The Indian Government recently decided to scrap export duties on steel products and iron ore. The domestic industry has thus far hailed the move, but some worry it may not boost exports in the short term. The export tax on iron ore lumps, fines, and pellets is now gone. Last Saturday, India officially scrapped an […]
Category: Commodities
Conditions Ripe for a Nickel Price Squeeze
The recent rise in aluminum, copper, and nickel price have created some short-term uncertainty as companies finalize their long-term contracts for 2023. Earlier this month, all three metals rose on the back of rumors that China might begin easing zero-COVID restrictions. In addition, the USD index has dropped from its September peak of 114. As […]
Stainless Steel MMI: Supplier Inventories High & Nickel Starts Rally
The Stainless Monthly Metals Index (MMI) moved sideways with a modest 1.41% decline from October to November. All in all, the stainless steel price movement primarily reacted to volatility in nickel trading. Nickel held historically low volume levels over recent months, while nickel prices remained within their short-term range. By November, however, prices began to […]
Construction MMI: Construction Industry Battles Labor Shortages & High Building Costs
The November Construction MMI (Monthly MetalMiner Index) dropped by 4.16%. The trend over the past 3-4 months reflects a more sideways market than a bullish one. However, October to November proved a particularly volatile month for the construction index. Meanwhile, fluctuating steel prices have put all eyes on China. The market remains plagued with widespread […]
Copper MMI: Copper Price Moves Sideways Before Starting Rally
The Copper Monthly Metals Index (MMI) moved sideways, with the overall copper price falling 2.0% from October to November. While volatility remains a risk, copper prices traded in a tight range throughout October. In general, prices traded just above the low found in late September. Copper was also among multiple base metals who’s prices move […]
Renewables/GOES MMI: Political Factors Yank Renewable Energy in Different Directions
November’s Renewables MMI (Monthly MetalMiner Index) traded sideways for the first time since June. The index rose by 1.56% month-over-month. This primarily resulted from GOES (grain-oriented electrical steel) rising in price. Meanwhile, other renewable energy resources, like neodymium and Japanese steel plate, traded sideways. Silicon remains in particularly high demand, but supplies remain pinched along […]
Zhongwang’s Roller Coaster Ride Comes Off the Tracks
Recent aluminum supply news remains inundated with the Zhongwang Holdings controversy. Many remember the case from 2019 when US prosecutors accused six southern California companies of evading aluminum import duties. The organizations had ties to Zhongwang Holding’s owner Liu Zhongtian and the skipped duties came to $1.8 billion total. The prosecutors claimed that between 2011 […]
Rare Earths MMI: The World Races to Find Alternatives to Chinese Rare Earths
The November Rare Earth MMI (Monthly MetalMiner Index) broke its short-term downward trend and traded sideways month-over-month. Altogether, the index dropped a modest 0.97%. Rare earths managed to hold their steady trend over most of 2022. This was due to high demand for EV’s, electronics, and rare earth magnets. Indeed, the global market for all […]
Pressure Increases on the LME to Ban Russian Metal
According to the latest metal news, the London Metal Exchange (LME) is in a quandary over how to handle metal supply from “sanctioned” Russia. Their frustrations continue to be enhanced by the fact that some nations, led by China, remain interested in buying up Russian stock. Following Russia’s invasion of Ukraine, formal and voluntary sanctions […]
New Trends in Battery Nickel as EV Demand Rises
Battery original equipment manufacturers (OEMs) have enjoyed a clear trend for much of the last decade. In fact, they’ve largely achieved falling per kWh manufacturing costs thanks to two strong dynamics. The first is economies of scale. After all, demand for both consumer electronics and electric vehicles in all forms – hybrid and full EV […]
