India officially reported a trade deficit in steel shipments in the April-October 2023 period. Analysts cited a continue drop in export demand and shifting steel production levels as the primary reasons why they total value of imports was more than that of exports. Furthermore, the continued slow demand from major markets like Europe continues to […]
Category: Commodities
ArcelorMittal Halts Steel Production in Bosnia Amidst Europe’s Slump in Demand
A drop in steel demand throughout Europe proved the reason for ArcelorMittal temporarily suspending output at its Bosnia plant. The company remains a leading player in the steel industry, making approximately 700,000 tons of liquid steel every year and employing 2,200 workers. According to this report, company management moved to halt production due to a […]
Glencore’s $6.93 Billion Acquisition: Majority Stake in Teck Resources’ Steelmaking Coal Business
Multinational commodity trader and mining group Glencore recently announced the acquisition of a majority stake in Canadian mining group Teck Resources’ steelmaking coal business. On November 15, the London and Johannesburg-listed group announced they had previously paid $6.93 billion for a 77% stake in Elk Valley Resources (EVR). They added that the deal was based […]
Global Precious Metals MMI: Precious Metals Prices Remain Mostly Sideways Amid Conflicting Factors
The Global Precious Metals MMI (Monthly Metals Index) maintained a sideways trend once again, this time moving up only 2.07%. That said, the overall future for precious metals prices brightened recently. For example, through October, gold increased around $150 per ounce. However, there were several variations in the prices of precious metals between October 1 […]
Copper MMI: Is The “Supercycle” Narrative For Copper Prices Falling Apart?
Although they appear on the rebound from last month’s lows, copper prices have yet to break out of their long-term sideways range. Nonetheless, following an almost 2% overall decline throughout October, prices have now retraced to their highest levels since September. For the second consecutive month, all prices within the index edged lower. That said, […]
Renewables/GOES MMI: Index Turns Down and Possible EV Trade War?
The Renewables MMI (Monthly Metals Index) remains volatile, especially when it comes to EV battery technology. Starting in August, the index experienced sharp up-and-down movements from month to month. Indeed, between October 1 and November 1, the index dropped 4.22%. Most index components, including grain-oriented electrical steel, dropped, with only a few managing to move […]
British Steel Has £1.25 Billion Plan to Slash Emissions with Electric Arc Furnaces
British Steel recently told steel news sources of a £1.25 billion ($1.53 billion) project to replace its blast furnace operations with electric arc furnaces. The company said the goal was to help slash current carbon emissions. “The proposals, which are subject to appropriate support from the UK Government, could see British Steel install two electric […]
Aluminum MMI: Aluminum Prices Sideways as Premiums Remain Bearish
Although they fell 4.29% throughout October, aluminum prices remain trapped within a sideways trend established back in July. Prices retraced from their late-September spike but failed to create a lower low. Therefore, they continue to move within a tight range. Overall, the Aluminum Monthly Metals Index (MMI) remained sideways, with a modest 0.72% decline from […]
Stainless MMI: Stainless Market, Nickel Price Remain Bearish
Nickel price data continued to decline during the month, dropping a total of 4.06%. While prices remain above their pre-squeeze historical average, they recently fell to their lowest level since October 2021 as they continue to slip below short-term support. All components declined during the month, which saw the Stainless Monthly Metals Index (MMI) fall 4.56% […]
Construction MMI: Index Remains Sideways, U.S. Construction Industry Jobs Up
The Construction MMI (Monthly Metals Index) continued to lack strong bullish or bearish pressure month-over-month. Overall, the index only dropped by a minuscule 0.13%. Still, many factors remain at play in the construction industry, which seems to be behind the index components’ steady sideways trends. With the winter months coming, infrastructure construction will likely slow […]
