HM Treasury recently announced that the UK plans to enact a carbon tax on certain metals and natural resource imports into the country by 2027. The December 19 announcement said that steel, aluminum, and iron ore will be subject to the tax. This tax is currently known as the Carbon Border Adjustment Mechanism (CBAM). “Goods […]
Category: Ferrous Metals
Mexico Imposes 80% Tariff on Vietnamese Steel Amid Trade Tensions, Mixed Steel Prices
Neither China nor rising global steel player Vietnam had a very good 2023 due to fluctuating steel prices and demand. Like some other steel-producing countries, both have primarily resorted to flooding foreign markets with cheap steel products to remain in the black. This has led to massive protests from countries where these imports land, including […]
Habaş Announces 900,000 Metric Ton Downstream Mill in Turkey
Turkish longs and flats producer Habaş recently announced plans to build a downstream cold rolling and tinplate mill. The growing Turkish steel industry brand estimates that the plant will have an annual capacity of 900,000 metric tons. Current plans place the new plant on a greenfield site close to Habaş’ main production facilities at Aliağa. […]
India’s Steel Industry Battles Cheap Imports
Imports seem to be the biggest bugbear for the Indian steel industry. Cheap steel from China, Vietnam, and several other countries flooded the domestic market for months, putting Indian steel companies at a significant disadvantage. The problem is now so severe that representatives from the steel sector and the Indian Steel Ministry met earlier this month […]
Japan’s Nippon Beats Nucor, Cliffs, ArcelorMittal in U.S. Steel Sale
US steel news sources and markets were abuzz on December 18 over Nippon Steel’s purchase of U.S Steel. The $14.9 billion investment represents a significant step in Nippon’s plan to expand its U.S. assets, and pushed the Japanese company from the fourth to the third-largest global steel producer. In total, it will now account for […]
Raw Steels MMI: Steel Prices Bullish as HRC Price Break $1,000/st
While the Raw Steels Monthly Metals Index (MMI) rose 6.43% from November to December, U.S. flat rolled steel prices remain decidedly bullish. By mid-December, hot rolled coil prices broke above the $1,000 per short ton mark for the first time since June. To date, HRC prices have risen almost 53% this year, outperforming all base […]
Renewables/GOES MMI: Index Drops & Green Energy Faces Challenges
The Renewables MMI (Monthly Metals Index) took a noticeable dive month-over-month, dropping by 10.41%. Indeed, neodymium, cobalt, and steel plate all suffered drops in price, making them the main culprits for the index falling. Meanwhile, the latest renewable energy news sources suggest green initiatives could be in for a rocky ride in 2024. This is […]
Construction MMI: Construction Spending Rises but Construction Index Falls
The Construction MMI (Monthly Metals Index) strayed from its sideways trend to drop 6.84% month-over-month. A drop in European commercial aluminum 1050 sheet prices was the main culprit in the index’s decline. Construction news sources indicate with steel prices finally flattening out in recent weeks, the index could face further bearish pressure. Despite this, construction […]
2023 in Review: Carbon Steel/Raw Steel Prices
2023 steel prices witnessed heavy bullish pressure at the beginning of the year. However, as the year wore on, more and more bearish pressure began affecting the market. Factors such as Cleveland Cliffs’ price hikes, the UAW strike, and U.S. Steel going up for sale all had major impacts on the market and steel demand. […]
Steel Production and Export Pressure Push India’s Steel Trade into a Deficit
India officially reported a trade deficit in steel shipments in the April-October 2023 period. Analysts cited a continue drop in export demand and shifting steel production levels as the primary reasons why they total value of imports was more than that of exports. Furthermore, the continued slow demand from major markets like Europe continues to […]
