A new question mark hangs over the fate of Chinese aluminum production for the rest of 2023. In March, China’s primary aluminum output increased by 3% compared to the same period in the previous year. However, the increase occurred at a slower pace than in previous months. While this did bring some cheer, the future […]
Category: Inventory Stock Levels
Automotive MMI: HDG, Palladium and Shredded Scrap Steel Prices Jump
The Automotive MMI (Monthly Metals Index) rose significantly from March to April, jumping by 9.01%. This represents the highest rise the index has seen in over a year. Numerous drivers helped bring prices up, with every part of the index rising month-over-month, including: The steel parts of the index (in particular HDG) followed trend with […]
LME Nickel Purchasers Express Concerns Over Alleged Nickel Scandal
The London Metal Exchange is back in the limelight again, along with its notorious nickel contract. This time, the news has to do with reports of potential fraud with a recent LME nickel shipment. The scrutiny comes following the discovery of nine warrants, some 54 tons of Nickel briquettes, that turned out to contain rocks. […]
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 […]
Automotive MMI: are Lithium Supplies Threatened by Supply Shortages?
Similar to the past six months, the Automotive MMI for March was again pulled in multiple directions. Hot dipped galvanized prices rose again, following the same trend as HRC and CRC. However, Chinese lead prices dropped significantly, pulling the index down. This was mainly due to car sales shrinking within China (the world’s top market). […]
Is the LME’s Role as the Go-to-Price Point for Nickel Over?
Doomsters have predicted the end of the LME before. Still, after 146 years and counting, the LME is still with us and the go-to nickel price point. However, volumes have tanked since the LME nickel debacle in March of 2022. In fact, the problems no longer relate just to nickel, but the entire non-ferrous metals […]
Stainless MMI: Nickel Prices Pull Back as Downside Risk Mounts
The Stainless Monthly Metals Index (MMI) rose 14.58% from December to January as nickel prices retreated. Nickel prices continued to rally throughout December. But by January, prices began to show minor pullbacks that could become the beginning of a short-term sideways trend. Until prices break the new range, the market direction will remain unclear. Market […]
Raw Steels MMI: U.S. Steel Prices Find Bottom, Begin Rising
U.S. steel prices hit a bottom at the beginning of December, then began to climb. Hot rolled coil prices rose over 8% from their December low. Meanwhile, plate prices traded down for the first time since September. Overall, the Raw Steels Monthly Metals Index (MMI) rose by 7.98% from December to January. MetalMiner’s free weekly […]
2022 Stainless Steel and Nickel Price Trends
Stainless and nickel price trends fluctuated much more than carbon steel throughout 2022. The LME nickel squeeze greatly strained both the nickel and stainless steel markets. Indeed, LME nickel prices skyrocketed by almost $25,000 per metric ton back in March. Soon after, the rally cooled down again, eventually bottoming out in July. Come November, prices […]
