Overall, the Aluminum Monthly Metals Index (MMI) moved sideways, with a modest 1.92% rise from September to October. Indeed, a short-lived spike at the end of September saw aluminum prices rise over 6% month over month. However, prices began to retrace throughout October. They not only lost all of last month’s gains but returned to […]
Category: Industry News
Automotive MMI: Index Moves Down, UAW Strike Escalates
The United Auto Workers strike finally began to take its toll on the Automotive MMI (Monthly Metals Index) as well as month-over-month steel prices. Regarding price drops, hot-dipped galvanized managed to suffer the most. And with the strike continuing to escalate, negotiations stagnating, and more and more layoffs occurring nationwide, the index faces massive bearish […]
Copper MMI: Copper Prices Fall to Lowest Level Since November 2022 Amid Surplus Forecast
Although some moved sideways with more modest declines, all components within the overall index saw copper prices trade lower during the month. As a result, the Copper Monthly Metals Index (MMI) declined 2.34% from September to October. Subscribe to MetalMiner’s free weekly newsletter now and generate the most ROI possible within falling copper markets. Copper […]
Copper Price Roller Coaster a Wild Ride in 2023: From Highs to Lows and Back Again
It’s safe to say that the copper price index witnessed an interesting 2023 thus far. Indeed, the market’s been volatile, so there were more than the usual ups and downs. Mid-year, prices registered a major tumble because of the fumble in China’s economy. However, soon after, they began clawing back to a respectable level. Prices […]
Glencore Acquires 56.25% Stake in Mara Copper and Gold Project
Multinational commodity trader and mining group Glencore will acquire a 56.25% stake in the Mara copper and gold project in Argentina. The Swiss-headquartered group struck the Deal with Canada’s Pan America. In a boost for Glencore stock, this agreement gives them sole ownership of the site. The deal stipulates that Glencore will pay Pan American […]
Amid Declines, China Tops Global Steel Production Charts Again
China was the largest end-user of steel in 2022. According to the World Steel Association’s (Worldsteel) “2023 World Steel Report,” the country consumed 51.7% of the 1.78 million metric tons of finished products rolled last year. That percentage was unchanged from the previous year. At that time, China’s apparent steel consumption was 954 million metric […]
Stainless MMI: LME Riddled With Challenges, Nickel Prices Rebound
The Stainless Monthly Metals Index (MMI) broke to the downside from May to June, with stainless steel prices falling 10.15% After falling over 14% throughout May, nickel prices began to rebound during the first half of June. Since prices remain within their short-term range without an established trend, uncertainty and volatility may increase in the […]
Aluminum MMI: Aluminum Prices Sideways Amid LME’s Russia Problem
Aluminum prices continue to lack enough strength to form either bearish or bullish trends. Since aluminum prices have yet to break out of range meaningfully and there is no established uptrend or downtrend, the market remains highly risky. Altogether, the Aluminum Monthly Metals Index (MMI) dropped 3.19% from May to June. Russian Aluminum in LME […]
ArcelorMittal Kriviy Rih Halts Steelmaking After Dam Rupture
Ukrainian steelmaker and longs producer ArcelorMittal Kriviy Rih (AMKR) recently stopped steelmaking and rolling operations. A spokesman for the company told MetalMiner that the halt stems from a rupture of the Kakhovska Hydropower Plant’s dam after a suspected Russian operation. So far, there is no consensus on how this might affect steel prices. The source […]
Chinese Steel Prices Dropping Quickly
For the past year or two, steel analysts and experts have talked about how China’s market is now more open. Simultaneously, they discussed how domestic steel demand had surged due to increased infrastructure spending. The way they made it sound, low steel prices would soon become a thing of the past. This week, prices for […]
