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 […]
Category: Metal Prices
Automotive MMI: Index Slides, High Car Costs Impede Buyers
The Automotive MMI (Monthly Metals Index) broke its sideways trend this past month, inching down 3.36%. Though all components of the index fell, hot-dipped galvanized steel experienced a particularly noticeable price drop, as did several other steel types.This could indicate a trend reversal. However, consumer purchasing must rise in order for a reversal to happen, […]
Rare Earths MMI: The Rare Earths Downward Spiral Finally Flattens
After a sharp nosedive that lasted two months, the Rare Earths MMI (Monthly Metals Index) finally flattened out between May 1 and June 1. Ultimately, rare earth prices traded sideways and only moved down 1.02%. Market fears rose after news that China is experiencing another wave of COVID-19, which could impact the availability of rare […]
Democratic Republic of Congo Replaces Peru as the Second Largest Copper Exporter
There’s a new kid on the block in copper production. Media reports say the Democratic Republic of Congo (DRC) continues to put up a tough fight against Peru, the world’s second-biggest copper producer. If the latter does not square up, expects feel the DRC may end up taking its #2 title. Of course, such competition […]
Raw Steels MMI: HRC Steel Prices Drop and Mill Lead Times Plummet
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 […]
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 […]