Month-over-month, the Automotive MMI (Monthly Metals Index) dropped by 3.03%. While the automotive market continued to improve overall, bearish pressure on certain steel prices like hot-dipped galvanized steel, ultimately forced the index down. Experts anticipate this bearish pressure to continue impacting both steel prices and automotive manufacturing in the short term. Despite this, the automotive […]
Category: Commodities
Rare Earths MMI: Is China Moving Down the Rare Earths Totem Poll?
The Rare Earths MMI (Monthly Metals Index) experienced a pretty significant drop month-on-month, falling 24.73%. Save for cerium oxide, all components of the index either fell or moved sideways. Weaker than anticipated downstream demand ended up hitting certain metals related to rare earth magnets particularly hard, causing a plummet in the index. Another significant factor […]
Indian Steel Demand Battles Influx of Chinese Imports
In July, India became a net importer of steel for the fourth time in the last year. And therein lies a tale of tariffs, changes in steel prices, and supply and demand. However, before discussing those issues, it’s important to revisit the facts. A recent report by India’s Steel Ministry revealed the country became a […]
Geopolitical Tensions and Dollar Strength: Uncertainty Looms in Light of February Markets
The start of the new year presented mixed signals for the global economy and overall financial markets. An optimistic government outlook and positive US economic data initially fueled enthusiasm and anticipation for future developments. However, interest rate fears, rising geopolitical tensions, and concerns regarding future economic growth overshadowed many of these positive perspectives. This resulted in […]
EU Commission Reviews Request for 25% Extension of Steel Safeguard
The European Commission, the executive body of the European Union, is due to examine a request to extend a 25% safeguard on a range of steel imports. Steel news reports that the EC received a request from 14 member states of the 27-member bloc on January 12. This request aimed to establish if an extension of […]
Indonesia’s Nickel Dominance Spells Trouble for Global Industry
The global nickel mining industry is under stress, and the primary reason is an oversupply of low-cost nickel from Indonesia. Moreover, this constant supply continues to support a major global surplus, placing downward pressure on the nickel price. At this point, the Southeast Asian nation has already cornered more than half of the world’s supply […]
Metinvest Reports Drop in Steel Production Amidst Russian Invasion
Ukrainian metals and mining group Metinvest recently reported a 31% decrease year on year in its crude steel production for 2023, citing Russia’s ongoing invasion of the country. The company halted steel manufacturing activities at its assets in Mariupol, Avdiivka, and Zaporizhzhia two years ago. This includes the Azovstal, Ilyich Steel, Avdiivka Coke, and Zaporizhzhia […]
Tesla’s Steel Causes Strain…and Stain
The world may have come to expect near-perfection from Elon Musk and his products, resulting in the slightest problem with any of them getting amplified in the media. Nonetheless, the latest U.S. steel news has not been kind to Tesla’s recently-launched and significantly delayed electric Cybertruck. The truck started shipping last December, having seen several […]
UK Places Hot Rolled Steel Imports Under Scrutiny with Tata Steel Closure Plans
The United Kingdom’s Trade Remedies Authority (TRA) recently initiated a suspension review on safeguard measures against hot rolled flat and coil steels. Steel news sources report that the move also came alongside a tariff quota review. TRA reported on February 9 that both Tata Steel UK (TSUK) and steel trader Kromat Trading filed applications for […]
China’s Aluminum Exports to EU Plunge 30% Under Carbon Tariff
Earlier this week, the China Nonferrous Metals Industry Association reported a 30% decline in the volume of aluminum products exported from China to the European Union. Aluminum manufacturing analysts quickly pointed out that this most likely resulted from the bloc’s 2023 carbon border tariff. The EU’s Carbon Border Adjustment Mechanism (CBAM) represents a new way […]