The Construction MMI (Monthly Metals Index) narrowly missed trading flat. Overall, the index remained sideways, with just a minuscule drop of 0.13%. In the face of recent construction news, the index proved much less volatile than in the past three months. All three bar fuel surcharges within the index (Weekly Gulf Coast, Weekly Rocky Mountain, […]
Category: Commodities
Metal Manufacturing News: Glencore Proposes Merger with Canada’s Teck Resources
On April 3, multinational commodity trader and mining group Glencore announced its proposal for a merger with Canada’s Teck Resources. Estimates say the metal manufacturing merger could potentially create $4.25-5.25 billion of post-tax synergy value. However, Vancouver-headquartered Teck announced its rejection of the offer on the same day. “The board of directors of Teck has […]
Automotive MMI: HDG, Palladium and Shredded Scrap Steel Prices Jump
The Automotive MMI (Monthly Metals Index) rose significantly from March to April, jumping by 9.01%. This represents the highest rise the index has seen in over a year. Numerous drivers helped bring prices up, with every part of the index rising month-over-month, including: The steel parts of the index (in particular HDG) followed trend with […]
Raw Steels MMI: Market in Backwardation Suggests U.S. Steel Prices May Be Near Peak
The Raw Steels Monthly Metals Index (MMI) moved sideways from March to April, with a mere 0.65% increase. A sharp reversal to the downside for Midwest HRC future prices placed additional weight on the index. Meanwhile, HRC price action continued to the upside during the month, with the HRC rally yet to show a meaningful slowdown. […]
Rio Tinto Selling Stake in Peru’s La Granja Copper Mining Project
Rio Tinto Group recently agreed to sell a 55% majority stake in its La Granja copper project in Peru to First Quantum Minerals Ltd. The deal involves the First Quantum paying U.S. $105 million. The hope is that the sale will allow the project to progress even faster. It should also allow the Rio team […]
Rare Earths MMI: Prices Plunge, Flatten, Then Rise
The Rare Earths MMI (Monthly Metals Index) dropped drastically again this month, suffering a 15.5% decline. Despite this, downward price action began to slow down and flatten around March 16. As of March 30, prices began to rise again. Further adding to the confusion was the fact that some components in the index traded flat. […]
How Can Steel Procurement Professionals Survive a Recession?
The irony is not lost on steel buyers when they hear the phrase “the cold, hard truth.” After a massive spike at the beginning of March, HRC, CRC, and HDG steel prices are finally losing momentum. However, as any savvy procurement professional knows, they are not out of the woods yet. Recession indicators continue to […]
India to Heavily Increase Steel Production
The latest steel news reports that Indian steel production is expected to increase throughout 2023. The information comes directly from sector experts and the head honchos of steel companies themselves. So, aside from being welcome, it is an opinion with a fair amount of clout behind it. According to research agency ICRA, steel demand in […]
Southern China’s Power Crisis Impacting Aluminum Production
China’s aluminum production faces a “touch and go” situation once again. In this case, the problem is mainly due to a power supply crisis in the southwest area of the country. The Yunnan province, the aluminum manufacturing hub of southern China, is reducing production of the metal due to a severe water shortage. This shortage has, […]
ThyssenKrupp to Construct a Fresh Annealing Line in Bochum
German steel-making group ThyssenKrupp has started construction on a new annealing line at its Bochum works. The project aims to produce steel for electricity generators and electric vehicles. Annealing is a heat-treating process of rolled steel, which changes its mechanical and electrical properties. The process is either done by coil, known as batch annealing, or […]