The Copper Monthly Metals Index (MMI) fell 4.29% from May to June as the average copper price continued to show short term volatility. Copper prices ultimately rebounded after declining in May. After the start of the month, the copper price index started forming short-term patterns that showed potential upside reversal. However, price action would need […]
Category: Macroeconomics
Construction MMI: Canadian Wildfire Smoke Puts a Halt on NYC Construction
The Construction MMI (Monthly Metals Index) stayed within a tight range, but dropped more than in the previous three months. Overall, the index fell by 5.04% month-on-month. Meanwhile, steel prices continued to slide, which brought noticeable bearish pressure to the index. However, within the first couple weeks of June, H-beam steel and steel rebar prices […]
Steel Consumption in the EU Projected to Rise
A recent European Steel Association (Eurofer) report said that apparent steel consumption within the European Union is likely to improve by 5.4% in 2024. That said, the organization indicated that this figure depends on there being more favorable developments in the bloc’s industrial outlook. Either way, steel prices will likely see some impact from this […]
Construction MMI: Architecture Sector Sees Slight Recovery
Since December 2022, the Construction MMI (Monthly Metals Index) has seen multiple factors pull it up and down. Indeed, steel price hikes, high interest rates, government funding for infrastructure and recession fears have all pummeled the index. Ultimately, the index experienced another sideways movement between April 1 and May 1, though it notably traded down […]
Raw Steels MMI: U.S. Steel Prices Slide as Construction Sector Poses Long-Term Risk
The Raw Steels Monthly Metals Index (MMI) moved down from April to May as all its components declined. After sharp upside movement during March, flat rolled steel prices saw their four-month uptrend falter throughout April. Meanwhile, hot rolled coil prices had risen over 82% from the beginning of the early December uptrend until prices peaked […]
Raw Steels MMI: Market in Backwardation Suggests U.S. Steel Prices May Be Near Peak
The Raw Steels Monthly Metals Index (MMI) moved sideways from March to April, with a mere 0.65% increase. A sharp reversal to the downside for Midwest HRC future prices placed additional weight on the index. Meanwhile, HRC price action continued to the upside during the month, with the HRC rally yet to show a meaningful slowdown. […]
How Can Steel Procurement Professionals Survive a Recession?
The irony is not lost on steel buyers when they hear the phrase “the cold, hard truth.” After a massive spike at the beginning of March, HRC, CRC, and HDG steel prices are finally losing momentum. However, as any savvy procurement professional knows, they are not out of the woods yet. Recession indicators continue to […]
Global Precious Metals MMI: Prices Highly Volatile, Dropping Up and Down Rapidly
The Global Precious Metals MMI (Monthly MetalMiner Index) dropped considerably month-over-month. All in all, the index fell by 8.74%. The market continues to witness bearish pressure on precious metal prices today, just as it did throughout Q1 of 2023. While this led to a significant drop in value, some metals are feeling the effects more […]
Renewables/GOES MMI: Steel Prices Rise, Experts Doubt Solar Energy Efficiency
After holding a pretty steady sideways trend since October, the Renewables MMI (Monthly MetaMiner Index) decreased by a considerable 8.56%. Indeed, multiple components of the index trended downward, including cobalt, neodymium, and silicon. Meanwhile, Chinese silicon costs continue to drop due to overcapacity. Other reasons for the drop included multiple silicon producers coming online and […]
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 […]
