The Raw Steels Monthly Metals Index (MMI) remains bearish, declining 6.93% from May to June. Flat rolled steel prices returned to their bearish movement after peaking in April, while hot rolled coil prices retraced down to their March levels. Altogether, HRC prices have declined 13% from their April 14 high. Meanwhile, both cold rolled coil and […]
Category: Metal Prices
Copper, Priced for Recession
At least that’s what the Financial Times reported Goldman Sachs saying this week with regard to the price of copper. The bank also revised its forecast for the average copper price to $8,698 per metric ton, down from $9,750. According to a NASDAQ post, copper prices touched a six-month low this week as speculators increased short […]
Precious Metals MMI: Precious Metal Prices Continue to Move Up
The Global Precious Metals MMI (Monthly Metals Index) moved up again month-over-month after a bounce between March and April. The index moved up a modest 3.63%. Every part of the index either trended upward or moved sideways with a slight upward slant. Meanwhile, there are still many factors affecting precious metal prices. Many investors see […]
Stainless MMI: Stainless Remains a Buyer’s Market Amid Flat Global Demand Projections
The Stainless Monthly Metals Index (MMI) rose a modest 0.67% from April to May. Following increased volatility over the last few months, nickel prices began to slow down in terms of sharp breakouts or breakdowns. As a result, the larger sideways trend continued with no clear direction. Does your company have a stainless buying strategy […]
Renewables/GOES MMI: Summer to Test Power Grid, Global Hunt for Transformers Continues
The Renewables MMI (Monthly Metals Index) dropped again this month, this time by 6.01%. Month-over-month, every part of the index fell except for U.S. plate steel. Somewhat weaker steel demand impacted Korean and Chinese steel plate prices, causing them to drop. Meanwhile, cobalt and silicon continued to fall due to oversupply. That said, the long-term […]
Copper MMI: Copper Prices Slide Despite Supply Deficit
Copper prices continued to slide this past month, although not enough to trigger a downward trend. As lower lows have yet to form, price direction remains uncertain. Copper prices will likely stay within range until a breakout or breakdown in price occurs. Such an event will likely help drive prices in a more established market […]
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 […]
Aluminum MMI: Aluminum Prices Slide as LME Faces Russian Supply Glut
Aluminum prices continued to slowly edge downward, but remained within an overall sideways trend. After prices fell 1.31% throughout April, they dropped an additional 2.22% during the first week of May. But despite the softness, aluminum prices have not yet formed lower lows, so an established downtrend is still not confirmed at this time. Interested […]
Automotive MMI: Vehicle Sales Up, Steel Prices Dropping
April saw a welcome boost in sales within the U.S. automobile market. New vehicle inventories are now in healthy shape. However, interest rates are still high, as are new vehicle prices. Moreover, the Automotive MMI index still has several factors working against it. Steel prices, notable HDG traded not only sideways, but completely flat. In […]
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 […]