The Raw Steels Monthly Metals Index (MMI) fell by 5.08% from October to November. A number of factors played into steel prices dropping. After U.S. steel prices appeared to flatten, the descent for hot rolled coil, cold rolled coil, and hot dipped galvanized prices accelerated throughout October. Hot rolled coil prices now sit at their […]
Category: Ferrous Metals
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 […]
ArcelorMittal Steel Manufacturing Suffers More Shutdowns
As markets prepare for more bad steel news, ArcelorMittal plans to idle one of two blast furnaces at its Fos-sur-Mer site in southern France. The Luxembourg-headquartered group stated on November 4 that the move was a direct response to current market conditions. “In a sharply deteriorated macro-economic context, coupled with a major impact from soaring […]
Potential Railroad Strike Threatens Metal Logistics
Roughly 1/3rd of all US exports rely on freight transport. Food, wood, coal and metal all move across the US’ 140,000 miles of freight routes. Because of this, many US goods providers are worried about the possibility of yet another major railway strike. In September, two of the 12 major US railway unions rejected negotiations, […]
Iron Ore Demand Remains Strong, But Will It Last?
Concern over China’s economy notwithstanding, iron ore remained relatively stable in September and October. This is of note because historically, these months are one of China’s highest peak demand periods. That said, whether the iron ore price will continue to weather the economic storm remains a point of intense debate. The Many Factors Affecting the […]
ArcelorMittal Iron Ore Refining Hindered by War in Ukraine
Russian forces continue to wage rocket attacks on Ukraine’s cities and energy networks. So far, the destruction has caused at least one steelmaker and one iron ore producer to lower their production levels. Integrated longs producer ArcelorMittal Kriviy Rih recently announced it would limit the electricity consumption of its most energy-intensive equipment. According to an […]
Chinese Steel Manufacturing Profitability Down 20%
Is it all doom and gloom for Chinese steel manufacturing? It’s hard to tell at the moment. Indeed, China finds itself in a precarious place financially. What’s more, a sizable section of global financial and stock analysts have predicted the crises will only get worse as the country prepares to face its toughest winter yet. […]
Automotive MMI – Car Demand Growing, but Steel Supply Strained
The MetalMiner Automotive MMI (Monthly MetalMiner Index) dropped substantially in October, dipping by 9.08%. Manufacturing limitations due to energy shortages and smelter shutdowns remain the ongoing trend in car manufacturing. However, consumer demand for cars, especially in the US, still holds firm. This leaves many in the automotive industry trying to find a balance between […]
ArcelorMittal Doubles Down on Indian Steel Manufacturing
ArcelorMittal appears quite bullish on India. In fact, the company recently announced its intention to double steel manufacturing at one of its primary plants. ArcelorMittal-Nippon Steel India Ltd. (AM/NS India) plans to spend US $5.1 billion at its Gujarat plant in western India. Betting on strong growth in domestic consumption, the company hopes to boost […]
HRC and CRC Steel Prices Stagnate Amid Energy Crisis
Hot rolled coil steel prices in Western Europe remain largely unchanged since early September. However, as various market participants told MetalMiner, this is despite attempts by at least one steelmaker to increase them According to our sources, multiple factors continue to suppress demand for flat rolled products. These include a slowdown of public works programs […]
