At a meeting several days ago, officials from the U.S. and Mongolia discussed devising innovative approaches to ensure the smooth entry of essential minerals from the landlocked Mongolian nation into the global market, namely for materials for rare earth magnets. Following his meeting with U.S. Vice President Kamala Harris in Washington, Mongolian Prime Minister L. Oyun-Erdene […]
Category: Commodities
China’s Imports of Refined Copper Hit Four-Year Low
In the first half of 2023, China’s intake of refined copper saw the biggest drop in four years. The news underscores the current deceleration of the nation’s manufacturing sphere. China is one of the world’s largest buyers of refined copper. Still, it seems the country’s appetite for imports is waning. According to a report by […]
Raw Steels MMI: HRC Steel Prices Resume Downtrend, Cliffs Looks to Acquire U.S. Steel
The Raw Steels Monthly Metals Index (MMI) moved sideways, with steel prices experiencing a modest 1.17% decline from July to August. Flat-rolled steel prices seemingly found a bottom at the end of June before experiencing a modest increase. By mid-July, prices returned bearish, edging downward during the remainder of the month. HRC prices ultimately traded […]
Glencore’s Bid for Teck Resources Sparks Environmental Concerns
Glencore continues to express interest in a tie-up with base metals producer Teck Resources. Recently, the multinational commodity trader and mining company proposed steps to address the Canadian firm’s concerns over carbon exposure as a result of any merger. The main source of contention for the deal is Teck’s coking coal operation. “Glencore is fully […]
Steel Industry Disruption: Cleveland-Cliffs’ Jaw-Dropping Bid to Acquire US Steel Makes Waves
Late Sunday night, the Wall Street Journal reported that U.S. Steel had rejected an unsolicited offer from Cleveland-Cliffs for the company, valuing it at $7 billion. According to the report, Cliffs offered $17.50/share in cash plus 1,023 shares of Cliffs stock. U.S. Steel promptly rejected the offer and indicated that it would seek alternative proposals. […]
Stainless MMI: Outokumpu Looks to Expand After Q2 Drop, Nickel Prices Find Lower High
Although nickel prices rose more than 8% during July, prices found a peak at the beginning of August and fell to create a higher high. Indeed, prices began to retrace downward as bearish patterns became apparent in price action. While prices have yet to substantially break below monthly support or create a new lower low, […]
Construction MMI: Chinese Manufacturing Still Slumping, Impacting U.S. Construction
The Construction MMI (Monthly Metals Index) continues to experience pressure from both sides amid conflicting global construction news. For instance, U.S. scrap steel prices recently dropped due to more vehicles being manufactured (car manufacturing always produces ample scrap). However, Chinese steel product prices went up at the same time. Ultimately, metal markets witnessed more movement […]
Copper MMI: Copper Prices Edge Upward As Investment Funds Increase Bullish Bets
The Copper Monthly Metals Index (MMI) rose 3.79% from July to August. Copper prices started to show uncertainty last month amid an absence of directional strength. A lack of bullish or bearish patterns that would otherwise drive prices translated into minimal momentum to the upside or downside. Copper prices today continue to move in a […]
LME Quotation Anxieties Cause Aluminum Buyers Lose Sleep
MetalMiner actively posts on a variety of metals and market developments. However, we prefer to discuss topics that our clients bring to us, especially those that keep buyers awake at night. One such topic that has been recurring over recent months is the anxiety surrounding the LME aluminum quotation. Specifically, there has been a lot […]
Automotive MMI: Consumer Demand Still Up, Sideways Steel Prices Helping Automotive Industry
Compared to other metal industries, components of the automotive industry still remain somewhat strong, despite the Automotive MMI (Monthly Metal Index’s) sideways movement over the past seven months. Pent-up consumer demand still runs strong in the industry. However, it still continues to battle high interest rates and falling steel prices due to slumping demand. There […]
