of the index (in particular HDG) followed trend with […]
Raw Steels MMI: Market in Backwardation Suggests U.S. Steel Prices May Be Near Peak
The Raw Steels Monthly Metals Index (MMI) moved sideways from March to April, with a mere 0.65% increase. A sharp reversal to the downside for Midwest HRC future prices placed additional weight on the index. Meanwhile, HRC price action continued to the upside during the month, with the HRC rally yet to show a meaningful slowdown. […]
How Can Steel Procurement Professionals Survive a Recession?
The irony is not lost on steel buyers when they hear the phrase “the cold, hard truth.” After a massive spike at the beginning of March, HRC, CRC, and HDG steel prices are finally losing momentum. However, as any savvy procurement professional knows, they are not out of the woods yet. Recession indicators continue to […]
India to Heavily Increase Steel Production
The latest steel news reports that Indian steel production is expected to increase throughout 2023. The information comes directly from sector experts and the head honchos of steel companies themselves. So, aside from being welcome, it is an opinion with a fair amount of clout behind it. According to research agency ICRA, steel demand in […]
Construction MMI: Silicon Valley Bank Collapse Spills into Construction Industry
Month-over-month, the Construction MMI (Monthly MetalMiner Index) broke out of its sideways trend and rose amid both positive and negative construction news. For instance, bar fuel surcharges dropped, but h-beam steel and U.S. shredded scrap steel went up slightly. And while some sources report a rise in global rebar prices, others suggest steel rebar futures […]
Renewables/GOES MMI: Steel Prices Rise, Experts Doubt Solar Energy Efficiency
After holding a pretty steady sideways trend since October, the Renewables MMI (Monthly MetaMiner Index) decreased by a considerable 8.56%. Indeed, multiple components of the index trended downward, including cobalt, neodymium, and silicon. Meanwhile, Chinese silicon costs continue to drop due to overcapacity. Other reasons for the drop included multiple silicon producers coming online and […]
Raw Steels MMI: U.S. Steel Prices Continue Uptrend
The Raw Steels Monthly Metals Index (MMI) rose by 8.74% from February to March. The growth was largely due to the massive increase in the U.S. HRC Futures contract, which jumped by nearly 49%. Because of this, steel prices reacted accordingly. HRC prices continue to show bullish strength in the short term, even breaking out […]