Chinese moves to clean up their heavy-polluting industrial sector has triggered a swift collapse in iron ore prices for the first time since July 2020. Prices last Friday and Monday dipped below the $100 per ton mark. According to a draft guideline released on Thursday, the Ministry of Ecology and Environment intends to monitor 64 […]
Category: Ferrous Metals
Record natural gas, resulting power prices cause alarm in Europe’s steel industry
Reports in the media that natural gas prices in the U.K. have more than quadrupled over the last year to highs of 180p per therm from around 40p per therm this time last year are making headlines. This is largely because of the impact on small, startup gas suppliers who have been forced out of […]
Week in Review: Stainless steel boosts nickel; aluminum production rises; commodity ETFs gain momentum
Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including stainless steel consumption’s impact on nickel prices, surging aluminum prices and much more: Each month, MetalMiner hosts a webinar on a specific metals topic. Explore the upcoming webinars and […]
Construction MMI: Construction spending ticks up, ABI shows growth
The Construction Monthly Metals Index (MMI) picked up by 4.9% for this month’s reading. You want more MetalMiner on your terms. Sign up for weekly email updates here. US construction spending U.S. construction spending reached a seasonally adjusted annual rate of $1,568.8 billion in July, the Census Bureau reported earlier this month. The July rate marked […]
Solid stainless production drives nickel price
When Chinese steel group Tsingshan announced its Indonesian nickel operations would supply matte — a form of the metal used only for stainless steel production — to battery makers back in February, the news undercut the narrative that only refined nickel would be sufficiently high grade for the electric vehicle sector. The price proceeded to […]
This Morning in Metals: China to auction crude oil from its strategic reserves
This morning in metals news: In a bid to aid domestic refiners currently limited by steep energy costs, China announced plans to auction crude oil from its strategic reserves. In other news, Shell declares force majeure as Hurricane Ida’s fallout continues. Also in the news, July steel shipments show 37% year over year rise. Cut-to-length […]
Stainless MMI: Stainless producers announce base price hikes
The Stainless Monthly Metals Index (MMI) remained flat for this month’s reading. Are you under pressure to generate stainless steel cost savings? Make sure you are following these five best practices. Base price and surcharge increase Both NAS and Outokumpu announced price increases effective Sept. 1. Outokumpu increased base prices by reducing the discount by […]
Raw Steels MMI: Index drops after a 14-month climb
The Raw Steels Monthly Metals Index (MMI) dropped by 1.4%, as Chinese steel and U.S. scrap prices declined. Each month, MetalMiner hosts a webinar on a specific metals topic. This month’s discussion is Carbon Steel 2022: What types of steel contracts to set up and when to execute them. Explore the upcoming webinars and sign […]
This Morning in Metals: Steel capacity utilization hits 84.5%
This morning in metals news: U.S. steel capacity utilization dropped slightly last week; the number of drilled but uncompleted oil wells in the U.S. declined in July; and, lastly, the construction sector shed 3,000 jobs in August. Are you prepared for your annual steel contract negotiations? Be sure to check out our five best practices. […]
Jindal Steel to invest $2.4B to boost capacity, citing improving demand prospects
One of India’s foremost steel companies, Jindal Steel & Power Ltd., has announced plans to invest U.S. $2.4 billion to increase capacity over the next six years as recovery from the COVID-19 pandemic boosts steel demand. “Domestic steel prices have recovered from the lows of the COVID-induced volatility and are increasing spurred by improving demand […]