It seems aluminum prices could be in for a shock. With so much else happening in the news, aluminum buyers could easily overlook the recent Guinea export ban on bauxite to Emirates Global Aluminum. However, this move has triggered something close to panic in the alumina market, spiking prices by over 20% this month and […]
Category: Industry News
Freight Rate Declines Open Big Savings for Metal Buyers After ILA Strike
Importers bringing in products via the East and Gulf Coast ports breathed a huge sigh of relief after the quick resolution of the International Longshoremen’s Association (ILA) strike. Freight logistics concerns quickly dropped off the internal worry radar for many, who instead shifted their focus to competing priorities. However, ignoring freight would be a mistake, […]
Construction MMI: Hurricane Helene and Hurricane Milton Leave “Path of Destruction” in U.S. Construction Industry
The Construction MMI (Monthly Metals Index) moved sideways, nudging up just 2.54%. Overall, the index continues to move in its more than year-long sideways range, with metal prices remaining stagnant. While the index had a slight response to the September interest rate drop, it will take a lot more than that to generate any type […]
Copper MMI: Copper Price Optimism Dips Amid Challenges
Overall, the Copper Monthly Metals Index (MMI) accelerated from the previous month, with a 6.4% rise from September to October. Comex copper prices outperformed other base metals during September, as the price of copper rose 9.55% to close the month above the $10,000 per metric ton mark. By October 4, prices found at least a […]
Automotive MMI: Dropping Steel Production Likely to Impact Automobile Manufacturers
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 […]
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 […]