Ukraine’s Metinvest plans to build a new steel manufacturing facility in Italy. Indeed, an official for the group recently confirmed reports of plans to build a plant in either that country or Bulgaria. “Many people talked about the fact that we are considering the possibility of building a new plant in Italy. Indeed, this is the […]
Category: Commodities
Global Precious Metals MMI: Precious Metal Prices Moving Up, but for How Long?
Precious metal prices (especially silver) began a brief rally on July 12 before retreating again. Whether or not the bulls are here to stay is a question up for debate. Many remain optimistic that gold prices will continue upward until the end of 2023. However, gold and other precious metals markets still face some bearish […]
Demand for Copper Tempered by Innovations in the EV Market
Two firms, Goldman Sachs & Consultancy CRU Group, recently revised their forecasts for copper usage in electric vehicles (EVs). Indeed CRU Group now predicts that the average EV will use between 51-56 kilograms of copper from this year to 2030. This is a significant decrease from their previous estimate of 65-66 kilograms. Similarly, Goldman Sachs predicts […]
Construction MMI: Construction Material Costs Remain Elevated
The latest construction news reports that while interest rates remain high, inflation is finally losing steam. This could go a long way toward helping U.S. construction projects. However, the Construction MMI (Monthly Metals Index) continues to experience pull in both directions. This is mainly due to ongoing labor shortages and the inflated cost of materials […]
Aluminum MMI: Russian Metal Hits 80% of LME, Aluminum Prices Rise in July
Aluminum prices continued to slide throughout June but appeared to find a bottom in early July. Prices started to form relief patterns in the short term, rising following bearish price action over recent months. Meanwhile, cooling inflation data saw market sentiment improve. The U.S. dollar index, which has an inverse correlation to metal prices, dropped […]
Liberty Steel Victorious, Acquires Hungary’s Dunaferr for $61 Million
Liberty Steel recently won a bid to take over Hungary’s Dunaferr. According to Hungary’s Ministry of Economic Development, a local court put the integrated flats producer into liquidation in late 2022. Liberty will pay €55 million ($61 million) for the Dunaferr plant, beating out India’s Vulcan Steel, Ukrainian group Metinvest, Swiss-based Trasteel Trading, and local […]
Raw Steels MMI: Bearish HRC, Steel Prices Flatten at Start of July
The Raw Steels Monthly Metals Index (MMI) moved sideways, with a modest 0.32% decline from June to July. Flat rolled steel prices appeared decidedly bearish throughout June. HRC prices saw the largest month-over-month decline, dropping nearly 16% before finding a bottom at the start of July. From there, HRC prices saw a modest $1/st increase […]
Chinese Mills Brace for Tough H2 Amid Insufficient Consumption, Falling Steel Prices
China’s major steelmakers recently warned of a “very challenging” H2 that could impact steel prices. As noted in news reports quoting the China Iron & Steel Association (CISA), this goes against earlier expectations of improvement in the sector. According to a June 30 report from Bloomberg, officials from China Baowu Steel Group, Ansteel Group, Hesteel, […]
Copper MMI: Current Copper Prices Sideways on Weak Manufacturing
The Copper Monthly Metals Index (MMI) moved sideways, increasing by a modest 1.09% from June to July. Copper prices appear sideways after last month’s rally faltered. After June 22, prices began to retrace, but found a bottom by the end of the month. They then enjoyed a modest rise during the first week of July. […]
Boliden’s Tara Zinc Mine on Hold Due to Dwindling Profits, Escalating Expenses
Plummeting zinc metal prices and rising energy costs recently prompted Boliden to place its Tara zinc mine on care and maintenance until further notice. “The business is currently cash flow negative due to a combination of factors,” the Swedish metals producer said. Officials went on to specify that these operational challenges included “a decline in […]