The Raw Steels Monthly Metals Index (MMI) fell by 2.34% from November to December. Ultimately, U.S. steel prices remain decidedly bearish. Meanwhile, hot rolled coil prices saw the most substantial decline, falling 12.6% month over month. Plate prices, on the other hand, mainly remained sideways but continued to edge slowly downward with a 2.9% decline. […]
Category: Ferrous Metals
Renewables/GOES MMI: Steel Plate Drops While Battery Metals Hold Strong
The December Renewables MMI (Monthly MetalMiner Index) traded sideways, practically in a straight line. Overall, metal prices within the index only dropped 0.83%. This sideways trend contrasts sharply with the steep drop renewables saw just six months ago. Battery metals within the index, such as cobalt and silicon, held a steady sideways trend, only rising […]
Iron Ore Futures to Rise as China Eases zero-COVID
China’s steady easing of COVID-19 restrictions finally allowed the beleaguered economy to begin reopening. Many experts expect a renewed demand for steel, which means an increased appetite for steel-making raw materials such as iron ore. Both analysts and traders believe the lifting the restrictions was a step in the right direction. This current positivity is […]
Mastering Metal Prices: 5 Sourcing Strategies That Only Pros Know
“It is a fact researchers have settled on – the 10,000-hour rule is a definite key in success.”– Malcolm Gladwell, ‘Outliers.’ For those of you who have not read Gladwell’s “Outliers,” no worries. Essentially, the key theme of the book involves the concept of practice. It states that those who dedicate 10,000 hours or more […]
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, […]
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 […]
Raw Steels MMI: Steel Price Downtrend Resumes While Plate Prices Hold Flat
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 […]
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, […]