Here at MetalMiner, we’re not very big fans of manufacturing PMIs. They tend to overstate trends, and month-by-month data can be misleading. This is especially true when trying to extrapolate medium term trends. That said, when taken in conjunction with metal price movements – which are driven more by actual demand than sentiment – PMI’s […]
Category: Commodities
Could Macroeconomics Cause a Steel Price Reversal?
Uncertainty regarding China’s stance on zero-COVID, when restrictions might ease, and riots within China throughout recent weeks have all contributed to more flat steel prices. What’s more, recession fears are starting to notably impact commodities. Yet another contributing factor? Fears of a railroad strike. With the cut-off date for meeting railroad unions’ terms fast approaching, […]
With China Failing, Volatile Metal Prices Could Spill into 2023
There have been a number of dynamics driving metals prices this year. They’ve ranged from the strength of the USD to the war in Ukraine to the still-ongoing energy crisis. However, as with the past two decades, the primary recurring theme remains Chinese demand. As both producer and consumer of most of the world’s major […]
Zinc Price Index Cooling Down After Sharp Rally
Like most base metals, the zinc price index rose during the first week of November. However, the 15th marked the last day of zinc’s sharp rally, as prices soon began to cool down and return back to prior support and resistance zones. As with other metal production facilities, Zinc smelters use a lot of energy. […]
Nickel Market Volatility Leaves Buyers Confused
November marked a rocky roller coaster for many metal prices, and the nickel price index was no exception. After the sharp rally at the beginning of the month, nickel prices eventually bounced back down. At the time, MetalMiner noted that the rally would prove short-term at best and didn’t indicate a true reversal. The LME’s […]
India Revokes Export Duties on Steel and Iron Ore
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 […]
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 […]