The global iron ore price may be in for a bit of a ride. Sector analysts foresee high price volatility in the first months of 2023, mainly due to the increasing number of coronavirus cases in China. Adding fuel to the fire is the fact that the government there has warned it will be “paying […]
Category: Commodities
Stainless MMI: Nickel Prices Pull Back as Downside Risk Mounts
The Stainless Monthly Metals Index (MMI) rose 14.58% from December to January as nickel prices retreated. Nickel prices continued to rally throughout December. But by January, prices began to show minor pullbacks that could become the beginning of a short-term sideways trend. Until prices break the new range, the market direction will remain unclear. Market […]
Copper MMI: Prices Spike, Confirming Copper Market Uptrend
In recent days, copper prices managed to break prior highs after experiencing several weeks of pullback. Prices managed to hit short-term demand zones, which typically induce bullish strength. This confirmed the recently-formed uptrend in the copper market, ending the macro downtrend that started earlier in 2022. New data indicates the start of a bullish market, […]
India Passes $2.3 Billion Renewable Energy Bill
India has a new plan to reach its renewable energy goals, but it isn’t going to be cheap. However, if India wants to attain its net zero carbon emissions goal by 2070, the country needs to accelerate its efforts. For starters, it can’t just decarbonize the energy sector, but also other industries such as steel, […]
Automotive MMI: 2023 Could Bring More Car Parts Shortages
The Automotive MMI (Monthly MetalMiner Index) traded sideways for the second month in a row, rising by just 2.65%. The automotive index was impacted heavily by China rescinding zero-COVID restrictions, which caused a spike in cases. However, Chinese-sourced lead and HDG steel prices rose significantly, pulling the index upward. The overall volatility in metals used […]
Raw Steels MMI: U.S. Steel Prices Find Bottom, Begin Rising
U.S. steel prices hit a bottom at the beginning of December, then began to climb. Hot rolled coil prices rose over 8% from their December low. Meanwhile, plate prices traded down for the first time since September. Overall, the Raw Steels Monthly Metals Index (MMI) rose by 7.98% from December to January. MetalMiner’s free weekly […]
Aluminum MMI: Aluminum Prices Slide From Early-December Peak
Despite the recent short-term bounce, aluminum prices have not quite reversed to the upside following their long decline from March 2022. Ultimately, the rally between November and December was not strong enough to indicate a reversal. Moreover, bearish pressure continues to dominate the market environment at this time. Instead, prices remain largely indecisive. However, the […]
NLMK La Louvière, a Belgian producer of hot-rolled coils (HRC), to recommence production
In steel news, Russian-Belgian strip producer NLMK La Louvière aims to restart rolling operations. A source close to the plant told MetalMiner that the current goal for the restart is the end of January. The announcement comes just weeks after a fire knocked the facility off stream. The December 23 fire was located in the […]
Construction MMI: Chinese Sourced Steel Prices Spike, Supply Pinches Possible
The Construction MMI (Monthly MetalMiner Index) rose considerably by 7.68%, with Chinese steel prices getting a significant boost. In fact, all facets of the index related to China (except for iron ore) increased. The movement came in the wake of zero-COVID restrictions lifting, which resulted in a sharp rise in coronavirus cases. While this was […]
Rare Earths MMI: Surge in China’s COVID Cases Impact Prices
The Rare Earths MMI (Monthly MetalMiner Index) jumped slightly more than in the past six months, rising 4.45%. All month, geopolitical factors, mostly involving China, significantly impacted the index. For instance, production still proved low in the wake of zero-COVID. Then, once zero-COVID restrictions were lifted, the spike in cases across China kept the drag […]