Following the collapse of Greensill Capital in March 2021 many expected Sanjeev Gupta’s GFG Alliance metals empire to follow close behind. MetalMiner wasn’t alone in repeatedly questioning the murky financial structure of the sprawling group. Some media outlets suggested it reflected fraud bordering on a ponzi scheme. To most parties’ surprise, GFG has limped on […]
Category: Ferrous Metals
Construction MMI: Sector remains strong
In The Construction Monthly Metals Index (MMI) increased by 0.6% month over month. US construction spending rose in 2021 U.S. construction spending reached a seasonally adjusted annual rate of $1,639.9 billion in December, the Census Bureau reported. The December rate marked a 0.2% increase from the revised rate November. Furthermore, the December figure jumped by […]
Raw Steels MMI: Prices slide while capacity grows
The Raw Steels Monthly Metals Index (MMI) fell by 4.6% month over month. U.S. steel prices continue to fall, led by HRC. Plate prices moved sideways. Nonetheless, they remain beneath their peak. U.S., Japan reach Section 232 tariff agreement The U.S. and Japan reached an agreement regarding steel imports from Section 232 tariffs. Announced Feb. […]
Automotive MMI: Index drops 2% while Stellantis takes a page from the GM supplier handbook
The Automotive Monthly Metals Index (MMI) dropped by 2.5% for this month’s reading, following last month’s 3.4% decline. However, from a historical perspective, the Automotive MMI sits just off its all-time high. For nearly all of 2021, the entire automotive industry has felt pain. That pain has come in the form of high prices, lack […]
Russian invasion of Ukraine could have big impact on NLMK and steel buyers globally
An invasion of Ukraine by Russian armed forces could negatively impact Novolipetsk Steel’s (NLMK) export sales, due to possible sanctions by Western nations, one industry watcher told MetalMiner on Jan. 31. Steel distributors in Europe have become hesitant about what an invasion could mean in the event that they purchase steel from NLMK, the analyst […]
British Steel moving to EAF production to meet carbon emissions targets
British Steel aim to slash their carbon emissions 82% by 2035. This would fall in line with the UK’s commitments to the Paris Agreement and the country’s own carbon reduction targets, a company official said on Jan. 25. One way the company plans to achieve the decreases involves a new electric furnace in two to […]
Section 232 negotiations between the US and the UK
As an example of how trade disputes often have little to do with trade, the announcement this week that the US and UK would sit down for talks to resolve the Trump era “trade dispute” over steel and aluminium tariffs serves as a case in point. Back in March 2018, when the former US president […]
European steel prices at a crossroads
Healthy construction demand and increased activity from the auto sector are likely to push up northern European prices for hot rolled coil in January and into February, following decreases from the previous month, sources stated. Mills are now transacting material at around €900-920 ($1,020-1,045) per metric ton exw, down from previous transactions €980-1,000 ($1,110-1,135) heard […]
Raw Steels MMI: As steel prices fall, steelmakers look to scrap
The Raw Steels Monthly Metals Index (MMI) rose by 12.7% month over month to 121, as scrap prices made gains this past month. U.S. steel prices continue to retreat from their 2021 peaks. At the start of the year, hot rolled coil prices sat almost 18% below the October high. US steelmakers invest in scrap […]
Environment driving BHP’s investments in nickel
Nickel, traditionally largely consumed in the stainless steel industry, is enjoying strong support from its role as a lithium-ion battery enhancing metal. The use of nickel reduces the need for cobalt, significantly battery reducing costs. Not surprisingly car makers are scrambling to lock up supplies as Chinese battery firms get first to market investing in […]
