(Editor’s Note: This article has been edited and updated since it’s earlier publication to reflect the LME position on Russian origin materials) It’s no news that the London Metal Exchange (LME) has seen a big rise in Russian aluminum inventories in its warehouses. However, the surge in Russian metal remains a source of concern. After […]
Category: Commodities
EU Cross-Border Adjustment Mechanism Deals Blow to India’s Aluminum Industry
The EU’s implementation of the Cross-Border Adjustment Mechanism (CBAM) poses a significant challenge to India’s aluminum industry and the global price of aluminum. The move stems from the EU’s eagerness to tackle carbon and achieve net-zero emissions by 2050. However, as one of the leading low-cost aluminum producers, India faces a considerable setback due to […]
Global Precious Metal MMI: Precious Metal Prices Losing Momentum
The Global Precious Metals MMI (Monthly Metals Index) traded sideways month-on-month. Overall, the index fell 2.75% as numerous components lost upward price momentum. All parts of the index moved sideways or fell slightly, except for Indian silver ingots and U.S. gold bullions. Though Fed’s hawkishness has managed to impact precious metal prices in the U.S, […]
Copper MMI: Will the Copper Price Rally Last?
The Copper Monthly Metals Index (MMI) fell 4.29% from May to June as the average copper price continued to show short term volatility. Copper prices ultimately rebounded after declining in May. After the start of the month, the copper price index started forming short-term patterns that showed potential upside reversal. However, price action would need […]
Is India the New China for Global Steel Production?
COVID-19, poor demand, and several other factors caused a drop in steel production worldwide the past few years. This included China, which is not only the biggest steel producer, but one with a massive impact on steel prices. Indeed, according to a report by the World Steel Association, global crude steel production, including semi-finished products, […]
Renewables/GOES MMI: Index Rises Slightly, U.S. Short on EV Charging Stations
The Renewables MMI (Monthly Metals Index) continued to edge sideways, this time rising by just 2.64%. Cobalt and neodymium rising in price contributed the most to the index’s upward movement. This occurred despite massive oversupplies of cobalt, which is crucial to utilizing renewable energy sources like EV batteries. Meanwhile, grain-oriented electrical steel dropped month-over-month, with […]
Construction MMI: Canadian Wildfire Smoke Puts a Halt on NYC Construction
The Construction MMI (Monthly Metals Index) stayed within a tight range, but dropped more than in the previous three months. Overall, the index fell by 5.04% month-on-month. Meanwhile, steel prices continued to slide, which brought noticeable bearish pressure to the index. However, within the first couple weeks of June, H-beam steel and steel rebar prices […]
Steel Consumption in the EU Projected to Rise
A recent European Steel Association (Eurofer) report said that apparent steel consumption within the European Union is likely to improve by 5.4% in 2024. That said, the organization indicated that this figure depends on there being more favorable developments in the bloc’s industrial outlook. Either way, steel prices will likely see some impact from this […]
Rare Earths MMI: The Rare Earths Downward Spiral Finally Flattens
After a sharp nosedive that lasted two months, the Rare Earths MMI (Monthly Metals Index) finally flattened out between May 1 and June 1. Ultimately, rare earth prices traded sideways and only moved down 1.02%. Market fears rose after news that China is experiencing another wave of COVID-19, which could impact the availability of rare […]
Democratic Republic of Congo Replaces Peru as the Second Largest Copper Exporter
There’s a new kid on the block in copper production. Media reports say the Democratic Republic of Congo (DRC) continues to put up a tough fight against Peru, the world’s second-biggest copper producer. If the latter does not square up, expects feel the DRC may end up taking its #2 title. Of course, such competition […]