The Automotive MMI (Monthly Metals Index) reduced its downward price action, moving sideways month-over-month by 0.43%. While the automotive industry dodged a bullet with the east coast port strike only lasting 3-4 days, the industry could still face more pressure due to lower steel output. Thanks to ongoing mill maintenance that began in August, hot-dipped […]
Category: Industry News
European Steel Prices Slump as German Growth Wanes – Is a Rebound Possible?
Sources say sluggish growth in Germany and declines in input prices have seen European hot rolled coil steel prices continue to fall, extinguishing hopes of a rebound after the summer. Cold rolled coil, a downstream product of hot rolled coil, carries an average premium of €100 ($110) per metric ton over the latter. “Demand is […]
U.S. Port Strike Looms: What Metal Buyers Need to Know
With a potential strike on the U.S. East and Gulf Coasts set to begin today, metal buyers should brace for potentially significant disruptions that could impact metals prices. The International Longshoremen’s Association (ILA) recently signaled that dockworkers could walk off the job in the absence of a new labor agreement, halting operations at 36 critical […]
Why Central Banks Are Stockpiling Gold Like It’s 1929 Again
Gold is gleaming brighter than ever all across the globe, though some would say the shine is even more intense in India and China. Still, wherever one looks, precious metals prices continue to set new records with each passing day. India has seen gold prices increase by over 19% so far in 2024 as compared […]
India’s Retaliatory Steel Tariffs Could Shake EU Steel Market
Steel industry experts continue to watch India closely. In the latest steel news from the subcontinent, the country plans to introduce retaliatory tariffs on certain European Union steel imports. This comes after an unresolved trade conflict over the EU’s safeguard measures on steel products. In a notification to the World Trade Organization, India announced plans […]
Raw Steels MMI: Steel Prices Flatten Despite Bearish Conditions
The Raw Steels Monthly Metals Index (MMI) moved sideways, with a 1.15% decline from July to August. U.S. steel prices remained in search of a new bottom by the close of July. HRC prices dropped a total of 8.26% during the month, pushing them to their lowest level since December 2022. However, prices appeared to […]
Flood of Cheap Steel Imports Sets off Alarm Bells for India
It seems all the fears expressed by Indian steelmakers (and policymakers) are coming true. There just seems to be no stopping the flood of cheap steel imports into domestic markets, a problem that continues to cause great agony for Indian steel manufacturing leaders. India became a net importer of steel in the first quarter of […]
Construction MMI: Base Metals Stabilize, but Construction Costs Still Elevated
The Construction MMI (Monthly Metals Index) held true to its year-long sideways trend, only budging down 1.07%. While base metals prices in the construction market remain fairly stable, construction projects overall still continue to battle with elevated rates. This is especially true in the private sector. However, the market continues to push through more than […]
Raw Steels MMI: Steel Prices Bearish as U.S., Mexico Take Action on Chinese Steel
The Raw Steels Monthly Metals Index (MMI) fell 4.5% from June to July. Although the pace of declines appeared to slow from the previous month, U.S. flat rolled steel prices remained bearish during June. HRC prices fell nearly 7%, followed by an almost 5% decline in HDG prices and a modest 2% drop in CRC […]
NASDAQ, S&P 500 and Other U.S. Markets Heat Up for the Start of Summer
Overall, June 2024 financial market conditions showcased significant market stabilization for the global economy. The World Bank’s projection of a 2.6% growth rate for the year signals the first steady market expansion and stabilization period in over three years. This comes despite various uncertainties and adjustments in the market following COVID-19 pandemic disruptions. Market indices […]
