The Stainless Monthly Metals Index (MMI) dropped 4.68% from February to March. Meanwhile, the price of Nickel also fell significantly. Does your company have a stainless buying strategy based on a recessionary market? Stainless Spot Pricing for Buyers U.S. cold rolled stainless steel import licenses remain depressed. Indeed, many importers appear apprehensive, as it remains […]
Category: Global Trade
Iron Ore Prices Increase as Chinese Government Prohibits Stockpiling
Iron ore futures continue to climb steadily. The Singapore benchmark for iron ore futures exceeded U.S. $130 a ton on Monday. The increase was largely due to improved steel plant profitability and a positive demand forecast in China, the world’s largest steel producer. However, these increases in the price of iron ore remained restrained by […]
Copper MMI: Copper Prices Awaiting a Downturn
Recent price action suggests strong potential for the price of copper to shift away from the rally witnessed at the beginning of the year. Technical analysis (TA) indicates that copper prices have begun to form lower highs on shorter time frames. This is a strong indicator that a downtrend lies ahead. However, prices will continue […]
Aluminum MMI: Price of Aluminum Falls, Tariffs Back On
Aluminum prices reacted bearishly in the short term. At the beginning of February, price action showed a short-term sideways trend with no new lows or highs. Indeed, the price of aluminum would need to break out of its current range to form a continuation trend or a reversal downward. However, future price direction currently remains […]
Sibanye-Stillwater Bids for Aussie Zinc Mining Firm, Zinc Prices Weaken
Johannesburg-listed metals and mining multinational Sibanye-Stillwater recently launched a bid to acquire all shares in Australian zinc miner New Century Resources. Sibanye-Stillwater currently holds a 19.9% stake in NCR. Meanwhile, zinc price movements continue to ebb and flow between the A$4400 ($3,000) and A$5200 ($3,500) range per ton. “The proposed takeover is in line with […]
Chinese Steel Production Firm Baowu Pursues Rio Tinto’s Iron Ore
New developments continue to signal coming improvements in Chinese steel production. Among these is a forecast of prospects for the country’s vehicle sector and shipyards. This would ultimately thaw out the Sino-Australian relationship. One of the world’s biggest steelmakers, China’s Baowu Steel Group Corp., is keen to seek closer ties with Aussie iron ore miner […]
Construction MMI: Bar Fuel Surcharges Drop, Steel Prices Edge Up
The Construction MMI (Monthly MetalMiner Index) traded sideways, rising by just 1.97%. The index was pulled in multiple directions month-over-month, resulting in a lack of major movements. For instance, bar fuel surcharges dropped, while steel rebar, h-beam steel, and sheet aluminum all went up. This recent rise in steel prices has left the index facing […]
Stainless MMI: Nickel Prices Return Sideways
The Stainless Monthly Metals Index (MMI) rose 5.82% from January to February as the nickel price index lost upward momentum. Nickel prices returned sideways in the short term after finding a peak in January. Since the price has not bounced high enough to confirm an uptrend, downside risk may increase. Meanwhile, volume levels appear at […]
Automotive MMI: Car Inventories Return, but Consumers Do Not
The Automotive MMI (Monthly MetalMiner Index) rose slightly higher than in previous reports. Month-over-month, the index went up by 5.08%. Automobile inventories may be rising, but consumers are much more reluctant to purchase than they were six months ago. With interest rates still climbing, more and more consumers continue to steer away from vehicle purchases. […]
Aluminum Shortage Coming? U.S. Considers 200% Tariff on Russian Aluminum
A potential aluminum shortage could be rearing its ugly head once again. This will prove especially true if the U.S. goes ahead with a proposed move to shut out all Russian aluminum unilaterally. Currently, the plan is to accomplish this via a tariff of up to 200%. Thus far, Russian metal producers have largely evaded […]